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.
- 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:07/24/2024
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 approximately May 2024 I received from Penny Mac notification that my mortgage had increased from $1400.00 to $1910.00, and since I was enrollled in autopay. this is the amount that was withdrawn from my account. I called Penny Mac, and was informed that since I purchased Hurricane Insurance, through my insurance courier Allstate, my insurance had increased significantly to the amount of $1910.00 monthly. Initially it went from $1400 monthly to $1610, now $1910.00. Allstate without my permission added hurricane insurance, and my mortgage went up. PennmMac is extremely difficult to reach. I feel that violated, I paid $1910 for June and July. I had to give Penny Mac $900.00 for escrow, if those . ALso Penny Mac is charging me an PMI of $38.00 which is fraud.
Business Response
Date: 07/24/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. L****'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. L**** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:07/22/2024
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 am writing urgently to address errors on my credit report resulting from the disclosure of my personal information to credit bureaus, which has caused significant financial and emotional distress.
Under 15 USC 1681 Section 602, I have the right to financial privacy and expect my information to be kept confidential.
Furthermore, according to 15 USC 1681 Section 604(a)(2), a consumer reporting agency cannot share account details without my explicit consent, which I have not given.
The discrepancies related to PENNYMAC have negatively affected my financial standing and require immediate correction.
It is also crucial to adhere to 15 USC 1666(b), which prohibits creditors from marking credit card payments as late under certain conditions.
For reference, my account details are:
Account Number: SSE*************
I request a thorough review of my account, prompt correction of the credit report errors, and strict compliance with federal laws regarding my information.
Failure to promptly address these issues may lead to legal action. I appreciate your immediate attention to this matter.
Sincerely,
Ashley R****Business Response
Date: 07/22/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. R****' 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 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:07/22/2024
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.
In reference to complaint 21859551, PennyMac claimed I cashed a 1012.81 tax refund check. I can not remember or have no record of cashing the check. Bank of America checked my account and have no records of me cashing a check nor do they want to release any info in order to protect Penny mac. Requesting Penny Mac to provided detailed proof of when and where this check was cashed. The signature on the check does not look like mines. Also, The check Check Summary have Dallas Texas on it. I never in my life been to Dallas. 5-1-23 I was in Chicago, Illinois working for Chicago Transit Authority.Business Response
Date: 07/22/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. J******'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. J****** 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:07/22/2024
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.
I am attempting to request the transfer of an FHA case number from PennyMac to my company. This is a standard procedure request of contacting and emailing the lender who currently holds the case number, providing the required information to process the transfer request within FHA Connection (online). I am being told that the only way to make this request is via post mail.
This makes for a tedious and time consuming process when it takes a few moments to do once the lender has the required information and is required to be transferred within 5 business days per FHA.
This is not for the same person, so I do not have the ability to contact the borrower that the case number is currently with from their organization - the alternative option that was given to me.
All other lenders I have worked with have completed all of this via email and provided confirmation of case number transfer via email. This is verified by pulling an updated case query to show what lender is in ownership of the case number.Business Response
Date: 07/22/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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.Customer Answer
Date: 08/01/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22016362, and find that this resolution is satisfactory to me.This matter was resolved and I was given appropriate contact information. The complaint is now resolved.
Regards,
********* S****Initial Complaint
Date:07/19/2024
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 husband passed away suddenly in January on the 7th of this year 2024. I immediately notified Penny Mac about it and they told me I would need a document showing that I was heir and bank statements from January to June showing that I have been paying the mortgage on time from an account with my name on it. During the last several months I have received several calls from people that work for pennymac and they all tell me different things that I need to assume the loan and have the house in my name. Today a lady called and says she can't take the January statement because my husband was alive for 6 days in January and she can't take the February be because she doesn't see the payment so now I need June July and August also. And they can't take my proof of heirship or the state comptroller information, and the insurance in my name that my insurance sent to them months ago isn't good enough, I need to get a copy and send it to them. They are making it impossible for me to get this loan in my name that is on my home and I am terrified of what they will ask me for in August when I get all of this additional documentation together and submitted. And they refuse to contact me in writing for any of this.Business Response
Date: 07/19/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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.Customer Answer
Date: 07/22/2024
Complaint: 22015212
I am rejecting this response because: it's not resolved. It just says my loan is in review.
Regards,
****** B*************Business Response
Date: 07/22/2024
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 22, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Initial Complaint
Date:07/19/2024
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 have been a Pennymac customer for over seven years - had my home loan with them since early 2017. For the entire length of my home loan I have been a paperless customer and received statements and payments online. Two weeks ago I received an email that my monthly mortgage statement was released on schedule and available in my account for viewing. However, it never appeared in my account. I contacted Pennymac twice over the past two weeks through their secure messaging portal regarding this problem - that I do not have access to my July statement. They did not respond. As of today, my online account has been deleted and their system is asking me to register to open a new online account. Because of this, during weekday business hours at 9am, I called their published phone number listed on their website and emails (###-###-####) and they have a recorded message that their phone system is down for maintenance and then disconnects. Last night Pennymac still took my autopayment but have removed access to my account and statements with no way to contact their company.Business Response
Date: 07/19/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. B******'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. B****** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Customer Answer
Date: 07/22/2024
Better Business Bureau:Pennymac has restored access to my online account and today (7/22/2024) uploaded my 7/7/2024 mortgage statement to my account. Pennymac displays the upload date of every statement as well and they backdated/falsified this to 7/11/2024 even though it was not uploaded until 11 days later. While this was frustrating to see, I will not keep this case open as they did resolve my original complaints of no access to my account, not responding to contact, and unable to view latest statement.
I have reviewed the response made by the business in reference to complaint ID 22013172, and find that this resolution is satisfactory to me.Initial Complaint
Date:07/18/2024
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I am writing to file a formal complaint concerning an iss** I have experienced with PennyMac and the management of my property tax payment for the year 2022. The property in q**stion is located at 5430 Strasburg Dr, Greensboro, NC 27407.
I purchased this property on June 7, 2022, without any mortgage obligations. At the time of closing, I paid the property tax in full as part of the closing costs. However, it has come to my attention that PennyMac, responsible for disbursing the tax payment, failed to transfer the funds to the tax department. As a result of this oversight, I was unawarely billed again for the same tax period and made a duplicate payment to cover what I believed was an outstanding tax obligation.
This error has not only caused financial strain but also considerable inconvenience, as I have had to allocate significant time and resources to resolve this iss**. Despite my efforts to contact PennyMac and rectify this mistake, there has been no satisfactory resolution or refund of the duplicate payment.
I am seeking the assistance of the BBB to mediate this situation and help facilitate the refund of the overpaid tax amount from PennyMac. I have attached all relevant documentation, including proof of the initial tax payment at closing and the subseq**nt duplicate payment.
Thank you for your attention to this matter. I look forward to your prompt response and assistance in resolving this iss**.
Sincerely,
X******* ***Business Response
Date: 07/18/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. X**'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. X** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
D** 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: 07/24/2024
Complaint: 22007655
I am rejecting this response because: I'm still waiting for their response and I haven't received anything from them yet. Hence I wanted to keep the case open until it's truly resolved.
Regards,
X******* ***Business Response
Date: 07/24/2024
A
response letter was mailed to you on July 23, 2024. If you have any q**stions or concerns related
to this letter, please contact our Priority Complaint Specialist V**** ********, at
###-###-####, extension 3****, Monday through Friday, 8:00 AM to 5:00 PM PT.Initial Complaint
Date:07/17/2024
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.
I have a Loss Claim 11****8 on loan 80*******9. Last year PennyMac's 3rd party claims department was sending letters (estimated 8 of them) with the wrong info on them. Finally Lori Anderson (Priority Complaint Specialist) put the actual terms in writing and dated it 07/28/23. Now that all the repairs have been completed, the 3rd party claims department doesn't want to pay out the interest due and tells me to contact PennyMac's customer service but customer service just transfers me to the 3rd party claims department. Between last year and this year, I have over 50 calls in and an estimated 70 hours on the phone with no resolution. I have not been able to reach Lori Anderson at extension 34549. Please have a upper level (director or VP) PennyMac employee please call me back at ###-###-#### so we can resolve and make corporate changes so other customers can avoid this in the future.Business Response
Date: 07/17/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. B*****'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. B***** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:07/16/2024
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.
PennyMac fraudulently claims my mortgage payment is 2 months late. I pay monthly, on time, over the amount that is due. Directly from my bank to their company. I have two years of proof from my bank. I am exhausted at their relentless LIES and attempting to destroy my once perfect credit.Business Response
Date: 07/17/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to 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 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:07/16/2024
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.
There was a catastrophe done to my property. My insurance company processed funds to repair my property. Due to the amount of the claim, PENNYMAC, the mortgage servicer, is an endorser on the check. PennyMac is denying to release funds to repair the property which is causing significant additional damage to the property. I have been going back and forth with the company of over a month. I have asked to speak with corporate and haven’t received a call back from any management team to date. Today is 7/16/24 and this claim has been in since 6/14/24.
I am requesting executive management to give me call asap to rectify this issue and release funds to repair my property.Business Response
Date: 07/17/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. M**********'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Ms. M********** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.
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