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Business Profile

Mortgage Lenders

PENNYMAC
BBB accredited business seal
BBB Accredited BusinessA+Rated by BBB

Complaints

This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see

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PENNYMAC has 17 locations, listed below.

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    Customer Complaints Summary

    • 680 total complaints in the last 3 years.
    • 218 complaints closed in the last 12 months.

    If you've experienced an issue

    Submit a Complaint

    The 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.

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    Complaint status

    Complaint type

    • Initial Complaint

      Date:10/07/2024

      Type:Billing Issues
      Status:
      Answered
      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 enrolled for the Bi-weekly deduction verbally over the phone (which is the only manner to change payment options) and the funds of payment were applied to the escrow account instead of a standard payment application. As a consumer you cannot change the allocation of funds. Because of this my automated payment was not applied correctly.. It was an error made by PennyMac and I have spent 3 hours on the phone attempting to remedy this. You have to be paid ahead by 1 month to enroll in the bi-weekly payment plan so it's not possible to be behind on a payment, yet PennyMac miss appropriated my funds and has charged me late fees in response to their error. A late fee was applied to my payment and was not removed. I have repeatedly spoke and attempted and requested to have the late fee waived due to the fact that it was an error on PennyMacs side. They will not remove it and I have been charged and I have paid the late fee even though I am not liable.

      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. 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.

    • Initial Complaint

      Date:10/03/2024

      Type:Product Issues
      Status:
      Answered
      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 sold my rental property on 08/15/2024 and I was told that my escrow refund will take up to 20 days. I called them after 20 days and they told me the check is in the mail so call back in a weeks' time. I have been calling every week and I was told the same thing up till now I have not received my refund of $10000. I think big companies will always have a deadline as to when you have to pay them but consumers do not. I think is a deliberate effort to withhold peoples fund and make money off the interest rates they a currently getting. I would want an independent body to investigate these practices by big companies and the same way they want their payment on time they have to abide by their own policies to pay us on time. After all the delays and frustration, I have sign up to electronic refund and they say It will take up to 8 days for them to cancel the check and up to 3 business days to transfer. They are deliberately delaying the process for their own benefit and think this is unfortunate. Today is 10/02/2024 and I hope they deliver on their promise.

      Business Response

      Date: 10/03/2024

      Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
      the opportunity to review and respond to Mr. A****'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. A**** 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: 10/03/2024



      Complaint: 22375236



      I am rejecting this response because:



      Regards,



      ****** A****


























































    • Initial Complaint

      Date:09/30/2024

      Type:Billing Issues
      Status:
      Answered
      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 contacting you to dispute a fraudulent account on my credit report. This account was unlawfully opened due to identity theft, which I have reported to both the authorities and IdentityTheft.gov.

      The false account in question is:

      Creditor: PENNYMAC LOAN SERVICES
      Opened Date: 3/14/2016
      Account Number: SSE001XXXXXXXXXX
      This account is fraudulent and should never have appeared on my credit report. I demand an immediate investigation into this matter and expect its removal to restore the accuracy of my credit file.

      Business Response

      Date: 09/30/2024

      Thank you for bringing this matter to our attention and allowing
      PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
      respond to Mr. 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 Mr. T**** 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:09/30/2024

      Type:Billing Issues
      Status:
      Answered
      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 up to date in full, now Pennymac is trying to say I owe additional money when I do not. I paid exactly what I was told to pay each time I spoke with a representative, and what my mortgage app reflected I owed. I refuse to pay them one cent more than what I have already paid to them, as I DO NOT owe them any more money.

      Business Response

      Date: 09/30/2024

      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***'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*** 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:09/25/2024

      Type:Billing Issues
      Status:
      Answered
      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.
      This is being reported as late and the dept "Is Paid in Full". email sent from PennyMac stating "Hi R*******,

      Congratulations, your loan ending in 9852 is paid in full. We couldn’t be happier that you chose to remain part of the Pennymac family. Look for your new loan information in your Pennymac account soon." dated 5/22/2024.

      Business Response

      Date: 09/25/2024

      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 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:09/25/2024

      Type:Billing Issues
      Status:
      Answered
      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.
      Purchased a property and confirmed with the lending bank several times that the property does not require flood insurance. Weeks later before the first payment is due, the new owner of the mortgage sent a letter stating flood insurance is required. Talking with phone rep, they say FEMA sent them notice that my property is now in the flood zone and flood insurance is required. However, they will not share that notice they claim is form the government about my property. They say it is against their company policies and that I should reach out to FEMA. I never received any such notice form FEMA so without the letter I have no basis to reach out to FEMA. Telling brand new customers they must purchase very very expensive flood insurance without any sort of back-up or proof is a horrible business practice and should be corrected. As a customer I have no way to know if any of what they are telling me is correct because they will not mail any of the proof.

      Business Response

      Date: 09/25/2024

      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.

    • Initial Complaint

      Date:09/24/2024

      Type:Billing Issues
      Status:
      Answered
      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 was told I would not have to make a payment until November no one told me to stop the payment I was promised a refund last week and would receive it it 3 days now today they are telling me I ant get the refund I was lied to get the contract and now I'm in trouble

      Business Response

      Date: 09/24/2024

      Thank you for bringing this matter to our attention and allowing
      PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
      respond to Mr. 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. 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:09/23/2024

      Type:Billing Issues
      Status:
      Answered
      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 had a flood happen on January 20th. It is now September and Penny Mac refuses to release funds, so repairs may start despite the fact of them receiving all required documentation. I have been paying mortgage on a house I cannot live in and very soon I will have to pay rent and mortgage, which I cannot afford. I am Veteran with a family of five and I think it’s pretty sorry this Company would allow this to happen.

      Business Response

      Date: 09/23/2024

      Thank you for bringing this matter to our attention and allowing
      PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
      respond to 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 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:09/23/2024

      Type:Billing Issues
      Status:
      Answered
      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’m in the process of selling my house with a short sale through the bank PennyMac. I have had two buyers back out now due to PennyMac not responding to emails or responding back to anyone. My realtor has contacted them several times and has not heard back from anyone. The first buyer was a cash offer and he backed out due to the bank not responding and than when they did respond they always said something needed changed. The new buyer we sent the contract to PennyMac to get approved on 9-16-24 and it’s now 9-23-24 and we have not heard back and the buyer backed out due to no response.

      Business Response

      Date: 09/23/2024

      Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
      the opportunity to review and respond to Ms. 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 Ms. R*** 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:09/20/2024

      Type:Billing Issues
      Status:
      Answered
      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.
      They refused to endorse insurance checks for contractors that did the work to repair hail damage until we had the bank break their own policy and procedures and endorse them. They were to call for a virtual inspection, after waiting I called to be told it was canceled, without them informing me. They said they were missing some money, which should have been told when the inspection appointment was made. Insurance mailed the check on Tuesday, but we have not received it yet to sign and send to them. I have contractors that want their money and I need them to make checks out so I can pay them.

      Business Response

      Date: 09/20/2024

      Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
      the opportunity to review and respond to Mr. 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. R***** 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.

    PENNYMAC is BBB Accredited.

    BBB accredited business seal

    This business has committed to upholding the BBB Standards for Trust.

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