Complaints
This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 679 total complaints in the last 3 years.
- 218 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:09/20/2024
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 was in control of me selling my home. The buyers assumed my loan. We made our insurance payment mid sale as to avoid any late penalties if the sale fell through. My insurance payment was supposed to go to our geico insurance but someone switched the insurance prematurely to the new owners name and payment was sent to their insurance. We have been trying to have PennyMac make correct this mistake for weeks now and they are avoiding our calls.
We have been in contact with Gene at Pennymac before she Bagan to ignore us.
We made our insurance payment on 7/30/24.
Our home closed on 8/23/24.
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 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 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:09/20/2024
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 mortgage company has, on 3 separate occasions, "distributed" monthly mortgage payments, made on time, to "principal only" which in turn makes it seem that payments are not being made. The first 2 times occurred between 2021 and 2022 and because I noticed the error, I was able to contact the company and request the a reversal, to which they complied. The agent was unable to provide me with a reasonable explanation as to why my direct deposit payments were being used to pay "principle only."
On the most recent occasion, I was contacted by a PennyMac agent (J****) who stated I was behind one month on my mortgage payments. At no time, did J**** state it was due to one of my payments again being sent to "principle only." instead, J**** stated I needed to make an additional payment (doubling my monthly mortgage payment) to make my account current. J**** continued to argue and blame me for not logging into my online mortgage account to ensure it was properly distributed. I explained there should be no reason to double check how the money is being distributed when my automatic payments are set to pay for "principle and Interest." J**** was again unable to explain how or why the payment was sent to, "principle only." I requested the payment be reversed to go to "principle and interest" in order to bring my account current, at which time she informed me that due to company policy regarding the timeframe of when the error occurred, she was unable to make any corrections.
These continued mistakes are causing extreme financial hardship, as now I have to make twice my monthly payment ($8000), not including late fees, to make my account current. PennyMac has lost all of my trust and I now believe these repeated "errors" are intentionally being made in order for customers to unknowingly fall behind on payments, to then force them into payment plans with high interest rates, or to default and foreclose on their home.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 Ms. M*******s concerns.
P****Mac 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 days.
P****Mac 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:09/19/2024
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.
My monthly mortgage payment went up $120 and an email stated it was due to not enough in the escrow account to pay taxes and insurance. I had received a notice from the county clerk saying property taxes had not been paid yet and looks like they did get paid at the last minute. I tried contacting them to make sure there was no problem, but could not get a hold of them by internet or phone. I have always been unable to contact anyone at PennyMac. Their website does not work. When I click on make payment or to contact them, I get the loading icon till it times out and I get no where. I tried calling and went through all the automated stuff and there was no option to speak with anyone and it hung up on me. Worst customer service ever. If you have questions or need assistance with account, you are out of luck. I just want to tell them to fix their website and maybe allow people to call customer service and get an actual person. Frustrating when you can't even contact your mortgage lender.Business Response
Date: 09/19/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms.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.Initial Complaint
Date:09/16/2024
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.
My mother, A***** *******, purchased a house in Apr 2023 for herself, me (her only child), and my children. We were taking care of her because she could no longer care for herself. My grandfather, James B******, co-signed on the house. Unfortunately, we didn't do the paperwork for me to get the house before she passed away in August 2023. After she passed away, my grandfather and I agreed to do a deed transfer with a real estate attorney and shortly after I would get the mortgage in my name. With this information I continued to make timely mortgage payments, and improvements to the house. In Feb 2024, I got a call from his lawyer demanding I pay off the mortgage in full or the house is going to be sold or left to my aunt and uncle. Then, he sent a real estate agent to list the property and served me with a 60 day notice to evict me and my children. I would like the return of my mortgage payments from Aug 2023 - Mar 2024 totaling ($15,820). PennyMac already issued a return for Apr 2024 payment which I disputed through one of my banks. Can BBB help me recover the remaining mortgage payments?
Other information -
My mother used money from a savings account which my daughter and I were beneficiaries on for closing costs, because she thought the house would be turned over to me.
I don't feel like I should be out everything (not have my mother anymore, not have the house she wanted me and her grandchildren to have, and not have the money she left me or the money I used from my employment, because I was tricked into making mortgage payments.Business Response
Date: 09/16/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 Ms. 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:09/11/2024
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.
Hello, on 8/22/2024 I submitted via a wire transfer from my bank to pennymac an amount of $10250 for them to recast my loan to lower my payment. It was never done. They claim they sent me a docusign to my email that never came. I have requested it be resent and nothing. I have been on the phone with customer service getting nowhere as usual. I spoke with A****.Business Response
Date: 09/11/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. H*****'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. H***** 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: 09/11/2024
Complaint: 22272381
I am rejecting this response because: You did not resolve this matter.
Regards,
****** H*****
###-###-####Business Response
Date: 09/12/2024
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 September 12, 2024, but was
unsuccessful. We encourage you to make contact to further discuss, at your
earliest convenience, at ###-###-####, extension 28249,
Monday through Friday, 8:00 AM to 5:00 PM PT.Customer Answer
Date: 09/16/2024
Complaint: 22272381
I am rejecting this response because: No resolution in place.
Regards,
****** H*****Initial Complaint
Date:09/11/2024
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.
currently dealing with storm damage on home. Damage to roof has been fixed at 100%. mortgage company will not release funds to contractor after inspection of 100% repaired. I have talked to over 15 people at PennyMac regarding the damages and supplying them with any and all documents since July 25 2024 to present with no resolution. Asked and asked and spoke to around 8 supervisors that conferenced call my back regarding a legal binding copy of a check that they received on July 25 2024 and august 15 2024 with no resolution. Contractor still has not been paid also case has been submitted 2x for a review from corporate and was denied of the review. No one has offered a expedited resolution on the matter and will not allow contractor paid after service has been rendered and completed at 100% after PennyMac had roof inspected.
All documents uploaded pertain to the extent of the damage that PennyMac has not paid for or drafted any payments to any contractors.Business Response
Date: 09/11/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. 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 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:09/10/2024
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.
Can never get anything resolved.They sent customer service overseas and the people do not understand english.
No one can ever answer a question because they do not understand what you are talking about.
I have tried on several occasion to speak to someone else but they will not let you.
This was at one time a great company to deal with but now it is AWFUL AWFUL AWFUL.You can never talk to someone who can answer you. What are our options, NONE.they do not care.
All I want is someone to tell me why my payment goes up when i pay every shortage in full every year.
I would never use this company again. I would pay twice the current so as not to use them again!Business Response
Date: 09/10/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. D*****'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. D***** 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: 09/12/2024
Complaint: 22265764
I am rejecting this response because:
Regards,
******* D*****
I will not get an answer for 15 days. I do not know how they will address my issue so I can not say it is resolved.I will answer better when I hear how they will fix my complaint, Thank you for your assistence
******* T D*****
Business Response
Date: 09/13/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on September 13, 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:09/09/2024
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.
We were conducting a VA assumption loan for a home purchase in Florida. The penny mac employee neglected to do their jump on multiple occasions spanning a 2 month period. We finally contacted a different department to try and get some help. We were able to close late, after multiple issues. This willful negligence forced us to stay in a hotel for an extra two weeks and pay a last minute 15000$ increase due to their incompetence. This employee should not be working at the company nor dealing with mortgages or customer service.
We have multiple emails documenting the lack of work done and trying to resolve the incompetence . Only two attachedBusiness Response
Date: 09/09/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. P*****'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. P***** 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:09/06/2024
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 uploaded my insurance claim check to PennyMac Insurance Claim website on 7/18/2023 for a mobile deposit with a total of 14340.94, but didnt receive the deposit to my bank account as of today (8/29/2024), and i would like to get the money correctlyb deposit in my account. They have closed the claim on their end so i cannot find any snapshot, but the case number is 11512081Business Response
Date: 09/06/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. Z****'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. Z**** 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:09/05/2024
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.
On 2/27/24, Pennymac sent my insurance company my home insurance due, $2,662.50 to Standard Insurance. This was correct, the amount and the correct insurance co.
But on 3/15/24 PennyMac debited my escrow again for $2,662.50 to Zurich Insurance, in error. I have no affiliation with, nor have I ever, so there is no policy # to reference when contacting Zurich because I've never had an account with them. I realized what happened late March, early April and brought it to PM's attention. I have made numerous calls since realizing Pennymac's mistake and they still have not returned they money they stole from me. It was their error. Pennymac owes me the money. Zurich has been contacted by Pennymac but they have not been helpful. Pennymac supposedly escalated the issue but I have been getting the run around and told day after day for weeks that it is being looked into.Business Response
Date: 09/05/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. G*****'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. G***** 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: 09/05/2024
Complaint: 22246555
I am rejecting this response because: 15 calendar days is too long given the fact that I have been patient for the past 6 months to have my money returned to me. My escrow money was taken from my account and sent to a company that I have never had an affiliation with. Rather than return my money in a timely manner, all I get from this company is wait, wait wait. I have waited long enough. My money needs to be returned to my escrow immediately, not in another 15 business days!!! It was PennyMac’s mistake and they will not own up to it. PennyMac is making it sound like they will return my money when Zurich returns it to them. Getting the money back from Zurich is not my problem, it is PennyMac’s problem. At the end of the day PennyMac stole $2,660 from my escrow and will not return it after 6 months of calls to their customer service and even an escalated ticket and still nothing!!!!!
Regards,
***** G*****Business Response
Date: 09/06/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on September 6, 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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