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I would love to get in on a class action lawsuit against PennyMac!! My original loan was with them and I had 27 years left on it.

They approached me to re-finance. I was able to get into a new 23 year mortgage and paying $150 less a month. Turns out they under estimated my escrow account at closing and now 2 years later my escrow account is in a negative and my monthly payment is $300 more than when I first financed it. I knew it was too good to be true when I re-financed it.

How in the world can my mortgage payment jump $300 in 2 years when I am on a fixed rate of 3.375%. I could not be more livid about this!!!

Reason of review: Poor customer service.

Preferred solution: Price reduction.

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Anonymous
#1609244

I just had something similar happen to me with them. Got a letter saying i have an escrow shortage and to pay about 300 extra a month into a my escrow account, After complaining about it for three days and alot of research I noticed the letter says Escrow Shortage/Reserve account.

Come to find out they wanted to set up a reserve account in the event i stop making payments so they can cover the insurance and taxes in a foreclosure situation. This extra account is not required in my state of CA, I called them and they waived the extra Reserve account. The *** part is they dont tell you that you can waive it or that they are even creating it. just that you have 3 options.

pay the extra 300 pay 3000 now or pay 2000 now. so if you have this Reserve account make sure it is required before you do anything, if it is not call and waive the account.

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