Our loan was sold to PennyMac and we HATE them. First our escrow got screwed up.
Then they didn't want to recognize the fact we are a month ahead. Just when we got that straightened out we realized after our home remodel we qualified to drop the PMI. Well PennyMac has a rule that you must have your mortgage for 5 years. We didn't have that in our initial mortgage.
So now we are forced to pay an extra $60 per month for something we don't need or want. Then we sold our home. The buyers are doing an assumption. This was 4 MONTHS ago.
Since when does it take 4 months to approve a loan? When we started this we were told there would be only be a $500 transfer fee and it would take 10 days. 4 MONTHS later we are living in limbo. We have been told several times it was going to close only to find out the buyers aren't even approved yet.
The buyers have cooperated fully and have gotten all documents in a timely manner. PennyMac then drags their feet, the documents time out, then we start all over again. Then they want more and more and more, most are redundant. It takes a week just to get a return phone call.
We are going to start filing complaints with state and federal agencies such as the FTC and the Attorney General. We can't put in an offer on another house til we know if the buyers are approved. We have lost several homes because these idiots keep dragging their feet. We DESPISE this company.
If your mortgage is purchased by them, RUN as fast as you can. Refinance your home immediately. If you are buying a home, even if you have more costs or a higher interest rate, RUN.
Go elsewhere. They are the single worst mortgage company.
Product or Service Mentioned: Pennymac Refinance.
Reason of review: Poor customer service.