PennyMac Loan Services

We were in the process of selling our home which had pennymac as the lender due to the loan being sold to them. Never had a problem with them. So when it came time to buy our next home they said they could do all sorts of things for us. Also that they would be there to answer questions along the way. We said ok got a good rate. Our home was still under construction and had about 2 and a half months left to be finished, they said not a problem we will get this done it a timely matter. (False). Went through two different loan officer, wasn't told the one had to go on emergency leave or something like that for almost two weeks. The loan processor didn't know what she was doing. she would email things to send to the builder and the realtors even though she had there numbers and email address. We also couldn't get a firm closing number from them, we wanted to bring additional money to closing and I told them that from day one. Kept getting different numbers all way up until the end. And when I asked at the end about it they told me it was to late and sorry. We also were going to try and close a week early, so I called and emailed to make sure they had everything they needed. They said we think so and that wont be a problem. Same loan processor told me that not but one day later she sends a email asking for things that the realtor and builder had sent her 6 times. needless to say we didn't close on time.
After we did close I filed a complaint on there website got a phone call from there complaint department based out of Dallas Texas. Told the guy what had happened and he sounded shocked and said this is horrible. he apologized many times about it and said that someone from those departments will be giving me a call in the next week. That was a month ago. By the way the department said that is was a construction issue and that is what took so long for the loan to close. So I called him back two weeks later told him I haven't heard anything. Once again he sounded shocked about that and he is forwarding it to the Vice President of those areas and I should here something back in 24 hours. He also would be calling me back in 24 hours. That never happened. I have called him 4 times since then goes straight to voice mail. Needless to say I am not happy with Penny Mac and I wouldn't recommend them to anyone I know. I am currently looking for a new lender just so I don't have to pay them anymore of my money in interest.

Complaint: 10675655
I am rejecting this response because:
Pennymac messed up and sent my husband and me our insurance payment from our escrow when we refinanced our home back in December. I have tried talking to them on numerous occasions but I can never get a solid answer on what happened and if they will fix the problem. We called them at least four times to confirm that the money sent to us was not meant for something else and was told our insurance and taxes were paid for the year and the money sent to us was leftover. That ended up not being true, now our escrow account is negative and Pennymac and their associates simply will not fix the issue they caused. I have spoken to two executives now M[redacted] and C[redacted], both promising to call with a resolution and both now have falling off the map.
For our negative escrow to be paid out and fixed by Pennymac.
Regards,
[redacted] J[redacted]

PennyMac Loan Services, LLC, (“PennyMac”)...

strives to provide
superior customer service and respond all to requests in a timely and accurate manner.
 Thank you for forwarding Mr. V[redacted]’s concerns to our attention and
allowing us the opportunity to respond. 
A
PennyMac representative contacted Mr. V[redacted] on May 27, 2014 to discuss his
concerns.  Mr. V[redacted] was provided with
a substantive response, which addressed his concerns.  Please be aware that PennyMac is finalizing
its response to Mr. V[redacted].  Mr. V[redacted]
will be provided with a letter addressing all of his concerns. 
PennyMac
values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from
posting any personal information to the Revdex.com site as we do not disclose our
borrowers’ personal information.

Do NOT use this company no matter what. They are very unhelpful when it comes to answering questions about things they have done to your account, they don't keep good records (they are stating I am behind since January however I pulled all my cancelled checks) customer service wont acknowledge the issue nor will thye help me as they say the issue doesnt exist. I am in the process of a refi with another company and the issue does exist....I have the penny mac payoff report on their own leaderhead and they still insist that the issue doesnt exist and they cant fix it.
They also went and got their own insurance on my behalf because they wouldn't accept my marriage lisence (which I was told, BY PENNYMAC, to submit as proof of my name change with my DL) as proof of my name change and since the insurance and loan names didn't match EXACTLY (although everything else obviously did including the SSN) they claimed I didn't have insurance. When I called them on this they couldn't or wouldn't tell me who the home owners insurance was through, wouldn't give me a phone number to contact or any other information about what they had done without my permission when I had given them everything they requested so that my name matched on both the insuarnce and the loan.
Horrible company. I have never been so exhausted, irritated, and angry at a mortgage company before.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 10026952, and find that this resolution is satisfactory to me.
Regards,
[redacted]

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. ...

Upon receipt of the Revdex.com notification, a PennyMac Representative contacted Ms. S[redacted]  to discuss herconcerns regarding her monthly mortgage payment on January 22,2016.  A detailed letter of explanation will be sent to Ms. S[redacted] under separate cover within 30 business days.

Complaint: 10048309
I am rejecting this response because:
Regards,
[redacted]
Thank you for finally addressing my concerns regarding delays with partial release. I've received the approval letter a few days ago. It states that we have only 14 days to supply the funds and other items, otherwise"the case will be closed" This time frame is absolutely unacceptable and unfair. It will take 4 to 7 weeks to get the money from NC department of transportation. I request to extend the time-frame for submitting the items, especially since I had to wait on PennyMac for six!!! months to approve fairly simple partial release request.
Thank you.

Thank you for bringing this matter to our attention and allowing PennyMac LoanServices, LLC (“PennyMac”) the opportunity to review and respond to Ms. [redacted]’sconcerns.PennyMac strives to provide superior customer service and respond to all inquiriesin a timely...

manner.  Upon receipt of the Revdex.com notification, PennyMac confirmedthat Ms. [redacted]'s hazard insurance premium was mailed to State Farm via overnight mail on August 5, 2015.  Further review confirmed that the check was delivered to State Farm on August 6, 2015.  PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain fromposting any personal information to the Revdex.com site as we do not disclose ourborrowers’ personal information.    A detailed letter of explanationwill be sent to Ms. [redacted] under separate cover.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 11249992, and find that this resolution is satisfactory to me. 
Please note, my submission of a complaint to the Revdex.com has now triggered a letter that indicates a 'full review of my loan' is taking place.  This appears to be a punitive action on the part of Pennymac.
Regards,
C[redacted]

Do not use PennyMac under any circumstances! Customer service is pathetic at best. I responded to a flyer I had received from PennyMac regarding cash out refinance. When I called them I was told that "the customer is number 1 and we guarantee a positive experience and great communication thru the entire process. This couldn't be further from the truth! I submitted all requested documents via their online portal within one day and received email requests to submit the very same documents weeks later. The loan processor rarely would communicate and wouldn't respond to calls or e mails. I'm 60 years old, own several properties and have been thru the process many times and have never been treated so poorly. I have utilized a lender I have trust in many many times but chose to refi with PennyMac as they convinced me it would be a quick and simple process because they had purchased my loan. Total lie!!! After submitting all requested documents I was told I was "qualified" and then agreed to pre pay for the appraisal. The appraisal came in substantially higher than what was needed to complete the loan. The closing date given by PennyMac came and went with zero communication. Two weeks after my "closing date" I began reaching out via e mail and phone calls. Once threatened by e mail with negative on line reviews I finally received a call from a "supervisor " who told me my loan had been denied due to "insufficient income." Much of my income is derived from a commercial property under long term lease as well as multiple residential rental properties with a zero vacancy rate. At no time did PennyMac call me to discuss my income or anything else. I would not ever use or recommend PennyMac to anyone. Total waste of time and money!

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner.  Upon receipt of the Revdex.com notification, a...

PennyMac Representative contacted Mr T[redacted]  to discuss his/ concerns regarding his insurance claim on July 22, 2016.  A detailed letter of explanation will be sent to Mr. T[redacted]  under separate cover within 30 business days.

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[redacted]' concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of the...

Revdex.com notification, a PennyMac Representative contacted Ms. S[redacted] to discuss her concerns regarding the insurance payment on December 7, 2015. A detailed letter of explanation will be sent to Ms. S[redacted] under separate cover within 30 business days.PennyMac values and protects its customers' confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers' personal information.

Upon receipt of the Revdex.com’s and CFPB’s correspondence, our office completed a thorough review of Mr. [redacted]'s loan as it relates to his homeowner’s insurance policy.  According to our records, the homeowner’s insurance declaration page was received from Nationwide on...

March 31, 2014.  However, our system was not updated with this policy information as his homeowner’s insurance was active with Rockingham Mutual at that time.  The cancellation notice was received from Rockingham Mutual on April 9, 2014 and updated in our system accordingly. As such, a notice was mailed to Mr. [redacted]'s attention on April 10, 2014 requesting proof of homeowner’s insurance. PennyMac has confirmed that he spoke with our Insurance Department on April 14, 2014 requesting the Nationwide policy previously received to be updated on the loan as the current homeowner’s insurance.
On April 24, 2014, PennyMac received a cancellation notice from Nationwide advising that a premium, in the amount of $542.00, was due as of March 18, 2014.  As a result, the premium was disbursed from [redacted]'s escrow account on April 25, 2014.  Please note, the insurance company may require additional processing time.  Additionally, the disbursement was sent to Nationwide by standard mail.
Furthermore, our records indicate that he requested a check to be sent overnight on May 5, 2014 to Nationwide for the premium due as the check PennyMac disbursed on April 25, 2014 was not yet received.  The Customer Service Representative suggested allowing additional time for the check to be received before placing a stop payment on the disbursement check.  On May 14, 2014 the insurance agent, Mary, requested a check be sent via overnight mail.   The request was declined to allow sufficient time for the check to be received and applied by Nationwide.  Please be assured, PennyMac has confirmed that Mr. [redacted]'s premium was paid in full on May 15, 2014 and the homeowner’s insurance policy is currently in effect with Nationwide until March 18, 2015. v

Complaint: 10988794
I am rejecting this response because:
I have been charged the wrong amount in my escrow since February 2015 because Pennymac had not updated my HOA insurance even though it was faxed to them. I would like to speak to someone at the escrow department. Pennymac said they would reissue me a check for around $450 but I have that I have been over charged $183.98 every month since February. This totals $2,023.78 not $450.00. 
Regards,
[redacted] C[redacted]s

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and process all transactions in a timely and accurate manner. Thank you for forwarding Ms. [redacted]’s concerns to our attention and allowing us the opportunity to respond.  We are currently...

conducting a fullreview of Ms. [redacted]'s concerns.  Upon completion of our review, a response letterwill be mailed to Ms. [redacted], detailing our findings and action taken. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Complaint: 10339826
I am rejecting this response because:
 
Regards,[redacted]

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC ("PennyMac") the opportunity to review and respond to Mr. S[redacted]' concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of...

the Revdex.com notification, a PennyMac Representative contacted Mr. S[redacted] to discuss his concerns regarding the release of his insurance claim funds on June 16, 2016. A detailed letter of explanation will be sent to Mr. S[redacted] under separate cover within 30 business days.PennyMac values and protects its customers' confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers' personal information.

Thank you for bringing this matter to our attention.
Please be advised, you will receive a response within 30 days from the date in which you made the request, under a separate cover letter in the mail. PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mrs. [redacted]’s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a...

timely manner.  Upon receipt of the Revdex.com notification, a PennyMac Representative contacted Mrs. [redacted] on March 3, 5 and 9th, 2015 to discuss her concerns.  Mrs. Van Vranken was provided with a substantive response that addresses her concerns.  A detailed letter and explanation will be sent to Mrs. [redacted] under separate cover. PennyMac values and protects its customers’ confidential information.  Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose ourborrowers’ personal information.

Worst customer service ever!! I have been dealing with them for over a month about an ongoing issue and they still have not resolved it. They told me a supervisor would call me back multiple times and no one ever did. I would NEVER recommend this company to anyone and will never use them again in the future.