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:08/30/2022
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.
Predatory loan practices: I was offered a 3-month forbearance on my loan during COVID with the knowledge that I would either add 3 months to the end of my loan, or pay higher for a short amount of time to repay those three months. I deployed to Iraq and they send documents to my power-of-attorney. He signed them based on my knowledge of the situation. They reset my mortgage for 30 years even though I had already paid off 4 years. This equates to over $61,800 over 30 years that I will have to pay now. I offered to pay the $4500 that I missed but they said that since my power-of-attorney signed it, there is nothing they can do. So they misled me and now I will be paying over $43,000 in interest to this company, more than I would have before this.
Business Response
Date: 08/30/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 Mr. 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: 09/27/2022
I am rejecting this response because:I was deployed to Iraq and my mortgage company lied to me about a loan modification and they had my power of attorney sign for a 4 year extension which added $60,000 on the what i will have to pay on the loan. They told me one thing and the modification paperwork was different than what they explained. i was in Iraq and couldn't view the paperwork to verify.
Regards,
******* J******Business Response
Date: 09/27/2022
A response letter was mailed to you on 09/08/2022. If you have any questions or concerns related to this letter, please contact our Priority Complaint Specialist C***** *******, at ###-###-####, extension 22410, Monday through Friday, 8:00 AM to 5:00 PM PT.Initial Complaint
Date:08/29/2022
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 our 2nd complaint to the BBB related to this loan assumption with Pennymac. I have been trying to assume my mother's mortgage for 4 months now! i have provided all of my financials with updates 3 times now because they kept expiring due to inactivity on the part of PennyMac. For assumptions you must prove your credit worthiness which i have easily done. My credit rating is excellent and there is absolutely no reason to deny me the assumption. The loan processor has ignored my questions and now stopped responding to my emails. I requested to speak to his supervisor to no avail. Pennymac is now in breach of contract of the original loan terms. The entire process with PennyMac has been nothing but a headache. I have email upon email proving my case.
Loan Number: *********2
Subject Property: **** ******** Street, Philadelphia, PA 19114Business Response
Date: 08/29/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. H******s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. Harley 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: 08/29/2022
I am rejecting this response because:
My issue was not even addressed. I do not want a letter of explanation in 2 weeks. I want the loan assumption processed today! It’s already been 4 months! PennyMac says they will do something but doesn’t follow through. I do not need an explanation. I need action!
Regards,
C******** ******Business Response
Date: 08/29/2022
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: 08/30/2022
I am rejecting this response because:
they give the same response to every single complaint. They are known to brush off their customers and drag things on far longer than necessary. What is a letter in the mail 15 days later supposed to do for me?
Regards,
C******** ******Initial Complaint
Date:08/29/2022
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.
My mortgage was bought by Pennymac in 2016. I needed a forbearance in 2018 due to medical issues in the house that kept me off work. At the end of the forbearance, I was given options to sell the house, pay the missed payments in a lump sum or do a modification. I opted for the modification as it was the only workable option. I received a partial claim from HUD at that time.
Recently we have been working with a company that will purchase our house and the payoff balance recieved is now higher than the initial loan amount. Upon reviewing the statements from the beginning of the mortgage until now, it appears that they did receive the partial claim funds but never applied them to our mortgage. It also appears that the majority of our payments were never applied to the principal balance of the loan. From conversations I have had with HUD and a real estate attorney, these funds were meant to be applied to the balance of the loan and were not, in fact it appears that no payments were ever made.
I have spoken several times with Pennymac regarding this matter and have gotten conflicting explainations, sometimes from the same rep on the same call. I understand that the partial claim is due to be paid to HUD once the sale is completed, but the way Pennymac is calculating the payoff, I need to pay them an amount greater than the original loan, plus pay back HUD.Business Response
Date: 08/29/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. 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 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:08/29/2022
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.
We had our previous loan with PennyMac Loan Services. We just recently sold our home and our loan was paid in full cash offer on I believe 06/27/2022 or 06/28/2022, meaning it was no longer our responsibility by that point. PennyMac reported to the credit bureau that we were past due on our mortgage payment for June when it was no longer our responsibility as we closed on said date. My Husband called PennyMac and they were useless and said that they couldn't help. By them reporting this to the credit bureaus it's preventing us from getting financing. So we then proceeded to call Paramount Title in Lenoir City who did our closing. They were wonderful and so helpful. We called them and spoke with Mark Pittman and he said that PennyMac shouldn't have done this and that they would try and help resolve this for us by speaking with PennyMac. They haven't attempted that yet but I figured I could be proactive and file a complaint as well. I would like this company to own up and fix the false item they put on our credit report that's preventing us from buying a home for my family. Please help.Business Response
Date: 08/29/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. F********'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. F******** under separate cover within 15 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:08/24/2022
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 is purposefully delaying the sell of my house and forcing me to extend the closing date by holding MY money in Escrow hostage. I followed all their ridiculous demands to put in a request to have the money applied to the balance of the mortgage so we can close on the home and pay it off in full. I was told this would be no problem. Now 48 hours before closing they just keep saying, oh sorry you were misinformed. I can't close/sell the house unless it's applied (so the mortgage is zero). Instead they want to keep all my money, make me come up with the funds (I already have in escrow with them) to pay off the mortgage. Then within a month they'll send me a refund. They get to collect interest on MY money, so of course they are holding it hostage as long as possible. Nobody knows what they are doing. You get a different answer every time you call. I've been on the phone with them 2x day for nearly a month trying to get this resolved and each time I'm told "Oh, that last person was mistaken." There is ZERO concern for customers.
Supervisors are always unavailable. Nobody you talk to can actually accomplish anything. They only put in a request which takes between 5 - 10 business days..... Oh and the requests never get processed.Business Response
Date: 08/24/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. F*****'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A detailed letter of explanation will be sent to Ms. F***** under separate cover within 15 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:08/24/2022
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.
L**** ******** has been trying to add me, her son J** ******** to the home loan for 3 months. PennyMac keeps saying that the loan assumption documents that need to be signed and notarized by us are in the mail. PennyMac stated that it's been mailed 4 times! We have never received any of these mailings. They will not allow us to pickup the documents and they will not email us the docs. They have not offered any solution to their mailing problem. This needs to be resolved asap!Business Response
Date: 08/24/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to 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 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:08/22/2022
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 letter in the mail from PennyMac stating that they need me to show proof of insurance. However, when I refinanced I made sure that my escrow and my insurance was included in the payments. I checked with my bank and they told me that they have been billing me for my insurance. I am very confused because according to my mortgage statements PennyMac should be paying my insurance. So now I’m being double billed for insurance that PennyMac does not have any evidence that I have because of their lack of diligence. I have them record at the time of signing the papers that all of this should be included. Where is my money gone? Who is responsible? And who is PennyMac is dealing so fraudulently that PennyMac would lose thousands of dollars of insurance from his customers ?Business Response
Date: 08/22/2022
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: 08/23/2022
I am rejecting this response because:the message is pointless. There is no resolution mentioned and they are not attempting to contact me.
Regards,
M****** ****Business Response
Date: 08/23/2022
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:08/17/2022
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 have recently been a victim of identity theft and my bank had to freeze my account due to fraudulent activity. This resulted in my mortgage payment being reversed on 8/8/22. I was unaware of this transaction being reversed until I received an email from PennyMac on 8/11 letting me know there was an issue. I called PennyMac on 8/11/22 and explained what had happened and advised that the bank had frozen my account until they would be able to close and open new accounts on 8/17/22. I was told I would not incur late fees and that my due date would be extended until 8/20/22. On 8/17/22, I logged in to make my payment as promised and found I had been charged a late fee. I have called the mortgage lender and found no notes were made on my account and I am only allowed one late fee to be waived over the life of the loan. I explained I have a police report as well as fraud alerts with all of the credit bureaus and banking institutions so I should not have to waste my one late fee waive on something that isn't my fault. I've asked to speak to a supervisor but none are available.Business Response
Date: 08/18/2022
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: 08/18/2022
I am rejecting this response because: I was placed on hold more than once when I asked to speak to a supervisor but I never got to speak to a supervisor. I was eventually told that I would receive a return call from the supervisor and to keep my line open. I have kept my line open but have not heard from a supervisor. I understand they are advising a letter will be mailed within 15 days but I deserve to be given the opportunity to speak with someone. I would like to have the opportunity to provide the exact date and time of my original phone call so the recording can be retrieved and reviewed to support the information I was initially provided.
Regards,
********* S****Business Response
Date: 08/18/2022
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: 08/22/2022
I am rejecting this response because: I was promised a phone call and I would like a phone call. Mailing me a letter does not allow me the opportunity to explain my situation or ask any questions. I would like to opportunity to provide the exact date and time of my original call as I know all calls are recorded for quality assurance purposes and I would like the original transcript reviewed to verify what was promised to me so PennyMac is able to uphold their original agreement.
Regards,
********* S****Initial Complaint
Date:08/17/2022
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 am a current customer with PennyMac and have been for over 5 years now. Within the past 3 months, I have received over 10 spam phone calls from PennyMac asking me to change/update my mortgage rate. I called PennyMac and told them to remove me from their call list since I don't want to change my rate. They called again today, 8/17/2022, to try and change my rate again. This is getting ridiculous.Business Response
Date: 08/17/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to 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:08/12/2022
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.
PennyMac approved a forbearance loan without oral or written consent of both borrowere in the amount of 38,300.16 In addition to approximately $17,000 in attorney fees To defend the secondary lean placed on the homeBusiness Response
Date: 08/12/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. 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 Mr. 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.
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