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:10/25/2022
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 hung up on 3 times today. Over a week ago I was told I was going to be receiving a check for over $3,000 I received $500 I was told I would get a call back yesterday. I received a call today and I missed it I’ve called 3 times and have been hung up on after giving all of my information I am furious. I have been a loyal penny max customer since 2018 and considering going elsewhere this customer service is absolutely horrible. If you pull your phone calls you will know also listen that I was told I was getting a $3,000 reimbursement. I am so disappointed in the company .
Business Response
Date: 10/25/2022
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 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:10/24/2022
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 sold my home and PennyMac/ServiceLink Title have not released my money from the sale of the house. I have called them everyday for a week . I was told on October 21, 2022 that the money would be released that day or the next day Oct. 22. Today is October 24, 2022. I have not received my money and after calling again they are now giving me the same excuses they had told me previously had been resolved. We are concerned about wire fraud.
Loan # 8*******76
Escrow # 3*****90Business Response
Date: 10/24/2022
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 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: 10/30/2022
I have reviewed the response made by the business in reference to complaint ID 18306573, and find that this resolution is satisfactory to me.
Regards,
T***** ****Initial Complaint
Date:10/19/2022
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 received a message from the company on 10-17 wanting to “discuss the status of my account because they had not received a payment”. My account is set up on auto pay for the 15th of the month. According to their policy which is posted on their website, “payments scheduled in weekends or holidays take up to 2 business days to be reflected on the account “. I called the customer service and was told that the auto payment was not processed and I would have to make the payment manually. Because I had previously experienced this, and that prompted me to change my previous draft date, I knew the auto pay would draft, so I told them I would wait until today to see if the payment posted. When they said my account would be assessed a late fee, I told them I wanted it waived, and was told they would submit my request, but they did not actually waive it. Sure enough, today the website was updated to reflect the 10/15 payment. I called the customer service number and requested a manager. When I asked what they were doing to fix this issue, their response was there was “nothing they could do because it was a system issue “. So regardless of my account technically being in good standing, every time my auto payment date falls on a weekend or holiday, they get to harass and embarrass me. This is 2022 so they need to take necessary steps to get todays technology and not inconvenience or embarrass customers. If I hadn’t known to challenge them, I would have made a double payment and would not have received a refund.Business Response
Date: 10/19/2022
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 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: 10/23/2022
I am rejecting this response because: I received a voicemail message from Jackie regarding my complaint, the day after I filed my complaint, however repeated attempts to reach Jackie have been futile. I don’t need an explanation of what happened. I know what happened. I need them to take action so that it doesn’t happen again to me or anyone else.
Regards,
*****i S****Business Response
Date: 10/24/2022
Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. 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: 11/01/2022
I am rejecting this response because:The company left one voicemail and when I tried repeatedly to reach someone I was unable to. They stated they would communicate about my concerns by mail but to date have not done so. The only correspondence received was my new statement notification. They have not resolved this issue and gave the bbb erroneous information
Regards,
*****i S****Initial Complaint
Date:10/17/2022
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 filed Chapter 13 on 9/2/2022, and PennyMac Mortgage lawyers are incorrectly reporting that my mortgage is in the arrears. My mortgage has never been in the arrears. When I called their customer service line to verify my payment information, it was confirmed that my mortgage is current and paid current. Therefore, I cannot get a clear reason why PennyMac reported to the courts that I am in the arrears in the amount of $3,3941.81.
I've also requested a letter from PennyMac confirming that my mortgage is paid current. This letter is being sent to me. However, this does not correct the issue of arrears being reported to the courts for my Chapter 13 bankruptcy. The reporting to the courts needs to be corrected immediately since I am not in the arrears on my mortgage with PennyMac.
As soon as I receive the letter from PennyMac, I plan to use that letter to move this issue forward. If PennyMac admitted this was an error and fixed the Chapter 13 filing, I would accept that. However, I cannot accept PennyMac's denial that an error was made. My monthly statement shows that I was never in the arrears.Business Response
Date: 10/17/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. U*****'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. U***** 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:10/14/2022
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.
Made complaint 2****5-9*****9 October 4 2022 on mortgage with CFPB.
My complaint logged October 4th 2022 about their escrow account reimbursing home owner insurance before a proper audit was conducted in August. The reimbursement was sent to me in June. Which then caused a shortage and a proposed increase on the mortgage payment from $1396.32 to $1518.30. I paid my county taxes 10/11/22. I sent the mortgage payment of 1396.32 for October payment which they received. I called October 13th to tell them the county taxes were paid 1799.46 & that I was dropping the mortgage to just mortgage and principal which comes to $1001.62 for November 2022. I was told that there was a minus 256.45 on the escrow account which didn’t make sense seeing that the payment coupon sent for October didn’t not show a negative balance but a balance (256.45).
I had a heated exchange with the company and stated that there was no way it was short especially have the recent they received. The stated it is in suspension balance because the payment of 1518.30 wasn’t received & that a late payment will be applied after the 15th of October 2022.
I was told until the escrow account is on a positive balance then it will sit in suspension even after they had received the October payment. I had given them the county tax account number R018121 and receipt number 183063 to show the taxes were paid.
I didn’t enter into a mortgage agreement with Pennymac it was assumed shortly after Loan Depot signed the reports on this company are subpar and suspect. I would have never entered into an agreement with a company of low standards.Business Response
Date: 10/14/2022
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****' 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:10/14/2022
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 had a BPO done back in Feb 2022 so the PMI could be removed. The value came in enough to satisfy the < or = to 80% LTV. I was refunded my PMI on 3/3/22 and 4/13/22. My payments starting on 4/1/22 do not include PMI. Now that I want to close my escrow account (we no l***er have to pay property taxes because my husband has 100% disability rating with the VA), I'm getting the runaround multiple times that my loan does not satisfy the LTV ratio requirement and therefore cannot eliminate the escrow account. Though one of their employees I spoke to named Isabel did remove the property taxes from my future payments and refunded me $8,082.24 on 10/5/22. Why is Isabel the only one who can understand this? Isabel changed my new monthly payment to $2,407.66, which is P&I + insurance. I have called several times and written in (via the message center) a total of 6 times since 7/16/22 with my original request. It's obvious they do not have trained staff to work in the escrow department.Business Response
Date: 10/14/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. 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 Ms. W***'s NAME 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:10/12/2022
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 a home over a year ago and my loan was sold to Penny Mac shortly after my home closed. I paid into escrow all year and when my flood insurance came due Penny Mac paid late which caused my policy too lapse and therefore be terminated. That happened at the End of July beginning of August. I started another policy when I found out and paid out of my pocket. now I have been trying to get my refund back from Penny Mac from Escrow WashingtonBusiness Response
Date: 10/12/2022
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 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: 10/13/2022
I am rejecting this response because: I have waited for a refund of my monies now since August 17, 2022 and I have yet too receive it
Regards,
******* S*****Business Response
Date: 10/13/2022
Please be advised, you will receive a response within 15 days from the date in which you made the request, under a separate cover letter in the mail. 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:10/11/2022
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 spoke with J*****, a Customer Service Representative with PennyMac my mortgage company on October 10, 2022, to correct the company's mishandling of the cancellation of my Citizens Property Insurance Company Policy #: 0*****24 and the addition of my new Allstate/Castle Key Policy: #988 737 613 to my account back on January 18, 2022. On January 26, 2022, Citizens Property Insurance Company sent me a "Notice of Cancellation" effective January 20, 2022, 12:01a.m. Eastern time. I forwarded this information to PennyMac eight (8) days after uploading my new insurance policy onto the mycoverageinfo.com portal as directed by another Customer Representative from PennyMac. Almost 2 months later, PennyMac sent a $2,106.00 check to Citizens as payment for that cancelled policy (#0*****24) on March 2, 2022 – despite the documents sent by myself, my Insurance Broker, and Allstate Insurance Company. Due to that error, my escrow account in now in danger of being in the red and my November 1, 2022, mortgage payment has increased from $1584.49 to $1,925.02 – a balance far beyond what I can afford on a teacher’s salary. To avoid this situation, I deposited $2,000. 00 of my Income Tax Return in March plus another $800.00 on October 7, 2022 into my escrow account, which would have brought my escrow balance to $7,425.68. My efforts have now been in vain and instead of contacting Citizens to correct this issue, J***** directed me to contact the company. When I balked at doing so, J***** put me on hold for about 10 minutes then returned to the line claiming that the Customer Service phone number for Citizens was inoperative. Of course, I called that number and quickly discovered that he had lied to me. I am extremely upset and scared that I may potentially fall behind in my monthly payments due to no fault of my own. PennyMac and Citizens need to correct this issue as soon as possible, so that I can easily pay my mortgage.Business Response
Date: 10/11/2022
Thank
you for bringing this matter to our attention and allowing PennyMac
Loan Services, LLC (“PennyMac”) the opportunity to review and respond
to Ms. 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 Ms. J****** 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: 10/12/2022
I have reviewed the response made by the business in reference to complaint ID 18194963, and find that this resolution is satisfactory to me. It is my wish NOT to post my complaint against PennyMac publicly, as well as close it.
Regards,
****** J******Initial Complaint
Date:10/11/2022
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 keeps sending delinquency letters in my name only when I and my spouse hold the mortgage. All of our payments are current and paid on time. We also received a fake phone call stating they were PennyMac trying to get additional information also. They were saying our home was going into foreclosure when all our payments are made on-time. Our bank changed names from SunTrust to Truest and when that happened PennyMac said we owed two additional mortgage payments that were already paid but we had to pay them again. I am not sure what is going on but this needs to stop. They are sending letters each and every month...one of them showing "Electronically Certified"....Also upon checking our banking records there have been no delinquencies.Business Response
Date: 10/11/2022
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******'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. D****** 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:10/04/2022
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 had multiple problems with PennyMac. The most recent problem is that I paid for a appraisal to have my PMI removed on Aug 8, 2022. I was told that my house had to appraise for over $369,000 in order for the PMI to be removed. I was told by the customer service agent on Aug 8, 2022 that PennyMac would be calling their BPO person to write a report and would enter our home. I had had problems trusting Penny Mac all the way back to when I bought the home back in July 2020. It started with the appraiser in July 2020. Our house was appraised for $15,000 over the sales price. Penny Mac stalled and stopped the process of closing for almost two weeks. I had to complain over and over to get them to close. So, when I heard Penny Mac was going to use a BPO of their choice I became concerned. I was told for weeks of calling that it was not going to be a BPO but a appraiser will be doing the appraisal. Then I received a call from the realtor company saying that they were doing a BPO and could they schedule? I called Penny Mac and again requested a appraiser be sent out not a BPO. Penny refused to let me pay for a appraiser. Then their supervisor Shawn told me in Sept 2022 that they had already done a evaluation on our home & the it came back valued at $417,000. I was surprised because it was now Sept 2022 & I did not know that. Shawn said, "We did this evaluation to see if your house was over the amount that would qualify for the PMI removal so that you would not waste your money. I told him that made me feel better. A appraiser that has to go off of VA law so that I could trust the results. They just told me today that our home came back at $378K . That is still above the amount of $369K. Then when I said that , then they said it has to 75% not 80% because I had not upgraded the our home. Then I told them I told them of upgrades in Aug 2022. Then when I called back the supervisor changed the amount to $366K & he said that everyone had not been telling me the truth!Business Response
Date: 10/04/2022
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 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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