Pennymac Catastrophe Claim Review from Bronx, New York

After a tree fell on my house in February, Allstate resolved the claim quickly and courteously.However, PennyMac has seen fit to withhold the insurance money despite receiving requested documents and a 95% completion inspection report.

Tomorrow we enter May, and PennyMac refuses to say when they will release the funds. Researching on the internet, I've found numerous allegations of loss draft fraud committed by PennyMac, specifically that they deliberately hold the policyholder's money as long as possible, in order to earn the most interest for themselves. This continuing and unjustified delay has caused me and my family much hardship, including postponed business travel, as well as enduring the uncomfortable position of not being able to pay the contractor who completed the urgent work in such a timely manner.

The best answer the PennyMac representative could give was that my claim would have to,"wait its turn like all the others." The catastrophe was not so much the 100 foot tree that came through the roof, but the ongoing nightmare of dealing with a company as unconcerned with customer service as PennyMac.My next call will be to the state attorney general's office.

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Customer service
Product or Service Quality

  • What I liked
      No items
  • What I disliked
    • Bad customer service
    • Questionable ethics

Reason of review:
Problems with payment
Product or service
Review category
Loans and Mortgages
review #839044

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May 09 #1156329

After posting three complaints online, PennyMac released the funds within days. Hopefully their newly announced review of the loan is not some kind of retaliation for having filed this complaint.

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