Business Profile

Mortgage Lenders

PENNYMAC

Complaints

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

Customer Complaints Summary

682 total complaints in the last 3 years.
221 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

Initial Complaint
Date:07/01/2024
Type:Billing Issues
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 called our mortgage company to look into our options for refinancing our current mortgage loan. I am not a signer on our mortgage. PennyMac informed my spouse that any credit pulls would be a soft pull. I recent a notification on my credit report that a hard pull was completed. I was not present during the phone conversation with pennymac. I did not give authorization to pull my credit and the pull explained to my husband was not a soft pull.
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 Ms. 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 Ms. 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:06/28/2024
Type:Service or Repair Issues
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 not been able to log into my pennymac account to review my 2021 1098 to complete my 2021 taxes. This issue has ruined my ability to solve tax fraud on my return by my, now, ex wife in the amount of $17,000. It is causing problems with my work involving my clearance and background investigation due to not finishing the tax return. I have asked them to send it to me by mail which they have not done after saying they would. They have refused to email it to me and won't disclose the information so I can just copy it down over the phone. The issue has gone on for over 3 years now. No matter how many dozen of times I call, it is never fixed. This should be a simple matter to solve but nothing is ever accomplished.
Business Response
Date: 06/28/2024
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.
Customer Answer
Date: 07/03/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 21915226, and find that this resolution is satisfactory to me. I hope that next time a simple phone call will solve any issues but I appreciate the quick response from Pennymac solve this problem.

Regards,

***** M*****
Initial Complaint
Date:06/25/2024
Type:Customer Service Issues
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 spoke with a loan officer at PennyMac last night regarding a home equity loan. I was assured my information would not be shared or sold. As soon as my credit was run I started receiving texts and phone calls from additional lending entities. It has been constant ever since and I am furious that I was directly lied to by my own loan services and that my information was given out.
Business Response
Date: 06/25/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. 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.
Customer Answer
Date: 06/25/2024

Complaint: 21898653

I am rejecting this response because:
I have had my phone ring no less than 35 times today alone. I am also receive text messages regarding loan programs. When I have asked these solicitors where they got their information they have told me it was from PennyMac. I would like a call with someone in a position to fix this situation. ###-###-####.

Regards,

**** C*******

Business Response
Date: 07/01/2024
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. The response will be sent to you
under a separate cover within 15 calendar days.
Initial Complaint
Date:06/24/2024
Type:Billing Issues
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.
D**** ****, one of the loan agents was working with me. He worked with me for a month, sent me all of the documents for me to sign for my home refinance which I completed. Uploaded all of my documents for him as well. He ran my wife and my credit. He then messaged me back 2 weeks later after ghosting me for the entire time and not responding to calls or texts. Then he messaged me back around June 10th and told me that our profile got locked by his company and had to get it unlocked. On June 14th he told me it was now unlocked and he would be contacting me Monday June 17th. From that point he has not responded to me at all. He has not returned calls or texts from me. Now I have a pull on my credit and he isn't giving me any information about how to move forward
Business Response
Date: 06/24/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. M*******' 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.
Initial Complaint
Date:06/24/2024
Type:Billing Issues
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.
NCDOT is paying me $52,800.00 for a portion of my front yard - eminent domain. Jason Bloch, my Sr Acquisition and relocation agent (###-###-####) sent the partial release form to PennyMac to sign. C****** *****, MERS & lien Release has been handling this case. After reviewing the request for 4 months, PennyMac is requesting that I overnight them $20,067.86 BEFORE they will sign the release. They will not return my calls or emails. They are not returning the relocation agent's either. When I spoke to a customer service rep,, he agreed that it looks like PennyMac is trying to force me to refinance or take out an equity loan because my interest rate is 4.625%. My house is worth over 200,000.00. I owe PennyMac $79,400. My credit score is excellent (over 800) and I pay in full and on time.
Business Response
Date: 06/24/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to 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.
Customer Answer
Date: 06/24/2024
I will not know if I can accept their response until I receive it. I would like to leave this open until I receive the letter.
Initial Complaint
Date:06/20/2024
Type:Billing Issues
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.
Started a Loan Assumption due to a divorce. I was awarded our house. I was trying to remove my ex wife’s name off the mortgage. Through the process and requirements of the assumption, multiple of the same requirements were requested over and over again. The process took so long they had to pull my credit multiple times and with each pull other creditors and lenders would solicited my number and call hundreds of times in a few day period. It was by far the worst experience I have had in the industry. All to have it withdrawn because of a frustrated email I sent stating I had no other information to give. I was given no other option on how to proc*** without the info I was unable to provide. The info they were requesting I did not have and that was 2023 taxes because I file extensions every year. I provided countless documents when asked in multiple ways. And on top of it, they released this information or informed my ex that the assumption has been withdrawn and it is a court order for me to get this completed. They also have the full divorce decree as well. There has been privacy issues involved and lack of customers service and professionalism on PennyMac’s behalf.
Business Response
Date: 06/20/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. W***'s concerns.

PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. W*** under separate cover within 15 calendar
days.

PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.
Customer Answer
Date: 06/20/2024

Complaint: 21875794

I am rejecting this response because: I do not have 15 days to wait for a letter from you. This Loan Assumption was started last Oct. of 2023.

Regards,

***** W***

Business Response
Date: 06/25/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on June 25, 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: 07/03/2024
The previous response options did not allow me to select the appropriate options per the case.
Initial Complaint
Date:06/20/2024
Type:Billing Issues
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 you regarding my mortgage account. I have had two mortgages with Penny Mac and I am being punished for having to split my payments up. I am going through a divorce and paying for my child's college tuition. I can't take my entire check and pay my mortgage, therefore, I split up payments. Today, I received a call saying my payment was late. I made June's payment on May 27 and June 7th. I saw the payments were in the suspense account hen I logged in last week. Normally, once the payments equal to my mortgage amount it would be moved from the suspense account to the payment account. Lately, that isn't the case. I am frustrated and need assistance.

I am asking to have my late fee removed for the month of June 2024 and honor the suspense account payment agreement. I was told the funds in the account will automatically transfer once the full payment is received. I do recall this occurring in the past, but as of lately, the company says, I must call in to have them removed from the suspense account. The company automatically move the funds into the escrow account then change a late fee. This is unethical practice. if you can move the funds into escrow without my consent (calling in), why cant you move the funds into the payment account without cause.

I pay over my mortgage amount those funds should go to principle, as well.
Business Response
Date: 06/20/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. O*****'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. O***** 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:06/17/2024
Type:Billing Issues
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 unable to log into my mortgage account via their app or online site. I verified my log in and passw***, but for past 2 months have been unable to see my own information or online bill. The phone representatives are unable to help with log in or passw***s.
Business Response
Date: 06/17/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 Ms. 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.
Customer Answer
Date: 06/17/2024

Complaint: 21857406

I am rejecting this response because: A letter of explanation to be sent in 15 days does not resolve the issue that I cannot access my home loan account now. How do i know if my mortgage or escrow monthly bill has changed? I shouldnt have to wait 15 days for a letter. I need access to my account

Regards,

***** L***

Business Response
Date: 06/18/2024
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 June 18, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.
Customer Answer
Date: 06/18/2024

Complaint: 21857406

I am rejecting this response because: i did receive a call and voicemessage from Angel, but i was working and unable to answer. I attempted to call back, but I also had to leave a message and we were not able to connect to resolve the issue that i cannot access my account online or via the app. I would like help with accessing my online account for my mortgage.

Regards,

***** L***
Initial Complaint
Date:06/17/2024
Type:Billing Issues
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 in the process of closing out my 3rd loan with Pennymac home loans. I refinanced my home with another company as of April 26th of this year. I called on June 2nd and asked when I should expect my check and was told 5-10 business days from the day the reviewed the account on May 17th. When I ended the call, I was told to expect the check any day. June 12th, I had still not received my check so I called back and was told that “the check had been sent” BUT since I did not receive it they would overnight it. I have been on the phone with them 3 times today and was just told they STILL have not sent my check. At this point, I feel like they are trying to keep my money.
Business Response
Date: 06/17/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 Ms. 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.
Customer Answer
Date: 06/20/2024

Complaint: 21852980

I am rejecting this response because: I still have not received the check. I was told on Monday that the check would be here on Tuesday. I was told on Tuesday that the check would be here on Wednesday. It’s Wednesday and it shows that the check is delayed which means they did not overnight the check. We are 53 days into this 33 of which they are breaking the law for. This is absolutely ridiculous. They do this to people all the time. Check your complaints. Check Facebook this company holds peoples escrow money over and over and over again something needs to be done.

Regards,

****** L***

Business Response
Date: 06/24/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on June 17, 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:06/13/2024
Type:Billing Issues
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 held my mortgage that was assumed by a buyer of our home. Once the assumption was approved they refused to provide to me my final statement that outlines principal and interest paid. Furthermore, when I tried to provide my forwarding address, they would not take it as they stated I was not authorized to provide them that information.
Business Response
Date: 06/13/2024
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: 06/16/2024

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID 21845271, and find that this resolution is satisfactory to me.

Regards,

**** B******

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