Pennymac - Keeping money that is not theirs
This company serviced our mortgage loan until we refinanced. I inadvertently processed a payment to them that should have gone to our new mortgage company.
When we initially contacted Pennymac, we were told no payment from our bank had been received by the company. Our bill payment service sent them proof twice that the payment had been processed to them. Three different times we had to enlist aid in researching for the payment. When it was found, it had been posted to another customer's account.
We were told that our funds would be released back to us. Pennymac received our EFT on the 7th of December. It is now January 6th. We have not received our funds and it appears they have no idea how to process our funds back to us.
I am beyond livid. This payment should have been made to our mortgage company last month. But we are still waiting for them to return money that belongs to us.
They do not have the right to hold onto that payment. Our account with them was paid in full when we refinanced in 2015.
Reason of review: Other issue.
Pennymac Cons: Pennymac, How they handled money that did not belong to them.
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