ComplaintsforPENNYMAC

Mortgage Lenders

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Initial Complaint
04/18/2024
Complaint Type:
Billing Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
I am writing to express my extreme dissatisfaction and frustration regarding the handling of my property tax payments by PennyMac Escrow. Despite multiple attempts to resolve the matter, I find myself in the precarious situation of facing a tax lien on my property due to Penny Mac's delay. On February 13, 2024, I initiated communication with PennyMac tax devision through their online message system, requesting that they fulfill their obligation to pay the remaining balance of my property tax bill to the City of Atlanta, amounting to $593.23. Subsequently, I have reached out to PennyMac a total of five times via their online message center and once via phone call from February to April. Each time I have contacted customer service, I have been met with the excuse that due to Fulton County's cyber attack, they have been unable to get any information from the Fulton County or they are research my concerns. While I understand the challenges posed by such an incident, it is unacceptable that this should impede the timely payment of my property taxes, especially considering that they have always been paid from my escrow account in the past. On April 15, 2024, I received a threatening notice from Fulton County's Tax Commissioner, indicating their intention to issue a tax lien on my property due to the delinquent payment. This is a distressing situation that could have easily been avoided had PennyMac Escrow fulfilled their responsibilities in a timely manner. I have provided PennyMac Escrow with all the necessary documentation, including a copy of the tax bill, to facilitate the payment process. Despite this, they have failed to take appropriate action and have neglected their obligation to pay the delinquent property tax. BBB please help me.
Business response
04/18/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. R*****'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. R***** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Business response
04/18/2024
Thank you for the additional information, and for speaking with our Priority Complaint Specialist on April 18, 2024. Please be assured you will receive a formal response addressing each of your concerns. Due to privacy reasons, we will refrain from posting any personal information to the BBB Site. This response will be mailed to you under a separate cover within 15 calendar days.
Customer response
04/19/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 21591020, and find that this resolution is satisfactory to me.

Regards,

****** R*****
Initial Complaint
04/17/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
My home mortgage loan was sold, without my knowledge initially, to Pennymac about 2 months after I closed. I paid a year of homeowners insurance up front at closing. In June, 2021, I recd a letter from Pennymac about rhe transfer saying in the caption and hilighted that there was nothing I needed to do! But later I got a notice from my ins company threatening cancelation for no payment. When I called Pennymac about this their response was that it was MY responsibility to provide Pennymac info on my insurance company. Then I got a note that my insurance was cancelled and called pennymac again and was told Penny Mac had just sent a check. The insurance company had given a deadline in a letter to me I did not receive until after the deadline. So we have a conference call with me, Pennymac, ND the ins company about my receiving their notice after the deadline and pennymac having finally paid it too late. Pennymac land the ins Co left me with the understanding that the ins had been reinstated. In the meantime I began looking for another ins company. That took a little while, but I got one by October mot knowing Pennymac had purchased their own VERY EXPENSIVE INSURANCE without my knowledge and without informing me of any cancelation, and after I was left with the impression that everything had been corrected. Pmac h!s added over 100 a month to my mortgage payment saying I owe them for THEIR INSURANCE. They would provide me no one to appeal to and my mom was dying at the time and I am finding this is common fraud committed by Pmac and there shd be a class action lawsuit. I have filed with govt agency to expose this scam S**** on this company. Most are low income, some are veterans they are screwing.
Business response
04/17/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. V******'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. V****** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Customer response
04/17/2024

Complaint: 21587507

I am rejecting this response because:
Re: "PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner." This cannot be true considering my experience and that of many who have complained about the same issue. There has been NO superior customer service in this incident.

Regards,

***** V******

Business response
04/17/2024
Thank you for the additional information, and for speaking with our Priority Complaint Specialist on April 17, 2024. Please be assured you will receive a formal response addressing each of your concerns. Due to privacy reasons, we will refrain from posting any personal information to the BBB Site. This response will be mailed to you under a separate cover within 15 calendar days.
Customer response
04/23/2024
I read the response. All it says is that they are gonna investigate -- in additition to claiming they follow all the regulations etc.
That is NOT a resolution. It's been SIX DAYS since I filed this. Why would BBB jump to close this before Pennymac properly resolves the violation they committed when they failed to pay my homeowners and blamed me for it.
Initial Complaint
04/17/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
PENNYMAC states they have a 24 hour customer service line that allows you to make automated payments. I have tried for the past two hours to navigate through the system to somehow figure out how to get to the part where I can make a payment on their ###-###-#### number and I can never get to anything other than the line telling me that the office is closed to call back during normal business hours. How is that a 24/7 operating line??? Then I try to sign in on the website so I can post a payment and I can’t sign in there even though I get REGULAR emails regarding my account. No where in the literature of their bills does it say when the payment has to be posted. I have outstanding late charges that need to be reversed due to this because it doesn’t state on the bill the “window” in which a payment can be made before it has to be posted to a later date. I had better not be charged a late fee when I’ve tried making a payment to their self declared 24/7 phone line for over two hours.
Business response
04/17/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. C******'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. C****** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Initial Complaint
04/10/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I am writing to file a formal complaint against Penny Mac regarding the inaccurate and misleading information provided concerning my escrow account. My mortgage loan was originally with DHI Mortgage and was later sold to Penny Mac. I have been a homeowner with Penny Mac for a bit less than 3 years. When purchasing my home, I bought it for $616,122 and made a down payment of 20%. With my current balance standing at $481,469.97 and the state's appraisal of my property at $627,300.00, I have clearly met the Loan-to-Value (LTV) requirements to close my escrow account. Despite meeting the necessary criteria, I have encountered significant challenges in obtaining accurate and consistent information from Penny Mac regarding the escrow account closure. On three separate occasions, I have reached out to Penny Mac's customer service representatives to inquire about the process and requirements for closing the escrow account. Unfortunately, each time I was provided with conflicting and erroneous information. Most concerning was the latest communication from Penny Mac, which claimed that my property was appraised at $461,357. This valuation is significantly lower than the state's appraisal and is not reflective of the actual market value of my property. Upon further investigation, I discovered that Penny Mac's evaluation tool does not include detailed property information, leading to inaccurate and misleading appraisals. Penny Mac's failure to provide accurate and transparent information has caused unnecessary stress and confusion. Their inconsistent and incorrect statements have delayed the closure of my escrow account, resulting in continued financial burden and inconvenience. I request that this matter is investigated thoroughly and that Penny Mac adheres to fair and ethical business practices. I expect Penny Mac to rectify the situation promptly by providing an accurate appraisal of my property and facilitating the closure of my escrow account without further delay.
Business response
04/10/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. S*****'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. S***** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Customer response
04/10/2024

Complaint: 21553957

I am rejecting this response because:
I have already reached out to PennyMac on three separate occasions to address the inaccuracies and inconsistencies related to my escrow account and property value appraisal. Despite these efforts, my escrow account remains unresolved, and the inaccurate property value has not been corrected.
It is disappointing to note that, despite acknowledging the issue, PennyMac has not taken the necessary steps to rectify the situation promptly.
Given the circumstances and the ongoing delays in resolving my concerns, this is not a satisfactory resolution. I urge PennyMac to take immediate action to correct the property value appraisal, facilitate the closure of my escrow account.
I would like to emphasize the urgency of resolving this matter as soon as possible to avoid overpaying my mortgage payment for the month of May. I expect PennyMac to uphold its commitment to fair and ethical business practices by addressing these concerns promptly and effectively.

Regards,

****** S*****

Business response
04/10/2024
Thank you for the additional information, and for speaking with our Priority Complaint Specialist on April 10, 2024. Please be assured you will receive a formal response addressing each of your concerns. Due to privacy reasons, we will refrain from posting any personal information to the BBB Site. This response will be mailed to you under a separate cover within 15 calendar days.
Customer response
04/15/2024

Complaint: 21553957

I am rejecting this response because:
I must express my disappointment with the repeated automatic responses and the lack of progress in resolving the issues raised.

PennyMac wants to utilize a third-party PBO route for the appraisal of my home. Even so, the value of my property dropped by an additional $20,000 or more overnight! This abrupt decrease is highly unusual and raises significant doubts about the accuracy and reliability for PennyMac, especially in today's housing market.

It is vital that PennyMac takes immediate action to rectify this discrepancy.

I reiterate the urgency of resolving all outstanding concerns, including the CLOSURE of my escrow account, to avoid any further financial problems.
Regards,

****** S*****
Initial Complaint
04/09/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
On March 11, without telling me, PennyMac paid a homeowners insurance policy to my previous insurer. On 14 March I contacted PennyMac to tell them not to make a payment because I was switching insurance companies. This is when I found out PennyMac made the payment on the 11th for a policy that was good until the 31st, and it was more than what was in my escrow. Now, PennyMac is telling me that I am in arrears and my mortgage payment will be going up to collect that shortage. I sent PennyMac an email after speaking to them on the phone that day as well. I told them I had purchased homeowners' insurance and sent them the information. PennyMac then took it upon themselves to send a payment to my new insurance provider (after I told them I had already secured the insurance). Now, I have had to make contact with both the old, and the new insurers and ask that they send me a check. Both companies are telling me it will be at least 20 days before they can do so. I am trying to get PennyMac to reduce my mortgage payment because they do not need to collect escrow. However, they are telling me I am behind due to their negligence. They intend to raise my mortgage payment from $1790 to over $2112. And that was after their first payment to the old insurance company. I expect they will raise it again after rendering a payment to the new insurance company. Due to PennyMac's negligence, they are putting me in financial hardship and possibilities exist that it will affect my GREAT credit. I cannot reach anyone who is able to make a decision for the company and continue to be passed from insurance to escrow and customer service. What can I do?
Business response
04/09/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. H*********'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. H********* under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Initial Complaint
04/08/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
2/2024. PennyMac has a forbearance policy that says you must “check-in” each month during a forbearance. What they don’t tell you that if you fail to “check in” for even one month, is that ALL PREVIOUS MONTHS (regardless if you checked-in) will be reported to the credit bureau as “late payments.” Destroying your score. Ex (not actual): Your forbearance agreement is for 6 months. You “check-in” for 5 months. You forget to “check-in” on the sixth month - you are now reported to the credit bureau for 180+ days late. What kind of company institutes such policy? How is this customer driven? How does this help the borrower? One month of not calling to “check-in” and you have broken terms of the agreement and now will be reported to the credit bureau - for late payments of all previous months (even though you were in compliance on those months). How??????????! What a terrible policy, I was advised to never use them. Oh, and I paid the account in full, and paid a large lump sum (before the execution of the forbearance) to offset property tax increases - both payments made within 2 months of executing the forbearance (ending the agreement early). All of those dollars paid ($11k), and the company still reported me to the credit bureau.
Business response
04/08/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. C*****'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. C***** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Customer response
04/08/2024

Complaint: 21547229

I am rejecting this response because:
Sending a letter outlining the current policy does not address the decision making process leading to the development of such policy, and how the current forbearance option is an actual outlet for borrowers in financial distress.
The only way it helps is if the borrower is perfect, making no mistakes (I.e. does not fail to “check-in” for a single month).
My mortgage is current (earlier than the terms in the forbearance agreement), but yet I have a derogatory late payment on my credit report (because I failed to “check-in” for 1 month). How does that help borrowers to refinance, if rates drop? Or finance in the near future? The negative impact on credit score eliminates all of those options.
PennyMac refuses to help. I have a perfect payment history with this company. This is how you reward customers? One mistake (from a A+ borrower, and you screw up their credit rating????).

Regards,

****** C*****

Business response
04/15/2024
Thank you for the additional information. Please be assured you will receive a formal response addressing each of your concerns. Due to privacy reasons, we will refrain from posting any personal information to the BBB Site. The response will be sent to you under a separate cover within 15 calendar days.
Initial Complaint
04/04/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Pennymac miscalculated how much I should be paying in property taxes, and has me paying nearly double what I should be into my escrow account. I tried to call pennymac to get this corrected, and had a an extremely rude employee treat me like an idiot. Saying that they would fix the issue when they recieved the tax bill in august which was SEVEN months away. The assessed value of the home is easily attainable public knowledge, the mileage rate is easily attainable public knowledge. The person on the phone said that I should tell Pennymac how much I should pay then (instead of pennymac running the numbers to correct the issue). I then tried emailing pennymac 2 months ago, stating I believed there was a mistake with my escrow account that I would like to get fixed. Ive heard nothing back. I cant stand pennymac, this unfortunately isnt my first bad experience with them, I wish veterans united hadnt sold my loan to them.
Business response
04/04/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. W*****'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. W***** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Initial Complaint
04/04/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
After Hurricane Ian flooded our home, we had to deal with our mortgage company in order to get our insurance checks processed. We had two separate insurance checks, one with our flood insurance company and one with our home insurance company, and both of those needed to be endorsed with PennyMac. Our first check from the flood insurance was handled and eventually, it took a long time for the inside of the house to be completed, we finished everything with the flood insurance. When we tried to do our home insurance check, we kept getting told that we couldn't submit the second check saying that they couldn't process both checks with the same date of loss. When we finally finished with the first check and got them to process the second check, the second check from our home insurance is now stale dated and we are not able to get it deposited anywhere! We just found out from PennyMac that this was never the case and we should have been able to have both of them processed at the same time. On top of all that, we still have a stale dated check that we now have to void out and get a new one issued from insurance and start the whole process over again.
Business response
04/04/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. M*****'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. M***** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Initial Complaint
04/04/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
Penny Mac did not pay my insurance thru escrow. Payment was due today or my house insurance would have been cancelled. I paid out of pocket today 3 Apr 2024. Penny Mac said I was still responsible for the 1275 of the payment they supposedly took out of my escrow. They then sent another check today overnight to my insurance. Now I have 2500ish that has come out of my escrow plus the 1275 I paid out of pocket. Penny Mac, my insurance, and I had a conference call together and the insurance never received payment from them. (Payment was sent as a bulk check so it can’t be cancelled Penny Mac said). Penny Mac told me that my mortgage payment will go up 1 May 2024 to cover there cost. How can they do this? Why am I having to cover the cost of there mistake even when I have called them 3 times since the beginning of March to inform them that my insurance payment was due. If anyone can help me find a better why to resolve this please let me know. This probably does not mean much but I am a 100 percent disabled retired combat vet that served 23 years in the United States Army.
Business response
04/04/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. B*******'s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. B******* under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.
Initial Complaint
04/02/2024
Complaint Type:
Billing Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
They are charging me 500.00 for something to do with my escrow and it is not to be cahnging
Business response
04/02/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. P*****' concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Mr. P***** under separate cover within 15 calendar days.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal information.

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