Pennymac
Pennymac Overview
The generated data is based on reviews and questionnaires provided by PissedConsumer.com users.
Pennymac has a 1.5 star rating from 178 reviews; consumers are mostly dissatisfied. Rating distribution shows 91% unfavorable and 3% positive. 67% request improved customer service and 50% say they will not use Pennymac again. Reviews cite high price levels and requests for solutions.
Key Takeaways for Future Customers
- Read recent Pennymac reviews and confirm escrow and insurance handling before choosing.
- Expect difficulty reaching live support; document all communications.
- Verify billing and payoff statements to avoid erroneous charges and refund delays.
Negative Feedback / Risk Areas
- Frequent customer complaints about customer service responsiveness and unhelpful representatives.
- Escrow mismanagement, missing insurance payments, and erroneous charges impacting credit reports.
- Phone tree, automated responses, and refusal to elevate complaints to corporate.
Positive Feedback
A small number of customers report satisfactory mortgage service and recommend asking detailed questions up front.
The generated data is based on reviews and questionnaires provided by PissedConsumer.com users.
Pennymac has a 1.5 star rating from 178 reviews; consumers are mostly dissatisfied. Rating distribution shows 91% unfavorable and 3% positive. 67% request improved customer service and 50% say they will not use Pennymac again. Reviews cite high price levels and requests for solutions.
Key Takeaways for Future Customers
- Read recent Pennymac reviews and confirm escrow and insurance handling before choosing.
- Expect difficulty reaching live support; document all communications.
- Verify billing and payoff statements to avoid erroneous charges and refund delays.
Negative Feedback / Risk Areas
- Frequent customer complaints about customer service responsiveness and unhelpful representatives.
- Escrow mismanagement, missing insurance payments, and erroneous charges impacting credit reports.
- Phone tree, automated responses, and refusal to elevate complaints to corporate.
Positive Feedback
A small number of customers report satisfactory mortgage service and recommend asking detailed questions up front.
Media from reviews
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified Reviewer |
Janesville, Wisconsin
Insurance company hasn't received the check for escrow
So far, Terrible
My client has you listed as her mortgagee. She also says that her insurance is escrowed through you.
Her policy has been canceled due to nonpayment.
Please respond as soon as possible to avoid a lapse in coverage. Thank you.
- Havent found any yet
- Zero phone service
Preferred solution: Answers
User's recommendation: Don't expect phone help
Spring, Texas
Home equity
Did not meet the qualifications for the loan. The criteria for an equity loan is a 680 credit score.
Preferred solution: Nothing at this time.
User's recommendation: Always ask questions for your situation.
Miami, Florida
Customers Service Representative and Managers need to be compassionate and helpful to customers
- - PennyMac customer service reps and managers should be compassionate, helpful, and respond to issues in a way that aims to improve them.
PennyMac Mortgage customer service Representatives and Managers need to be compassionate, and helpful to customers with their issue. At least respond compassionately to the issue and try to make the issue better for customers.
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerNeed copy of mortgage statement 2024 faxed to my CPA @ 209-825-****. Att: Raz
Not good
To be able to speak with a human customer service rep not the automated version just repeats too much on all your different numbers 800 888 etc. etc.
Preferred solution: A copy of my mortgage statement for 2024 faxed ASAP to the following 209-825-****. Attn: Raz
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerPayment
- - Unable to reach PennyMac by phone for two days; the automated message says the call cannot be completed.
- - My phone works for paying other bills.
I've tried to call PennyMac for two days to make a payment, but there's no answer. A recorded message says, 'Your call cannot be completed at this time.' My phone has worked fine for paying all other bills. What is going on?!
Preferred solution: Customer Service
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerNeed information on my 1099
I have not received any information yet I have no idea what happened I sent you the information. I got nothing in return
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerTerrible and deceitful practices.
- - There is no customer service.
- - Escrow issue caused a 30-day late on credit while the mortgage was paid.
- - They are unresponsive when contacted.
They are terrible. There is no customer service whatsoever.
They have no concern for the customer. Honest confusion over an escrow adjustment led them to post a 30-day late to my credit, even though the original mortgage amount was paid. When contacted, they couldn't care less. I will pay this mortgage monthly with complete disdain towards their company.
Do not use them. When problems or concerns arise they will not be willing to offer any solutions.
- No pros
- No concern for their customers
Preferred solution: Credit report reversed
User's recommendation: Stay away from this company. They are of no help when you need it.
Change debit card number
Help a customer make a change to her debit card number because the old one was hacked
If you cant help a 78 year old woman its a shame
North Augusta, South Carolina
Satisfaction
I have no complaints about PennyMac. Great mortgage company.
Used them for my real estate needs. Be careful when taking surveys and hit the wrong response as I did.
User's recommendation: Try them out!
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerTo get help
They continued to double interest rate and knowing I am a senior citizen trying to make ends meet on social security. Be knowable of everything.
User's recommendation: Be careful
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified Reviewer |
Thousand Oaks, California
Get them help
- - Get help and ask about interest rates.
- - Find consumer help as quickly as possible.
- - Be careful or you may end up in trouble.
Get help, like I am trying to do. Ask what the interest rates are and find consumer help as quickly as possible. Watch out, or you will be in a situation like I am today - up the creek without a paddle and in trouble.
- Negative
- Negative
Preferred solution: Price reduction
User's recommendation: BE Knowledgeable and careful
Horrid customer service
- - Loan sold to PennyMac; autopay 1st incurs late fees.
- - Poor service and miscommunication.
- - No response to Jan 2024 letter; late fees continue.
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!
- Almost every customer service call will get any sane person insane
Preferred solution: Get their act together: 1. Correct their mistake. 2. Improve their customer service.
User's recommendation: Stay away from PennyMac if you can
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified ReviewerQuestion re buying a home being foreclosed
- - Asked about buying a home on the foreclosure list and provided case numbers.
- - PennyMac rep gave a lander with related searches and no help.
Wrote to ask about the procedure to buy a home on their foreclosure list, gave specific case numbers and details. Got a call back from PennyMac and the rep gave me a website and told me all my questions would be answered there.
The website was a 'lander' that listed 'related searches' and did not help at all. I wrote it down while she was on the phone, and verified (phonetically) the URL and the site was no good.
Preferred solution: Correct information.
User's recommendation: If they give you a website to go to, go immediately while they are on the phone. They gave me a bogus one, and I verified it with them on the phone.
Flower Mound, Texas
Worse customer service
- - Escrow removal approved 7/29/24.
- - Asked 8/5/24; no reply by 8/25/24.
- - Agent said 8/15/24 adjustment; call disconnected.
I recently contacted PennyMac in regards to my escrow hazard insurance. They are supposed to remove the escrow portion from my future payments.
The approval letter for escrow closing was on 7/29/24. I sent a message in their message center on 8/5/24 to ask when will my payment be adjusted. I have not received a response so today 8/25/24, I called to inquire about this since i have not seen an adjustment to my payment yet. The lady I spoke to said they responded to me 8/5/24 but i explained that there is no message for me in my message center.
That's why i am calling you. She insisted that there was a message. I told her the last message i have from PennyMac was on 7/13/24. She said my payment will be adjusted 8/15/24.
We will see if that happens. She also said i would have a 2 question survey after our call.
But, that didn't happen, it just disconnected. Very frustrated with this company.
User's recommendation: PennyMac has very poor customer service
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified Reviewer |
Moorpark, California
Zero customer support
- - No human support after mortgage; only chat or a looping phone tree.
- - Months of emails and calls with no response; late fees stack up.
Once you have a mortgage, there is no way to speak with a human. There is only a chat, and all phone numbers lead to the same dead-end loop phone tree.
I had to call and pretend I needed a refi to get a human. Still, they were unable to help with a simple issue.
It's been months of emails, calls, and zero responses. But they love stacking up the late fees incorrectly.
- Zero response dead end phone tree no follow up
Preferred solution: Price reduction
User's recommendation: If you have choice, go somewhere else. My mortgage was sold to them.
This review is from a real person who provided valid contact information and hasn't been caught misusing, spamming or abusing our website. Check our FAQ
Verified Reviewer |
Saint Louis, Missouri
Lied in Federal Court!
- - I fled my house and am a victim of abuse.
- - PennyMac lied about a short sale.
- - Foreclosure sale was 90k below market value.
Absolutely NEVER. I can't imagine another lender acting so dishonestly.
Look at the absolutely prolific negative reviews and suits. Why are these frauds still allowed to lend???
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!
Preferred solution: Full refund
Why aren’t you mad at the court ordered person that failed to pay mortgage?
About
, , , ,
PennyMac is a US based company operating as a mortgage lender and servicer. PennyMac Company specializes in home financing, specifically in purchase, refinance and loan payment issues. PennyMac Company is headquartered in Moorpark, CA, and operates a number of branch offices around US. The company was founded in 2008. Operating as a full-service lender PennyMac offers its clients with FHA, VA or jumbo loans. In order to provide its services the company entered the Home Affordable Refinance Program HARP. Except for mortgage landing the company provides its clients with consulting services, which are dedicated to mortgage restructuring.
Pennymac is ranked 252 out of 1158 in Loans and Mortgages category
USA, Worldwide
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Absolutely correct errors in processing payments, inaccurate credit reporting,