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:08/30/2024
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 was seeking a deed in lieu of foreclosure for a VA loan after my mortgage was raised $200/mo. After trying to navigate the absolutely impossible phone system which never connects you to a real person I was able to get a call back through the message center. After 30 days of being told conflicting and incorrect information and never being provided with a direct POC, my claim was denied with no reason given. Now I am unable to call with the number provided, it automatically disconnects, and the message center is disabled saying I have to call the number that just hangs up on you. When I try the general customer service line no matter what I select it loops you back to the main menu in a purgatorial loop. This is an absolutely trash business that provides no customer service whatsoever. Furthermore I was repeatedly given incorrect information that I must be delinquent to file the paperwork I was requesting and my VA loan representative assured me that was absolutely not true and he cannot get anyone to make contact with him either. God help you if this is your mortgage company. I did manage to find a last minute buyer and I am just trying to figure out if I am responsible for the last mortgage payment with a closing date of September 9th. The website says if it is within the grace period before the 15th I don’t pay it but I would like confirmation to avoid delays.
Business Response
Date: 08/30/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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:08/23/2024
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.
PennyMac has subjected my fiancée and me to a living nightmare since May 2024. We are simply trying to add my future wife, Gloria Korlou, who resides with me, to our mortgage. PennyMac has treated us as second-class citizens. Their staff is sloppy, careless, and rude, with names changing every other week and our file constantly being shuffled internally with no communication between departments.
They take weeks to respond to us if they need anything else to finalize our "Assumption Loan," which should have been completed by now. Today, they called me in a panic, as if there was an emergency, wanting me to spend $1,000 to "formally" update a deed on the property for a week or two. Is this a joke? I am exhausted! How can a company like this still be in business? Even their official company Title Clearance Coordinator, Taylor Deblaker, from Townsgate Closing Services, told me, "I've never seen anything like this before."
My fiancée and I are being treated like garbage, our lives have been turned upside down, and now they are asking me to run a name off a deed that they misplaced, which will cost me $1,000 due to PennyMac's sloppy and careless work? We have dealt with a new representative every 3-4 weeks, each as clueless as the last.Business Response
Date: 08/23/2024
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 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: 08/23/2024
Complaint: 22183764
I am rejecting this response because I am writing to express my extreme disappointment with the service I have received from PannyMac regarding my Assumption loan application. Despite initiating this process in May 2024, I have encountered significant delays and frustrations. Now this response says "wait up to 15 more days to respond on why we continue to delay and not have proper people in place to their jobs?The representatives I have interacted with have been careless, disorganized, and have failed to follow through on their commitments in a timely manner. Furthermore, I have been consistently contacted to address urgent issues that they have created and make it my problem to fix in a hurry to avoid even further delay.
This level of service is completely unacceptable. I have never experienced such a negative interaction with a financial institution.
I am requesting immediate attention to this matter and a resolution to my loan application. I expect a prompt response and a clear timeline for completion.
Regards,
****** M*****Business Response
Date: 08/26/2024
Thank
you for the additional information, and for speaking with our Priority
Complaint Specialist on August 26, 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: 08/27/2024
Complaint: 22183764
I am rejecting this response because I have ZERO confidence in PennyMac. I’ve repeatedly been told, since May 2024, my file would be given the time and attention it deserves. 90 days later, still complete chaos and mismanagement.
Regards,
****** M*****Initial Complaint
Date:08/22/2024
Type:Status:ResolvedMore 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 services my mortgage. They escrow for various property taxes and pay those on my behalf. Through some kind of error, my main property tax account has been removed from the list of taxes they need to pay on my behalf. This has resulted in my taxes being delinquent. One part of my property is in one town, and the rest is in another town, so there are two towns that have to be paid property taxes. One of the taxes is about $1700 a quarter and the other is about $50. They now only list the lower one on my account. My escrow balance is around $5000, but they cannot seem to understand there is an issue - why would they withhold so much for just $2000 a year in insurance and $200 a year in taxes? I have even sent them the bill from the town. I need this escalated but I don't seem to have a method to escalate it. Also, I have a hard time believing that I am the only one this has happened to. I should add that they have been paying the ~$1700 a quarter for the entire time they have serviced my mortgage except for the last two quarters.
I have been messaging with them via their online message center since June, 2024. I have also spoken to them. The person I talked to, on 7/18/2024 saw what the problem was and was supposed to escalate it to be fixed. She was then to call me. She never did. Now two quarterly payments are delinquent.
Can the BBB assist in getting this escalated?
I am uploading the new property tax statement for the new year. I also uploaded the delinquency letter I received from the town.Business Response
Date: 08/22/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. 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 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: 08/30/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22182234, and find that this resolution is satisfactory to me.
Regards,
******** B*****Initial Complaint
Date:08/08/2024
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.
Mortgage went up $140/mo, but I couldn’t contact a PennyMac human being to help me after hours of horrible automated system babble. When I finally did, they claimed insurance was the cause, but my insurance company (USAA) stated clearly that that WASN’T the issue and that PennyMac was to blame.
I’m on a fixed income and such a hike in mortgage affects me, but no one seems to care or be able to help… just regurgitating that rates went up & that’s the way it is. Oh, then insultingly telling me I’m a valued customer. ??
Utter nonsense and the lack of human assistance as opposed to the phone ‘front line’ telling me, “Sorry.” is a reason I tell people not to go with PennyMac.
If I’m so damned valuable, somebody… some HUMAN… help me.
Eff PMBusiness Response
Date: 08/08/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. 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 Mr. G***** 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:08/07/2024
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.
Mortgage unnecessarily increased (did not pay attention to tax rate .87); due to illegal activity which is being investigatedBusiness Response
Date: 08/07/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. H*****' 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. 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.Initial Complaint
Date:08/05/2024
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.
Pennymac preys on their customers at their most vulnerable and reports information incorrectly to the credit reporting agencies. I never had an issue with then until a loan modification where vague and incorrect information was communicated on their part. They refuse to correct anything. Would never do business with them again.Business Response
Date: 08/05/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. M****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 Ms. M****y under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confiden***l 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: 08/05/2024
Complaint: 22089207
I am rejecting this response because:Reporting should be promptly corrected. Pennymac does not care about their obligation in accuracy and would address the issue if they did.
Regards,
*** M****yBusiness Response
Date: 08/06/2024
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 August 6, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Initial Complaint
Date:08/05/2024
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.
Have been in contact with Pennymac since April of this year trying to remove PMI from my mortgage due to an increase in the appraisal value of my home. The licensed appraiser I contracted with for a HELOC appraised the home at $310,000. Contacted Pennymac for removal of PMI, and Pennymac refused to use existing appraisal. Had to pay Pennymac to contract with their own appraiser, who significantly under-appraised the home by choosing the lowest comps in their appraisal. Contacted Pennymac multiple times through their messaging center, but there is no way to keep a record, and Pennymac does not accept email correspondence.
Phone records of calls to Pennymac customer service on 5/16, 6/26, and 7/12.Business Response
Date: 08/05/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. 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 Mr. C******* 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:07/30/2024
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 applying for a home equity loan through another company and was told the legal description on my mortgage was incorrect. I contacted Penny Mac back in May and here I am at the end of July and am still being told it could take time. I bet if I were getting a new loan through them the paperwork would have been done in a week. If mortgage rates were not so high I would leave them.Business Response
Date: 07/30/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. H******' 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 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:07/29/2024
Type:Status:ResolvedMore 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 filing this complaint because I have tried resolving my escrow account and property tax issue with PennyMac since December 2023 and have not received a satisfactory answer from them to this day.
On 12/01/2023, a tax payment was made to my county in the amount of $9,763.24. On 02/01/2024, an additional payment of $4,881.63 (correct amount) was made to my county for my property taxes, Total paid to my county for my 2023 property taxes was $14,644.87.
On 02/28/2024, I was reimbursed $4,172.76. Additionally, on 03/30/2024, I was reimbursed $5,223.32. The reimbursement on 03/30 was made from PennyMac with the expectation for them to reimburse themselves once the county reimbursed me the money's due. Total reimbursed to my escrow account was $9,396.08, which leaves $367.16 still owed to me.
I've made numerous phone calls and sent numerous emails trying to get resolution to this situation. I have also emailed numerous times asking for a supervisor to contact me so we can go over my escrow account and to this day a supervisor has not contacted me. I have received the runaround from them stating that I had a tax penalty of $341.69 because the tax payment wasn't remitted until 02/01/2024. I asked why I am being penalized for a late payment when they are responsible for paying my property taxes out of my escrow account. They apologized and said that the $341.69 would be absorbed by Penny Mac. I have also been asked for any documentation that states that I am still owed a refund, which I don't understand because all of the information I am getting is from their website on my account under the "loan activity" tab.
I am asking for a supervisor to contact me and go over my escrow account with me and explain why I am NOT owed the$367.16, and if I am owed that money, I am requesting that it be reimbursed to my escrow account. Either the county is wrong in regard to how much was to be reimbursed, or PennyMac is inputting incorrect information into my loan activity.Business Response
Date: 07/29/2024
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.Customer Answer
Date: 07/29/2024
Complaint: 22058876
I am rejecting this response because:
The 15 days has been told to me since December. I believe I have been very patient with their 15 day requirement. All I am asking is for supervisor to call me and explain how my calculations are wrong and if I am correct, reimburse me for the monies due.
Regards,
*********** S*****Business Response
Date: 07/30/2024
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 July 30, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Customer Answer
Date: 08/01/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22058876. I have spoken to a business representative and am awaiting the detailed explanation response.
Regards,
*********** S*****Initial Complaint
Date:07/26/2024
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 missed a payment and was told by pennymac about a forbearance program to help me get back in good standing. Instead of just owing 1 missed payment, I have 2 missed payment and all the payments made in the forbearance program is not reflected on my credit report . Resulting in me looking like I missed 120 days of payments, as a result my payment history has dropped alot and my score. I would not have agreed to the program if I new it would effect my credit as it has. I believe penny mac is unethical and their practices meed to be exposed and the company reviewed.Business Response
Date: 07/26/2024
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 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.
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