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:10/28/2024
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.
Please remove August and October 2023 those payments were not late. Thank you. You said you were going to remove them and they are still there.
Business Response
Date: 10/28/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. S******'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. S****** 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:10/28/2024
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 holds our mortgage. I have spent the last 4 days trying to find out why our mortgage payment went up over 200.00 and all I am getting are excuses.
I lowered my home insurance to save money and it did not help at all. All I want is for someone to contact me and help me understand what is going on. Pennymac doesn't care about their customers. All they is money.Business Response
Date: 10/28/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. T********'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. T******** 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:10/23/2024
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 am writing to express serious concerns about the ongoing loan assumption process with PennyMac, which has become increasingly problematic.
Timeline of issues:
- Process initiated in May 2024
- Completed notarized paperwork with all parties last month after month of miscommunication or lack of communication.
- Recently informed all documentation must be redone this Saturday
- Incorrectly marked 30 days late on payments despite being advised next payment was due November 1st.
What was promised to be a simple week-long transfer of the loan into my and my fiancée G***** ******'s names has turned into a five-month ordeal with constantly changing requirements. The lack of coordination between departments and the need to repeatedly submit documentation is both frustrating and concerning.
Most alarming is the incorrect late payment marking on our account, which could negatively impact our credit scores. This error, combined with the multiple representatives handling our file, demonstrates a clear need for better oversight of the assumption process.Business Response
Date: 10/23/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. 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 Mr. 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: 10/23/2024
Complaint: 22464238
I am rejecting this response because this is the same issue I’ve been having all along. Work directly with the 7 different reps they gave us to deal with since May and get complete chaos or turn for BBB to finally get an adult in the room and oversee the PennyMac assumptions department and internal chaos and miscommunications and still gets punted.
Regards,
****** M*****Business Response
Date: 10/25/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on October 25, 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.Customer Answer
Date: 10/28/2024
Complaint: 22464238
I am rejecting this response because I need an answer immediately. Since May of 2024 been dealing with the PennyMac internal chaos. Now more waiting?
Regards,
****** M*****Initial Complaint
Date:10/22/2024
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 scheduled a payment on the day I discussed a loan modification with a specialist on June 26,2024. They said the payment needed to be made first in order to be applied to the loan. They accepted the payment information, then took information for a modification. I completed the loan modification documents but called prior to returning because I realized I completed them after the requested return date. When I spoke with someone she assured me the payment that I made in June would be applied and they could possibly have to send a new modification agreement to include another month since I’d made a payment. I returned the documents but never received another agreement. As a result, I called again to follow up. When I inquired about the payment I made in June, again I was assured this payment would be applied and I would not be due for payment until October. I later received a statement showing the loan due for the October payment. I requested my complain be escalated and was told someone would review my concern and follow up with me. I never received further details. At this time my loan is delinquent again due to this confusion. I planned financially based on the information provided. This economy is tough on everyone myself included as a single African American Mother. This feels discriminatory, it’s unacceptable. I don’t understand how several specialists had the same understanding and provide the same misinformation. This is employee improper conduct on all each of the specialist I spoke with over the summer. The correct information should have provided to ensure I could have access to all of the assistance available to me. I was trying to do my due diligence by making a payment I could barely afford at that. It feels like this company used it against me. I feel like I’ve been taken advantage of. This is unfair treatment, incredibly unBusiness Response
Date: 10/22/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. 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 Ms. L****** 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:10/17/2024
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 paid my local property taxes which were supposed to be $4900 but they sent an additional $2000 above my bill. I have shared my property tax bill with them and have spoken with them on the phone but I’m not getting anywhere and have been forced to pay them 30% more on my monthly mortgage payment vs last year when my property taxes have not increased. I would like answers as to what is happening to get my money back and decrease my mortgage payment.
My bill clearly states that $4900 was due. While I have an ongoing appeal of a gross overvaluing of my property, they have already issued a decreased bill that I am still appealing but also is significantly lower than the amount paid by PENNYMAC.Business Response
Date: 10/17/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. F******'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. F****** 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.Customer Answer
Date: 10/17/2024
Complaint: 22433630
I am rejecting this response because:I had an open case with support to review the tax bill that I provided and I was supposed to get a phone call, not have to wait 15 days for a letter. PENNYMAC has notes and possibly a recording of this phone call where my active case was discussed with me.
Regards,
****** F******Business Response
Date: 10/18/2024
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 October 18, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Customer Answer
Date: 10/22/2024
Complaint: 22433630
I am rejecting this response because:
I have not been able to speak with someone about this matter to understand why more than my bill was paid using my money. I received a voicemail from a machine providing a number for me to call back, but no one answers during business hours.
Regards,
****** F******Initial Complaint
Date:10/14/2024
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.
We lost our home due to a natural disaster, we were in disaster forbearance and due to being a disabled Veteran fell also under the Va moratorium and natural disaster Cares act for no reporting. We were told our account was frozen from reporting, however Penny Mac reported our account on 7/24 and 8/24 , Penny Mac subsequently agreed to correct this report on 9/5 2024 , we received a letter stating they had filed a correction with the credit bureaus . To date no credit bureau has received said letter. To date we have had to file credit disputes. I have contacted Penny Mac several times all through Aug, Sept and again today Oct 12 to be told we sent it. The ramifications erroneous reporting is causing our family is at an all time high. We cannot get utilities, phones, or our much needed new /used car. Please correct as you promised Penny MacBusiness Response
Date: 10/14/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. S**********'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. S********** 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:10/14/2024
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 couple of months ago my husband sent out the mortgage by mail and it was on time so a few weeks later we got letters saying payment was late so he called and they explained the taxes went up $10 so that's why it was said to be late but it was sent on time. He ended up paying that $10 by phone to fix the problem and later on we realized our credit went down and it's on our credit report as a late payment. We called pennymac and they said everything is good on their end and there's no late payments. So whys it on the credit report?Business Response
Date: 10/14/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mrs. 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 Mrs. Lopez 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:10/11/2024
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.
We have been trying to have Penny pay our home insurance since it is escrowed and they keep stalling to pay as well as hanging up during the call.
I have been on the phone with them 3x, our broker State Farm has been on the call and provided all the details they need to pay and they keep saying they are missing information to pay. When we call back again they say they have what they need, but still no payment is made. At this point my insurance carrier is going to cancel if they do not pay the bill.Business Response
Date: 10/11/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. S******'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. S****** 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.Customer Answer
Date: 10/11/2024
Complaint: 22410269
I am rejecting this response because:
A response from them in 15 days is 2 weeks past when the home insurance is due to be paid. This needs a resolution by Oct 14th. It has gone too long. My new insurance company submitted all required documents to the mortgage company becuase I was copied on the paperwork. There is no excuse for a late payment. Resolve it now by Oct 14th
Regards,
**** S******Business Response
Date: 10/14/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on October 14, 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.Customer Answer
Date: 10/15/2024
Complaint: 22410269
I am rejecting this response because: again they are not responding. A simple yes the invoice has been paid on time will suffice. Stop responding with template answers. If the insurance has not been paid on time then explain why. A response in 15 days will. Ot work in this case when an invoice is needing to be paid
Regards,
**** S******Initial Complaint
Date:10/09/2024
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 was bought by Pennymac a few months after the closing of our sale. Recently, I have been attempting to have our PMI removed as we have made significant improvements to the home and as-is regardless our market value far exceeds their cap qualifications to remove the PMI. Pennymac will not allow a regular appraisal to suffice as proof, they asked for a list of improvements and state not all of them qualify to count toward their dollar amount requirements. On top of this, they want to collect a $150 fee in which they will not take credit card payment or any other form of payment aside from direct pull from our bank account. The reason we are requesting to remove to begin with is due to financial hardship. we were originally told we were elibible to remove PMI after 2 years regardless of any of their new requirements. I spoke with our previous loan officer from another company and little to none of what Pennymac is asking of us in order to remove our PMI, is required by the other company as well as many other companies. Their processes are extreme and unfair to home owners especially those like us who have never had a missed or late payment, and have spent so much time and cash to increase the value. I have attached our original appraisal from our purchase 3 years ago along with a log of improvements we have made to the home.Business Response
Date: 10/09/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. K***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 Ms. K***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.Customer Answer
Date: 10/14/2024
Complaint: 22398202
I am rejecting this response because: Pennymac did not address our list of improvements that was sent to them in my request to remove our PMI. Also, they are basing our value ratio off of our purchase value and not our current market value. The value they are using is far from accurate. They will not accept a new appraisal or profession Comparative Market Analysis to suffice for the new value comparison and are not considering all of our improvements and the value added to the home since the purchase was made 3 years ago although they requested this list from us withing the PMI removal process. We have never missed a payment the last 3 years and should not be required to pay an additional $150 a month for PMI. Most other companies i have spoken with, auto drop PMI after 2 years.
Regards,
******* K***lBusiness Response
Date: 10/17/2024
Thank
you for the additional information, and for speaking with our Priority
Complaint Specialist on October 17,2024. 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.Customer Answer
Date: 10/17/2024
Complaint: 22398202
I am rejecting this response because: This matter has not yet been resolved as per my phone conversation with the specialist today, they will be re-reviewing our list of home improvements. I cannot accept this matter resolved at this time since their status for us has returned to pending, which seems odd seeming that they had already rejected our improvements at first point of contact.
Regards,
******* K***lInitial Complaint
Date:10/07/2024
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 didn't pay my MUD tax this year out of my escrow account. So now I have late fees and payments associated. I couldn't understand the customer service representative on the phone, and they said they'd deal with it in 14 business days... That's a month! What if there's more fees to be delivered.
Frustrated with their lack of attention to detail and my potential monetary loss from them handling my mortgage.Business Response
Date: 10/07/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. P*******' 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. P******* 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.Customer Answer
Date: 10/07/2024
Complaint: 22390429
I am rejecting this response because: I need my problem resolved. Let me know when it's completed, or I'm reached out to. Can't say you've resolved issue without any action
Regards,
******* P*******Business Response
Date: 10/08/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on October 8, 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.
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