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:07/16/2024
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.
May 13, 2024 I applied for refinance loan for cash out option on my 3 acres and singlewide home with PennyMac mortgage. I paid an appraisal fee of $650.00. They assured me all was well. Turns out over a month later they inform me they don't finance singlewide manufacture homes. My credit score has tanked 100 points!! Who will finance mr now. Who do I complain to? How does this get corrected?
Business Response
Date: 07/16/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. F****'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Ms. F**** 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:07/15/2024
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 is my mortgage holder. My taxes and homeowners insurance as well as hurricane insurance is paid through my escrow account by them. On July 2,2024 my insurance agent informed me that pennymac had sent my hurricane insurance payment to a "commercial" account instead of the correct address printed on the invoice sent to them. I was informed that my agent was unable to resolve the issue with them and was advised to call them myself. After several hours and several attempts even including a 3 way conversation between my agent and pennymac,the situation was not resolved. I had to pay out of my pocket $801 to retain my hurricane insurance status and "hope" to get my money refunded in 6 weeks! My escrow account was set up per the terms of my mortgage to alleviate this issue. I have never been treated like this from any company. Unbelievable.Business Response
Date: 07/15/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. D****' 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. 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: 07/16/2024
Complaint: 21986593
I am rejecting this response because:
Regards,
****** D****Business Response
Date: 07/18/2024
Thank you for the additional
information. Please be assured you will receive a formal response
addressing each of your concerns. Due to privacy reasons, we will refrain
from posting any personal information to the BBB Site. This response will
be sent to you under a separate cover within 15 calendar days.
Additionally, a Priority Complaint Specialist attempted to reach you by phone
on July 17, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Customer Answer
Date: 07/18/2024
Complaint: 21986593
I am rejecting this response because:
Regards,
****** D****Initial Complaint
Date:07/11/2024
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.
I started a refinance on existing loan with back in February 2024 with a loan officer at Pennymac. A hard credit run was obtained and initial loan disclosures were provided on the portal. After numerous attempts to contact the loan officer on next steps, he failed to respond. My credit score was affected during this hard run and it is a complete violation of the fair credit reporting act.Business Response
Date: 07/11/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. 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:07/09/2024
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.
Recently I saw a late payment on my credit report from PENNYMAC LOAN SERVICES INC that I do not recognize. According to the FCRA transactions such as payments are not supposed to show on a consumer credit report. I know that this is a billing error and I just would like for it to be corrected.
I demand this be updated to paid as agreed on all 3 credit reporting agencies.Business Response
Date: 07/09/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 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:07/03/2024
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.
Apparently the mortgage company missed the adjustment in taxes so they are back collecting and then want one month extra. So in one year it should go down, it just didn’t. It’s really hurting us and our neighbors. Some of our neighbors have had to borrow money just to afford the taxes. Our original payment was $1,985.56 and now it is $2,861.19. Over the next year, PennyMac expects to pay $7,930.53 from our escrow account. Our new monthly escrow
payment is $660.87.
Escrow Item Description Annual Amount Monthly Amount
County Tax: $5,084.21
Hazard Ins: $1,054.00
Mortgage Insurance: $1,792.32
Total Payments from Escrow: $7,930.53 ÷ 12 = $660.87
It is not our fault that our mortgage wasn't paying the escrow as agreed upon in our mortgage agreement. But now we and our neighbors have to pay almost twice the original mortgage agreement. We need this resolved as soon as possible.Business Response
Date: 07/03/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 Ms. 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.Customer Answer
Date: 07/05/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 21936825, and find that this resolution is satisfactory to me.
Regards,
****** H****Initial Complaint
Date:07/03/2024
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 mortgage was changed over five hundred dollars more a month I wasn’t notified why until I saw the changes in the app I spoke to several customer service I was told different reasons I have homestead 50 thousand coverage No HOA I’m on a 30 year fixed rate threw the FHA first time home buyer I was told they paid taxes for me and I have to pay them back I told them I had Homestead coverage 50 thousand another customer told me someone put zero taxes and I had to pay back for there mistake I should’ve been notified right away not waiting months later this is wrong can someone please help me to resolve this mater I have to pay for there customer service mistakeBusiness Response
Date: 07/03/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. *****'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. ***** 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:07/03/2024
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 had a storm on May 12, 2022. WIth the damage to the homes in the surrounding counties and COVID issues, materials and jobs were delayed/back logged. I have been in contact with Pennymac to let them know status. I requested in writting the amount of money they have, but they refused. They have sent me letters they are starting foreclosure process (I have not missed one payment). I have sumbitted required paperwork (they said iI did not have a claim started but then foud it, said they had no paperwork, the they found them and then said I never called but I have dates and times of many calls to them) and had to call 3 times to get an inspector (2 months). Now they say there is missing paperwork again. They are refusing to pay the money from State Farm that needs to go to contactor for servies rendered as of May 10, 2024. The repairs have been approved by State Farm and Pennymac inspector. After tonight's phone call again requesting State Farm money (I am getting a 10% late fee for everyday past 30 on invoice), they again refused to send my contractor or myself (homeowner) the money.
I am not sure what to do to get the money back from Pennymac and all I have is the certiiced letter from USPS that they have the checks from State Farm.
I feel this is harrassment! I have askd why they are threatening me for months to forelose and what grounds for foreclousre. I am not getting anywhere with a straight answer.Business Response
Date: 07/03/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 Ms. P**** under separate cover within 15 c****dar
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: 07/12/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 21935080, and find that this resolution is satisfactory to me.I just received the outstanding balance that Pennymac was holding. This has been resolved.
Regards,
******* P****Initial Complaint
Date:07/02/2024
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.
After completion of an APPROVED "loan modification" I completed my May and June, 2024 regular mortgage payments ON TIME to PennyMac, LLC. Upon checking my credit report, I found that PennyMac, LLC is persisting to report my payments as "LATE." I also, called one of the Credit reporting agencies, and the representative told me that the mortgage "servicer" PennyMac, LLC has reported my May, 2024 payment "late" and has not updated my June, 2024 payment. PennyMac is ERRONEOUSLY reporting my mortgage payments and this amounts TO MALFEASANCE and an intentional tort against myself! I need PennyMac, LLC to accurately report my ON TIME payments to the credit reporting agencies ASAP! I have uploaded the evidence of the May and June, 2024 ON TIME payments.Business Response
Date: 07/02/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. V****'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. V**** 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: 07/09/2024
Complaint: 21932190
I am rejecting this response because:I checked my credit score/report as recently as of today, July 9, 2024, and my May, 2024 mortgage payment is still displayed as "late," with a RED X, which PennyMac reported to the Credit Bureaus. I am NOT satisfied and this needs to be updated as soon as possible. If they "strive to provide excellent customer service" then this would not be still on my credit, resulting in a NEGATIVE impact on me, their customer.
Regards,
****** V****Business Response
Date: 07/09/2024
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 9, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Customer Answer
Date: 07/10/2024
Complaint: 21932190
I am rejecting this response because:The representative from your company, voice was not audible on the message, so I attempted to call on 7/10/24, using the voicemail callback feature and was unable to reach anyone. Additionally, the issue with your response is that PennyMac, LLC is stating it will take 15 days to respond to the matter. This is presenting a NEGATIVE impact on me, the customer, right now. I've been requesting attention to this same matter for several weeks, hence the filing of this complaint.
Regards,
****** V****Initial Complaint
Date:07/01/2024
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 June 27,2024 I was told that I would be closing on my home on 07/01/2024. I have been contacting the assumptions department all day because they failed to send the paperwork to the closing attorney on Friday like she asked them to. I have been talked to crazy and told that I signed up for this by one of their customer service representatives. I just want my documents sent so I can be done with this companyBusiness Response
Date: 07/02/2024
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.Initial Complaint
Date:07/01/2024
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 reversed my payment twice this month (June 2024) stating that my banking institution returned unpaid. Navy Federal has confirmed twice that the funds were in fact sent in full and paid to them both times, the second payment included late fees and returned fees. This is absolutely ridiculous and they are not helping to resolve this matter. July payment is nearly due and I am concerned to pay and incur fees again. They have not offered to waive these fees which we are being charged due to their errors. Navy Federal has confirmed sufficient funds were sent and deducted from my account. Very unhappy as a veteran with PENNYMAC!Business Response
Date: 07/01/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. M****'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. M**** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.
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