Something very suspicious is going on at Pennymac
I make an additional principle payment every month. Additional payment is clearly labeled in multiple places as an additional principle payment.
Payment is sent via mail and normal payment debited from my bank account. The additional payment is suspended and held for months before being properly moved to reduce my principle balance. Went to the CFPB last year about this and a PM exec called promising to fix the problem permanently. This year only three payments have been moved to principle since Feb.
The manager tells me today that the "normal" process is to suspend all payments until they receive further instructions on what to do with it regardless of how you identify your payment. Data entry staff only suspend payments received by mail. That sounds like a normal loan payment would never get applied correctly, right? The "further instructions" means a call from the customer says the manager.
This comment comes after he verifies I properly labeled the checks each month. They are playing with this suspense account. Either using it for nefarious reasons or to misrepresent their financial performance. I'm engaging an attorney and contacting the CFPB again to suggest an independent audit.
The manager had no concern about that when I told him what I was going to do with the info he'd just given me.
Reason of review: Problems with payment.
Preferred solution: An independent audit of PennyMac procedures and a thorough accounting of all suspended monies they have held ind the past and present. .
Pennymac Cons: Their service and procedures.
Location: Pasadena, California
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