Pennymac

My mortgage loan was sold by my previous lender, Lower, to PennyMac, and it has been a nightmare ever since. I have automatic payment set up on PennyMac's website to pay on the 1st of every month, yet I'm charged a late fee every month.

Whenever I call, customer service only succeeds in getting me upset to the point of giving up:

1. They either pretend not to understand or genuinely are incapable of understanding the issue.

2. They either have no clue what they are doing or no clue what they are saying. For example, I'm staring at the webpage on their own website, showing the monthly automatic payment.

Yet the representative would pretend to look up information only to come back after a long period to tell me that I don't have automatic payment set up with them. According to them, it's probably from my own bank and that my own bank may be late. All complete nonsense or intentional lies.

3. They would then transfer you to their supervisor, who would then argue with more nonsense.

All the while, everyone either has serious attitude issues or lacks proper customer service etiquette.

They would ask you to stop talking so they can assist you, while they only babble complete nonsense or contradict each other. Inconsistent with what their website states or their previous statements... All in all, chaotic conversations with poor service at the least.

4. Feeling hopeless with their phone customer service, I even wrote them a letter in January 2024, stating the issue explicitly.

Yet no one contacted me; there were no emails, letters, nothing, and the late fees still continue to apply every month! I almost contemplated selling the place to rid of them. It's that terrible!

5. Finally, I filed a small claims consumer complaint today.

I'm not sure if that will help.

I don't understand how PennyMac can stay in business when they consistently appear to defraud customers in various ways. I wish my original lender had told me they planned to sell to PennyMac; then, I would have chosen a different mortgage company to avoid all these hassles!

I fled my house. Im a victim of abuse.

Another person was court-ordered to pay my mortgage and didnt. House went into foreclosure. I literally could do nothing about it. PennyMac lied repeatedly to me & even in court saying they would support a short sale so I could at least not lose everything.

So we didnt object when PennyMac sought a relief of stay. PennyMac knew the situation and conducted a foreclosure sale immediately 90k below market value on the down-low in bad-faith business practices. They are liars and cheats.

I plan to file priority complaints with the Feds. Worst abusers of allif Trump gets elected Im writing him a letter about these bastards!

My home was struck by lightning in June. We lost the downstairs AC unit and kitchen appliances.

Due to replacement costs we decided to file an insurance claim. The check was made payable to my husband and PennyMac. Because the temperatures are over 100 degrees in Mississippi we needed to expedite getting the check endorsed and returned to us. Little did I know I was in for the Battle Royale!

I called PennyMac to learn the appropriate steps for overnighting the check. Armed with instructions I immediately created a profile on Insuranceclaimchecks.com and discovered the process for getting the funds returned to me were unsatisfactory. I called PennyMac again and explained my circumstances and asked that my check be expedited and that the full amount of the funds be released at once. I uploaded the required documentation and provided the estimate for the AC unit to support the need for a lump sum payment.

I called again to verify receipt, then again a day or so later to check the status and remind them to pay a lump sum and overnight the check. Today I received a text message requesting that I set up an appointment for inspection. Inspection??? What are you inspecting?

Where's my check. I called PennyMac only to learn a partial payment of less than $4,000 was generated. What can I do with $4,000 when the unit cost approx $15,000? Despite multiple calls and chat messages no one in the claims department can help.

There are no managers. The resolutions department had a higher than usual call. I waited on hold for over an hour and no one from resolutions ever answered. I called every department at PennyMac I could reach and they all sent me right back to claims where I was told the same thing.

There are no managers, no other departments, the do not have a number for corporate, they don't take complaints, the resolutions team will call me in 24-48 hours, an I can try to reach resolutions tomorrow at 8 am pst. None of those answers are satisfactory! Meanwhile I have to go back home where the temperature inside is 91 degrees at night and my flooring is now peeling from the humidity and heat.

Who knows what else is being effected. This is ridiculous and I have no where to turn to for help!

My husband and I applied for mortgage assistance in May 2023. There was a significant delay in processing due to NO FAULT of our own.

I was constantly calling to check the status of the application, resubmit documentation that we had previously submitted and still no luck. I finally had to file a complaint with the Better Business Bureau and then magically someone called from the escalations department with PennyMac- he didn't escalate anything except my blood pressure! Three months later calling several times in one day and being transferred to every department within the company, I was finally connected with someone who had some common sense and was willing to assist me- at least that is what she told me. While she addressed one issue, she left the other issue unresolved and undocumented as if it was never discussed.

Specifically, she assisted me with the mortgage assistance but failed to reverse the late payment reporting to the credit bureaus. Since this time (August 2023), I have been going back and forth with them to get them to honor the reversal of the credit reporting. In September, I emailed to CEO, David Spector. I few days later, I received a call from someone named Angel who informed me that he had been authorized to contact the credit bureaus to reverse the adverse reporting.

He assured me that all THREE months would be taken care of for my husband and I. Of course I requested documentation and he stated that the letter would populate in the accounts' message portal by the end of the day. It was a couple of weeks before I would see that letter and to my surprise- it was not accurate. The letter stated that the reporting for June would be corrected.

Now what sense does that make?? You will correct June but not May and July as promised on a RECORDED call!!!

I am tired of calling and emailing and dealing with the lies! I am absolutely disgusted with this lender and will continue to report them until this issue is resolved!

The saga continues. I posted yesterday about the troubles I am experiencing with PennyMac and Insuranceclaimcheck.com.

At their instruction, I called again at 8:00 am pst on the dot in hopes of speaking with someone on the Resolutions Team. Yesterday's customer service rep assured me I would have no problem reaching a team member. I have been on hold for 17 minutes and counting. At this point I think PennyMac and their third party vendors are simply full of lies.

They have no desire to help their customers. I am literally begging these people to return my money to me so I can have an air conditioning unit installed in their house. Even though I live there and hope to own the property one day let's be honest...the house belongs to PennyMac. Why am I begging them to use my insurance money to fix their property?

This is the craziest thing I have ever heard of. Now if I pack my bags and leave the house with no AC and no kitchen appliances they would say I was wrong! So now I have been holding 24 minutes.

I need my insurance check to pay for the AC. I cannot pay him in installments people!

We are not even done with the work on the house and weve had nothing but a run around with them. Now they want us to sign a document saying no matter what we wont sue or we wont release your money.

What is that about the works not done you guys have been lying to us every step of the way, and now you want us to sign some document, saying no matter what no matter what we do no matter what we say you cant sue us, I get signing something stating that you will pay off the contractors, but that no matter what penny Mac does you cant sue them I dont think so and that youre going to hold our money back so that we cant pay the contractors unless we sign that. Im sorry but that just sounds Shystie to me. This whole process has been horrible.

Absolutely horrible , Im really not sure why they are allowed to get away with the stuff that they do to people. Maybe its because they have people sign this document stating you cant sue them or we wont give you your money that seems pretty illegal to me seems like blackmail just my opinion .

No one knows what they are doing. Everytime I call to get the status I get different answers.

Keep asking for a supervisor or to talk to someone in the actual department and keep getting told someone will call me back or get told that department doesnt have a phone so no way to talk to them. Never in my life would I think I would have so many issues with the bank! The insurance claim with my insurance company is literally easy. When someone goes through a loss to their home it is already hard and PENNYMAC makes it even worse.

Going to see about getting a loan through another bank! Avoid PENNYMAC at all costs

This complaint stems from the processing of my mortgage funds with you. My mortgage company is Penny Mac and due to unscrupulous mortgage lender procedures & practices, Penny Mac DID NOT pay my homeowners insurance, when it was due in October of 2022, they never notified me of the mistake.

Instead, I had to call Progressive/ASI, in February 2023 to find out why my auto and home insurance premium has gone up significantly. I was told that my mortgage company DID NOT pay my bill and I have been without coverage since October 2022. Not only is Penny Mac saying that they are not paying for their mistake which is over $3000, They have caused me extra time, money, and significant medical declining, stemming from a series of two, back-to-back, strokes, plus the mental deficits that they left behind. I am a 100% permanent disabled veteran, who served her country proudly, and should never be treated this way.

I cannot afford my mortgage and was promised when I made my 2022 payment modification, that my payment was fixed and would NEVER go up. I thought it was an attempt to lower my mortgage payment, but now it is being raised again. Penny Mac is a very dishonest and unscrupulous company.

This is ridiculous and mentally exhausting. Additionally, every time I call them, they transfer me to their insurance, escrow, or collections department to speak to someone higher up who knows what they are talking about, and can problem solve.

I have had enough of explaining my dilemma AGAIN and am in hopes that ALL phone conversations are monitored and recorded so someone can hear the foolishness I have had to deal with.

And to add insult to injury, Penny Mac had the nerve to send me a letter, dated 3/06/23 stating that I did not have home insurance. How dare you? I never thought I would have to write this about your company. You have taken me through the ringer in the last 3 weeks and I never thought you would.

You have treated my case like you could give a damn about your consumers.

I contacted Penny Macs escrow, collections, insurance department and they keep passing the buck. I have also spoken to Progressive Insurance, ASI & Nationwide on February 27, 2023, and explained that the service I received from Penny Mac was unsatisfactory.

Penny Macs response was, We're sorry we messed up but you're going to have to shop around for insurance and pay your increased premium.

I have failed to receive an appropriate response to this problem which has prompted me to write directly to you.