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We filed an insurance claim for storm damage Feb 2015. Our insurance company (State Farm) was prompt in issuing a check to us (with pennymac as an endorsee) for repairs to begin. The check was under $10,000 so, according to the guidelines provided by the claim center, we sent the unendorsed check in the envelope provided. That letter took over a week for acknowledgement of receipt. Then we were told that they were returning the check to us for us to sign and return with some other required paperwork. The check arrived in our mailbox TWO WEEKS LATER. We signed the check and returned it along with the other required forms - USPS registered, return receipt and overnight (in March). It took 7 more days for the checks to "be processed". Then we were told several times that the other forms were not received, yet we had proof that they were signed for. We even faxed the required documents to them twice before they admitted having them. The checks were cashed immediately according to our insurance company, yet pennymac claimed they were 'being processed'. Now comes April 16th, and still no check sent to us for repair of the roof. Our roofer wont fix it without money down, can you blame him? The rainy season is here now, so the roof is pouring water into the attic, through the ceilings, onto the floors, down the walls, in the subfloor and joists and under the house. Now we are experiencing mold contamination, still they keep the money and tell us the claim needs to be reviewed by "The investors". We find out that 'the investors' is pennymac loan services. So pennymac is holding money for review by pennymac to protect a pennymac investment that is deteriorating each day because pennymac wont pay to repair and protect a pennymac investment....wtf???We filed with the BBB, CFPB, State Attorney General and Arkansas Securities Dept now. Suddenly, pennymac has someone who is going to 'reach out' to the claims dept to expedite the claim??? yeah right... Then we find out our insurance company is going to cancel our policy because they sent us money to fix our damaged home...and it has not been fixed...AAAAARRRRRGGGGGHHHHH!

Reason of review: Poor customer service.

Monetary Loss: $20000.

Preferred solution: Full refund.

I didn't like: Worst customer service ever, Their service and procedures, Procedures, Unwilling to own their mistakes, Lack of help.

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Anonymous
#1571233

Our home was destroyed by fire four months ago. Our insurance company has issued us a check to cover abatement costs with Penny Mac's name on it as our mortgage company.

After reading all the comments here I am very apprehensive about mailing our check to them, especially since their Internet site that Penny Mac gave to me "cannot be found." Does anyone have any words of wisdom they are willing to share that they found would be helpful for a new claim? I would appreciate it.

Anonymous
#1473219

I’m going through the exact same thing with Penny Mac, I have everything well documented and proof they are lying. It’s been a year since USAA sent them the check and I haven’t received a dime

Anonymous
#1461688

We filed an insurance claim for fire damage 1 year ago with our insurance company - State Farm (who have been wonderful). With the construction complete, we have been waiting for PennyMac to release payment to our contractor for 4 months.

We repeatedly get calls from PennyMac requesting documents that have been sent to them months ago! They then verify finding them and say that they were misfiled AND THEN 2 days later I get the same call, requesting the same documents. This has been ongoing for MONTHS. It is beginning to feel like harassment!!!

I have NEVER dealt with such an incompetent company.I will be reporting them to BBB and whoever else I think might be of help. They should not be getting away with such incompetence and bad customer service.

Anonymous
to Annie #1469905

I am in the same boat, PennyMac will not release my money. It has been 4 months.

They claim paper work is missing, even though we have given them everything they asked for. Every time you call it is a different story. Yesterday they claimed it was the VA not releasing the money. I have a VA loan with them.

They are only interested in making interest on my money they deposited.I have hired a lawyer who is dumbfounded that they are not releasing the money. I will be reporting them to my State Attorneys office today, as well as the VA , and anybody else who will listen.Warning if you have PennyMac as a mortgage company run, do whatever you can to get rid of them, if not you will be sorry!

Anonymous
#1404182

Adding to my original complaint, so today I called a full 3 weeks later to check status of on my check. A check that was supposed to be released by now.

They tell you they are waiting for approval from the "main office" that was a month ago everytime I call they add another 8-10 days and still no check. This is wrong to the consumer who already is going through a serious hardship, something should be done about this!

Anonymous
#1403628

I am now dealing with the same scenario with Pennymac. I sent them an unendorsed check for

$5400 which they told me they would endorse and send back to me.

My insurance company already

approved the work and cut the check and now all I get are lies and the runaround. We sent the check to them on Nov. 6th, on Nov. 17th they sent an email saying it had been endorsed and sent back.

Here we are on Dec.12th and still no check.

Their needs to be a class action suit against Pennymac for the way they've been handling customer claims and mishandling customers money. ANY LAWYERS OUT THERE?

Anonymous
#1402758

File with the BBB, Federal Trade Commission and Attorney General's Office and anyone else that will except accept your complaint. We as consumers are really getting screwed with PennyMac and I'm sure with enough complaints they will be forced to re-evaluate their process. It will take forever to rebuild with their shady practices.

Anonymous
#1399950

Same issue here. I think they are holding the money in an interest bearing account as long as they can.

I to had to wait months to get my check. They tell you its been released to the main office and they are waiting for approval to release the funds then you have to wait weeks to get the funds.

This adds more suffering to people who are already going through a hard enough time as it is dealing with whatever disaster they have suffered. and its just not right!

Anonymous
#1399913

They a terrible try having to deal with them for 8 months with insurance checks and yes that’s a real time frame they even deposited our checks into our escrow account instead of sending us the money we had a flood in our home due to a pipe being bursted took them a long time to send the first check back for clean up repairs. The poor companies who have been patiently waiting to pay their employees I feel Terrible I cant just give them the money they are owed!

Anonymous
#1398444

Same problem here. Pennymac will not release our check to fix our roof. It’s been 4 months!!!!

Anonymous
#1397257

Same issue here this is BS. Fight with the insurance company to get the check, then you have to fight with the damn mortgage company just to cash the check before any work can be done. So damn fed up.

Anonymous
#1386155

Same deal

Anonymous
#1384720

Dealing with the same thing right now. Harvey messed up our home and everytime I get documents to them they find something different wrong every time I call.

I wait 4 days.

They find something else, I resubmit. This is crap.

Anonymous
#1339254

You don't endorse the check before mailing it off. If you do that, they can cash it.

You're supposed to mail it to them to get endorsed.

If they keep it, they still can't cash it without your signature. Then as a last resort you can

remove the mortgage's name from 'Insured', and ask the insurance company to resend you the check, just in your own name.

Anonymous
#1215203

having same problem and more holding insurance money .PAYMENTS went up did not know till i ask was we being charged a late fee no was reply.Did not have enough equity in house so payment went up . Not enough esgro in account. Filler out and faxed books of paper work to them.we want out

Anonymous
#1213242

I swear I'm having the same exact problem. Idk what to do its been over 3 months.

Anonymous
#1154000

Ditto to BD. Having the same issue with the storms here in Dallas.

They are currently holding our money hostage.

Actually playing the markets with it while we are having to borrow money to pay the contractors for materials to get started. This company sucks!

Anonymous
#1038757

PM needs to be forced out of business.....

Anonymous
#1013884

Going through this with them now. USAA has released all of my payments but Pennymac is holding the majority of it until I show them that the work has been finished.

I have shown the bank that it's done, but I have to show Pennymac, a requirement they already said they would waive previously because I over-nighted them a check per their instructions and then they sent it back to me without endorsing and asked me to endorse it.

I can't stand these people.

Anonymous
Michigan, United States #972853

WE HAVE THE SAME ISSUE RIGHT NOW! Been dealing with it for over a month and they refuse to issue us a check. Water damage everywhere!

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