Complaints
This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 674 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:07/28/2022
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 found out through a mailed notice from Pennymac that my house hazard issuance had lapsed. This comes out of my escrow and has since 2015. I freaked out and then called my insurance to find out what had happened, turns out it lapsed over a year ago and I'm just finding this out. i have called many times to figure this out and they all said they would files a complaint on my behalf to have the issue investigated but nothing has happened. They are now aware of the year lapse and now demanding that i prove i had insurance for that time lapse ( which i didn't because they didn't pay the insurance on time).To the amount of $1527.00, Someone messed up on their side, I shouldn't owe them anything. Also now that the insurance lapsed the company I used before wont insure me now as I am a liability. The new insurance is 3 times what the old one was, again not my fault....so I believe they should cover the extra cost of the new insurance until I can get new coverage at the lower rate again. I am at my wits end with this whole mess, stressed to the max and this is the next step to try and get this fixed. The fact that it took a year to notice that there was an issue is mind blowing to me.... if I can get it fixed this way my next step is legal help. I don't want to lose my home due to someone's mess up a year ago. Thank you, Elise
So I filed this complaint last week thinking that the BBB was going to do some digging to help me fix this issue. I wasn't aware that it was going to get closed without being resolved. Yes pennymac did respond right away to the complaint but it was a typical we'll look into it. I called them yesterday and they have done nothing about about this at all. Its like I never filed a complaint with the BBB. So not satisficed with the results. How do I fix this? They are a huge corporation and are acting like im a gnat just a bit irritating but will go away.....not going away!!! If I have to get legal help to fix their mistake I will!
Business Response
Date: 07/28/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. M******s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. M***** under separate cover within 15 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:07/28/2022
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.
Penny mac representative had informed me that Penny Mac was not going to report to the credit bureau and that I didn’t need to make a payment, while I have a pending modification/state assistant application to correct a forbearance debt.
However I was lied to, my account was reported while my application was pending which resulted my credit taking a huge hit..
My pre-approval loan to buy a new home has been withdrawn until Penny Mac removed the derogatory, I contacted them and they refused to do because they don’t care. I was carelessly told by Penny Mac that they’re sorry that their representative missed informed me and they don’t care if I’m at risk to become homeless. They’re in the business of ruining veterans’s lives, the very people who fought to protect them and this country.Business Response
Date: 07/28/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. M*******'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. M******* under separate cover within 15 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:07/27/2022
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.
Penny Mac "projected" a new escrow rate on our property that was incorrect and 56% higher than last year. I had called them to try to get it fixed and the 1st person I spoke with was extremely helpful and asked me to call the assessor to figure out if i could get the property taxes for this year. I was told it was too early but was assured they had not been increased by 56% if anything they might have gone down. I called Penny Mac again and was told a ticked had been open and they couldn't help- nor did the person I spoke with seem interested in really trying to help and was told it would be over 2 weeks before I may possibly have an answer to this increase.Business Response
Date: 07/27/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. 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 Mrs. Brittian 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:07/27/2022
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.
Seems I can't send the correct papers no matter what I do. So many times I jumped through hoops to send papers to this company seems like everyday they needed a better copy of this or a different copy of that. Other companies I contacted they contacted the companies for copy of contracts. My solar contract is 27 pages of text. I had to show all four corners and it had to be not blurry. I even did the copies with my mortgage specialist S**** ***** and he said they were readable I must have copied every page I had to send 3 or 4 times. If the interpreters are that fussy then there won't be anyone getting a loan. Big waste of my time this whole month. I just cancelled. I'm totally done. They also did not seem to get it that my home was paid off and I just wanted a debt consolidation
They kept asking for my mortgage payment statement when I already sent them a copy of the deed all paid off. Everyday it was something else. I better not be charged for anything ss it's their too fussy underwriters. I'm just frustrated and done. What kind of company does this?
My time and frustration seemed to be none of their concern or care. Yes I have to borrow money but this made me feel like a beggar.Business Response
Date: 07/27/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. N*****'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. N***** 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:07/22/2022
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 have been informed on at least three different occassions that my mortgage company PennyMac is reporting to my credit file that I am currently under a loan modification and this is inaccurate information.
I have reached out to them on several occasions to have this information updated/removed due to the fact I am have been current on my loan for years!
I was under a modification maybe in 2018 or 2019 but since then have met my obligation and this should no longer be showing up in 2022.
Each time I call PennyMac the representative acknowledges the fact that I am no longer under any modification and that my loan is current and act as if they are unsure why this is being reported.
Yet this continues to show up when my credit is pulled by any third party and this is effecting my credit score and credit worthiness!
They have been of little to no assistance in this matter.
I recently had a third party screen shot me a photo of what they see being reported and it shows "REAL ESTATE MORTGAGE; LOAN MODIFIED UNDER A FEDERAL GOVERNMENT PLAN; FIXED RATE"Business Response
Date: 07/22/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to 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:07/21/2022
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.
Penney Mac continues it report false information on my credit report. In Feb of 2022 they reported that I was 180 days late in making a payment. That was an absolute lie. I was in the loan mod program due to Covid. I asked to be put back on regular payments before the time period had ended in order to refi my home. They told me I had to make 3 months of payments an then I could refi. I made 3 months worth of payments in the first month in order to get the percent that was lower than mine and I did not want it to go up in the next 30 days This was Dec 2021. I contacted them for my refi paperwork in Jan 2022 and the failed to send it. The lied and said I had to fill out loan mod paperwork. I told them I did not want a lien on my home and I wanted to refi and I already made the 3 payments required. They fixed all the problem after I contacted the CEO and said I could do the mod in Mar 2022. I sent in the paperwork. They said I didnt have to do a lean again but denied the paperwork. In Jun 2022 they again reported I had not made payments in 180 days which is another lie. I have been making payments every month the entire time. I called them again in July and they said the would take the 180 day no payment off. They failed to do that. I am activated military for covid and have a clearance that is effected by these types of issues. This is unacceptable and I will contact the JAG to find out what my additional courses of action are.Business Response
Date: 07/21/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. L****'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. L**** under separate cover within 15 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:07/21/2022
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 has been my mortgage serviced for the last several years. The loan was opened in 2015 under primary residential and PennyMac picked it up. I’ve been saving to pay off the entirety of the loan. When I was fortunate to do so they made the pay off method as ambitious possible resulting in my last monthly payment being”late” despite them knowing the entire loan amount of the mortgage was being paid off. They understood that the debt in full was being delivered. I have had no late or delinquent payments in my 20 year credit history. PennyMac’s ambiguous process has materially and significantly impacted my credit.Business Response
Date: 07/21/2022
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:07/20/2022
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 found out through a mailed notice from Pennymac that my house hazard issuance had lapsed. This comes out of my escrow and has since 2015. I freaked out and then called my insurance to find out what had happened, turns out it lapsed over a year ago and I'm just finding this out. i have called many times to figure this out and they all said they would files a complaint on my behalf to have the issue investigated but nothing has happened. They are now aware of the year lapse and now demanding that i prove i had insurance for that time lapse ( which i didn't because they didn't pay the insurance on time).To the amount of $1527.00, Someone messed up on their side, I shouldn't owe them anything. Also now that the insurance lapsed the company I used before wont insure me now as I am a liability. The new insurance is 3 times what the old one was, again not my fault....so I believe they should cover the extra cost of the new insurance until I can get new coverage at the lower rate again. I am at my wits end with this whole mess, stressed to the max and this is the next step to try and get this fixed. The fact that it took a year to notice that there was an issue is mind blowing to me.... if I can get it fixed this way my next step is legal help. I don't want to lose my home due to someone's mess up a year ago. Thank you, E****Business Response
Date: 07/20/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. M*****'s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. M***** under separate cover within 15 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:07/15/2022
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.
COVID hit my family pretty hard, which unfortunately caused us to take part in the forbearance program with PENNYMAC in 6/20. We were able to work extra hard to get back to our regular payments however they were still pretty high. I spoke to Michael Apodaca regularly about different options and he told both my husband and I that we would be able to qualify for a Payment Modification which would decrease our monthly payment and all that would happen is that it would extend the loan. He told us that after 3 months of monthly payments we would be able to refinance no problem. Well, today as we were expecting to close on our refinance, we were told that PENNYMAC put a “Silent” mortgage which is a lien of $46,100 on our home!!!! FORTY SIX THOUSAND! PENNYMAC won’t allow us to refinance unless they are paid. Forbearance ended in 9/21 and we have been paying our mortgage. The agency helping us with the refinance was in shock of how deceitful PENNYMAC turned out to be. No one explained anything to my husband and I. Instead they sent us a ton of paperwork to sign to just “lower our payment and be able to refinance in 3 months”. After 2 hours of being on the phone with PENNYMAC and the agency helping us refinance, we are just screwed. I feel tricked and taken advantage of in a time of need. I wish they would have showed some decency and been honest with us. We trusted them and they tricked us and now we’re stuck owing them all this money. I wish there was something someone could do to make this right.Business Response
Date: 07/15/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. O****'s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Ms. O**** under separate cover within 15 days.PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
information.Customer Answer
Date: 07/15/2022
Complaint: 17570911
I am rejecting this response because:You have all told me the same thing over and over, that I have a silent lien because I agreed to it. Phone calls are recorded on your end which can show that we were told we were accepting a lower monthly payment and we would refinance in 3 months. Nothing else was explained, we were told this would not affect us. We trusted you as the experts. You are deceiving and other agencies helping us were able to see that as well. You took advantage of a family in need. $46,000.00 is insane. So unless someone truly helps us resolve this, nothing that you say to justify your sneaky actions will matter. I hope other prospective customers RUN away before they go through something like this.
Regards,
**** O****Business Response
Date: 07/18/2022
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: 07/18/2022
Complaint: 17570911
I am rejecting this response because:I called this morning to get a copy of the transcripts and recordings of our conversations in order to show proof of the misleading information and to be completely blunt, the lies we were told. However, conveniently enough for Pennymac, those can only be released through a subpoena. I really hope others looking into Pennymac can truly look at all these complaints and run away from this company.
Regards,
**** O****Initial Complaint
Date:07/14/2022
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 have an FHA case number that needs to be closed. I have spoken with 13 different representatives and the problem still has not been resolved. Each representative has the same answer, "let me transfer you", with each transfer was the same response "let me transfer you". The lender with EMortgage had already requested the case to be closed multiple times and it has not been done. I have called in myself, the borrower, spoke with the 13 different reps and still have not gotten anywhere. I am a single mom with four kids and two dogs living in hotels for the past two weeks and counting, all because PennyMac has not done what they need to do to cancel the case. I have asked to speak with a supervisor or manager, instead the representative transferred me once again to another rep that was useless. When a customer tells you they want to speak with a supervisor or manager the request should be filled. I should not be transferred to several more representatives with no answers only to be transferred again and again to what each representative kept saying is the "right department". Each time, each department, each representative, was not the right place or person. PennyMac needs to work on their customer service and the knowledge of those representatives. There is no reason for 13 people to not know and don't have an answer. If they do not know, they have no answers, then why are they working this position? Why do they have a job with PennyMac. PennyMac needs to offer better training to their employees, this way when a customer of any kind calls in for help, they get the help needed and the resolution the customer is seeking. I am very upset and frustrated with PennyMac.Business Response
Date: 07/14/2022
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. A*****'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. A***** 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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