Anonymous
map-marker Pasadena, California

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.

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Cons:
  • Their service and procedures
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.

Anonymous
map-marker Fremont, California

PennyMac scam, they force you to purchase insurance

Received a letter every year where they force you to purchase their insurance with a letter claiming that you don't have insurance. Their support states that it is insurance company's fault. They then, convince you to keep their insurance. So, now you have 2 insurance, else they threaten to cancel your mortgage and put lein on your home. Class action lawsuit is being petitioned, the links will be available soon for those continuing to have this problem. When you call them, they transfer you between departments, and no one has clue of what exactly to say other than it is either your problem or insurance company problem.
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Anonymous

PENNYMAC IS THE WORST COMPANY EVER

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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!!!!!

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Anonymous
map-marker Norfolk, Virginia

Tried to refinance with them as they bought my loan from original lender

Thought the process was going smoothly - loan officer and underwriting in place and then they never called back!!! Made several phone calls and no one called back. Charged me $375 for appraisal when appraisal done last year (they would not accept it) Appraiser was a ***. Said "give me the appraisal from last year and we'll just submit that." They still charged us $375. Lock ends in a few days and still no call backs. They are pissed because we do our own escrow account and my guess is they are going to up the rate, charge more fees and NO will not go with them and will find someone else. I agree with everyone else - never a call back. Flim flam man is all I can think of.
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Reason of review:
Poor customer service
Anonymous

Just a horrible company

I was originally approved my Primary Residential Mortgage Inc out of the Norwich Connecticut office and before I could make my first payment I was sold to Penny Mac. I am not sure which company is worse Primary Residential Mortgage or Penny Mac. I am trying to eliminate my PMI and Penny Mac refuses to put anything in writing and expects me to give a check of approximately $38,000.00 and then they will decide whether I would be approved. After receiving my check they would have to re-assess the house and then make their decision. I was told the check would not be returned if I was not approved. My first mortgage payment was two week prior to the date and they alleged the payment was not received yet however; the check was cashed. What a horrible company. I can only hope I will be sold to a more reputable company.
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Reason of review:
Poor customer service
3 comments
Guest

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.

Guest
reply icon Replying to comment of Guest-890394

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.

Guest
reply icon Replying to comment of Guest-933651

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!!!

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Anonymous
map-marker Pennsylvania, United States

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.

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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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Reason of review:
Not as described/ advertised
1 comment
Guest

Penny Mac has been a pain in the rear since they took over my mortgage. First they sent me a letter saying that I owed them "x" number of dollars and I had 30 days to sign it or they would consider it valid.

No paper work with the letter showing that I had paid six months ahead, no figures showing the amount in escrow, no nothing at all. Then they got high handed with me an told that they were considered a loan company and had the right to all and any information on me that they could gather. I told them to get in touch with the NSA so they could get copies of my emails and telephone texts etc.. I looked Penny Mac up in the BBB (Better Business Bureau) and found they had a number of complaints filed against them.

Sixteen if I remember correctly. The BBB report came out of San Jose and not Los Angelus. Why, because the LA branch of BBB had been closed down for taking money to show a passing grades to Business's like Penny Mac.

I also told them they would be better served by taking another name, as Freddy Mac (inbred brother of Penny), caused 1000's of mortgagers to lose their homes and millions of dollars.

I am totally pis*ed about this company.

Chauntelle Ooh

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

I had a fire and am in modification review

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I have been trying to modified my loan with a lawyer and the games they are playing are horrible. I had a fire in January and since I am modifying or trying I should say, they are making me do it there way. So I finally find a contractor I trust and there still playing games saying they did NOT get the paperwork that I have emailed them 6 times now, the address zipcode is missing how can they say that if there was papers missing. 8 months trying to get my house fixed while its raining in here and causing more damage in the mean time they are holding my money hostage that I paid in for my homeowners insurance
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Loss:
$11000
Reason of review:
Poor customer service

Preferred solution: Full refund

Anonymous

Pennymac - Loan Review

I am very upset and frustrated with PennyMac. We are attempting to go through the modification process but it just seems like a scam. This started months ago. We fax and mail things requested several times but they state they never receive them. One agent says to do one thing and another agent says something different. I think they just want to foreclose. They should be investigated for fraud.
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4 comments
Guest

They are very fraudulent. We've been through the same situation and still dealing with it.

We're at the point now where they want to foreclose.

Been battling this company for years. We all need to file complaints and have them investigated.

Guest

I am currently experiencing the same responses from PennyMac. I have tried for Loan Modification since July 2013 and continue to send in requested documentation.

They claim they never receive paperwork or some is missing or unsigned tax paperwork.

I continue to re-submit requested forms. I think they specialize in Foreclosing Property!!!!

Guest

We are having the same problem we've been trying to get a modification since jan when boa sold loan to them

Guest

I agree I have sent them the package 9 times. The latest was sent by my attorney -- the Us Government should take note that the same scam artists of Country Wide funding are now the owner of Pennie Mac.

They buy loans at pennies on the dollar. They should burn

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Anonymous
map-marker Edgewater, New Jersey

Pennymac Mortgage Review

I had just finished a forbearance with citi mortgage on sept 21 2010. My loam sold to penny mac sept 23 2010. Penny mac never honored the forbearance and my only option was foreclosure. I just recently signed a died in leau. But from thevfraud i dont think my credit should be hurt by there fraud.
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Reason of review:
Problems with payment
Anonymous
map-marker Beaverton, Oregon

The worst customer service, no call backs!

They tried to charge me 3 times for my property rty taxes, made at least 5 calls and like all the other reviews have said different answers, and no one really cares!! Plus to talk to a superviser it could take from 24 to 48 hours to respond, wow how they care!! Now I have to wait for them to call, the worst company I have ever had to deal with!!!!! Don't ever use these people, steer clear!!!! I agree they seem to be scamers, would love if their accounting was reviewed to see how many people have been ripped off!!!
View full review
Cons:
  • Worst customer service ever
Reason of review:
Poor customer service
2 comments
Guest

If anyone finds a resolution to this please let me know, i will also update if it turns out it was not pennymac's fault (things can happen).

Guest

I am dealing with these same issues. Incredibly rude employees, don't call you back when they say they will, and straight up dont know what they are talking about half the time.

"Sometimes taxes go up, we can't control that" is not something to keep repeating to me, because taxes don't mysteriously triple, especially when the state backs me up for how much i owe. My advice is to pay your taxes and insurance yourself and close your escrow accounts. Stealing money out of my escrow for an imaginary amount, demanding i pay them back for what they stole, and then demanding i pay a higher rate each month so they can take that imaginary money out again next year should be criminal.

I hope your (our) issue is resolved, this caused a lot of panic and heartache in my household. Also, file a complaint with the FTC.

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Koraline Box

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

Penny Mac slow to post payments

I usually pay through their *** website, but it locked me out BECAUSE I ENTERED THE WRONG PASSWORD ONCE! So I paid through my bank. The first time it took 14 days to post to their account, the second time it took 17 days to post. I contacted my bank and they said the funds showed as paid 6 and 4 days, respectively. What the heck? I am sure this is a scam to get extra money for late charges. Why would they take so long to show it as paid when my bank says they received payment so much earlier?
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1 comment
Guest

Yes I paid my pennymac payment with my bank draft on the 1st it reflected on their website but has still not posted on my bank account, I know my bank isn't holding it, what is the problem

Pina Akz
map-marker Indian Orchard, Massachusetts

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.

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11 comments
Guest

Penny Smak is the bottom of the bottom. I'mgonna class action ttheir ***.

Guest

---, my mortgage was just bought out by this company and I just paid my 1st payment on line and I am scared as - - - - !!!!!! I am going to go to "Wells Fargo and see if they will refinance my loan and God knows I don't need this ***!!!!!!!

WOW!!!! This is crazy as heck!!!!!

I will not use online payment ever again and I am talking to Wells Fargo before next payment is due. The attorney general will get a call from me on Monday & I am letting my own attorney read this site so that he will be well aware and ready!!!!!

Guest

I contacted the attorney general of our state. Apparently not enough people have complained because he was not willing to address this. by the way Penny Mac does a great job of covering their butt and making look like your problem

Guest

similar situations but affected our credit because we cancelled payment on one of the checks and Penny Mac will not take responsibility or correct our credit.

Guest

All the pennymac comments are just agents sitting and *** people here. From the inception of these problems , until now, looks like pennymac reps have been posting comments to convince people, yet they don't take any steps in resolving them.

Pennymac Reps: Just posting here and not taking action only assures you guys are employing just crooks and knowingly do these things to poor consumers.

I think its' time people get together and file a class action lawsuit. Obviously in every scenario consumers can provide that they've sent a certified mail or signed up and confirmed an online auto pay etc.,

Guest

We had the same thing happen to us January 6, 2014. I called PennyMac the day it happened and was told they would overnight a check to us also.

Tuesday came and no check. I called and spoke to Rebecca and she said our check was sent January 7 but regular mail and no checks were being overnighted. I spoke to Katina on January 10 and was told we could do a stop payment on the check but it would take 48 hours and then they would send another check regular mail. I told her we couldn't wait that long.

January 13th still no check. On January 14, I spoke to Evelyn (supervisor)and expressed to her that PennyMac handled this situation very poorly and the money should have been deposited back to our checking account the very next day. She told me they notified all of the customers this affected (which is a lie)and gave them the option of having a check overnighted or wired back to their account, the customers they weren't able to get a hold of were sent a regular check. She also told me our check was sent January 8, not the 7th as previously told.

On January 15, Chastity called to see if we received our check and told her we hadn't so she was going to check to see what she could do to get our money back to us and she would call me back. Two days later and she still hasn't called back. I have left 2 messages each for a supervisor and a manager and neither one have returned my call. Today is January 17 and still no check.

We were unfortunate enough also to have PennyMac buy our mortgage. I would NEVER reccommmend PennyMac!!

I filed a complaint with the Better Business Bureau.

Pina Akz

I already did...shock I got NO response from PennyMac!

Eleri Zin

We never want you to be left with a bad experience. We'd like to escalate this immediately for you. But, to protect your privacy and the security of your information, can you please use the PennyMac online secure messaging system so we're able to verify your identity and reach out? Thank you for your patience and understanding, and for allowing us to help.

To use secure messaging:

Create an account and/or log in to your account, then look for the "Secured Message Center." To securely communicate with us electronically regarding your account, select "Secure Message Center" and "Send Message" from the left-hand menu to contact us 24 hours a day, 7 days a week.

Guest
reply icon Replying to comment of Eleri Zin

This is an old thread but the same thing just happened to me except I'm been with them for a couple of years. They bought my loan from Freedom Mortgage a couple of years ago.

I didn't have any issues until now. I went to use my debit card at a convenience store and was told there were insufficient funds. I knew I had over 1000.00 in my checking account and couldn't figure out what was going on. As soon as I got home I call my back and found out my account was overdrawn because PennyMac had withdrew a second mortgage payment a week after the one I made on August 31.

I'm retired and receive a pension check at the end of the month. The first thing I do is pay all of my bills online the day I receive my direct deposit. PennyMac withdrew another payment yesterday which is 6 days after I made a payment. Needless to say I was highly pi$$ed.

When I first called PennyMac they sort of implied that I made 2 payments which I didn't. Then they admitted that they were having system problems and may have been the cause.

anyway they said they will transfer the money back to my account within 2 days including the 29.00 over drawn fee to my bank. Hopefull they will keep their word because they have wiped out my checking account.

Guest
reply icon Replying to comment of Guest-1209326

Excuse the typos in my comment. I was so upset I didn't check my spelling.

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Juancarlos Omd
map-marker Madison, Wisconsin

Pennymac is a joke!

Every review of this company is horrible and I am one of them! This is by far the worst mortgage company I have ever dealt with. They say they only send out bills twice a month on the 10th and 21st and that they only send it out after receiving your payment! What? What other company does business like this. It's a scam to collect late fees. I have been sending in my payment on the 28th or 30th of the previous month and they can't get it processed and posted by the 15th? BS! I am constantly calling them asking for my bill. This last month was the last straw. I sent in payment in on June 28th and it's now the July 29th and I have still not received my bill for August! I am so discussed that I'm wiring the BBB my congressman and anyone else I can to get these $@&'s fined and hopefully put out of business.
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Anonymous
map-marker Annapolis, Maryland

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)

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Loss:
$1587
5 comments
Guest

This is Jeremy

Thanks all for the comments. No updates yet, but they continually call me and refuse to allow me to email them a copy of my payments I have made since I purchased the home March 2013.

They have continually applied my payments to "other charges" and claim they are sending it into collections. I am a disabled veteran on a fixed income, and what they want is for me to make another payment so i can be up to date. Not once have I received a call from the same person. I am not scared to lose my home, but I will make it my purpose in life to bring them down if they try.

My next step is to have lunch with the Sec of Veterans Affairs in Annapolis.

I do not have the time to handle issues that should not be in existence. I need a free lawyer.

Guest

Maybe you should lawyer up to be safe and keep your home.Escrows do make house payments go up when property taxes and insurance go up and usually those go up every year.But if your loan is sold they have to by law follow the same agreement you originally signed for your mortgage and if in your mortgage it says you do not have to pay early then you got them that's why I say lawyer up.

Guest

Jeremy,

Any updates? I posted complaint number 38 of 38, and added a note about refinance through a VA IRRRL loan through them and how it's going to help me get away from pennymac.

Navy federal doesn't look to use predatory practices to try and take your house. what I believe pennymac is trying to do, their incompetence will force late payments or whatever penalties on to you, the customer, increases on your monthly payment due to them imposing their homeowners insurance or errors on their side put a financial bind onto you. Maybe you get to the point you can't afford the monthly payment anymore even though it is bloated with PM mistakes, and had they not made those mistakes you could easily make them. Anyway, PM will start to push foreclosure on you, they might even tell you if you make an extra payment the process will stop, but they will continue anyway.

If they are talking foreclosure, by the time you can do anything they will own your house even if you follow the steps to get out of it. Their departments won't communicate with each other and a company like pm just cars about money. They probably have an insurance policy on the side for your house, so if they do foreclose and end up selling it for less that they bought your mortgage for, the insurance covers the difference, and PM still gets paid, and you're out of a house. I have yet to hear anything positive about pennymac.

Everything I see PM rates 2/5 stars. Good luck.

Guest

One word. Stay away from this place. I would rather see Enron around

Guest
reply icon Replying to comment of Guest-830573

Pissed off customer: How can you stay away from this company when you have no control over who buys sells your loan? I know it's common practice, but doesn't it seem *** backwards that you can be bound to a company you've never signed a contract with?

I may have not liked PM practices and therefore made a conscious decision to not do business with them, but then the mortgage company I do use sells my loan to PM. How is this fair and legal? We have no say whatsoever to whom we owe money? PM bought my loan as well and did not notify me.

The company seems very sneaky.

I did not want to do business with them and do not want to continue a relationship with them. Is there no way to say you do not want this company to own your loan without paying to be free from a relationship you never wanted in the first place?

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Anonymous

Total Incompetence at the Payroll Processing Center

My loan was sold to PennyMac last year. I received a late notice with my August payment document. My check had been credited to my account on 7.16.2014. Put a tracer on my payment. The payment was sent via bill pay check on 7.3.2014. Arrived at the PennyMac P.O. Box in Dallas TX at 5:52 AM on 7.9.2014. When I spoke with the customer service rep. she indicated that they would waive the late fee - but this was a one time courtesy. Wow!!! A one time one time courtesy for their total incompetence. I have faxed all documentation to their payroll center over a week ago to get the record of the late fee deleted from my payment record. Still waiting for a response from their payroll processing center. Evidently from the number of posts, my issue is not isolated. One would think PennyMac management would clean up this mess instead of having customer service reps responding to negative posts. Evidently one of the senior executives of PennyMac had a similar position with Countrywide mortgage company. Need I say more?? Paul in Connecticut
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