Pennymac
Reviews and Complaints
Impossible to pay PennyMac no matter how hard I try
- How friendly they are
- Lack of help
Preferred solution: Let the company propose a solution
D Paper Bank with inexperienced collection agents & UE snots
I closed a HARP in 2013 with a proven 39 years sales management track record. It was the hardest loan I've ever closed and I had retained a VA real estate attorney as leverage.
In the end I fired the attorney and buttoned up the deal however as I was recovering from trauma surgery with no help for my only disabled son and with no power of attorney or family to help - i got screwed out of my house. This bank agreed to full knowledge of the complexities of my situation as homeowner renting out my house but reneged on the contracted HARP and I lost my tenants - this bank strong arms and is a facade for Countrywide probably.
FEH. We let our elected officials screw us without so much as an apertif - this isn't a bank it's a mafia front.
PennyMac intentionally makes it difficult to pay them
About 3 months ago, my loan was transferred to pennymac loan services. After a few months of getting to understand their process of accepting payments I began to realize that it was much more difficult to pay them in comparison to Bank of America. I'd mailed in multiple checks to PennyMac because they don't have an online payment area. Unfortunately, a few of the payments were rejected due to untimely collecting of the check payments. Even when I attempted to process payments over the phone with this company, it took them almost a week to process the payment.
Unfortunately, after a few missed payments, they decided they would only accept certified funds from me. A month later, I placed them on Bill Pay (which is certified funds). PennyMac actually deposited the Bill pay check in July and sent me a check from their own bank account to reimburse me for a payment they already collected. It is now September 4th and I have not received that check. I ended up sending in another payment to make sure my home was not foreclosed on because they placed remarks of property preservation under the loan activity tab in the online banking.
I was informed that the check that they mailed out was lost and that I would receive a wire with the funds that I sent over a month prior. They also stated that the wire would be credited within 48 hours. Unfortunately, its 48 hours, and 15 phone calls later to PennyMac loan services.
I'm very disappointed in the service I've received! I wouldn't recommend this company to anyone!
Pennymac Mortgage Review
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Pennymac Mortgage Review
Forcing me into late payment; wasting my time when I should be protecting my soldiers in Afghanistan!
I'm about 2 weeks into the pennymac ordeal but am seeing the signs. Funny thing, before reading all the stories, analyzing my own situation I figured these were in my future. If you find out about a class action suit please let me know, I'm in. Here's my story.
I'm a Disabled Veteran, currently working in Afghanistan to pay off my VA Home loan. 2 years with Franklin American, no problems they sell me to Pennymac. I receive less than 2 weeks notice before my mortgage payment is due to start paying through the Pennymac website. I try to register in June, keep getting an error message, it doesn't recognize my account number. I mention this in an email to Pennymac, days later I get a response that my account will work and be recognized on the website on 1 July. Well, it's the 4th of July in Afghanistan, and I still can't register to make my mortgage payment because it won't recognize the account number pennymac gave me. Here I am trying to be a good American, be a responsible member of society. Pennymac is trying to milk me for a late payment. After reading a lot of other Pennymac horror stories: double payments, not applying extra payments to principle, mixing up customers accounts and applying payments to wrong mortgages etc, I'm convinced they are scamming interest. I can't wait until this company goes out of business or they sell me off to another mortgage company. Pennymac is un-American. It's obvious they are purposely giving short notices and taking advantage of multiple errors that work in their own favor. pennymac, I'm not impressed.
Oh, and anyone reading this, you will probably see pennymac respond with something towards protecting my privacy and to log into their website, if you read all of this you can see I am not able to register into the website, they won't allow me to.
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerPayment problems with Penny Mac
I have never experienced a company who makes it impossible to pay them. I have tried paying through their billing system online and locked out, they are not linked to my bank and they don't want my banks bill payer check.
I tried payment through Western Union and that is an impossibilty in itself and ludicrously expensive. I am now convinced they do this on purpose. I am totally disgusted with this whole process.
I believe they force loans into arrears in order to make money from the government, cause is an FHA loan is in arrears they get reimbursement from the government. What a scam!!
Preferred solution: Let the company propose a solution
Pennymac - Home Lease Review from Menifee, California
Lender Forced Insurance,Escrow Account,Bad Customer Service,Questionable Business Practice
I always read complaints and reviews about companies that I have business with.I did same thing with Penny Mac.I wanted to switch home owners insurance because if I bundle that insurance with my car insurance,I can lower home owners insurance premium.I paid for last year $674.00,but with new insurance company my payment would be $520.00.
I have learned from this web site about some issues with Penny Mac insurance department.I decided first to call Penny Mac and ask them for steps I need to do in order to switch insurance.I just wanted prevent to have any issues with Penny Mac when I get new insurance policy.I made that call on October 19,2013.First customer service representative told that I need to speak with insurance department and he made that connection.I spoke with Liliana.She was very helpful and explained what I need to do (obtain new policy,cancel old one,fax two insurance declaration pages to insurance department). I did all of that.Five or six days of that call,I purchased insurance.I paid in full.I faxed declaration pages on Tuesday or Wednesday to Penny Mac,then called them on Thursday.I was told to wait three to four days until they update their computer data system because it takes time to see new information in their system.I called again on Tuesday of following week.Guy on the phone told me that my new insurance company is listed on my mortgage account.He connected me to insurance department and I spoke again to Liliana.She was very courteous.I have got confirmation that my new insurance company is listed on my mortgage account.I was glad everything was very easy to do.
Next thing is to cancel my old policy.I did it on November 6,2013.
Please note that my new policy started on October 20,2013.I had two insurances at same time for more than two weeks.I just wanted make sure I will not get into problems with Penny Mac.
Then,in December 2013,I got surprise.Well,if you think that was surprise from Santa Claus,you are wrong.Penny Mac informed they did not receive a new/renewal policy covering my mortgaged property.Really? Penny Mac secured temporary coverage in the form of a 90-day binder through QBE Insurance Corporation in amount of $1,398.60.Wow!Another name for business practice like this is racketeering.I had an option to supply them with my insurance policy declaration at www.ihaveinsurance.com.I did it.I got e-mail confirmation that they will review my comments and let me know about it.One month passed,still did not hear back from Penny Mac.I left them my phone number at that time when I supplied them with insurance policy declaration and that was option to put into form if I wanted to hear from them.They never called me.
To make things more complicated,Penny Mac sent me Annual Escrow Disclosure Statement and notice that I have escrow deficiency of $188.17,and a shortage of $812.13.
My new mortgage payment will be 1425.00.Hundred dollars more than I pay now.I was thinking I will pay as I always paid all my bills on time.My credit score is 810 and I am financially very responsible person.I never had any issues with my previous mortgage companies such Wells Fargo or Lehman Brothers.Last one is not in business anymore because it was one of big banks that caused mortgage mess in past few years.Then I took second look at Escrow Disclosure Statement.Penny Mac included home owners insurance premium into Escrow Account Projection.I took monthly mortgage statement for January and I had escrow balance of $299.29.Where is deficiency of $188.17?
I have positive escrow balance.Penny Mac was not able to calculate some simple numbers plus they still cannot realize that I pay for home owners insurance directly to insurance company.
Common guys,three months passed and you still cannot figure out.I made copies of insurance declaration pages and escrow statement,and mailed to Penny Mac to address that is listed on their web site.I did it on January 7,2014.According to Penny Mac web site they will answer in three business days and mailed to customer's address.Today is January 18,2014.I am still waiting for their answer.Some of you probably want to ask question why I never called them.Actually,I did it.Every time I call their customer service number and want to speak with live person,not machine,I get disconnected,then right after that I call again and get busy signal.My new mortgage payment will be $100.00 more than I pay now,so yes,I called them to get explanation.
Meanwhile,Penny Mac sent me Form 1098-Mortgage Interest Statement for 2013.There is surplus on my escrow account in amount of $367.56.Nice.If I add $391.00 that went to escrow account from my January mortgage payment,that gives me sum of 758.79 surplus in my escrow account.Please note that they collect money into escrow account for year 2014 starting in February to February next year.When I put all numbers together,my mortgage payment should be lowered because I pay myself home owners insurance.Penny Mac think they pay.
Almost forgot,yes I have an account on their web site.The problem is when I try to log in I get error message that my log in and password are incorrect.Really?It is frustrating to call customer service to reset password.My log in and password are correct.Something is wrong with web site as someone else complained about it in one of posts at this web site.
After all question is what is next thing to do?I spoke to my friend who works at Utah Division of Consumer Protection,and she told me I need to file complaint with them,and I need to file complaint with FTC.I apologize if I made some mistakes writing this because English is my fourth language.
Loan paid off, but they won't release escrow funds!
My loan was paid off on December 1, but PennyMac is refusing to release the $1,700+ held in the escrow account that is used for paying the property taxes and insurance. I have contacted them several times and have been told that it was being processed, but that they are working on it.
What is there to work on? The loan was paid; there is money in escrow that belongs to the borrower - release it! By law, they are supposed to have these funds released within 20 days from the date of payoff.
PennyMac sucks!!!! If I don't have the funds within the next few days, they are going to have a nice little lawsuit to deal with.....
Pennymac - Loan Review from Painesville, Ohio
Refinance
My Experience with this company was very poor. I inquired about refinancing with penny mac because currently they are my mortgage company.
The loan officer failed to communicate effectively. He would call me and tell me one thing and then another person would call and tell me that they needed something different. The communication within the company must not exist because everyone that was working on my loan needed me to fax of the same information several times. The second loan officer closed my loan and did not notify me.
I received a call from the company inquiring as to why I closed the loan and that was a SURPRISE to me. I would not recommend this company to anyone the communication was HORRIBLE and the management is not very customer friendly either.
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I agree. I have the exact same problems with them. I loved Bank of America!
I've had the same problems with this company. In fact, I've asked them to automatic withdraw out of my account as Bank of America did in the past.
they are not set up to do partial payments but all other banks pay plan 26 which is a biweekly withdrawal before the first of the month. unfortunately, my mortgage was sold to this *** company that hasn't been up to date on the methods of payments that other banks use. Lucky me right?
NOT! I HATE THIS COMPANY!!!!
This scares me. I just got a notice yesterday that my loan has been sold to this company.