PennyMac Loan Services Reviews (969)
Review: In the beginning I was truly satisfied with Penny Mac, but after a year it seems that everything just spiraled out of control. First I was advised I had to pay flood insurance, which I purchase and provided documents before dateline ok I had to deal with some additional cost added to my mortgage. but the kicker was when I received my mortgage statement it was $600 more than my original mortgage. The flood insurance was little over $1700 a year and several more additions was added which made it go from a little over 9 hundred dollars to right at $1600 a month. Which I address the issues with the mortgage company they asked me to provide to them with some documents and My insurance company faxed the information and called several times and they claim they did not receive it each time. I switched insurance companies, got my agent to contact the mortgage company and the agent stated that he having to go back and forward with them about them receiving the flood documents as I explain happened to me early in the passage. Due to the mortgage company claiming they didn't received the document they provided me with their flood insurance which cost 1700 a year. The flood insurance I have is only 430 a year. I'm not sure if its they company or maybe they just have loafer on their team. Which could reflect on the company's reputation. It's going on three months and this problem still haven't been resolved. That's 1800 dollars I could have to do something else with. Times are too hard to be giving away my money because someone decided they DO NOT WANT TO DO THEIR JOB.Desired Settlement: Due to the fact that I provided document of flood insurance before the dateline. Refund unnecessary money spend and someone to take care of their business. Get the paperwork done and mortgage adjusted to the correct amount. JUST DO A BETTER JOB WITH PEOPLE MONEY
Review: PennyMac bought our loan from Citimortgage.I have had 3 surgeries in the last 14 months and am waiting to see if I need another one.I am out of work.The people at this company are rude and do nothing to help.When we tried to remodify our loan they told us to sell our house not even checking to see if there was a program for them to offer us.They brought us up an extra 100.Now how does that help.They know we can't afford to pay the current loan,so how would we pay an extra amount of money.We have gotten caught up twice and they called us every day 1-3 times.They harassed us at work and left messages everyday at home.I told them they were harassing us because we weren't even behind at the time but they continued to call.I read the complaints about this company and there were 14 .Not one was positive.We requested paperwork to try this again and they never sent it to us.All we got was a letter from an attorney about foreclosing.They didn't even give us the opportunity to pay by the 15th.When we made our last payment the agent told us that since we were still trying to make payments it would be better for us to fill out the paperwork in which they never sent us.I have never dealt with a company like this.They are scam artists .They say they don't want our house but they hound us all the time.We are fed up.Isn't there a way to obtain another mortgage company /There are adds all over about Obama financing but when we inquired about that those programs don't exeist.Please help.I don't know where to turn and I may be looking at another surgery.Desired Settlement: a mortgage company that tries to help and to lower our payments even if its temporarily.
Review: PennyMac has for the THIRD time lost my payment and are threatening to send me to collections. This is beyond ridiculous. They purchased my mortgage 3 years ago, since then they've accused me of not paying 3 times. I use bill pay through my bank and have never missed a payment. When PennyMac investigates they say the money was applied to a different account so clearly it was their fault, but they still try to blame my bank. This is just incompetence. I'm so mad and feel like I'm helpless to do anything about it. I could refinance, but then PennyMac could end up buyin that loan also!!Desired Settlement: I feel like I'd be asking too much for them to just do their job and quit losing my money, but I think I'm talking to a wall. Honestly, what I would prefer is to not do business with them any longer but it seems I don't have a choice.
Review: I am extremely frustrated and disappointed in my experiences with Pennymac customer service. I receive constant requests for updated insurance. When I send the updated information and call or email to confirm what is needed, I continue to receive letters. I have notified the agents that their service is extremely inconveniencing me. I will strongly discourage others from dealing with this company unless I see resolution.Desired Settlement: I would like to speak with management and administration to understand why the company is so poorly organized and what can be done to end my receipt of these letters.
Review: I did a streamlined refinance of my FHA mortgage in the Fall of 2012 and I was told that all elements would remain the same, including the impound account with taxes and walls in homeowners insurance (I have a condo). Pennymac bought the loan and in July of 2013 I received a notice that my homeowners insurance was about to be cancelled. I immediately called Pennymac to alert them and find out why the insurance was never paid. Pennymac told me that they do not require walls in insurance and therefore did not have it set up. I confirmed that it was supposed to be coming out of my impound account and they said that I just needed to call a specific division within Pennymac to authorize the insurance payment out of the impound account. I did that and was assured that everything was taken care of. In February of 2014 I was logged on to my insurance company website to pay my auto insurance and discovered that I literally did not have homeowners insurance because Pennymac had not paid it. I immediately called Pennymac to find out what had happened and literally no one could help me. Their only response, despite my repeated explanation of speaking with the insurance division and authorizing the payment, was that they do not handle or require walls in insurance. Frustrated, I just paid the insurance out of pocket and restarted my account. In March I received notification that my impound account did not have enough money in it and I was going to start being charged extra. Some of this was for property taxes and some of this was for insurance! I called and they told me that based upon my call in February they had set up my insurance and I had double paid on the homeowners insurance by paying out of pocket. I insisted on a conference call with my insurance company, who confirmed that Pennymac had not paid the insurance and the only payment they had was my personal payment. Since then I have been trying to get them to remove the extra $519 from my payment bill. I have been told on several occasions that this was in process. I have also occasionally been told that I could not remove this insurance since it was required, which is in direct opposition to what I was told when my insurance was never paid. Several customer service people have told me they were escalating the issue and would have it resolved within a few days. I then never hear from them again. Here are three of those people: Kimberly at ext. 7669, Albert at ext. 7744, Wade at ext. 5125. I then finally got ahold of Brett Wright, Customer Service Supervisor at ext. 5162. He assured me that he was personally working on this and would have it resolved prior to the May 1 payment date. He stopped responding to me on April 24, despite multiple emails and voicemails left for him. My homeowners insurance is paid for. I do not want to pay double for this, especially since Pennymac has not actually paid for the insurance despite their claims. How do I resolve this?Desired Settlement: I need the "walls in" home owners insurance removed from the impound account and not to be charged for it on my bill.
Review: PennyMac Loans, LLC has violated Federal Regulations and have abused their authority as a lender. I am currently in active foreclosure, due to the lack of service (which I feel was intentional). I have contacted PennyMac Loans, LLC numerous times from 12/2013 - 3/2014 requesting the LOI (Letter of Intent to Foreclose) or a letter indicating the balance due so that I can request a hardship withdrawal to bring my mortgage current. Each rep stated, the letter was requested and will be sent to me withing 5-7 bussiness days. After following up on my requests, the rep had indicated that the LOI was requested and sent certified mail. I explained that no such letter was rcvd and that the letter at hand was a loan payoff letter (to payoff my entire mortgage). Upon further inquiry, I requested the certified mail tracking #, which the rep stated there was NONE. I finally was able to obtain the "reinstatement figures letter" and processed my withdrawal. Now the attorney retained by PennyMac is disputing the balance, I indicated that the letter sent to me by the lender was faxed the week before the attorney's ac letter was received. The attorney ([redacted]), further indicated that the lender was in violation of federal law and should not be sending me any corresondence due to the forclosure status. Now the attorney office is stating to hold off on the payment until the letter is verified.Desired Settlement: Immediate resolution and or further investigation is needed. I want PennyMac Loans, LLC to accept my payment in full. I want all incurred fees to be waived (late, legal, etc.)
Review: Penny Mac Loan Services holds my mortgage. In early February I recieved a letter of the Annual Escrow Account Disclosure Statement (dated 1/14/14) and it stated that I had an escrow shortage of 100.49. It also noted a Delinquent Assesment in the amount of 100.44 for May of 2013. For the next 12 mortgage payments I would be charged an additional 8.37 (starting 3/1/14) to pay for that. I purchased the house in April of 2013 and there was a snafu by the closing company in paying the prior years property taxes. I thought that may have explained the shortage. I called Penny Mac to try and understand/confirm that was where the charge originated. If so I could then contact the Closing Company and have them reimburse me for the 100.44 for their mistake.I spoke to a representative named Kameka for about 40 minutes up to an hour. Kameka put me on hold several times to do some research. She finally explained that the charge was an error, and that several other mortgages in the state of Virginia also had errant charges on the escrow disclosure statement. She told me she would remove the charge and that my mortgage payment would not increase by 8.37. I was surprised, but glad I wouldn't have to make any further phone calls. I asked Kameka to send me a confirmation e-mail entailing what we discussed. She said she could not. It was their policy to not send e-mails. I wanted some means of proving the matter was resolved. She said that they would have records of it (called a Request ID#1120118).2 weeks later I received a mortgage bill stating that I did owe an additional 8.37. I called again 2/21/14 and spoke to Crystal and after waiting for 1hr and 20 minutes she explained that the 100.49 was a valid charge and that I did owe that money. I was upset because had I not been misinformed I could have taken care of that 2 weeks ago instead of facing additional fees on 3/1/14. I again asked for e-mail confirmation and again was denied. I spoke with the supervisor Tevar and he did not resolve.Desired Settlement: 1) I would like to have some means of documenting the issues I discussed with the Customer Services Representatives at Penny Mac. I asked for an e-mail, they said no. I asked if I could receive an e-mail from the secure message center on their website, they said no. I thought that was the purpose of the secure message center. 2) I would like Penny Mac to employ competent Customer Service Representatives that will not misinform customers. Either through education or personnel change.
Review: I HAVE BEEN TRYING TO WORK WITH MY LENDER FOR A LOAN MODIFICATION/ATTORNEY GENERAL NATIONAL MORTGAGE RELIEF SETTLEMENT. MY LENDER HAS BEEN DELAYING CONSIDERATION OF THE MORTGAGE APPLICATION, "LOSING" DOCUMENTS, CONSTANTLY REQUIRING ADDITIONAL ITEMS, MAKING ME SUBMIT NEW DOCUMENTS BECAUSE THE ONES ALREADY SUBMITTED ARE TOO OLD(BECAUSE THE LENDER DRAGGED ITS FEET), DUAL-TRACKING(FILING A FORECLOSURE COMPLAINT WHEN A MODIFICATION APPLICATION IS PENDING). WRONGFUL DENIALS ON MY FILE. NEGATIVE CREDIT REPORTING ON MY CREDIT REPORT.Desired Settlement: I WOULD LIKE TO AN APPROVAL FOR A PERMANENT LOAN MODIFICATION THRU THE MAKIG HOME AFFORDABLE PROGRAM. ALSO REQUESTING SOME TYPE OF DISPLINARY ACTION AGAINST MY LENDER.
Review: I took out a loan with W R Starkey in 2012 & my loan was soon transferred over to PennyMac. My loan was a Conventional Loan w/ PMI. When I went to make my payment online to make my August payment on Monday, July 29 the amount due was different than that shown on my statement. I called to inquire & was told that my account had been updated & my loan was changed from a Conventional Loan to a FHA loan with a monthly PMI. My payment had increased by $132.53. I didnt understand how they could change my loan without my knowledge or consent & expressed this to the representative I spoke with. We paid ALL of our PMI up front & now I was being charged a monthly PMI. I was told it would be requested for research. On August 2 the $132.53 was taken out of my account anyways. On August 5, 2013 I received a letter from PennyMac stating that my monthly payment had been corrected back to the original amount. They had corrected my mortgage type because it should have never been changed in the first place. Also on the letter it was stated that a refund had been requested for the $132.53 that had been taken out of my account. On August 19 I called because the refund had still not been made & was told they could see the request had been made but it had not been issued & another request for research would be made & to check back on Friday. On August 23 I called again because still no refund, spoke to 2 supervisors (Katina Beckham & Sandra Isidro) throughout the day & was finally told that they would "advance" me the money that they had INCORRECTLY taken from me but it would still take even more time. This is unacceptable customer service, while the representatives that I spoke with were friendly they still haven't gotten the job done & given me the refund that I am owed due to a major error on their part!!Desired Settlement: A refund for the $132.53 taken out of my account & compensation for the time, trouble, & mental anguish their error has caused me & my family
PennyMac Loan Services, LLC Rating