PennyMac Loan Services

Review: I purchased a new home at the end of 2012 and my loan was sold to this company. During 2013, I had several conversations with the customer service reps regarding my escrow account. Being that I had a new home, I understood the taxes would be skewed for the first full year until the county accurately valued my property. I submitted a new tax estimate and asked for my payment to be INCREASED in order to cover what would be paid out at the end of the year for taxes. I was told they could not do that and I would have to wait until the taxes were paid and send in additional funds to cover the gap. Once the taxes were paid, I called to get the amount needed to cover the gap and submitted the funds as instructed. I followed up to ensure that my payment had been received at which time I was informed that I overpaid what was due and was then told I had to either apply the overage towards future payments or to the principle balance instead of refunding the overage. I then followed up again to find that the funds were again not applied correctly and I cannot get an accurate response as to where my funds have been applied nor have they been able to provide a clear reason for this error.Desired Settlement: I would like the funds provided appropriately distributed as instructed in order to get my account in order. Once that is complete, I would like for this company to sell my loan to another mortgage company.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 9911131, and find that this resolution is satisfactory to me.

Review: I receive two property tax bills from my township, (my property consists of two adjacent parcels). I have verified with my township that both bills are sent to PennyMac. On 1/6, only the smaller one was paid from my escrow account. On 1/10, I noticed this and contacted customer support and spoke with customer service. They advised me to fax both bills to them, which I did on 1/10. I did not hear anything by 1/16, so called back at which point I was informed they did not receive my fax (even though I received a positive confirmation on my end) and advised to resend, which I did immediately. By the end of the day on 1/16 I still had not received confirmation and so called a third time, at which point they said they had received the documents, and would forward them to the Tax department and give me an update. On 1/22 I had heard nothing, so after trying a direct line to a customer service representative I had spoken with previously and leaving a voicemail (which was not returned), I sent an email via their website explaining the situation. On 1/26, still having heard nothing, I called again, at which point I was informed the situation had been "escalated" to the tax department; the representative could not tell me if they would pay the taxes by the due date (1/31). Finally, I just now have received a canned response to my email telling me it will take 10-14 days for the Tax Department to review the matter - which I obviously do not have!This was clearly their error, I alerted them to it in a timely fashion and have received very polite but extremely frustrating customer service - having had to call 5 times, send 2 faxes, and finally an email just to finally get confirmation that the Tax Department has just received this information (after 16 days!) - and yet there is no way they can give this request a little higher priority to actually pay my taxes on time?Desired Settlement: Either pay my tax bill within the next 5 days or disburse the amount from my escrow account to me so I can pay in person within the next 5 days. Asking me to wait 10-14 more days, in addition to the 16 I have already waited, for my issue to even be reviewed is unacceptable.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. and 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 attempted to contact Mr. and Mrs. [redacted] on January 30 and February 2 to discuss their concerns. PennyMac has confirmed that the property taxes for both parcels have been paid before the January 31, 2015, due date. An apology letter and letter of explanation will be sent to Mr. and 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 our borrowers’ personal information.

Review: First off, I went with Veterans United for my home loan thinking that it would be a good idea to go with a veteran company. Second off, I received a later a few months back that my loan was switching to PennyMac and that I would have to start paying online. So I did and I started running into the problem that when I scheduled the funds were taking roughly a 4 days to a week to actually process. What winded up happening is they claimed that I had made two NSF transfer (back to back because I couldnt understand why I was being charged NSF fees when money was in my account to cover the mortgage cost). On the third attempt, it finally went through. But I am $120 down in just apparent non sufficient funds fees even after fighting and faxing proof 4 times now with the bank statements showing it was not my fault and it was a bank error as the funds do clearly show as being available. I have called numerous times, spoke with many people getting their names and extensions only to learn three months after finally getting someone to help me that they no longer work there. So, I am on my fourth attempt and it's been ridiculous because I now can't get in touch with the representative or her manager. Thank you PennyMac for not only charging me NSF fees regardless of me having and proving the money was in my account, but also forcing us to make COD or wire payments and pay late fees...even though the actual payment was processed days in advance. The fact I was able to make the missed payment before you guys sending me a later that COD or wire would only be accepted is ridiculous and a disgrace to veterans like myself. Maybe, you should clarify with the consumer and obtain records before shutting down the options and causing more headaches.Desired Settlement: I would like to have the online payment option turned back on because paying MORE money for an issue that wasn't due to lack of funds on mine is ridiculous. The fact you did that is an egregious slap in the face to veterans like myself. I would like both my banks NSF fees refunded and the fees you charged me PLUS turn the online payment option back on!

Business

Response:

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 Mr. [redacted]’s concerns to our attention and allowing us the opportunity to respond. Upon receipt of the Revdex.com notification, our office completed a thorough review of Mr. [redacted]’s loan. As confirmed during our telephone conversation with Mr. [redacted], his questions and concerns have been addressed. A written response was mailed to Mr. [redacted] on September 30, 2014, to serve as confirmation of our research and telephone conversation. Mr. [redacted] has the direct contact information for a Priority Complaint Specialist should he require further assistance with this matter.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.

Review: To Whom may be concerned; On 11/13/2015 I was issued an incorrect billing statement that stated that I was a month past due of 1571.42 and simply requested that I be sent a corrected monthly statement and was told I be sent a letter. This does not correct monthly statement I need a corrected statement that reflects payments are made on time. I would this issue corrected immediately. Thank you.Desired Settlement: To resolve issue is a corrected statement for the month November 2015 with proper amount and payment reflected on time. Thanks again R[redacted]

Business

Response:

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[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 Mr. B[redacted] to discuss his concerns regarding the billing statement on November 24, 2015. A detailed letter of explanation will be sent to Mr. B[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 borrower's personal information.

Consumer

Response:

Review: 10966640

I am rejecting this response because:PennyMac has not responded with letter as promised and has not sent a new corrected mortgage statement.

Regards,

[redacted]

Review: I had sold my previous home and the account was through PennyMac Loan Services. After closing, March 21, 2014, I was supposed to receive my escrow check for overpaid dues. According to their records, I was suppose to receive my check 4/15/2014. The check was returned to do an invalid address. PennyMac mailed my escrow check to the house I had just sold, instead of calling me to find out where I would like for it to be mailed. After I called and they stated what they had done, they would have to put a stop payment on the check and re-issue another one but that they had to wait for the check to come back first. They told me, 7-10 business days and I should my check. 2 weeks passed and no check. I called back and they stated they mailed it out but that it got sent back .... again, after I had already given them the correct address and for the fact that I'm already receiving forwarding mail at my new address. The representative told me that they would have to call the department that sends out check to see why it got sent back. It's been two months and I still don't have my escrow check. Every time I call, they tell me that it got sent back, or they're processing it, or give it 7-10 business days.Desired Settlement: I just want my escrow check

Business

Response:

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 Mr. [redacted]’s concerns to

our attention and allowing us the opportunity to respond.

Review: PennyMac drafted our mtg pymt twice from our chkg acct in error and said they would overnight a check same day the error was discovered and didn't. We were unfortunate enough to have this company buy our mortgage from Bank of America (who we never had one issue with for the 3 years they had our loan). I went online to PennyMacUSA.com to make our first payment (January 2014 payment) and set it up for the due date (1/1/2014). On 1/3 I noticed the payment had not been drafted from my checking account and I went online and saw there were now TWO pending payments, the same amt..one for 1/1 (the one I set up) and another for 1/2. This looked fishy so I called and spoke with Crystal at extension 5182. Crystal told me that since 1/1 was a holiday their system automatically set up the draft for the next business day of 1/2. I told her that I was still nervous about there being 2 pending transactions on their website and she ASSURED me that only one would be debited. Fast forward to Monday 1/6. I check my bank account and guess what?! They drafted our mortgage payment twice! We were in the red so I had to transfer some money over (nice little over draft fee..lucky me!) As you can imagine I was not happy so I called to find out what happened. I asked for a manager and after a more than 30 minute wait got connected with [redacted] at extension 5162. He apologized and said many people got drafted twice and they were trying to fix it. (Hmm, perhaps they should have taken my concern on 1/3 a little more serious?!) Brett ASSURED me that they were going to OVERNIGHT a check that day. I asked him to get back with me with a tracking number and he said he couldn't do that but promised they would get this sent immediately and that it would be USPS overnight delivery. Tuesday passes, no delivery. Wednesday, no delivery so I called Wednesday night 1/8 and spoke to a girl (her name and extension are written down at home). She assured me the check was overnighted and said she would have someone call me back THAT NIGHT with the tracking number. Of course I received no call back. Thursday again no delivery so I called Thurs night. Spoke to another girl (name at home) who put me on an extended hold and came back to tell me the check was sent REGULAR MAIL and there is no tracking. (I was lied to by [redacted] and the girl I spoke with on Weds night) Here we are now at Friday 1/10 and we have no check. This company has made it abundantly clear they do NOT care about their customers and the inconvenience they caused us. They made promises they did not keep. This is our FIRST month with them holding our mortgage and I am scared of what the future holds with them. They appear to be crooks and liars from where I stand. VERY DISAPPOINTED.Desired Settlement: We simply want our payment back.

Business

Response:

Please be advised that PennyMac received this complaint directly from the borrower on January 13, 2014 and responded to the borrower on January 15, 2014.

Below is an exert from the letter sent to the borrower.

PennyMac Loan Services, LLC (“PennyMac”) strives to provide superior customer service and respond to all inquiries in a timely

and efficient manner. Please allow me to begin by apologizing for the frustration or inconvenience this matter caused

you. Your comments and concerns are greatly appreciated and please be assured that Senior Management was apprised

of your feedback.

Ms. [redacted], as you confirmed during our telephone conversation of January 14, 2014, your questions and concerns have

been addressed. A thorough review of your loan’s account activity was completed to verify the payments applied to

your loan. Our records show a one-time draft payment was scheduled with a draft date of January 1, 2014. Further review

confirms the aforementioned payment was drafted from your bank account twice and subsequently posted to your loan twice.

Please be advised a wire in the amount of $1,175.00 was deposited into your bank account on January 14, 2014 with wiring

confirmation 14114E01320G0430. The wire included the reimbursement for the wiring fee of $15.00. Please send a copy

of your bank statement showing any overdraft fees by fax to ###-###-#### or by mail to PO Box 51[redacted]7, Los Angeles, CA

90051-4387. Please be assured your bank statement will be reviewed and any fees incurred due to this

duplicate payment posting will be reimbursed to you. As of the date of this letter, your loan is next due for the February 1, 2014

mortgage payment.

Thank you for allowing me the opportunity to be of service. I trust this letter sufficiently addresses your concerns.

Review: Purchased a newly built home last November. PennyMac purchased the loan in December. We had PMI with the initial loan. Purchase price was $311,000 and appraisal of the home was $312,000. We paid down the loan quickly this year and requested removal of PMI when we reached 20%. It took them 45 days to respond, but they finally did a BPO and devalued our home by 10% and denied the removal of the PMI. THis deceptive loan practice was done soley for the collection of PMI. The home values in our area have risen well over the past year and the sales in the neighborhood are averaging $345,000 with the lowest being $289,500 (which was a very small home compared to others). The current homes on the market are also averaging well above $345,000. Even using no increase in value of this newly built home in a neighborhood of homes up to 7 years old, we are well withing our 20% (qualifying for PMI removal)Desired Settlement: We would like refund of overcollected PMI and removal of any further PMI

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. [redacted]’s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely and professional manner. Please be assured that efforts are made by PennyMac representatives to accommodate our customers’ requests for assistance; however, in today’s financial environment, there are very stringent guidelines placed by investors that PennyMac must adhere to.

Please be aware that in addition to the Revdex.com complaint received, PennyMac also received a copy of the complaint from the Consumer Financial Protection Bureau (“CFPB”). As the primary Federal Agency that regulates PennyMac, we will work with the CFPB in an attempt to address Ms. [redacted]’s concerns. A substantive response will be provided to Ms. [redacted] and the CFPB.

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

Business

Response:

Thank you for providing PennyMac Loan Services, LLC ("PennyMac") with the opportunity to respond to the [redacted]s' concerns.

Review: My Loan was transferred to PennyMac Loan servicing January 15, 2013. Before it was transferred I was in the process of a short sale with Citimortgage Financial and initiated the short with PennyMac once transferred. Without any notice or explaination the short sale was denied and I later found out my ex-wife initiated a modification. She currently occupies the property, but the property was ordered to be sold by Superior Court of New Jersey - Chancery Division. I sent a letter along with my court documents alerted PennyMac that I should be involved nor should my name be on any modification documents and I was not in agreement of a modification. I repeatedly contacted PennyMac to resolve this issue and make sure I was not on any modification documents and my personal information should not be used. Any document request I had were never accommodated and I never received any returned calls when I left messages for those handling my file. Come now and modification was approved 5/14/13 after I was told a modification ccould not proceed unless both, my ex-wife and I signed off on such. I requested copies of these documents to no avail, but eventually received them from my ex-wife alerting me she had been approved and my signature was not needed. To my amazement, the approved modification were addressed to me and stated I was approved and my name alone was the only name on the approval. This has been reported to my credit and I did not initiate such a modification nor did I sign off on a modification for my name and information to be used in that manner. What has happened here is fraudulent and a violation of my rights and this matter should be rectified immediately.Desired Settlement: Based on the direct disregard to my request and theft of my identity and information and fraudulent use of my name, my name should be removed from the Mortgage in its entirety and the negative information on my credit corrected that is being reported by PennyMac. I did not initiate any type of modification nor did I sign on for anything of the sort.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to the consumer’s concerns.

PennyMac strives to provide superior customer service and process all transactions timely and accurately. Please be assured that efforts are made by PennyMac representatives to accommodate our customers’ requests for assistance; however, in today’s financial environment, there are very stringent guidelines placed by investors that PennyMac must adhere to.

A review of our records confirms that the consumer was contacted on June 14, 2013 by a PennyMac representative to address his concerns. The consumer was provided with a substantive response that addressed his questions and concerns. While the consumer may not agree with PennyMac’s decision, please be assured that the steps taken by PennyMac were done so in compliance with State and Federal Regulations. Furthermore, the consumer’s personal and financial information was not used in PennyMac’s decision; however, as the primary borrower of record, any documentation not requiring a signature that is issued by PennyMac may list the consumer on it.

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

Business

Response:

While the consumer may not agree with PennyMac’s decision to approve the consumer for a loan modification, please be assured that the steps taken by PennyMac were done so in compliance with State and Federal Regulations. Furthermore, the consumer’s personal and financial information was not used in PennyMac’s decision. If the consumer successfully completes the trial plan and the loan is brought current. the consumer can request to be removed as a co-borrower on the loan. PennyMac will confirm that the consumer has the financial wherewithal to assume the loan in her name only. As the consumer was advised, the loan was approved for trial payment plan that does not require a signature from both borrowers in light of their divorce. If the consumer successfully completes the trial plan, PennyMac will issue her a loan modification agreement which will require her signature only. Please be aware that while the court order states that the consumer should try selling the property, it also allowed the consumer to pursue a workout solution.

Consumer

Response:

Review: 9583420

I am rejecting this response because: The issue was not addressed as to why my name has been used and associated with any agreements entered into by Mrs. Jennifer Resil-Johnson. PennyMac has stated that Ms. Resil-Johnson will "Assume" the loan, yet no correspondences, etc have been copied to me. If PennyMac is now using my court documents after they told me they could not, my court documents also states that I am not to be bound to any new agreements and I should be removed from all responsibility. My objective is to be removed from the loan and if this can be done without selling the home, Ms. Resil-Johnson is free to pursue whatever means that are available to her. However, the means by which Ms. Resil-Johnson is trying to obtain a modification directly binds me to the terms she entered into solely with PennyMac, therefore my name should be removed in its entirety and my credit restored.

Review: PennyMac has a fiduciary duty to apply payments made, accepted and cashed in a manner consistent with written instructions in accordance with their contractual obligations as assigned to them by the Loan Originator. Upon coming to discover that they misapplied a payment or payments, inconsistent with the written wishes/instructions of the payor', they further have a duty and obligation to make it right without delay. In my instant case they received two checks each clearly and unambiguously have specific and precise indications on the payment instrument as well as the accompanying papers (ie: payment coupon and "cover letter") asto what each of the two payments are intended to be applied to. Apparently they cannot follow written instructions. They also cannot keep their own word(s) when they indicate they understand their mistakes and what would be necessary to correct those mistakes and when confronted by their Regulators'/Overseer's they again attempt to cloud the issues and make the water even murkier by misstating facts and portions of conversations then they resort to blaming calculators. Moreover because "they" have power over debtor's/borrowers and others that make regular monthly payments because they regularly report a persons activities (or lack thereof) to other Credit Reporting Agencies they have a superior position in a relationship with borrowers. I contend, opine and argue that this Fiduciary can be affirmatively shown to be at best inept and at worst woefully negligent in performing their fiduciary duties their assessments of others should have absolutely no value to anyone. They cannot perform as a receiver, book keeper or other banking type of entity and should not be able to practice as such.Desired Settlement: Transfer my loan to a competent and capable servicer'. Credit the correct payments as they were intended to be applied in the first place. Write an apology letter and do penance.

Business

Response:

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 Mr.[redacted] concerns to our attention and allowing us the opportunity to respond. Upon receipt of the Revdex.com notification, our office completed a thorough review of Mr. [redacted] loan to ensure that his concerns were addressed. PennyMac confirmed that Mr. Rice's payments have been applied as he intended. A representative from our office previously spoke with Mr. Rice and sent a letter on December 30, 2014 confirming the payment correction. Please be aware an additional detailed letter regarding Mr. Rice’s payment will be sent directly to Mr. Rice. 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.

Review: I refinanced my home with this company on December 2012-January of 2013 and my mortgage payments have been fluctuating up and down since this transaction happened. I went from a previous 4.5% rate to a now 3.25% rate, (ON A LOWER BALANCE) and my monthly payments are higher than ever!Researching my documents, they initially asked for a $1,635 deposit for escrow, which was given to them. My first payment in February 2013 was $1,851.52 - a few months short after my payments dropped to $1603 per month without any notification or explanation from them. A few months shortly after, my mortgage payments went up again to $1854.01 - I decided to call and inquire about this and their first answer was: "taxes went up". It's clear that they have not received proper training to know that taxes can't go up more than 2% of the taxed assessed value or inflation rate, which ever is lower. After multiple calls and bits if information from different people, a supervisor explained to me that Escrow had not been estimated correctly and for many months they projected $22.73 for escrow as opposed to $272.76 which is a huge mistake on there part. In May 2014 I finally received a statement saying that my account was short $1712!!! Wow! This is due to their mistake, which now they want to charge me for, when I initially have been paying all the correct amounts on time. This is an example of how the consumer pays for the company's mistake. I have tried calling to get this resolved and I have not received a call back from them at all after leaving multiple messages. They have claimed that if this amount is not replenished soon, my mortgage payment will continue to increase every year. As of June 2014 my payment spiked to a whooping $1941.41 - which I find ridiculous as it is a 4.7% increase. This is so wrong and it shows lack of professionalism as they are not taking responsibility for their mistakes.Desired Settlement: I would like for PennyMac to assume financial responsibility for their own mistakes to begin with. The consumer isn't at fault in any way for your lack of attention in this error and the escrow shortage amount you made an error on should not be the consumer's responsibility. All payments to PennyMac have always been made correct and timely as requested on your monthly statements. PennyMac made the mistake so assume the responsibility. I'm not responsible for your mistakes.

Business

Response:

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 Mr. [redacted]’ concerns to our attention and allowing us the opportunity to respond.

Upon receipt of the Revdex.com notification, our office completed a thorough review of Mr. [redacted]’ loan to ensure that his concerns were addressed. A representative from our office contacted Mr.

[redacted] on July 9, 2014 to discuss his concerns and answer his questions regarding his escrow shortage. All questions and concerns have been addressed.

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.

Consumer

Response:

Review: 10122640

I am rejecting this response because:

Review: My home was damaged in a wind/hail storm and my roof was damaged beyond repair and must be replaced. My insurance company State Farm came out and inspected and issued me a check for 8,621.21 to get the work done and then submit once work is done and they will reimburse me another 2641.64 upon completion of the work. I sent the check to Penny Mac because they have to endorse the check and I was told on 5/16/14 that Penny Mac would be holding the check and only be sending me a third of the money and not release anymore until their inspectors came out and inspected the completed work. That is not enough money go get the work done. I got three estimates for my roof alone and it ranged from 8,500 to over 9,000. I need that money to pay the roofers. I am either going to have to borrow money and pay interest to get my roof done or deal with the stress and hassle of owing roofers thousands of dollars and praying Penny Mac gives me my money so I can pay them. I have insurance. I pay for insurance. I did not choose Penny Mac. I got sold to them. They need to give me my insurance money so I can get a new roof put on my home before damage inside my home starts due to leaks. I have no guarantee from Penny Mac when they will release the rest of my money and in the mean time I will be having to either be paying interest on money I had to borrow or dealing with a roofing company pressing me for when they will be getting their money. Right now their is no damage inside my home due to leaks in the roof, but more shingles have fallen off since the storm and I pray everyday it does not rain or storm again and I have damage inside our home. The roofers said they can get the work done in about two days and I can't get the money to pay them and I have insurance, I got a check to pay them and Penny Mac will not release me the money and if storms again and damage happens inside, State Farm insurance should not have to pay for the damages. It should be Penny Mac for not giving me my insurance money to fix the problem.Desired Settlement: I need my insurance check for 8,621.21 so I can start the process of getting the repairs done on my home other wise it will be money out of my pocket that I do not have. I do not have any problem for Penny Mac to come out and inspect the work and do what ever they need to do to make sure the work is done. State Farm my insurance company will do the same. I welcome that. I just need the money so I can get the work done. I don't have the money do pay for it without the insurance check.

Business

Response:

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 Mrs. [redacted]’s concerns to our attention and

allowing us the opportunity to respond.

ur

office is in the process of completing a thorough review of Ms. [redacted]’s loan

to ensure that her concerns are addressed.

PennyMac contacted Mrs. [redacted] on May 30, 2014, to advise a Priority

Complaint Specialist has been assigned to her loan to complete a review and

full research relating to her loss draft concerns. Mrs. [redacted]’s point of contact will follow

up with her on June 2, 2014, to provide the results of our research.

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.

Review: Our mortgage loan was sold to PennyMac by Bank of America in December 2013. Since then we have NOT gotten our statements in a timely manner. The statements are dated the 20th of the month and are not received by us until the 27th or 28th of the month with a due date of the 1st of the next month. This is NOT an adequate amount of time to send a payment out. They are forcing our hand, and other consumers, to make us use their online, on-time electronic payment or sign up for EFT. Neither of which we are comfortable with. Our January statement was received in our mail on 1/29/14. I sent the check in the mail on 1/30/2014, which cleared our bank on 2/7/14, so 6 days past the due date! We then received our March Installment dated 2/6/14 in our mail on 2/17/14. I wrote the check and sent it out on 2/18/14 which cleared our bank on 2/27/14. That's two large amounts from my account in a short period of time. My Wife and I both have good credit scores and do NOT want it jeopardized because PennyMac cannot send the statements out in a timely manner. This is not right. Statements should be mailed out by PennyMac more than 20 days ahead of due date. 20 days is not enough time if the mail is taking it 10 days or more to be delivered. They received my March payment 2/27/14, it is March 7th, In an efficient manner, I should be getting my statement next week, but probably won't receive it until after 3/20/14 to be due 4/1/14. This is unacceptable. My wife has contacted them and the customer services reps. response was to tell her to sign up on EFT. Again we are not comfortable with this.Desired Settlement: I would like to know what the Illinois guideline is for the time frame of how soon the statement must be mailed before the due date. The insurance industry is guide lined by the State to send renewals 60 days in advance and statements 30 days in advance. Is the lending industry subject to such guidelines? They should be. Thank You.

Business

Response:

PennyMac strives to provide superior

customer service and respond to our borrowers’ inquiries in a timely and

professional manner. Please allow me to

apologize for any frustration or inconvenience that you may have experienced with

PennyMac’s Monthly Mortgage Statements.

Your comments and concerns are greatly appreciated and be assured that

Senior Management was apprised of your feedback.

PennyMac recently experienced a processing

issue, which caused a delay in mailing our February 2014, monthly

statements. Our process is to generate

monthly statements twice a month, once on or around the 7th of the

month for those loans that had a payment received prior to the 7th

of the month and our second cycle is processed on or around the 17th

day of the month for those loans that payments were received between the 7th

and 16th of the month. Please

note that statements are mailed within one to three business days from the date

they were generated. Should you choose to submit your payments prior to the

receipt of your monthly statement; you can mail them, referencing your loan

number, to the address provided below.

PennyMac Loan Services

PO Box 660929

Dallas, TX 75266-0929

Other payment options available to you

include our PennyMac AutoPay Program, our automated phone service, which you

can access by calling (800) 777-4001, or payments may also be scheduled on our

website at www.pennymacusa.com. Payments

received on or before the 16th, will not be assessed a late

charge.

Review: My loan was transferred from BOFA. They have horrible customer service; their call center needs a better phone system either the reps hang up on you or the phone sounds busy! No one will help you unless you bash them on Facebook! Than they send you an unsecured message with account information via Facebook without verifying me!!!! I do not even have my correct name on Facebook but they still sent info out.Desired Settlement: I would like my loan sold to a different institution.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. [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 Ms. [redacted] on December 31, 2013, to discuss her concerns. Ms. [redacted] was provided with a substantive response that addresses her concerns. PennyMac confirmed that her payment was received and applied to her loan. Furthermore, PennyMac confirmed that no late fees were assessed to the loan and no derogatory credit reporting was submitted as the payment was received in a timely manner. An apology letter and letter of explanation will be sent to Ms. [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 our borrowers’ personal information.

Review: PennyMac Mortgage Services discriminates against mortgagors by not providing an in-person payment center. I have been making mortgage payments to various entities over the past thirty years and this is the only company that does not receive my payments in a timely fashion. As of the writing of this complaint, they have informed me that the post office has taken more than 13 days to get a payment from Long Beach, California to Los Angeles, California. In this age of technology it is hard to believe that they do not provide their customers with an option to make payments electronically. A customer has the option of making payments by automatic withdrawal from a bank account, a one-time electronic transfer of funds, Western Union Quick collect, or payment by mail. As a victim of identity fraud, I choose not to allow anyone access to my account information. Therefore, the only options for payment are Western Union and mailing a check. As discussed earlier, mailing a check only creates a late payment because in PennyMac's vocabulary - "it is the Post Office's fault" that our payment is late. That leaves the Western Union option which for a mortgage payment would cost an additional $30.00 - $64.00, depending on whether the transaction was completed at a Western Union location or by phone.I believe this is discrimination and an easy way to coerce customers into allowing the automatic payment deduction from the bank account. PennyMac has the option of taking the payment at their convenience. When contacted on several occasions in an attempt to resolve this issue, the employees are rude and condescending. They have no compassion and are not interested in helping their customers.Desired Settlement: Provide customers with alternative payment options. Not everyone wants to allow access to their bank account.Provide and account number for customers who choose to use bill-payer options through their financial institutions.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. [redacted] concerns.

PennyMac strives to provide superior customer service in a timely and efficient manner. As a mortgage service provider, PennyMac provides our borrower with numerous options to submit their monthly mortgage payments. Borrowers receive a monthly billing statement with a coupon they can use to mail in their payments. In addition, borrowers have the option of registering their loan on PennyMac’s website to submit a “One Time Draft” or they can set up recurring monthly payments. PennyMac also offers an automated payment service that borrowers can call in to schedule a one-time payment.

Borrowers also have the option of using their personal bank’s bill pay services to submit their monthly mortgage payments; however, any payment submitted through a bill pay service is done so in the form of a check that will be mailed to PennyMac’s Payment Processing Center. At this time, PennyMac does not accept electronic payments submitted directly to us by a financial institution.

While the payment option that Ms. [redacted] is requesting is not available, please be assured that PennyMac offers our borrowers numerous options to submit their monthly mortgage payments.

Consumer

Response:

Review: 9582263

I am rejecting this response because: PennyMac says that they offer numerous ways to make the mortgage payment. In reality, there are only two ways - let them have access to your bank account or have the payment sent in by mail. Because I do not want to allow them access to my banking account, in any of the various forms they say are available, the only other option is to mail the check or have the bank mail the check. This is the option that we chose. However the bank says that it sent the check out on the specified date, PennyMac often does not process for (in my opinion) in a timely fashion. It has taken as much as fifteen days from the date the check is sent from the bank until it clears for payment. The check is going from Long Beach, California to Los Angeles, California, a total of maybe fifteen miles. Each time I have called PennyMac because of a late notice, their personnel answering the phone are very rude, and whoever I speak with blames the U.S.Post Office. I understand the post office may be to blame occassionally, however I do not believe it to be true consistently, when I can walk the fifteen miles in fifteen days. I think that this is some type of story to cover for their poor business practices. I believe that feel that they can do whatever they want to because there is nothing that the average person can do except to refinance, and then there is no guarantee you won't end up with them again, because you cannot control who your martgage is sold to.

Business

Response:

PennyMac Loan Services, LLC (“PennyMac”) strives to provide superior customer service and process all transactions timely and accurately. Please be assured that payments received at PennyMac’s Payment Processing Centers generally are applied to the corresponding loan within one business day of receipt, effective the actual date the funds are received to ensure that proper credit is given to our borrowers. While PennyMac understands that situations may occur that delay the receipt of monthly mortgage payments, be assured that PennyMac does not hold payments for any purpose.

As previously stated, as a mortgage service provider, we offer our borrower numerous options to submit their monthly mortgage payments. Borrowers receive a monthly billing statement with a coupon they can use to mail in their payments. In addition, borrowers have the option of registering their loan on PennyMac’s website to submit a “One Time Draft” or they can set up recurring monthly payments. PennyMac also offers an automated payment service that borrowers can call in to schedule a one-time payment.

While, PennyMac does not accept electronic payments submitted directly to us by financial institutions, PennyMac does initiate electronic payments by requesting payment from a borrower’s financial institution. Please be assured that any request for payment using this manner is done so based on the instructions provided by our borrowers. They provide us with their bank information, the amount they would like PennyMac to draft, the date of the draft, and whether it will be a recurring transaction or a one-time only process. PennyMac does not access consumers’ bank accounts, we merely submit a request for payment based on the instructions provided by our borrowers and it is up to the financial institutions to approve or reject PennyMac’s request for payment.

PennyMac processes thousands of electronic payments for its borrowers on a monthly basis and does so in a very secure manner. All electronic payments are processed through the Federal Reserve’s Automated Clearing House process to ensure that our customers’ confidential information remains private and secure.

Review: I am writing to complaining about the way PennyMac Loan Services handles mailing out monthly mortgage statements for Loan # [redacted]2. My mortgage payment is due on the 1st of every month with a 15 day grace period. I firmly believe that my due date is the 1st of the month and I do not use the grace period allowed to me. Several times my statement has come 2-3 days before the payment is due on the 1st of the month. The most recent statement for payment due February 1st, 2015 was received on January 31st, 2015. My wife spoke with [redacted] from PennyMac on January 30th regarding another ongoing issue on our account and she asked when will we receive our monthly statement. [redacted] told my wife that the statement was mailed our on January 27th, 2015 and that we have a 15 day grace period. My wife explained to [redacted] that we pay our bills by the actual due date and not by the grace period. At this point in the conversation my wife was irate. [redacted] told her that we can call in a payment to PennyMac if we wanted it paid by the 1st. My wife told [redacted] we don't pay our bills over the phone. In my opinion PennyMac is not managed properly and billing statements should be mailed out well ahead of the expected due date. We pay on time or early to avoid added interest and fees. PennyMac is trying to make more money on a loan that is paid in a timely manner. The unfair practices of PennyMac should be stopped. PennyMac should either send us statements in a timely manner or mail us a payment coupon book so we can avoid situations like that above. We do not want to make a payment by phone or over the internet due to unsecure websites and other issues we have with PennyMac. I personally want to have a paper trail in case there is an issue. I am completely upset that my mortgage may be accruing additional interest or fees because a company is sending statements out days before payments are due. I am either forced to call in my payment (which I refuse to do) or mail in and hoping PennyMac posts it to my account.

Product_Or_Service: Mortgage

Account_Number: [redacted]2Desired Settlement: DesiredSettlementID: Other (requires explanation)

I would like an audit done of my account. PennyMac has made numerous mistakes on my account. I should not be penalized for late statements being mailed to me. Also, PMI issues and other misc. charges being added to my account and nobody knowing what the charges are for. My account with PennyMac needs to be researched and the government should get involved with the practices being done by PennyMac Loan Services.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. [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 Mr. [redacted] on February 24, 2015, to discuss his concerns regarding billings statements, fees, and taxes. A detailed letter of explanation will be sent to Mr. [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 our borrowers’ personal information.

Review: PennyMac(PM) is our mortgagor(they purchased our loan from the original mortgagor). Since they hold the mortgage on our home they were required to be involved when we had a house fire and our insurance company paid us money in order to make repairs. We had a house fire on 8/23/2013 and FOUR MONTHS later we have yet to receive our FIRST draw in order to start the repairs on our home. When PM purchased our loan they never notified our insurance company that they did so (we were instructed there was nothing to do on our part-just make our payment to the new mortgagor). This oversight by PM caused a 4 week delay in the processing of the insurance check. Once we received the insurance check we sent to it to PM(required). They said they issued our first draw and sent it to our home address (that was unoccupied because we had a house fire). The check was never received (after visiting the unoccupied house every day looking for the check). After contacting PM numerous times they assured us that the check was delivered and they would investigate and place a stop payment on the check and reissue within 7-10 business days. In 10 business days we called to inquire a status because we still had not received a check. At this time they informed us that the stop payment had not been placed and they would investigate once again and place a stop payment(of which to this day has not been done).Both times we have requested to talk to someone who can help us get this expedited. They inform us that there is no one else we can talk to and they deal on a first come first serve basis (wonder if anyone else has been waiting four months). Weve also requested to talk to senior management. They inform us that we cant be transferred and they would have to have someone call us back; however, we have yet to receive a return phone call.It is four months after our house fire-Ive had a baby and am living with limited rental furniture in a rental home that is not up to standards and repairs have not yet started on my house.Desired Settlement: I would like a new check to be issued this week and overnighted (it simply takes a call to the bank to ensure the check hasn't been cashed and to place a stop payment if this is absolutely needed to be done timely). I would like a return call from management.I would like to be placed on a priority list and all future inspections and draws for our home are completed within 24-48 hours of request.We've talked to people who stated this was getting done; however, no progress.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. Vandevander’s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely and efficient manner. Upon receipt of the Revdex.com notification, our office completed a thorough review of Ms. Vandevander’s loan to verify the status of her check. PennyMac confirmed that the original check was mailed via FedEx delivery on November 27, 2013 and delivered November 29, 2013. PennyMac was later notified by our borrower that they did not receive the original check and requested we stop and reissue it.

PennyMac first had to verify the status of the original check before a replacement could be issued. Our records confirm that a stop was placed on the original check and a replacement check was issued on December 26, 2013. The replacement check was also mailed via FedEx delivery on December 26, 2013 and we confirmed FedEx delivered the item on December 27, 2013.

PennyMac’s Insurance Department has been in contact with the borrowers throughout this process and has provided them with a substantive response. Our records indicate that the borrowers confirmed receipt of the replacement check and additional check recently issued.

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.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 9851261, and want to note that a check was received and the first part of my request to close this matter has been carried out; however, there are more actions that need to be taken to fully resolve this matter.

The initial reason for the complaint was because when we placed a stop payment on the check (the first week of December) they stated it would take 3-5 business days to investigate and place a stop payment on the check - and then possibly another 3-5 business days for the delivery of the check. With that stated, that is a maximum of 10 business days to receive the check. With multiple attempts to contact the company and multiple requests for a call back - and personnel at the company stating they would call us back with an updated status - we received no word from anyone. It wasn't until we actually filed a complaint with the Revdex.com that the issue was "resolved" and we received a check within a week.

They stated they "strive to provide superior customer service and respond to all inquiries in a timely and efficient manner”; however, we never received a word back from any representatives each time they stated they would call us back - nor any action done to resolve this case until we filed it with the Revdex.com, over a month later. The check took over 20 business days to receive when they stated the max was 10. They also informed us when we called back to get an updated status, since they never updated us and we were just waiting on a check, that the stop payment was never even made by the first representative.

We did receive a check; however, do not accept the response or a resolution because my complaint is over customer service. I've requested for timely inspections when requested since they have already delayed our repairs up for 4 weeks. This is the least they could do since they try and “respond to all inquiries in a timely and efficient manner” and they didn’t handle the first part of our process with either “superior customer service” or in a “timely and efficient manner”. The request for inspection hasn't occurred yet - so, I don't feel as though the entire issue has been resolved.

Regards,

Review: I contacted this company to refinance my mortgage September 6, 2014. My loan officer was Michael Battle. The process was suppose to be streamline and the loan agent stated it would be a fast process closing by Sept.20, 2014.During the process there was miscommunication and daily the agent would call and change things that where discussed prior. The calls stopped at the beginning of October.I called the office to check the status and that is when I found out that the loan was closed. There was a 100 application fee that I paid to get the process going. I called and spoke with the supervisor Doug Perry of my loan agent and he stated that he would refund the 100.00 dollars. It has been four weeks and the money has yet to be returned.I have called and spoke with him twice and I need assistance in getting this matter resolved.The customer service was horrible and the communication is non existent in my experience with Penny Mac.Desired Settlement: I would like for the company to refund the 100.00 application fee.

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and respond all to inquiries in a timely and professional manner. Thank you for forwarding Ms. [redacted]’s (AKA Ms. [redacted]) concerns to our attention and allowing us the opportunity to respond. Upon receipt of the Revdex.com notification, our office completed a thorough review of Ms. [redacted]’s concerns regarding her refund check. Our office contacted Ms. [redacted] on November 5, 2014, and confirmed that the check would be generated and mailed out by the end of the week. Additionally, she was advised that her concerns would be addressed in a letter as well. Provided Ms. [redacted] with contact information for any other 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.

I can agree with these reviews the Penny Mac is an awful lender. Terrible customer service! Our loan sold a little over a month ago to them. We have made one payment to them! We suffered some damage from a storm and had to submit several documents in order to get the money for the repairs. Had to complete repairs out of pocket! After completing the documents, overnighting the check from insurance; Penny Mac took over 2 weeks to endorse the check. When they did endorse the check and send via UPS the check was then "lost" in the mail. They did not overnight the check and did not want to follow up with the process of ups. Now that the check is missing....they don't seem to be worried about it. I am having to contact insurance company again and start the process over! This has been over a month and we still don't have the insurance check.

(In the mix of doing all the paperwork they asked....they signed the check without reviewing those documents.) Every customer service rep has given me a different answer. Therefore we are still being charged for an adjuster to come look at the repairs. No customer representative can seem to take the $44 charge off my mortgage statement.

Very frustrated!!!

Review: In September 2014 my mortgage company transferred my account to Pennymac. During this time, Pennymac made no effort to contact me other than mail. Being on travel most of the time, I did not receive any of the mail. This led to late payments on the account. After finding my autodraft had not been withdrawing on my account I contacted my old Mortage company and they gave me contact information for Pennymac. I notifed Pennymac that I had been on official travel and they waved the late charges but refused to remove the late payments from my credit report. The service representative informed me that I needed to make the following month's online payment before I could set up automatic withdrawls.The following month I made my auto payment and set up my automatic withdrawls. On the 1st of the following month, I changed my autodraft to a later date to ensure I had the funds within my account. There was no notice on the website stating that it takes 3-4 business days for this change to take place.Today I found my account is once again behind payments. I called Pennymac to find out why my account had not been charged. I again have been on official business out of the country. The lady informed me that it takes 3-4 business days for the autodraft change to take place. She stated that they w[redacted] remove "some of" the late payment charges and that a letter would be sent to the credit portion of the company to ask if it can be removed. During this call, she would ask if I had anything to add. When I began speaking she would start typing (phone on speaker.) I would stop talking and ask, "are you listening to me?" There was no response. When she finished typing she would ask the next piece of information she needed. Once again I would try to explain more information and she would begin typing and not paying attention to what I was saying. Once she finished she asked me, "is their anything else I can help you with?" I said yes and began to speak. I sat on the line for 5-10 more minutes, apparently she muted meDesired Settlement: Pennymac needs to remove all late payments on the account. They need to remove all late payments from my credit report. They need to verify that autodraft has been set and w[redacted] withdraw from my account. Their website needs to be updated to include notice that changes to autodraft w[redacted] take 3-4 business days and any drafts that occur within that time period w[redacted] st[redacted] attempt to withdraw. Their customer service needs to listen when the customer is talking.

Business

Response:

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[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. H[redacted] on June 24, 2015, to discuss her concerns. Mr. H[redacted] was provided with the name and the contact number of the agent that w[redacted] be addressing his concerns. Furthermore, PennyMac w[redacted] respond to Mr. H[redacted] concerns under separate cover. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we w[redacted] refrain from posting any personal information tothe Revdex.com site as we do not disclose our borrowers’ personal information.

Review: I’m reaching out to the IRS and Government officials in an attempt to obtain answers regarding a 1099C form which was filed by our mortgage lender, PennyMac for the tax year 2014. We contacted PennyMac via written correspondence on April 28, 2015, Please see attached) requesting an explanation of the 1099C filing of a reported debt discharge" amount of $59,902.97 on 5/30/14. This discharge DID NOT occur and HAS NOT occurred to date. As stated on our legally binding mortgage modification (Please see page 2 of the attached mortgage modification), which was approved on April 29, 2014 and payment performance began as indicated on June 1, 2014, that “$19,967.66 will be forgiven each year on the anniversary of your first trial period payment date for 3 years”. This information is indicated on a legally binding document and serves as our contract with PennyMac.The questions we are attempting to have answered by PennyMac are:1) Is it legal to file a 1099C form stating you’ve given us a “discharge" of $59,902.97, when in fact youve given us $0.00 discharged, which you clearly indicate on our modification agreement on page 2, section Principal Forgiveness? 2) The response PennyMac sent to our inquiry (Please see the attached document dated May 27, 2015) does not address ANY of our questions regarding the filing of the 1099C form. How is this legal and/or ethical practice? 3) How can PennyMac indicate $19,967.66 will be forgiven on the anniversary of our first trial period payment date for three years" when we never had a trial period at all?! 4. ) What are the potential tax consequences if we sale our home prior to the end of the three years, even if our loan is in good standing? 5) How can PennyMac continue to attempt to collect on a debt they are filing with the IRS as a “debt discharge"?As we all are aware, it is imperative that our modification contract match any and all forms filed with the Internal Revenue Service, since our contract is our legal binding document on our family home. This could potentially become a tax nightmare for us if they do not match.We are fully aware that the Mortgage Forgiveness Debt Relief Act & Debt Cancellation has expired as of December 2014 and this could truly be a great benefit for us if the debt was actually discharged...but unfortunately, it hasn't been.These are questions and concerns we deserve and demand answers to as a taxpayer and homeowner and we are turning to our Government officials to get clear, concise answers since our mortgage lender is insisting on being evasive and unresponsive to our inquiries and phone calls.Desired Settlement: These are questions and concerns we deserve and demand answers to as a taxpayer and homeowner and we are turning to our Government officials to get clear, concise answers since our mortgage lender is insisting on being evasive and unresponsive to our inquiries and phone calls.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. L[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 Representativecontacted Mr. L[redacted] on June 24, 2015 to discuss her concerns. There was no answer on the number provided and the agent was unable to leave a voice message for Mr. L[redacted]. PennyMac will be providing a detail response 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 notdisclose our borrowers’ personal information.