Anonymous
map-marker Florida, United States

Impossible to pay PennyMac no matter how hard I try

stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full
My loan was sold to PM in September 2014. My first payment to them was due on 10/01. No problem. I did the send in a one time draft. I did it, a few days go by, and the money is still in my account. I call them, and they tell me I entered my bank account number incorrectly. I have had the same bank account number for over 20 years. I may not remember my phone number, but I do know my bank account number. While I have them on the phone, I do another draft. They tell me things are good to go. Well here it is midnight, and nothing has come out of my account. I figure I will set up an electronic payment through my bank, of course, they don't accept electronic payments. they have tried to sell me a re-finance three times now, and I am curious if this is their scam. It is very frustrating to have your loan sold to another company that sucks as much as PM. I just wish that I was given a choice on which companies could buy my loan. I guess I will get on the phone with them in the morning. Again.
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Loss:
$1400
Pros:
  • How friendly they are
Cons:
  • Lack of help
Reason of review:
Problems with payment

Preferred solution: Let the company propose a solution

Anonymous

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.

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Reason of review:
Not as described/ advertised
Anonymous

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!

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3 comments
Guest

I agree. I have the exact same problems with them. I loved Bank of America!

Guest

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!!!!

Guest
reply icon Replying to comment of Guest-882372

This scares me. I just got a notice yesterday that my loan has been sold to this company.

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Anonymous
map-marker Chesapeake, Virginia

Pennymac Mortgage Review

They tried to tell me I didny gave homeowners insurance sending nasty letters. Then they said pennymac doesn't offer grace period if payment not made by the 1st of every month 600 fee iv been making my payments to the for 13 mos now this. They want that 600 to add up to 3 house payments so they can take ur house.
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Reason of review:
Problems with payment
Anonymous
map-marker Brooklyn, New York

Pennymac Mortgage Review

stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full
I hate this bank. My mortgage has been with them for a year now , for the past month all I have is incompetent workers not resolving a simple issue. Stop charging my escrow for flood insurance am not in a flood zone according to FEMA and the letter you send to me in the mail out as well. I have send numerous faxes, spoke to dozens of people and issue is still not resolve
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Reason of review:
Problems with payment
Anonymous
map-marker Tampa, Florida

Other Product Review

Serious complaints against penn realtor In Lewisburgh. The happen is when they have bank property to sell they sell there owne people even out sider offer higher bid
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Anonymous
map-marker Chesapeake, Virginia

Mortgage Review

Yes changed insurance cos an pennymac wants to say I dnt have insurance I have proof tried to call I even faxed them stating I changed insurance cos an no lasp t an they said there is no grace periods to pay ur mortgage anywhere after the first
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Reason of review:
Poor customer service
Anonymous
map-marker Bakersfield, California

Pennymac Mortgage Review

Worse mortgage company I have ever dealt with. I have tried to chane my automatic withdrawal from one bank to another and 9 mos later they still don't have it correct. Now they are trying to charged me late fees. They are incompetent.
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Reason of review:
Poor customer service
Marius Qua

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.

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2 comments
Guest

Well, it's July 6th and I too as a disabled Veteran, am exhausted from trying to figure out what the *** is up with these people!!!! They can't do math to save their lives!!!!!

They over estimated my home owners insurance by $700!!!!! How can you be that far off????? All I have heard for months is how far behind I am in my escrow. Of course no one can tell me an exact dollar amount of how much I need to pay in order to be even.

JUST SEND US MORE MONEY!!!!!! Now I just got my statement for this month and guess what's on it...........A PROPERTY TAX REFUND OF OVER $2200.00!!!!!!! Just where did that come from. Well, it seems to be all of this money I sent you, you didn't even need you *** idiots!!!!

Sorry for my language for you nice people reading this but for Penny Mac, YOU ARE A JOKE!!!! I'm with the guy above.

I will be contacting a few friends who are attorneys & judges in Houston to see who will willing to take you guys on!! It's shouldn't be too hard since you can't find your way our of a paper bag!!!!

Guest
reply icon Replying to comment of Guest-837139

Army girl,

I called Navy Federal last night. I have a 3.15% on my current VA loan.

Going through them using a VA IRRRL (VA interest rate reduction refinance loan) you can skip the whole appraisal process on your house. There's a 4% closing cost, and 1% origination fee. I'm also paying .75% in points to lower the current 3.5% interest rate to 3.25%. Since I'm only 2 years into a 30 year fixed, all these fees are pretty much going to throw the past 2 years of payments away just to get me away from Pennymac.

The cool part about Navy Federal, even if they do sell your loan, and it gets sold over and over, NAVY Fed will manage your mortgage for the life of the loan. That mean you will never notice any transition. Navy federal will still manage the escrow account, make the tax and homeowners insurance payments. Also, NAVFED makes it easy to apply extra payments (at any time) to whatever you want, wether it be escrow, principle, or towards a future mortgage payment.

I know this for a fact because I have an older conventional home loan with Navy Fed from 8 years ago that works this way. I would imagine this also works the same way with USAA I don't want to take any chances of this happening again. As it stands, having to secure my house financials so Pennymac doesn't eventually force me into foreclosure, even though my annual salary is about 75% of my loan, I now have to forego my R&R from Afghanistan to apply funds to refinancing. I am tonight to give Pennymac 1 month to prove everyone wrong but any signs they are going to F me over I'm pursuing the VA IRRRL through Navy Fed.

Army girl, I would be careful about a class action law suit. I did some research on this type of lawsuit against a failing mortgage company. The following info is not about Pennymac but does come from situations mirroring what we are seeing from pennymac. I read a story about all the people that lost their houses even though they were making payments without failing and there was something like 100k+ people involved and each received a check for $488 in the end.

Some individuals I've read about have gone through the law, and it gets tied up in court and through the whole time their house gets foreclosed on even though they haven't missed any payments, but the company keeps diverting or misplacing the check or putting the money in the wrong a place. In the end they still lose their house and go bankrupt and lose everything.

I still find the refinance is going to hurt financially, but it's painful all up front and is a small price to pay to get away from predatory lenders like pennymac.

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Berna Rlv

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 Reviewer

Payment 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!!

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Loss:
$200
Reason of review:
Poor customer service

Preferred solution: Let the company propose a solution

1 comment
Guest

they make it impossible to pay them. I schedule a payment and get a confirmation...NOTHING.

no money out of my account. i call and call.

and nothing until they can bill me a late charge. I am sur ethos is a scam.

Emeri Qca
map-marker Menifee, California

Pennymac - Home Lease Review from Menifee, California

My fiance and I found what we thought was the perfect hone for us. The labdlord was even offering rent with purchase option. We put 8k towards the purchase price and paid first months rent and deposit. The home needed work but at least it was ours....seven months later we found out it was in forclosure. Pennymac was the lender. No bids were recieved at auction and reverted back to pennymac. We had a lease with the owner we had three years to secure financing for the home. But there is the monthly rent we paid our lease ends in 2016. Pennymac is now evicting us out of our home. We have asked for a purchase price. We have done so much work to this home and it still needs more. We are out everything we put into the home so far. The day of one of the manycourt hearings a we found a broken water line flooding the bathroom dining room and one of the bedrooms. We notified the court and attorney of the situation and needed to fix the pipe so no futher damage was caused. The attorney for pennymac had the judge grant what ge was asking. While we out of our pocket paid for the repairs.$1600. They dont want to honor the lease the refuse to repair anything. Even the items they are required to. The home has no heat, the roof on the add on blew off twice . ( we paid to fixed both times). They are slumlords. Mr kurland came from countrywide and so did mr spector. People ask why we stay because even though it may not be much to some people it is perfect for us. It has potential and that is what we see. Just sad that pennymac is kicking a family out of their home when there mission statement says keeping families in their home. All pennymac stands for is lies.
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2 comments
Guest

FOLLOW UP: CHECK OUT tenantstogether.org FOR SOME GREAT ADVICE!!

***THE KEY IS TO DO SOMETHING*** DON'T JUST LET THEM DO WHAT THEY WANT. PM WILL STEAL YOUR HOME IF YOU LET THOSE *** HAVE THEIR WAY!!

JOHNNY

Guest

DO NOT LET PM D-BAGS FOOL YOU!! IN CALIFORNIA, YOU HAVE RIGHTS!! IF YOU HAVE TO, SELL YOUR CAR TO PAY FOR A PROPER LAWYER TO REPRESENT YOU...DON'T LETS THE PM D-BAGS STEAL ***YOUR*** HOUSE!

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Kyleah Rzo
map-marker Salt Lake City, Utah

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.

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6 comments
Guest

Document everything and file a complaint with your state attorney generals office also file a complaint with Consumer Financial Protection Bureau....this will let them know you are going to fight back, also file complaint with the BBB...they have no teeth but bad press doesn't help them and may warn off unsuspecting homeowner from borrowing from PennyMac

Guest

You should also file a complaint with the Consumer Federal Protection Bureau - CFPB. http://www.consumerfinance.gov/

This is usually how I get things resolved with my mortgage company GreenTree!

Eleri Zin

Hi, Dezza, we're sorry for the frustration you're experiencing. We'll research this tomorrow and reach out to you quickly to straighten things out.

Guest
reply icon Replying to comment of Eleri Zin

I just got the same sort of letter from PennyMac...they've serviced my loan for only 2 months now and I get something saying I'm deficient $847.09. I have great credit (770ish), no other debt, and for the entirety of my payments (1.5 years) I've overpaid towards the premium by $100 each month.

Checked my escrow balance history and it fluctuates around a projected and actual balance. Seems there is (claim on letter) a federal law that requires them to hold a cushion up to 1/6 of annual disbursements.

If this is a one time thing I guess I understand...somewhat. But holy *** PM!!

I'm not in bad shape and could simply not overpay and/or save/spend less for life's fun activities but I'm trying to be a responsible adult that strives to do "the right thing." Im paying a debt that I agreed to in regards to all the terms and conditions and I'm making good on that obligation. I fear for people that may be struggling a bit, or have a dependent of any sort to be the primary caregiver for. This increase for which, in this case there is NO reasonable cause for, could break some people's ability to make it. I'll be calling customer service first thing tomorrow and try to state my case with the poor soul that works for a *** company that thinks this is a good business practice.

Btw...looking forward to reading about you in the news when another 2008 rolls around.

Just hope it goes a bit differently for our sakes next time.

In short, PennyMAC = *** waffle

Kyleah Rzo

I like to make update on my complaint against Penny Mac. I did review of my new mortgage payment that would start in February 2014.I already mentioned in my previous complaint that my new payment goes up in amount of $100.00.

So $407.74 goes to escrow account(jump from $391.23) plus $83.36 for mortgage shortage/deficiency.

Penny Mac pays taxes and PMI out of my escrow account which is $1,762.00 per year and PMI monthly payment is $204.69($2,456.28 for hole year). It gives me sum of $4,218.28 that needs to be collected and paid out of my escrow account. I added escrow surplus of $367.56 so my escrow account should have $4,585.84.I should be OK, but Penny Mac still want more money out of my pocket. Now, I will make calculation of their projected escrow account based on my new payment.

Escrow deposit $407.74 *12=4,892.88 + escrow shortage/deficiency $83.36*12=1,000.32=$5,893.20

I will add escrow surplus from 1098 form in amount of $367.56 +$391.23 that went to escrow account from January payment=$6,651.99

Question is why then Penny Mac want to have $6,651.99 in my escrow account when they will pay out $4218.28? Taxes probably will not go up this year because it went up by slightly more than hundred dollars more for last year, and we do not have tendency of tax hikes every year.

Now, I am more than eager to contact Utah Consumer Protection Division, FTC and probably local news guy Bill Gephard who is well known for investigating fraud and deceptive business practices.

Guest
reply icon Replying to comment of Kyleah Rzo

I'm having a similar problem with my escrow, Every yr I'm short and have to pay extra money when it shows I had money left in my escrow account after paying taxes, insurance.... Ect. My monthly mortgage is also going up, I'm having my realtor help me out with this problem..this is frustrating

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Anonymous

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.....

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Reason of review:
Problems with payment
1 comment
Guest

Document everything and file a complaint with your state attorney generals office also file a complaint with Consumer Financial Protection Bureau....this will let them know you are going to fight back, also file complaint with the BBB...they have no teeth but bad press doesn't help them and may warn off unsuspecting homeowner from borrowing from PennyMac

Anonymous
map-marker Painesville, Ohio

Pennymac - Loan Review from Painesville, Ohio

Their customer service is very incompetent. Get different answers when I call, don't get callbacks when they say they will. Have to make multiple calls to rectify situations. Latest issue, I was on biweekly program that makes you jump through hoops to get on, literally! You have to have perfect timing and pay an EXTRA month in advance. I finally got on it in May and my escrow account was recalculated amd due in October. At the beginning of Sept, they took $300 more from my checking account, I didn't find out until 4 days later in the mail I get new escrow amts saying I can pay the shortage by 10/1 and have lower payments or pay the higher amt. I called asking why so much and happen to ask how much they pulled from my acct and am told it was automatically the higher amt and that is just the way they do it, nothing more they can do. How about refund my $300 since I had no idea, no email, no call, not even an online update? ***, so I call my bank, they suggest I dispute it so I do and then make my normal payment amount online plus my shortage amt once I see the funds back in my acct. Of course I have to call again about 10 days later as I realize they now haven't pulled my next payment that was due. I am told that I was removed from biweekly drafts and so I would need to pay another month in advance to get back on it, are you kidding me? All because they didn't estimate my taxes correctly, you get the bill NOT me. I could do better at budgeting but they won't let me off as apparently I am incompetent! I had no choice who my builder sold my loan too, sure wish I did~
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1 comment
Guest

I have to agree. Its a real pain in the neck.

Why can't I just send payments in every two weeks and have them apply to my account when they receive my payment?

I know there is a form but now have to call to find out where on their site it is. Pennymac has been good otherwise, but their biweekly payment process needs improvement.

Anonymous

Refinance

stars-rating-full stars-rating-full stars-rating-full stars-rating-full stars-rating-full

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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Reason of review:
Poor customer service
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