Pennymac
Reviews and Complaints
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.
- Their service and procedures
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 scam, they force you to purchase insurance
PENNYMAC IS THE WORST COMPANY EVER
Like many others our mortgage was sold to what I think is the WORST company ever. They transposed numbers on my bank account sent us a letter stating that we had NSF and another time they charged my account for more than I authorized caused us to have a NSF at my bank and they blame all this on us.
I mailed a check in for payment they mailed it back stating that I have to send certified funds. That is just a couple of issues I have had with them.
We were with BOA previously and NEVER EVER had a moments trouble with them. I HATE THIS COMPANY THEY NEED TO BE PUT OUT OF BUSINESS!!!!!
Tried to refinance with them as they bought my loan from original lender
Just a horrible company
My wife and I closed with Veterens United on 8/29/2014, when we called to find out where our paper work was, we were told thw loan was sold to Pennymac on 9/12/2014.
After contacting Pennymac several times, they said we would be getting a welcome pack in the mail, our first payment is due on 10/01/2014; we were told to call them closer to the 1st, but still no paperwork. We don't know who we are paying our mortgage to or even have an address to send payment even if we knew what the payment is.
Our contract is with Veterans United, our home owners insurance is with Farmers Fire and the contract is not payable to Pennymac!!!
We can not get a answer from anyone about this mortgage contract; as far as I am concerned, our contract is still with Veterans United? You tell me, please!!
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Verified ReviewerI had a fire and am in modification review
Preferred solution: Full refund
Pennymac - Loan Review
Pennymac Mortgage Review
The worst customer service, no call backs!
- Worst customer service ever
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 ReviewerPenny Mac slow to post payments
PennyMac drafted my Mortgage payment twice and lied about when they would return the $$
I wish I could give this company negative stars. We were unfortunate enough to have this company buy our mortgage from Bank of America (who we never had one issue with for the 3 years they had our loan).
I went online to PennyMacUSA.com to make our first payment (January 2014 payment) and set it up for the due date (1/1/2014). On 1/3 I noticed the payment had not been drafted from my checking account and I went online and saw there were now TWO pending payments, the same amt..one for 1/1 (the one I set up) and another for 1/2. This looked fishy so I called and spoke with Crystal at extension 5182. Crystal told me that since 1/1 was a holiday their system automatically set up the draft for the next business day of 1/2. I told her that I was still nervous about there being 2 pending transactions on their website and she ASSURED me that only one would be debited.
Fast forward to Monday 1/6. I check my bank account and guess what?! They drafted our mortgage payment twice! We were in the red so I had to transfer some money over (nice little over draft fee..lucky me!) As you can imagine I was not happy so I called to find out what happened. I asked for a manager and after a more than 30 minute wait got connected with Brett Wright at extension 5162. He apologized and said many people got drafted twice and they were trying to fix it. (Hmm, perhaps they should have taken my concern on 1/3 a little more serious?!) Brett ASSURED me that they were going to OVERNIGHT a check that day. I asked him to get back with me with a tracking number and he said he couldn't do that but promised they would get this sent immediately and that it would be USPS overnight delivery.
Tuesday passes, no delivery. Wednesday, no delivery so I called Wednesday night 1/8 and spoke to a girl (her name and extension are written down at home). She assured me the check was overnighted and said she would have someone call me back THAT NIGHT with the tracking number. Of course I received no call back. Thursday again no delivery so I called Thurs night. Spoke to another girl (name at home) who put me on an extended hold and came back to tell me the check was sent REGULAR MAIL and there is no tracking. (I was lied to by Brett Wright and the girl I spoke with on Weds night)
Here we are now at Friday 1/10 and we have no check. This company has made it abundantly clear they do NOT care about their customers and the inconvenience they caused us. They made promises they did not keep. This is our FIRST month with them holding our mortgage and I am scared of what the future holds with them. They appear to be crooks and liars from where I stand. VERY DISAPPOINTED. Beware.
Pennymac is a joke!
Army Disabled Veteran Harassed By Pennymac
Veterans United Home Loans sold my mortgage to Pennymac in March 2014 without telling me. I received no correspondence: email, phone, letter or carrier pigeon until May 2014 with Pennymac telling me my loan was in the early stages of default. My Billpay showed that VUHL received all payments on time; plus I had no idea it was sold anyway. Fast forward till June...I make the payment to PM 3 June of the new payment up from $1490 to $1587 (some equity mumbo jumbo)
Today, 19 June 2014 I receive a call telling me my payment is behind a month and that it is going into their in-house collections agency. They say I have to pay a month ahead of time in order to maintain compliance with their statutes. "Excuse me? Is this comcast?"
I want to sue for harassment and flat out defamation of my character. I have never missed a payment since I bought the house March 2013. They need to fix their house before they try and take mine. If anyone out there has started a class action, I'd like to join their suit.
Jeremy
SSG US Army (RET)
Total Incompetence at the Payroll Processing Center
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The only way to eliminate the PMI is if you pay 20% of your equity. Until then your pretty much stuck with it.
The 38,000 is probably what its going to cost you.
However once you pay that amount weathers it's all at once or in the future your PMI should automatically eliminated. I just bough my 1st house in June 2014 and I've been doing a lot of research on it because I was stuck with PMI.
I was also approved by Primary Residential Mortgage and was only able to make one payment before my loan was sold to Penny Mac. I closed in May 2014 and now PM is asking for more money ($1020) because they say my escrow was miscalculated in my closing but no one seems to know what was miscalculated (taxes, insurance, etc.) and they're giving me till Feb.2, 2015 to make the payment or my mortgage will go up by $200.
I have not received a call back to explain, why. No emails can be sent, only fax, which I find really weird, what's the secret? As far as the PMI goes, PM said that I would have to pay the first 22% of the mortgage before that gets eliminated, which is normally the first 20%. PMI is money thrown away cause it goes towards nothing.
I was supposed to receive a letter explaining about the PMI in 7-10 business days, on when and how it goes away but it has now been over 3 weeks and no letter. The customer service is horrible and I hate the fact that there is no office to visit.
Wow! The same thing happened to me with my escrow due to their miscalculation of property taxes, taking my monthly mortgage from 1455 to 1790 overnight.
What a scam! And bc of their horrible non-user friendly website where you can't figure out whether your auto-payments are confirmed or not, and then "surprise!", an auto-withdrawal from your bank account goes thru then is rejected, so I get fined late fees ($25) and then told that I have now been placed on a "certified funds restriction list" for one year, and no longer allowed to make online payments (they actually removed the "payment" link from my online account page...don't they want us to make our payments, and as quickly as possible??), wherein I can now only make my mortgage payments by money order, certified cashier's check, Western Union, or certified bank check (I don't even know what these payment forms are!, and they all cost money). I can't even make a payment to the person I'm talking with. Amazingly *** of them!
Did I mention, this happened to me twice (Jan & Feb 2015...again, bc their site's pending payments are not visible), my payments were not late, but by the time I run around to locate, then pay for this form of payment, and overnight it to them so I don't get a late fee of $60, there's no telling if they'll even register my on-time overnight payment. Where have all the honest business folks gone to??! Are there even any left?? Certainly they're not in the banking and mortgage industry!
What a bunch of shysters! I am only with this fraudulent company bc they were sold my mortgage! Are there any mortgage bankers that are worthy of honest Americans who handle their finances well and who are sick of deceitful financial shenanigans?! Please rescue us from those whose black hearts do not even care about the hard-working folks who pay their salaries!
There is something shady going on at PennyMac!
Conclusion: They certain earned their name, and their service is worth only "One Penny"!!! You folks get a -00000000000 and two thumbs down!!!