Pennymac bought my loan and I received 2 letters 7/23/15 stating they would take care of taxes and insurance per my mortgage agreement. 6/29/17 I received a letter stating after a review, I had not had insurance since 7/7/16.
I immediately bought insurance for a higher payment for 2017-2018. Then had to pay more escrow and a higher monthly payment. Then I received a letter on 8/9/17 saying I was being charged $1,130 for 2016-2017 enforced hazard insurance. They took $1,130 out of my escrow and bought a policy that does not exist on 8/30/17.
I have spent hours on hold and talking to at least 10 different people. They do not know what they are doing and can not explain why my insurance company was not informed in 2015 that they owned the loan. I have filed with the BBB, Utah Attorney General's office and The Consumer Financial Protection Bureau. This got me the complaint department at PennyMac.
It has been over a week that I have been getting the run around from the complaint department. Today, 9/14/17, I received 3 letters all dated 9/717. One was from7/5/17. The other was another insurance policy for the retroactive year when I had no idea that I had no insurance.
I have found they just ended a classaction lawsuit on July 31, 2017 for ripping people off.
DO NOT do business with this company. They are liars, theives, and will not accept responsibity when they have made a mistake!
Product or Service Mentioned: Pennymac Mortgage.
Reason of review: Problems with payment.