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1.0

Received Insurance check due to hail damage for my roof. Endorsed check and filled out pennymacs forms and had them notarized and mailed off.

I am planning on doing the roof myself and a contractor doing the AC work. After 2 weeks and hearing nothing from pennymac I call and I am told that I need to resend in a letter stating I will be fixing the roof when I already did that and it was notarized. So I comply and again email them a letter stating that I will be doing the roof. I am told that they will release the payment in 3rds and that when work is 40% complete to call and schedule an inspector which will get back to me in 72 hours to schedule a time to come out before next payment is to be release which will then take another 2 days to get.

Now common sense says you need to have funds to buy material to fix anything also with a roof you do the tare off one day and roof the next. Material is gonna run about $6800.00. If and when they release the first payment it will be roughly $3500.00 so I still won't have enough to buy supplies and then I'm supposed to wait another week before getting another payment. Now you don't have to be very smart to figure out this logic makes no *** sense.

I'm not gonna tare off my existing roof and leave it exposed to the winter weather for another week in hopes that no more damage happens and they release funds like they are supposed to. Its been over a month and they haven't released anything even though they have everything from me to do so. There has to be some sort of legal action I can take just not sure where to start. Pennymac has made a bad thing into a complete nightmare.

My insurance company was very efficient in this matter only to have Pennymac completely sabotage this process. I believe they are possibly using peoples insurance checks to their benefit to gain interest or fund their investments and they hold onto the funds as long as possible.

I will be doing more research in this matter and will seek legal action. Buyers be ware and if possible put a clause in your contract when buying a home that your loan can not be sold to pennymac or *** mae.

Reason of review: Poor customer service.

Monetary Loss: $15000.

Pennymac Cons: Customer service, Policy and procedures.

Location: Glendale, Arizona

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Guest

After months and months and several phone calls I finally received funds. After spending 3k of my own money to get roof completed.

Anywhere else in life the consumer chooses who he or she does business with yet when making the biggest purchases of your life your loan gets sold to whoever and your stuck with them. The law needs to change and give the consumer a say in who they do business with. Penny mac would not be in business.

After all repairs where final I immediately refinanced my loan to get away from penny mac. I highly recommend you doing the same

Guest
reply icon Replying to comment of Guest-1175801

Did you seek legal help? My home burned the claim check is very large they just continue to give me a run around.

Guest

Same situation here. They are sitting on 25k for 6 weeks and have not issued me a check. Because of their delay, I'm suffering 10-20k of further damage.

I will be filing a complaint with the mortgage board and will sue them to cover the additional damage due to their delay.

Guest

Same here

Guest

Same situation here except I paid for the roof out of pocket. They are holding my insurance check and won't send it to me even though they have done the final inspection and signed off on it.

Everytime I call they say they are waiting on approval to send me the check. It has been weeks.

I'm so ready to contact a lawyer or do anything! Crooks!

Guest

Did you look into the legal matter you mentioned?

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