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:01/09/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Same issue as filed by several other clients of this bank. My Insurance (Progressive) notified me in early December 2024 that they have not received the payment from Pennymac. I notified this to Pennymac responded with same canned message "Hey don't worry..its covered under Escrow" Long story short...I generated serveral messages in their message center. Until today I still receive either a canned automated response that my insurance has expired and they will soon be buying an insurance of their own which will be expensive. I have done my best to email, message, call but it's literally impossible to get in touch with anyone. Their whole phone system is automated to give general information. To this date, I don't know what to do. No idea where they sent my escrow payment to. This is the worst customer service...it's not a bank, it's a joke.
Business Response
Date: 01/09/2025
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. S*****'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. S***** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Customer Answer
Date: 01/16/2025
Sorry, I was going through a small surgery and recovering. This issue is not resolved yet.Initial Complaint
Date:01/09/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I am not obligated for the debt asserted by PENNYMAC. I have no agreement with PENNYMAC, and they have not provided the original contract as requested.Business Response
Date: 01/09/2025
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 Ms. R******** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:01/06/2025
Type:Status:ResolvedMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
Im having a reaccurring issue yearly with Pennymac. I recieved a notice end of 2024 satting my homeowners inssurenace premium was not paid and my policy would be cancelled if they did not recieve payment. Pennymac stated they sent a payment check on 17 December 2024 with a group of other checks to the inssurance company. I called my insssurance company and they stated they have not recived a check nor notification of an incoming check. Called pennymac again whom then notified inssurance that they had sent a group of checks and mine was attatched. Insurance told me that they recieved the call but was told the check may have been lost in the mail. The beggining of 2023 i had the same issue arrise and was told I had to pay the premium until Pennymac could A. Find the check or B. Pennymac sent a new payment. Pennymac has not been helpful and there only response is that the check has been sent and that is all they could do. Inssurance company has been helpful as of 2024-2025 they allowed me to pay the late/ unpaid balance of last years premium and extend my inssurance until 13 January in hopes Pennymac sent the payment. I am very disapointed in the lack of customer service and the reaccuring issues with this company and waiting until the last minute to send my payment. The excuses are not much better " its the holidays it takes longer" " mayber the inssurance company just hasnt processed it" " we always send the checks in a larger group format so it takes them along time to get to yours" I pay my bills on time and in full I would like the same comming from my mortgage company.Business Response
Date: 01/07/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. W****'s concerns.
PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. A
detailed letter of explanation will be sent to Mr. W**** under separate cover within 15 days.
PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
information.Customer Answer
Date: 01/10/2025
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22775168, and find that this resolution is satisfactory to me. The business is now in contact with me and are helping me resolve the issue.
Regards,
********* W****Initial Complaint
Date:01/06/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
The date of transaction was April 2,2020. I am requesting an amount of $1,530.00 that I paid PennyMac on July 8th, 2020, reimbursed. The business, PennyMac, did provide me information regarding, they were going to defer my Mortgage payment for April, May and June (due to COVID) and my deferment would end June 30th, 2020. I paid July's Mortgage payment to PennyMac and even though they received that payment, they failed to tell the Lean Holder that I paid that 4th month Mortgage payment (July) but still authorized the Lean Holder to collect 4 payments. I have since then sold my house at **** ******* ****, Waterford, MI and this is when it was brought to my attention about the discrepancy that appeared on paperwork from the Title Company. I had a three-month deferment on my Mortgage not 4 months. This determines that PennyMac kept my payment for July of $1530.00 and never told the Lean Holder of this transaction.
The individuals I have been working with was Donna on 1/7/25 and she is in the Modification Dept. Then I called and spoke to Rebecca whose extension is 25975, and she transferred me to her Supervisor, Edgar who has an extension number 25515 who was VERY rude to me and told me that there was n***dy above him. He said there was n***dy above him. He said there was no corporate phone number, no Corp. email. He would only give me an address - PO Box ******* Los Angeles, CA. 90051.Business Response
Date: 01/07/2025
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. 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 Ms. B*** under separate cover within 15 days.
PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will
refrain from posting any personal information to the BBB site as we do not disclose our borrowers’ personal
information.Initial Complaint
Date:01/06/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
I have contacted pennymac loan services LLC Multiple times about their incorrect filings to the credit agencies and they have been horrifically rude, disrespectful, and borderline racist. Claiming me being a black man and my inability to pay bills. I would just like them to remove the late payments as it was incorrectly filed.
I have paid off the account in full because I sold the property and they refuse to correct the standings.Business Response
Date: 01/06/2025
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. 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 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Customer Answer
Date: 01/06/2025
Complaint: 22767721
I am rejecting this response because: I would just like this to be updated as paid on time as promised to the credit agencies as I do not need any further contact since this account has been paid in full.
Regards,
M******* ******* ***Business Response
Date: 01/08/2025
Thank you for the additional information. Please be
assured you will receive a formal response addressing each of your
concerns. Due to privacy reasons, we will refrain from posting any
personal information to the BBB Site. The response will be sent to you
under a separate cover within 15 calendar days.Customer Answer
Date: 01/08/2025
Complaint: 22767721
I am rejecting this response because:Due in part to the BBB requesting response within 7 days. I must reject your 15-day allotments. Please provide resolution within the next 7 days.
Regards,
******** J******Initial Complaint
Date:01/01/2025
Type:Status:AnsweredMore info
Complaint statuses
- Resolved:
- The complainant verified the issue was resolved to their satisfaction.
- Unresolved:
- The business responded to the dispute but failed to make a good faith effort to resolve it.
- Answered:
- The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
- Unanswered:
- The business failed to respond to the dispute.
- Unpursuable:
- BBB is unable to locate the business.
loan application
D****** *********
SS#***********
I applied for one loan and now things are going off the rails. I now
have over four loan applications and four credit inquiries for the
same loan.
I need this escalated and corrected on my credit report .
D****** ********* ###-###-####Business Response
Date: 01/02/2025
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. S********'s concerns.
PennyMac strives to provide superior customer service and respond to
all inquiries in a timely manner. A detailed letter of explanation will
be sent to Mr. S******** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:12/31/2024
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 calling PennyMac for 2 weeks about the incorrect payment amount for my property taxes. I’m getting no updates or information. I’m placed on hold for over 30 minutes and never get a response. So, my property taxes will be paid late due to this company. While my monthly mortgage payment is made before the due date. Why have escrow if you’re missing or making incorrect payments on the customer?Business Response
Date: 12/31/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. 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 Ms. R******** under separate cover within 15 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:12/30/2024
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 business is not right. I payed my bill with them on time. There system gave me a late fee which effected my credit. Call to discuss issue . They had me provide proof of the payment thru there website. To prove the payment was paid on time like I always have. To investigate to say there system tight and I'm wrong.. It affects my credit for the next 7 years trying to be right with them and they wrong me. I had a issues with them before on my premium mortgage insurance . Just pay on time and they where to remove it to tell me it for the remaining contract. . My mortgage is to much as is and to pay a late fee and was on time. To be wrongly reported to my credit is insane.Business Response
Date: 12/30/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. ****' 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 calendar
days.
PennyMac values and protects its customers’ confidential information.
Due to privacy reasons, we will refrain from posting any personal
information to the BBB site
as we do not disclose our borrowers’ personal information.Initial Complaint
Date:12/23/2024
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 reaching out to Penny Mac headquarters regarding my account. For starters, I made an online payment as normal on Dec. 1st., and apparently something was wrong with the system because normal a message immediately populates stating there's a pending payment. No message for at least 30 minutes. I decided to back and start over of which the second time it immediately states pending payment. Not until the 3rd, I noticed I received two separate emails thanking me for a payment of which I knew something was wrong. I immediately contacted Penny Mac and stated what occurred with the system and asked to reverse one. After finally speaking with a supervisor, I was advised it would be better to stop payment on the transaction of which I did. At that point I was told by the bank one of them was paid and the second had been sent back due to insufficient funds and there was nothing that needed to be done. A few days later I checked my account and noticed two eventually got paid due to the fact Penny Mac re-sending the payment back of which the bank paid a second time. One on the 3rd and the other on the 6th. I filed a claim with my bank and they did a reversal by placing temporary funds in my account. I have sent my bank statement and still no resolution. I had to eventually contact my bank and place a conference call in to explain that there was a duplicate payment The bank did in fact state they would handle it because they have all of the documents validating what has occurred. I told Penny Mac even so, I want a return call back and a resolution to this matter. I also wanted to express the disrespect received from Penny Mac when addressing matters from those of authority to the point, I find it extremely hard to believe calls are being MONITORED based off negative interactions. I did receive a call from an individual and tried to reach back out and one of the reps thought it was okay to say they were BUSY and one of the supervisors also endorsed this behavior.Business Response
Date: 12/23/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. 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 Ms. 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.Customer Answer
Date: 01/02/2025
Complaint: 22717494
I am rejecting this response because:I received a call from V******* that I’m assuming is from PennyMac corporate office. I was advised by her that she would contact me with her finding related to this issue by Jan 3rd, plus I would like to keep this open for documentation due to the fact I have spoke with a MULTITUDE of people from this company only to be disrespected about this matter which has yet to be resolved. I have sent them documents upon their request as well as spoke with my bank by conference call which also reconfirmed that payments were processed and debit from my account on two different occasions. The bank did place a temporary credit on the account until this matter is resolved. I also I’m asking to keep this open because once again I made another payment to on the 31st to avoid PennyMac sending a negative inquiry to the credit bureau since they still have determined where the 2nd payment mystery went too, which is provided on my bank statement once again by there request. This issue has been from one department to the other and proof has been sent as well. I honestly, don’t have much faith in this company and this scares me to the core knowing they have the ability to send negative inquiries to the credit bureau due to there error. Not only do I want an explanation, I would like to post this issue publicly for other customers to be aware of that I am going through because this is by all means unacceptable for a mortgage company and giving the fact they have the ability to control a customer’s credit history. Once again, I would like to keep this open because the same problem still exist when making online payments. Being that I make online payments each and every month and very familiar with the process, it’s beyond strange way it does state after making payment that you currently have a PENDING payment. I brought this is to several of the individuals I spoke attention and was told by one representative that I wasn’t the only customer to mention this. The same exact problem is occurring the system is NOT identifying there’s a payment made of which it has done in the past (took multiple pictures on 12/31 as proof) and what’s SO DISTURBING there’s obviously a problem that I’m sure is NOT BEING INVESTIGATED, but yet in still would elect to charge a customer for making a payment by phone with a representative that really poor business practices and highly unethical for a business to treat customer especially after making them fully aware of the problem. Once again, please leave this case open and I would also like to publicly inform others and for documentation purposes.
Regards,
******** R****Business Response
Date: 01/03/2025
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist. Please be
assured you will receive a formal response addressing each of your
concerns. Due to privacy reasons, we will refrain from posting any
personal information to the BBB Site. This response will be mailed to you
under a separate cover within 15 calendar days.Customer Answer
Date: 01/09/2025
Complaint: 22717494
I am rejecting this response because:After speaking with some in the escalation department and went over everything that occurred regarding the duplicate payment, I felt comfortable with the outcome, but after receiving the attached letter date January 2, 2025, I don't feel as though Penny Mac first of all own up to the fact that the payment made on Dec 1st. 2024 was a duplicate payment. In the letter it states I made a payment on both December the 1st and Dec. 2nd at different times and that is ABSOLUTELY INCORRECT therefore your investigation was unsuccessful. The payments were made on Dec 1st and as I stated your system did not state there was a pending payment for a period of time (which it has normally been done in the past with NO PROBLEM). And if the investigate would have been done properly before drafting this letter dated January there would have also been another compose letter sent over with proof of the same thing occurred on Dec 31st of which I uploaded documentation to provide my point of what occurred on Dec 1st. Thirdly, if the any of the conversations between myself and SEVERAL other associates one of team members of PennyMac not all myself called in about experiencing the same issue, which leads me to believe PennyMac did NOT monitor any calls. Again, I felt comfortable with the conversation I had with the gentlemen from the escalation dept., but from the letter received it's clear that PennyMac does not want to be held ACCOUNTABLE for an obvious problem with their online system which is disturbing to me. NOT ONLY has this caused me a lot of stress but the DISRESPECT I experienceed from PennyMAC team members.
I would like to have this posted for other customers with or without mortgage loans with PennyMac. This is entire situation and the time spent on this PennyMac still fell to realize that there was a problem with their system on both Dec 1st and Dec 31st. It would have been better to offer an apology for what has occurred and at least check your system and your communication from there staff members before sending a letter with incorrect information and even to the point of documenting something incorrectly in order to NOT be recognized that something went wrong on Dec 1st. There was NEVER a payment made on Dec 2nd most definitely incorrect.
Lastly for a mortgage company that would rather try to place blame on a customer and clearly NOT having there facts correct need to be recognized by others. This company that you're supposed to rely on for accuracy and throughout this whole ordeal did even respond to me properly.
Regards,
******** R****Initial Complaint
Date:12/23/2024
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.
We pay this mortgage company monthly for our escrow account. They have failed to pay progressive the $1474.84 that we pay to pennymac for them to issue a check to progressive. Our home insurance is now late and we’ve gotten multiple runaround answers from pennymac with no resolution. We have dealt with this for 3 days now. A 45 day notice was sent to pennymac from progressive stating that this amount is due. Again pennymac has failed to provide progressive with the check. We have no idea where this $1400.00 is of our money and pennymac cannot and will not give us an answer. Our insurance has now lapsed with no answer from pennymac. We are at our wits end. We have all documentation and recordings from our dealings with pennymac. We cannot get an answer from pennymac on where our escrow money is. They have apparently sent checks to the wrong addresses claiming they overnighted a check but will not provide us with a check number or check number. Our next step is small claims court because pennymac will not give us any answers.Business Response
Date: 12/23/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to T*** ****** 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 T*** ****** 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: 12/29/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22715909, and find that this resolution is satisfactory to me.
Regards,
T*** ******
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