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:09/27/2022
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.
Currently have a mortgage with Penny Mac, Loan #70*******7. The loan consist of mortgage payment only. There is to be no escrow collection to pay home insurance or property taxes. However, my previous insurance company drop my coverage and I had to obtain new home insurance coverage. I got new home insurance coverage to which Penny Mac has ask me to send them the declaration page. I have done so several times and each time it is rejected and no statement as to why. After trying several times to get a hold to speak to a human, I was told that my name was not on the page only my company. I contact the insurance carrier for them to add my name and again the declaration page was rejected. All the while Penny Mac is trying to get me to purchase their in-house insurance which cost over five thousand dollars for a single family home. The keep calling me to get me to pay for this policy stating that I am not paying my statement balance. I have told them I will continue to make my mortgage payment and that is all. I will not pay for additional home insurance since I already have coverage. I have repeatedly tried to speak to a human about the insurance but I cannot wait on the hold almost an hour. That is almost how long it took for me to speak to a human the only time I was able to get through but apparently just adding my name did not resolve the issue.
Business Response
Date: 09/27/2022
Thank
you for bringing this matter to our attention and allowing PennyMac
Loan Services, LLC (“PennyMac”) the opportunity to review and respond
to Mr. 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 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:09/27/2022
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 bought my house 2 years ago and my loan was bought by PennyMac. My account number is 8034758693. At the end of last year my payment was going up due to taxes and insurance, which I understand. I talked to a representative about how I could keep my payment close to the same. He had me pay nearly $1000 to keep my payment down and to cover all Escrow. Well at the end of this year, they tell me I have a shortage of over $1000 and its this and some fees are being added to this coming years payment. That was the first time I was mislead by a PennyMac representative and it cost me. The second time occurred this month. At the beginning of the month I was told my payment would be going up $700 this coming year. So I called PennyMac and was told if I pay in $5100 the my payment would be down to $1500 a month. I knew this didn't sound right so I called again a few days later. This time I was told if I paid the $5100 that it would go down to the $1500. So I asked the representative, well what can I pay to keep it around my same payment that I have now. He calculated and told me if I paid around $3400, that I would be at my same payment. So I paid the $3400 and noticed that I still owed the payment that was $700 more. So I called a 3rd time. This time the representative told me, no that will make your payment $2300, not take you to what you pay now, which is $300 more higher payment that I was told that I would have. I feel like I have been mislead by PennyMac on several occasions and they need to honor the quotes that they give. I'm sorry if I was told wrong by there representatives, but in business you eat the mistake and make sure it doesn't happen again. I have a $265,000 house note. A lot of money is changing hands and I need to be confident that I am being told the right thing by their representative. By the way, I asked the last representative I wanted to talk to a manager and I wasn't allowed to.Business Response
Date: 09/27/2022
Thank
you for bringing this matter to our attention and allowing PennyMac
Loan Services, LLC (“PennyMac”) the opportunity to review and respond
to Mr. 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. Harman 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: 09/27/2022
I am rejecting this response because: I don’t want an explanation of why my payment went up. I understand this. My complaint is that when you tell a customer to pay a certain amount of money to get their payment to a certain number and the customer pays it as I did, you need to get the payment where you said it would be regardless of how you do it. My payment now is $200 more than I was told it would be after payment, This is the problem. Not why did my payment go up.
Regards,
D***** ******Business Response
Date: 09/28/2022
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:09/26/2022
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.
This is the second time in two years that PennyMac has failed to pay my insurance and my insurance has lapsed.
My insurance is covered through my mortgage payment, it took me weeks to fix the issue last year and then they increased my mortgage 200/month because they had to...pay my insurance? Insurance was literally included in the breakdown of payments when I originally bought the house, but they said there was an increased cost and my insurance went up(it didn't).
I just received another letter from my insurance company that my insurance lapsed August 5th and I have until 10/05 to get it reinstated.
This seems like a scam to increase my mortgage each year.Business Response
Date: 09/26/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. Z*********'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. Z********* 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: 09/26/2022
I am rejecting this response because: it doesn't acknowledge my issue
Regards,
**** Z*********Business Response
Date: 09/27/2022
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:09/23/2022
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.
early July 2022 we had water damage and got a check from insurance, I called pennymac to see if we could use this check towards future payments and they said yes so I sent it to the payment address. A month later they called and said we couldn't do that so needed to go through insurance claims department, so I did and have turned in all the proper paperwork but insurance claims is saying they never got the check. The check was cashed on July 29th 2022 for the amount of $5402.77 by pennymac, it shows in a restricted escrow yet the insurance claims department is claiming they do not have it or have access to it. I was told I needed to write a letter and sign it to have the funds released to me, which I did and still they will not release any funds. They claim they don't have the authority to do so only the insurance department can release the funds, but the insurance department is claiming they don't have access to the check or see any money from it. SO SOMEONE STOLE MY MONEY! Why is no one able to release it to me? This is fraud! Both departments work for the same company yet one department is claiming they don't have access to it. Please help me get the money needed to fix my house.Business Response
Date: 09/23/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. C*******'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. C******* under separate cover within 15 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: 09/26/2022
Complaint: 18118180
I am rejecting this response because:I want my money in full to fix my house. It’s been 3 months
Regards,
***** C*******Business Response
Date: 09/27/2022
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: 09/27/2022
Complaint: 18118180
I am rejecting this response because:
Regards,
***** C*******Initial Complaint
Date:09/13/2022
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.
Every month for the last six months I have called and asked Penny Mac to go paperless on my loan so mortgage statements are no longer sent to me in the mail. There has been a problem with mail theft in my area and I no longer want my mortgage statement sent in the mail due to increased risked of mortgage and identity theft.
I even had a representative verify that my online account preferences are set to get paperless statements only and he verified that my account setting are correct and I should no longer get paper statements in the mail.
Today I see on my USPS informed delivery that yet ANOTHER Penny Mac Statement is in the mail...again (Attached).
I have spent 10.5 hours in the last 6 months on the phone with your representatives to no avail. I have no other choice but to open this case.
If PennyMac keeps sending this statement in the mail, they put me at increased risk of identity and mortgage theft.
MY MONTHLY STATEMENTS MUST BE PAPERLESS AND NO MORE STATEMENTS ARE TO BE SENT TO MY HOME ANYMORE. THIS IS THE OFFICIAL NOTICE IN WRITING TO PENNY MAC.
I cannot believe how difficult this is for PennyMac to do and how many hours I have spent on the phone to get this done.Business Response
Date: 09/13/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. C********'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. C******** under separate cover within 15 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: 09/13/2022
I am rejecting this response because:
Its pretty lame that this business refuses to address the situation citing "privacy".
At the very least they need to look into this and advise what they are doing.
PennyMac sending monthly statement or ANY financial data to my address when I have requested 6 time to be paperless and my account settings are also for paperless of all documents.
PennyMac TAKES NOTHING SERIOUSLY. STOP MAKING EXCUSES.
Regards,
*****a C********Business Response
Date: 09/13/2022
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.Customer Answer
Date: 09/15/2022
I am rejecting this response because:
Fix the problem. Stop sending my statements in the mail as I have paperless preferences for ALL documents with PennyMac.
Regards,
*****a C********Initial Complaint
Date:09/13/2022
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 cannot understand WHY a company where I have an active home loan makes it impossible to speak to a live person. I have been trying to update my phone number in my account. It does not allow it. It kicks me out with no change recorded. Then I get an email stating that they can’t reach me! After over an hour of calling multiple phone numbers I finally reached someone. She was able to get it changed for me but she asked me repeatedly if it was my house phone or work phone when I clearly advised that it was my only phone, a mobile phone. I don’t have a landline, I am retired with no work number. Why is this so hard for PENNYMAC to comprehend? There is a technical problem within the program that brings up a place where I SHOULD BE ABLE TO UPDATE SOMETHING SO BASIC. The only people at PENNYMAC who answer the phone are sales people trying to get you to use them for a new loan. Otherwise you are given a phone number that still will not take you to a live human being. Or they transfer you and it’s the same number you already have been calling for an hour. So the person I finally got on the phone told me the trick to reaching a person with no automated phone hell. You dial ‘00’ after dialing the number. But that’s apparently a damn secret. I’m fed up with the lack of concern and responsiveness at PENNYMAC. I’d write a complaint email but that email must also be a secret.Business Response
Date: 09/13/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms.C***'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. C*** under separate cover within 15 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:09/12/2022
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 have been sick due to Covid had gotten behind on my mortgage. I appliied for state assistance through Safhr to bring my account current 3 month which would make me due only for the month of September. I checked today seen the payment was received September 7, 2022 for $7986.77 . Penny mac took $2100 from my mortgage which was to bring my loan current & applied it to what the rep told me was a past due escrow that was due & leaves me 2 months behind on my home loan. I called Penny Mac & advised them the payments where to bring my mortgage payment current only as i was advised by the company I applied for the assistance Not any additional fees. I asked that the payment be placed where it be to cover August full mortgage payment, they feel they can put payments where ever they want for we had no knowledge of any other past due amounts & arrangements could have been made. There is no need to pay a Escrow if we can not stay in the home. The escrow payments are also included in the mortgage. The assistance program is to cover past due mortgage & allow people to be current on their mortgage. Penny Mac doesn't make the choice to apply payments where ever they want in leave my family in danger of foreclosure.Business Response
Date: 09/12/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. J*****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. J*****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:09/12/2022
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 paid my monthly payment on 9/1/22 as due on time for Sep.
On 9/7/22, I made a $10,000 Principle Only payment. That was only 6 days after the monthly payment was made for Sep.
PennyMac applied that $10,000 to my OCT payment, which was not due for another 23 days!
Get this corrected and stop doing this! This is the THIRD time!Business Response
Date: 09/12/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac” the opportunity to review and respond to Mr. 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 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:09/08/2022
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 home loan through PennyMac for a year but had it paid off in full on the 16th of August. Since I was enrolled in automatic payments, on the 18th of August I got charged my usual mortgage payment. So I called Pennymac right away to talk to them about getting that refunded. On the 19th of August was when they told me they put in the first request for my refund. The associate told me it’d be 3-5 business days and the funds will automatically transfer into the account I had been paying from. So I called again on the 29th of August to let them know the payment has not come through. Associate number two tells me the same thing as the first, 3-5 business days and the first one was cancelled but they can’t see a reason why. So on the 2nd of September I call again because I still haven’t received my refund. They tell me the same thing, it was cancelled, they can’t see why, only the research department can see additional details. Associate #3 tells me she will expedite this payment, it will not get cancelled and if it does for any reason they will call me. On the 8th of September I call again, transaction was cancelled. This associate does the same process, expedites the transaction and says they have my contact information and will call if something happens. Im really tired of calling and waiting on my refund just for it to get cancelled and no one contact me.Business Response
Date: 09/08/2022
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:09/07/2022
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.
Starting June 1, 2022, our mortgage payment was increased $433.54. We make automatic monthly payments. We were not given any notice of this.
PENNYMAC claims that we do not have flood insurance coverage and that they are paying it. We have flood insurance coverage effective since 2/10/2022. I uploaded and emailed the Declaration page numerous times. Our broker reached out to PENNYMAC as well. He uploaded and faxed 66 pages showing our coverage. We have been dealing with this since July. It is almost impossible to get a live person. And when I do, they continue to tell me their system is not accepting it. And when I ask for a manager, I’m told someone will call me back and they do not.Business Response
Date: 09/07/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. C*****'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. C***** under separate cover within 15 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.Business Response
Date: 09/09/2022
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: 09/12/2022
I am rejecting this response because:I was told yesterday by the gentleman from Pennymand Complaints , that he would contact me every three days until the matter is resolved. He also said that I could call him anytime and provided me his direct number and extension. I have been dealing with this issue too long and do not think I should have to wait another 15 days.
Regards,
****** C*****
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