Complaints
This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 672 total complaints in the last 3 years.
- 212 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:02/18/2025
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.
They are sending me a intent to foreclose when I am only behind for January and Feb payment is due.I do owe some late fees and nsf fees they said could be paid over the life of the loan.i have proof I am only one month behind.My problem you are suppose to be 120 days past due.They keep lying to me
Business Response
Date: 02/18/2025
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 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:02/18/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Penny Mac authorized a Disaster Forbearance Plan with deferment of mortgage payments from
Nov 1, 2024 through Jan 31, 2025. We were advised it would not affect our credit score; however, on or about Feb 5, 2025 they reported both of us (J*** and C****** ******) to a credit agency as delinquent on our mortgage. We made a payment Jan 28, 2025 for the Nov balance, and since then we have paid the remaining balance for the Dec, Jan and Feb installments. This has impacted our credit scores significantly. We are very dissatisfied how this was mismanaged by Penny Mac.Business Response
Date: 02/18/2025
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. and Mrs. 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. and Mrs. 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: 02/26/2025
This complaint has not been resolved. We reached out to PennyMac and they informed us that they cannot rescind the negative credit reporting to the credit agencies. They advised that we contact the credit agencies directly. We contacted Transunion and Experian Credit bureaus and submitted documentation to them. We are waiting for review of the complaint.
Sincerely,
C****** ******
Initial Complaint
Date:02/12/2025
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.
Due to hurricane Helene pennymac offered a forbearance plan for up to 3 months with loan showing current and at end of forbearance there would be options to catch up loan. My options were pay in full arrears, pay arrears over 2 months or loan modification changes my interest rate from 3.5 % to 7.5% and add 10 years and payment going up $300 a month. I chose to pay in full 3 month forbearance plus payment due and paid in full. Now because I chose that option they reported me 90 days late on credit report. But my other loan also was in forbearance and I chose to add to end of loan and start making payments again and it’s reported current. I’m thinking because I didn’t allow them to modify and change interest rate they retaliated by reporting my account late and ruining my credit. If they would have said we will ruin your credit if you take a forbearance, I would have made repairs whenever I could and never missed a payment. They were misleading and very retaliatory. I attached showing their explanation which is B/S and also showing 4 payments made.
*****Business Response
Date: 02/12/2025
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. H******'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. H****** under separate cover within 15 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: 02/20/2025
Complaint: 22933147
I am rejecting this response because:I’m awaiting response from company and this hasn’t been resolved yet, they claimed they sent me a letter. No letter received at this time.
Regards,
***** H******Business Response
Date: 02/20/2025
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on February 20, 2025. 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: 02/21/2025
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22933147, and find that this resolution is satisfactory to me.
Regards,
***** H******Initial Complaint
Date:02/10/2025
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 entered into a Disaster Forbearance Plan with PennyMac Loan Services, LLC, which was approved and confirmed in writing. According to the written agreement, my loan was to be reported as "Current and on forbearance" during the forbearance period from October 1, 2024, to December 31, 2024. However, PennyMac incorrectly reported my account as 90 days late from December 2024 through February 2025, which has negatively impacted my credit score.
I contacted PennyMac to request a correction, but they have not taken any action to fix their reporting error. This misreporting contradicts the terms of the forbearance agreement they provided me.
I am requesting that PennyMac:
Correct the inaccurate late payment reporting for December 2024 – February 2025.
Update my credit report to reflect the correct status during the forbearance period.
Provide written confirmation that my credit report has been updated accordingly.
I have attached a copy of my forbearance approval letter as evidence that PennyMac agreed in writing to report my account as current during the forbearance period. Their failure to uphold their written agreement has caused unnecessary harm to my credit, and I am requesting immediate resolution.
I would appreciate your assistance in facilitating a resolution with PennyMac to ensure my credit report accurately reflects my forbearance agreement.Business Response
Date: 02/11/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. P***'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Mr. P*** under separate cover within 15 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: 02/11/2025
Complaint: 22923795
I am rejecting this response because: they have not addressed the core issue of their inaccurate credit reporting, which has caused me significant financial harm.
PennyMac initially assured me in writing that my loan would be reported as current during my disaster forbearance and repayment plan. However, despite adhering to the agreed terms, my mortgage was incorrectly reported as 90 days late between December 5, 2024, and February 5, 2025. This inaccurate reporting has led to a 115-point decrease in my credit score, severely impacting my ability to obtain credit and causing financial distress.
The Fair Credit Reporting Act (FCRA) requires accurate reporting, yet PennyMacs actions contradict their own written assurances. They have failed to correct this error or provide a valid explanation for the misreporting. Their generic response does not resolve my complaint, and I request immediate action to remove the inaccurate delinquency from my credit report.I ask the BBB to escalate this complaint, as PennyMacs actions are unfair, deceptive, and causing ongoing harm.
Regards,
***** P***Business Response
Date: 02/11/2025
Thank
you for the additional information, and for speaking with our Priority
Complaint Specialist on February 11, 2025. 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: 02/11/2025
Complaint: 22923795
I am rejecting this response because:
While I appreciate their acknowledgment of the additional information I provided, I am disappointed that my concerns regarding the inaccurate credit reporting of my mortgage have not been properly addressed.
As I previously stated, I entered into a disaster forbearance and repayment plan with PennyMac under the understanding that my account would not be reported as late during the forbearance period. However, between December 5, 2024 and February 5, 2025, my mortgage was reported as 90 days late, which caused a 115-point drop in my credit score and has caused significant financial distress.
This situation constitutes a violation of the Fair Credit Reporting Act (FCRA), specifically Section 1681s-2, which mandates that all information reported to credit bureaus must be accurate and complete. Additionally, PennyMacs failure to fully disclose how my account would be reported under the forbearance and repayment plan violates the Fair Debt Collection Practices Act (FDCPA), which requires that borrowers be provided with transparent and fair communication regarding the terms of the plan and the potential consequences.
Therefore, I respectfully request that PennyMac immediately correct the inaccurate credit reporting with all credit bureaus and provide written confirmation of the correction. This issue remains unresolved and continues to negatively affect my financial situation.
Regards,
***** P***Customer Answer
Date: 03/02/2025
PennyMac improperly reported my mortgage account to credit bureaus, violating the CARES Act, Fair Credit Reporting Act (FCRA), Metro 2 Compliance Guidelines, and Servicemembers Civil Relief Act (SCRA) by misreporting my forbearance and applying late payment marks unlawfully.
1. CARES Act Violation (15 U.S.C. § 9056(c))
I was approved for a disaster forbearance plan, which under federal law requires servicers to continue reporting the loan as current if it was current before forbearance.
PennyMac initially followed this but later retroactively reported late payments for the forbearance period (October“December 2024), violating the law.Their response ignores the fact that I was legally entitled to have my loan reported as current throughout forbearance.
2. FCRA Violation (15 U.S.C. § 1681s-2)
PennyMac is required to report only accurate and complete information to credit bureaus.
Despite being provided with evidence of their reporting error, including FEMA documentation and active-duty orders, PennyMac refused to reinvestigate as required by the FCRA.
Their continued reporting of incorrect late payments is misleading and damaging to my credit.
3. Metro 2 Compliance Violation
Industry credit reporting standards dictate that loans in a federally declared disaster forbearance should not be reported as past due.PennyMacs reporting conflicts with Metro 2 guidelines, causing unjustified harm to my creditworthiness.
4. SCRA Violation (50 U.S.C. §§ 3901-4043)
As an active-duty servicemember deployed overseas, I was entitled to SCRA protections against adverse credit actions related to service-connected financial hardships.
PennyMac failed to properly notify me of the consequences of their credit reporting actions while I had limited access to my online account.
Their disregard for my status as a servicemember directly contradicts federal law designed to protect those in active military service.Initial Complaint
Date:02/04/2025
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 been having issues with automatic payments on my mortgage. I was paying an additional 382.15 a month for principal reduction on my loan. I wished to stop paying the additional principal in the loan, so I changed my payment preferences via the pennymac app in early November. The additional principal was taken out again on the December bill. I contacted pennymac. They reimbursed my additional principal and they took out the extra 382 again in January. Again, I changed my payment preferences and even went the extra steps to contact pennymac to ensure that this wouldn't happen again. Customer service this time seemed to be almost purposely obtuse as to what I was requesting. On at least 3 occasions I stated that I had changed my payment preferences on the app (I included screenshots that showed my upcoming payments were "successfully" changed) and I wanted to confirm that they were indeed changed. Apparently they were not, because the additional principal was taken out again for my February bill.Business Response
Date: 02/04/2025
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 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:02/03/2025
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 under a loan modification due to COVID issues. I was told by Pennymac in phone calls which they have records of and the ability to look at that i was qualified for the VA VASP program. I was told by Pennymac that i had to be 4 months behind on my loan before i could be in the program. I was told to call back on Feb 1st 2025 to enroll in the program. When i called back at 11:am on Feb 1st i was told that i was not eligible because i had a loan modification that was delinquent which they said makes me not eligible for the VASP program. I also found out that If you fail to make payments as agreed under the modification, PennyMac can revoke the modification and reinstate the original loan terms or pursue foreclosure which would help me. I cant understand how i can be punished for doing what Pennymac told me to do by waiting for Feb 1st 2025 for the program and then telling me no! Like i said every conversation is recorded. Now they are talking about foreclosing on me because i trusted what they told me prior about being eligible for the VASP program was true only to find out i was lied too.Business Response
Date: 02/03/2025
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 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:02/03/2025
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 purchased my home December 22 2023 with the expected payment of 1183.51. A year has passed and now my mortgage payment is 1612.79 a month. I call to get some help as a veteran it's difficult for me too understand why it's gone up 429.28. They tell me my taxes increased and I spoke with the town tax assessor and she showed me what my taxes are. They're not 5,151.36 that's what my escrow payment would equate to. Taxes and insurance don't add up to that amount. These people are taking advantage of a veteran of the Afghanistan conflict and it's so hard for me to deal with this.Business Response
Date: 02/03/2025
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: 02/10/2025
Of course it isn't resolved you have not even contacted me or followed up with me on regards to anything. How can you just close this.Initial Complaint
Date:01/31/2025
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.
This case and account already closed is paid in full. Please I need to fix my credit. Thank you.Business Response
Date: 02/03/2025
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: 02/04/2025
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22876201, and find that this resolution is satisfactory to me.
Regards,
***** V******Initial Complaint
Date:01/30/2025
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.
Dear Sir/Mam my name is W***** *** ****** who live at **** **** ****** *****,
Jacksonville Florida 32210. ph ###-###-####. I am a retired US Army veteran who is on a fix budget. During the pass forty-five years I have been managing my money with a checking account and a debit card. I have a major problem that the following people, company refuse to assist me in resolving my problem. Somehow someone is constant going into my checking account without my permission. These people have took out One Thousand dollars ($1,000) Twice another time Three hundreds and another time five hundred dollars. These people know How to get this money out of my account without leaving any paper trail. (IDENTITY THEFT) NOW they have found away to take a hundred dollars offmy credit card with USAA. I have ask USAA SEVERAL TIMES to freeze my account or close my credit card. They want allow me to get into my account and I have reset my account for a new pass word and pin number. I did what they ask me to do in assisting them in resetting my account. USAA still refuse to help me
nor would they answer any question or allow me asset to my account. I know that I have charge A little over Eight hundred dollar within the pass three months. I make my monthly payment on time to them. My next problem is that somehow someone is charging me TWO TYPE of Insurance one regular home owner and another one for FIRE INSURANCE. The ask for the regular and never had a problem in paying them. MY problem I didn't request the Fire Insurance. My mortgage company want help me in resolving this issue. I have had Penny MacMortgage for more then five years without any problem until now. ANY HELP YOU CANGIVE WILL DO LEGAL. I believed that this is IDENTITY THEFT and when I fix one problem them create another identity theft.Business Response
Date: 01/30/2025
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 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:01/22/2025
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 failed to give me credit for a payment. They have miscalculated my mortgage. It should be around $139,00, not $141,000. Their mistake took place during the transition from Cenlar. After a payment, Pennymac raised the amount I owe rather than subtracting the amount. They say that Cenlar made the mistake, but Cenlar said they didn't. At one point my mortgage balance when up from 146,00 to 148,000. I want my mortgage balance to go from 141,998 to around 139,000. PennyMac has miscalculated my balance and should lower it to the correct amount. Thank you.Business Response
Date: 01/22/2025
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.
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