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This company is completely out of control! They sent me a escrow bill for 1600.00 when I talked to them about it they said the shortage was of a little over 200.00 but then explained that I needed to fund my reserve.

I asked what reserve? The man explained that there was a mandatory minimum of 1200 for 2018. I told the gentleman that my loan Originated with Wells Fargo and that was not part of my terms and conditions. He then told me that he would do a new analysis but I would need to call in every year if I didn't want the reserve placed on my account.

He tried to intimidate me by telling me it would be in my best interest to pay the full amount.

This is not the way business should be conducted. It's as though they have no regard for the law or any of their customers. This saddens me. I work hard and have always paid my mortgage and bills on time.This company should not be able to continue with this type of reckless behavior.

If this company has placed a reserve on your account and they are not your original mortgage company please check it out before you give them the so called reserve.

There's a very good chance you don't have to pay it. Its a scam!!!!!!!

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Anonymous
#1587808

I had Penny Mac Mortgage and refinanced to Loan Depot a year ago and was so happy to get rid of Penny Mac because of there Escrow Reserve which I think is so crooked, I've had many mortgages in my life time but never ever like this one, I got sold back to Penny Mac 2 months ago, and got a letter 2 days ago stating I am 143.28 Short, before leaving them a year ago I constantly received mail saying I was short one of there letters said I was 938.68 short, I cannot figure how you can be so short when you pay into that escrow reserve every mo, I pay 150.64, where is your money going, The IRS needs to investigate this company something feels so fishy about them. and they stress me out every month, they make me so angry and I hate this company and will be finding a way to leave them only problem my interest is so low and don't want to lose it.

Anonymous
#1560716

Pennymac is a terrible mortgage company. I will be calling the NY State attorney General on this company.

They are raising my escrow and my taxes on my house are not as much as they are saying. They don't do any due diligence as to maybe call the tax office that they pay the taxes to out of my *** escrow.

This will be a company with a class action suit coming. Mark my words.

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