Complaints
This profile includes complaints for PENNYMAC's headquarters and its corporate-owned locations. To view all corporate locations, see
Customer Complaints Summary
- 671 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:12/10/2024
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.
Pennymac is holding 1100$ hostage, and creating damages, in a suspense fund that should have went to the monthly mortgage payment. Two large payments were made in August that should have put the mortgage statement payed two months always in advance. Furthermore, now PennyMac is charging late fees because 18,000$ was paid. they now are refusing payment of the previously already payed December balance. I am charging 837% interest on the 1100$ they stole and refuse to release so I can make the December payment AGAIN.
I demand my $18,000 back that they didn't apply to my monthly payments.
Business Response
Date: 12/10/2024
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: 12/10/2024
Complaint: 22666491
I am rejecting this response because:
Regards,
******* ***** S********Initial Complaint
Date:12/10/2024
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 selling a portion of my property that is already separate with the county. I submitted a power of attorney a month ago for the settlement company to communicate for me. Nothing has been "approved". I am needing to have that parcel released form the lien and have filed all necessary paperwork. My closing was almost a month ago and we still cant reach anyone for answers. Every time we call, everything starts over and whoever answers the phone is clearly reading from a script. On a few occasions we did reach someone who appeared to see the info we had sent and gave us dates when this matter would be settled. Those dates have come and gone and still nothing. And you can never reach the same person to continue the conversation. Always someone new who starts from the beginning asking for things that have been done. I NEED answers as part of a real estate transaction and Pennymac doesn't offer this service. Every time I speak to someone they say they will need between 15 and 120 days to respond. I have a lot of money and future investments on hold and on the line because of their inability to answer questions and provide service. I could literally go on for pages describing the amount of excuses and non answers I have gotten while dealing with this company.Business Response
Date: 12/10/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. *********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 Mr. *********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.Customer Answer
Date: 12/10/2024
Complaint: 22665438
I am rejecting this response because:
I have heard the same response for more than 2 months. It’s always “we will mail you a letter within 15 days”. Why can I not get a phone call or email? And when any letter has come, it informs me that “we have received your request”. But nothing ever happens. They clearly don’t care about their clients and have no interest in resolving issues.
Regards,
****** *********dBusiness Response
Date: 12/11/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on December 11, 2024. 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.Initial Complaint
Date:12/09/2024
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.
We have a mortgage loan (LOAN - 8207628313) with PENNYMAC. We escrow our taxes so we should not need to send our tax bills to PENNYMAC. However, they didn't pay our taxes in time so the City charged interests. We reached out to PENNYMAC and asked them to pay the interests on their own or reimburse us for the interests.
They opened multiple cases on it and so far we haven't received a formal responses. Every time we called or chatted with an agent, their responses are different. At first, they acknowledged their oversight and confirmed that we would be reimbursed. Then they ghosted us for days. When we called again, they told us decision has been made before the payment was sent. This was a lie as they opened a case to "look into" it when we followed up. Then they told us they made the decision that it was our fault so they refused to reimburse the interests.
There were multiple tax bills because we bought a new construction. The first bill was on 5/28/24 with a due date of 6/27/2024. Then the second bill was on 6/28/2024 with a due date of 8/1/2024. If there were any confusion, PENNYMAC could have reached out to City Taxes or us but neither of us received anything. We called City Taxes to confirm that. When we escrow our taxes, we would expect PENNYMAC to pay when tax bills are received, as stated clearly on their website. They failed to do so and refused to take responsibilities on their oversight. We need them 1) to reimburse us for the interests charged; 2) to have appropriate review process on the tax bills so this won't happen again; 3) have better communications with their clients so we are not getting mixed, false, or uncertain information from different agents.Business Response
Date: 12/09/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to T*** **'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 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: 12/09/2024
Complaint: 22662006
I am rejecting this response because: I finally received a response in my message center today that a request for refund as been submitted to my county. I don't know why PENNYMAC waited this long to submit the request and there's still no clear resolution of who's paying the interests if request for refund is rejected. Because the issue was not taken care of in a timely manner, we will need to be reimbursed by PENNYMAC if county refused to process a refund.
Regards,
T*** **Business Response
Date: 12/11/2024
Thank you for the additional information, and
for speaking with our Priority Complaint Specialist on December 10, 2024. 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.Initial Complaint
Date:12/09/2024
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 spent hours on the phone with PennyMac representatives in August and September trying to resolve the issue they had with not showing our insurance on our property. I was finally advised this was resolved and no further action was needed. I just got a policy in the mail where they imposed insurance on us and charged our escrow account $13,444. I can see in our escrow account that they paid the correct insurance payment (the policy we have had on this house since we owned it) on Sept 10. I don't understand why they can't resolve this. I have sent them our policy multiple times and was advised by at least 2 representatives that they have and there is nothing else for us to do. This has been a complete nightmare to deal with.Business Response
Date: 12/09/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. P******'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. P****** 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:12/09/2024
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.
In September 2023, Pennymac requested proof of home insurance for our property in Sunnyvale, CA 94085. We uploaded our master insurance letter, which is effective from 10/01/2023 to 10/01/2024, through the online portal. Pennymac reviewed and accepted the document, sending us a notice stating: "The lender-placed coverage we reserved on your behalf has been canceled effective 10/01/2023."
But on September 24, 2024, Pennymac unexpectedly asked us to provide proof of HO6 insurance coverage for the period 10/01/2023 to 09/17/2024. Pennymac warned that if we could not provide this proof, they would charge us for coverage during that time. This is the first time Pennymac has asked for insurance beyond our master insurance, and it is impossible for us to purchase a policy retroactively.
Pennymac has followed up twice, stating that if we cannot provide the requested evidence, they will charge us $116 for the coverage. However, upon reviewing our mortgage bill today, we found that starting next year, Pennymac intends to increase our payment by $38 per month for 12 months, totaling $456—not the $116 initially mentioned.
We believe this situation is unfair for several reasons:
1. Conflicting Information and Lack of Communication:
If Pennymac deemed our initial evidence insufficient, why did they send a cancellation notice confirming the lender-placed coverage was canceled? Additionally, from October 2023 until September 24, 2024, there was no mention of needing HO6 insurance for the earlier period. How can a customer be expected to purchase insurance retroactively for a time period that has already passed?
2. Billing Discrepancy:
The notice stated the charge would be $116, but the actual adjustment to our mortgage bill totals $456—four times the amount stated. This discrepancy is unreasonable and misleading.
We kindly request Pennymac to investigate and resolve this issue promptly.Business Response
Date: 12/09/2024
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 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. Yan 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:12/05/2024
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.
Last Tuesday, I accidentally made 2 house payments, and was left with no money until I get my SS in mid-Dec. I called last Wed. to have them put one payment back in. I was told 3 business days. I called again and I was told they didn’t even do anything until Friday night, so again three business days. Today is day 4 and still no money. I called again today was told the same BS. These things take time, blah blah…. seriously?? My bank says there is no sign of the money pending. I have called every day and no satisfaction.Business Response
Date: 12/05/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. 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:12/04/2024
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 had problem with PennyMac in the past that is the reason I do not have an escrow account. Now I am dealing with another problem that seems to be shady something foul is going on. I mailed a cashier check in October 2024 to pay for the month of December I mail another cashier check in November to pay for the month of January 2025 Pennymac is saying that they did not receive both cashier checks I went to the bank both checks have not been cashed. The bank said the mortgage company sound crooked having us believe this is a way for Pennymac to get late fees. No way both cashier checks are missing in the mail. To prevent a late charge for the month of December I paid through auto pay thank God I had money in my account to cover the mortgage. This is a horrible company I did not pick this company my loan was sold to them.Business Response
Date: 12/04/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Ms. H******' 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. H****** 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: 12/06/2024
Complaint: 22640981
I am rejecting this response because:Thank you I was force to contact BBB I have called several times to Pennymac I have sent emails about this matter This is serious matter this is my mortgage payments. No way two cashier checks that was mail out two different months can be lost in the mail. There is proof for over a year I have paid by cashier check I have had problems in the past with this company as taking my payments and put it in principal when it clearly state this is my mortgage payment. Aso additional escrow payments was also put into my principal which could had left me short in my escrow. Becoming piss I no longer have an escrow account This is truly a horrible mortgage company. I have receipts of the two missing cashier checks along with all the receipts of past cashier checks Pennymac refuse to post the two checks to pay my mortgage plus I should be one month ahead Having to pay through auto pay have cause financial burden Where are the cashier checks again I believe this is a scam only to get late fees Again thank you BBB
Regards,
******* H******Business Response
Date: 12/09/2024
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. This response will
be sent to you under a separate cover within 15 calendar days.
Additionally, a Priority Complaint Specialist attempted to reach you by phone
on December 6, 2024, and provided a voicemail for a callback. We encourage you to
make contact to further discuss, at your earliest convenience.Customer Answer
Date: 12/09/2024
Complaint: 22640981
I am rejecting this response because: The only reason why I**** ***** called me is because I called prior to file a complaint against him. Thank you to BBB the public need to know the scam that Pennymac is running that can cause Homeowners to be behind in their mortgage. I had also file a complaint with the post office who agreed yes mail do get lost but this situation is very suspicious because for over a year I have paid my mortgage with cashier check and mail it to Pennymac. This situation a check dated in October was mailed in October A check dated in November was mailed in November both checks Pennymac claim they had not received. Talking to representatives that are rude and have hung up on me. This is my mortgage payments Pennymac shenanigans need to be investigated by the proper authority. This a way to get a late fee No way two cashier checks can be missing. Also I had problems with Pennymac that is the reason I do not have an escrow account I see other homeowners had similiar problems about paying their mortgage and adding additional money to their escrow which is putting all payment into principal only which leads to mortgage being behind and escrow coming up short. I indeed want to make a complaint against I**** ***** and the other customer rep of course Pennymac being dishonest who want to cause homeowner hardship
Regards,
******* H******Initial Complaint
Date:12/02/2024
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.
Pennymac Loan Service mistakenly left us without a homeowner's insurance policy from 9/2023-9/2024. On 10/31/24 they purchased lender placed insurance that they are back-dating by over a year in an attempt to make it look like we had coverage when we didn't. They are building the cost of this into my mortgage payment. Pennymac is trying to make me pay $4146 for an insurance policy I never had. I have reached out to them via phone 10 or more times in the past few weeks and they are no help. All I get is people trying to throw arbitrary figures at me in hopes that I will be confused enough to stop fighting. I will not stop fighting because this is insurance fraud.Business Response
Date: 12/02/2024
Thank you for bringing this matter to our attention and allowing
PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and
respond to Mr. B****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. B****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:11/27/2024
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.
My closing was supposed to occur today, November 27th. This was scheduled 1 week in advance. The night before closing, I was notified that the title company and Pennymac have differing policies on how to “ensure” payment on county taxes. There is zero regard for anyone’s time other than their own profit.Business Response
Date: 11/27/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Ms. C******* 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. Challis 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: 11/28/2024
Complaint: 22612233
I am rejecting this response because:
Regards,
A********* *******Initial Complaint
Date:11/25/2024
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.
Dear Better Business Bureau,
I am reaching out regarding ongoing issues with contacting Loss Mitigation for my VA-backed home loan with PennyMac. Since October 4, I have been calling weekly to resolve my request for a special forbearance due to a temporary loss of income. Unfortunately, every call connects me to a representative who redirects me to another number, leading to an automated line.
Despite my consistent efforts, I have received no assistance in bringing my account into a special forbearance plan, and I have already been assessed late payment fees. I am deeply concerned that these delays are unnecessarily increasing costs, which I am actively trying to avoid while working to remain in good standing.
I kindly request that someone from Loss Mitigation contact me directly to resolve this matter promptly.
Thank you for your attention to this urgent issue.Business Response
Date: 11/25/2024
Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”)
the opportunity to review and respond to Mr. 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 Mr. 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.Customer Answer
Date: 11/25/2024
Complaint: 22601714
I am rejecting this response because: By that time we will be past the due date again which will incur additional fees. I am asking the organization to contact me with a Loss Mitigation Agent (not customer service agent or collections agent) to set up a forbearance plan (unemployment or other). A call must be made and rational given as to why a VA backed loan can not receive a form of payment assistance until it is three months overdue or more.
Regards,
**** A********Business Response
Date: 12/02/2024
Thank
you for the additional information, and for speaking with our Priority
Complaint Specialist on November 26,2024. 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: 12/02/2024
Better Business Bureau:
I have reviewed the response made by the business in reference to complaint ID 22601714, and find that this resolution is satisfactory to me.
Regards,
**** A********
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