Complaints
This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 677 total complaints in the last 3 years.
- 217 complaints closed in the last 12 months.
If you've experienced an issue
Submit a ComplaintThe complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.
Initial Complaint
Date:11/19/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I paid my mortgage in September and have a confirmation email from PennyMac acknowledging the payment, a statement from PennyMac showing the payment, and a statement from my bank showing the payment. They are still saying I did not pay and are charging me late fees and threatening to foreclose on my house. I have tried contacting them but have heard nothing back. This is so fristrstjng
Business Response
Date: 11/19/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. L*******'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. L******* under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:11/19/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I have been with this company for 5 years. They have always analyzed my account every July and based off tax rates and insurance my mortgage increases or it decrease based off what is in my escrow account. I received a letter from them in July that mortgage will be increasing to $1733.16. When the hurricane helene occurred I filed an insurance claim and was denied based off my deductible amount. I contacted the Department of Insurance on my home owner insurance company. The agreement was to return my deductible back to the original amount which increased my policy only by $69 for the whole year. They sent PennyMac a new declaration at the beginning of October. PennyMac did not advise me to just pay the $69. They did another analyze and increase my mortgage to $1944.24 starting in December. In my 5 years with the company they have never analyze my account more than one time per year. It is always on the anniversary of the loan which is July. Then I have talked to several representatives that state it can not be reversed. When I explained to them what triggered this they pretend like this is normal but can see they never do this twice in a tear nor a few months apart from each other. I am going to pay $211.08 more now because they sent a new declaration that was only $69 difference then the one they had received previously in July.Business Response
Date: 11/19/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. W*****'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. W***** under separate cover within 15 days.
PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
information.Initial Complaint
Date:11/19/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Our mortgage escrow account has been charged an additional $1,314.63 for the month of October and November in 2024. This additional charge is for a lender placed homeowners insurance policy and flood policy that was not justified. Pennymac had all the required documents for insurance coverage. Flood insurance is the only policy escrowed which was also provided to them from our insurance broker. We've sent all required documents several times dating back to October 2023.Business Response
Date: 11/19/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. B********'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. B******** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:11/19/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I have starter a loan assumption process with penny MacI have given them 2 years tax returns two months bank statements three banks, all insurance companies policy on all rentals, all taxed from douglas county assessors office, all income and worth, VA disability, social security for meand my wife, teachers retirement payments, closing statement of last homes just bought cash, title co info, capita; one tow months statements, DC HOMES TAX TSTATEMENTS, E*** BROTHER LLS TAX STATEMENTS DRIVER LICENCES,SENT STATEMENTS OF LLC, THE LIST GOES ON AND ON THE HAVE ENOUGH INFORMATION TO APPROVE LOAN THE ASSITS WE HAVE GIVEN IS MORE THAT ENOUGH TO APPROVE I FEEL LIKE TO MUCH INFORMATION IS OJUT THERE AND WE ARE SUBJECT TO FRAD WITH ALL OF OUR ACCOUNTS GIVEN WITH UNSECURED VENUE, THIS MORTGAGE IS MAKING IT DIFFICULT TO WORK WITH I HAVE PUT IN APPROX 10 HOUR OF RESERCH GIVING THE REQUIRED INFO WITH 44 YEARS IN THIS BISINESS AND A GREAT CREDIT SCORFE AND NET WORTH OF $7,000,000 yes seven million. dollars of stock and rental property, they don't want to give loan assumption of 2.25 percent loanBusiness Response
Date: 11/19/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. E***'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Mr. E*** under separate cover within 15 days.
PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
information.Initial Complaint
Date:11/19/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Trying to do a loan modification on our account and without any notice, even after a letter was supposed to be sent out, they raised our payment by almost $400. Have called several times and no one is explaining it, no one will answer our questions. You can't understand anyone on the phone because of their accents. I asked to talk to the representative assigned to our account 6 different times in one call and they wouldn't transfer me. That person was supposed to call me back within an hour and it's been several days. They randomly charge our account with all kinds of fees and no explanation of them in anyway. I feel like we are getting scammed and doing whatever they please with no consequences. I just want to talk to one person about our account if I have an issue that actually knows what they are talking about and I can actually understand. This is the worst company I have ever dealt with. Absolutely terrible customer support.Business Response
Date: 11/19/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. B*****r's concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. B*****r under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:11/18/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Penny Mac two years in a row has not paid the proper amount of property and school tax through our escrow account. They refuse to show us our tax bills and do not pay them to get the discount resulting in us paying more than we should on taxes. Mistakes for the past two years have resulted in about $3000 per year for a total of $6000 not paid or now owed to our escrow account because they did not evaluate the correct taxes multiple years in a row. They will not allow us to delete the escrow account and continue to pay the incorrect amounts to the tax collectors and raise our mortgage. Horrible customer service and employees don’t know what they are talking about or don’t understand what you are asking.Business Response
Date: 11/18/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. M********s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. Mainardi under separate cover within 15 days.
PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
information.Initial Complaint
Date:11/13/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
To whom this may concern - I have a mortgage on my primary residence that is currently with PennyMac. Earlier this year (on or approximately on 3/12/2024), I was laid-off from work at Goldman Sachs & became unemployed. I soon thereafter (approximately June 2024) contacted PennyMac regarding my inability to pay, and was approved for a forbearance plan, which allowed me to miss payments for a period of time. I recently (as of September 30, 2024) started working again, and as required, called PennyMac to notify them of my employment status. I spoke extensively with a PennyMac representative regarding my repayment options & was approved for a program that did the following: 1) the balance for my missed payments was collated & added to the account as a new lien - to be due at term end; 2) I would resume my regular scheduled monthly mortgage payments, with the first payment being due on 1/1/2025; 3) my account would be brought current from a reporting perspective & regular credit reporting would resume with my payments starting in 2025. I agreed & accepted this loan modification program during the phone conversation. I will emphasize here - I specifically asked the PennyMac representative, and was specifically told that my account (upon acceptance of this modified loan program) that my account would be reported as current with the major credit reporting agencies. Earlier this week (the week of 11/11/2024), I received a Credit Karma notification that my mortgage loan with PennyMac was now being reported as 120 days late. This significantly impacted my credit score - dropping over 50 points. Let it be known that I was not even 120 days late before I started the forbearance plan. I spoke with multiple PennyMac representatives today to try and correct the incorrect credit reporting and was told the following:
EXTENSION OF PREVIOUS COMPLAINT: 1) my ‘past due’ balance (i.e., the balance accrued during my time in forbearance) would be reported as delinquent; 2) I would not be reported as current until that ‘past due’ balance was satisfied. This makes absolutely NO sense considering (as noted previously) the balance for payments missed during time in forbearance were added as a second lien on my account - with that balance being due at term end. I questioned this process with PennyMac representatives & eventually ended up speaking with a ‘manager.’ The ‘manager’ advised that my account will be reported current once two (2) separate things occur - 1) I have to receive in paper form a modification agreement from PennyMac - sign & return it; 2) resume my regular monthly payments on 1/1/2025. The PennyMac ‘manager’ advised that the paper modification agreement was mailed to be on 11/12/2024 - I still as of today (11/13/2024) have not received it. Again, this makes absolutely NO sense - How can PennyMac update their credit reporting before they even send me the modification agreement. How can PennyMac update their credit reporting to show me as 120 days past due when my first payment isn’t due until 1/1/2025 - AND the accrued forbearance balance isn’t due till term end? I have been working in consumer financial services for 15+ years & this process with PennyMac is completed flawed, misconstrued, and a clear violation of the rules & regulations set forth within UDAAP. I expect PennyMac to comply with the information that I was told (I would assume this is on a recorded phone conversation), and update the credit reporting on my mortgage loan account to show as CURRENT and NEVER 120 days late. Thank you for your attention to this matter.
Business Response
Date: 11/13/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. B******i's concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. B******i under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:11/13/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
A PennyMac mortgage loan on a property is held by my sister, who passed away end of Sept this year. I've been appointed by the court as the personal representative/executor of her estate to take over the account and continue to keep the mortgage paid and current. For almost two months running, PennyMac has refused to cooperate with this process even though the law firm handling the Estate of Veronica Zic faxed them the requested documents weeks ago. While I've been attempting to get this account legally turned over to me for estate handling, payment delinquency notices are arriving in the mail and are still using my deceased sister's name. These notices are threatening to place the mortgage loan into default status if not brought current. I'm unable to bring the payments current because PennyMac continues to delay this process. These delinquent notices began arriving after PennyMac was advised of my sister's passing and the estate process situation. This is suspicious. PennyMac is acting with willful negligence by ignoring the legal procedures that are part of the estate handling process. In addition, their avoidance and lack of communication are questionable business practices, unprofessional behavior, and potentially deliberately unethical.Business Response
Date: 11/13/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. M******'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Ms. M****** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Customer Answer
Date: 11/20/2024
Complaint: 22546556
I am rejecting this response because:This case has not been resolved. I received no communication from PennyMac in an attempt to resolve this issue. I will file a new complaint as PennyMac is still ignoring the transfer of the mortgage account to me as court-ordered representative of the Estate that holds the mortgage. PennyMac is now sending foreclosure notices when the delay in paying the mortgage is entirely on their refusal to process the successor-in-interest transfer. PennyMac if fraudulently attempting to gain control of the property with their unethical business practices.
Regards,
********* M******Business Response
Date: 11/21/2024
Thank you for the additional
information. Please be assured you will receive a formal response
addressing each of your concerns. Due to privacy reasons, we will refrain
from posting any personal information to the BBB Site. This response will
be sent to you under a separate cover within 15 calendar days.
Additionally, a Priority Complaint Specialist attempted to reach you by phone
on November 20, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Customer Answer
Date: 11/21/2024
Complaint: 22546556
I am rejecting this response because: I have been getting the runaround from PennyMac reps for over a month now regarding the successor-in-interest transfer of the mortgage loan to me as court-ordered personal representative of my sister's estate. The company continues to send additional delinquency notices addressed to my deceased sister stating the property will be put into foreclosure if a payment schedule is not set up. I'm unable to make any payments or set up a payment schedule because PennyMac continues to delay in processing the transfer of the account to me as successor-in-interest. I have attempted in good faith to contact someone to make payments needed to bring the mortgage current, however, PennyMac is not responding to these efforts, and requires information I don't have access to because I don't yet have access to the account info. It is PennyMac that is delaying this process and extending the delinquency of payments. I have submitted other complaints to other regulatory and oversight agencies regarding this situation. These complaints, along with the BBB complaint, will act as placeholders and electronic/paper trails showing that if PennyMac does put the property into foreclosure, it is not due to my lack of efforts. It is my opinion that PennyMac is deliberately slow-walking this process to gain control over the property through foreclosure. I believe PennyMac, its upper management, and it's executives need to be audited and thoroughly investigated by the various organizations that protect consumers from companies acting unethically and in bad faith. It is my opinion that PennyMac is not to be trusted due to the lengthy delays, the frequent delinquency notices, and the lack clarity and communication. In addition, if PennyMac is not deliberately attempting through unethical delays to gain control over the property, then there is a stunning level of incompetence and inefficiency on display, which should also be investigated and/or audited.
Regards,
********* M******Initial Complaint
Date:11/12/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
PennyMac refused to release funds for the completion of my roof done by Greenawalt Roofing in December of 2023. After multiple conversations, inspections, and runarounds. PennyMac said numerous times they would release the funds once all required documents were submitted. That was done in January. After that, no funds were released for a month. I called PennyMac and stressed release because I was incurring interest. They replied that they wouldn't release any funds until 100% of the house was completed. This required me to pay over 5,700 out of pocket for the final repairs that had nothing to do with Greenawalt's roofing contract, which should have been paid. Their withholding funds has put me into financial hardship and placed a lean on my house. I asked PennyMac to refund me the amount of interest incurred of $2817.27Business Response
Date: 11/12/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. E****y's concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. E****y under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Customer Answer
Date: 11/19/2024
Complaint: 22544507
I am rejecting this response because:The response takes 14 days from the business. Y’all allowed me only 7, I have yet to receive their response. I ask they stay open another 7 days.
Regards,
D**** ******Business Response
Date: 11/20/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on November 20, 2024. Please be
assured you will receive a formal response addressing each of your
concerns. Due to privacy reasons, we will refrain from posting any
personal information to the BBB Site. This response will be mailed to you
under a separate cover within 15 calendar days.Initial Complaint
Date:11/08/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I recently put $200,000 into my loan for a recast and was told that it would take up to a week to sign documents and up to 6 weeks to finalize. My experience is that on day 7 the documents were finally ready. After that I spoke with an agent who told me that my expected finalization of this is expected on the final day of the 6 weeks- bringing us to the day before Thanksgiving (holiday weekend) I was not happy. I asked if the process could be expedited so that I wouldn’t have to pay double my expected payment if it was done before the loan’s grace period. She said that she sent in the request. A week later, I called to check. The file said nothing regarding that and that it was supposed to be finalized on the same date as told before. This total was 2.5 hours on the phone over 2 different conversations. The second of which put me on holds as long as 15 minutes without returning. I spoke to the supervisor who said that they were currently working on our case as we spoke. I confirmed a call back appointment with this supervisor at 2:15 on Tuesday. It is now Thursday and I have not heard back. I called again using the extension I was given. Again, the agent was clueless. The message was passed along, and another appointment call was set up with the supervisor, and it is currently 2 hours after said appointment and I am still waiting. PennyMac is completely unresponsive when it comes to customer service.Business Response
Date: 11/08/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. C*****'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. C***** under separate cover within 15 days.
PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
information.
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