I split my mortgage up into two payments to make it easier on finances. Payment coupons are marked as going towards the monthly payment.
What happens instead? The first half goes to an escrow account while the second half goes to the monthly payment. What the *** are they doing messing with an escrow account when my loan docs say I am not supposed to have one? Then, instead of transferring the first payment from the escrow account I didn't ask for to the principal, they let it sit in the escrow account, making you late on your payment.
Apparently my account is marked for the payment being received in parts, not a single payment to prevent payments from being withheld. I don't believe them, there's is no excuse for any payment, partial or whole, from being credited to the account. Luckily I have a paper trail of everything so these *** can't get anything over on me. Since I work in the mortgage industry, I know exactly what these idiots are trying to do: using greed to maximize the interest I am paying.
Do your own math.
Splitting the payments up into two halves can cut the time to pay off your mortgage by 5+ years. To screw you over, PennyMac will force you to keep paying those extra 5 years.
Product or Service Mentioned: Pennymac Mortgage.
Reason of review: Problems with payment.