PENNYMAC

3.5 (901 Reviews)

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PennyMac Loan Services, LLC ("Pennymac") is a leading national mortgage lender and servicer. Our goal is to provide you with innovative mortgage solutions to make it easier for you to purchase, refinance, or simply remain in your home. Since our founding in 2008 by a team of mortgage industry veterans, we've sought to restore Americans' trust in home ownership by improving the quality and consistency of the mortgage experience. We're a full-service lender with a breadth of loan options for everyone from first-time home buyers to those seeking jumbo, FHA, or VA loans. We also purchase loans from banks and other lenders, then use our industry expertise to help borrowers restructure their mortgages so they can stay in their homes. NMLS #35953.

Reviews 901

3.5

Out of 5.0

Valerie Ellis

Jul 18,2020

We were scheduled to close with Rocket Mortgage in one day, we saw additional fees added that took too long to clear up, so cancelled the closing. We handed a full complete VA- Refinance package to PennyMac, everything done with VA Approval Appraisal, inspection report, loan amount, just everything ready to go. We were told since everything was done all was need was to get the VA file number transferred to PennyMac. We got a call to get a appraisal, the appraiser told us he should not been called when there was already an approve VA appraisal done, PennyMac said the ordered by mistake, same with inspection. One department didn’t know what the other was doing. It has taken neatly four weeks to get our completed file over to closing. Due to it just sat there not being processed. It took only three weeks to start from scratch. This has been a horrible experience. Everything completely done and we still had to wait. Just horrible experience all the way around.

Consumer

Jul 16,2020

Two months ago my homeowners insurance laps for 3 days because of covid -19, with most offices closed or employees working from home. Two months later Penny Mac contacts me and tells me I need to cover those days. The Penny Mac customer service representative explained to me that if I where to have a claim I need to have insurance coverage to cover that 3 day period. I asked how I'm going to go back in time to make a claim and how is that possible. I was told I needed coverage for everyday no matter how long ago the time was. That to me is corporate bullying and extortion of my money.

LadyBelle

Jul 14,2020

We ended up at PennyMac due to our previous lender selling our loan to them. We are in the process of refinancing and I have done everything possible to ensure that we do not end up back at PennyMac. We've been stuck with them for 3 year. The first year we received and check back after escrow analysis. The 2nd year we received zero communication we had a shortage until I got a letter stating my payments were short. The 3rd year I logged in to check to see and sure enough we had a shortage again; however, I never received communication of this. I printed the payment stub & paid the lump shortage writing on the check that it was for the escrow shortage & they applied it to principal. After calling customer service they did correct this; however, I should not have to babysit my lender to find out if my monthly payment is going up after escrow analysis. Finally, when looking to refinance we thought we'd speak to them first as that is generally the advice given. This was a nightmare of a cumulative time on hold of over 4 hours of a groundhog's day type cycle before I finally got a hold of someone that was helpful. When the quoted amount came in significantly higher than another lender the individual was quite rude.

Aaron Makings

Jul 13,2020

The entire process of the loan was smooth and effortless for us from application to closing. Timothy Carter contacted me weekly to update me on the status of the loan. The closing went exactly as expected and we are once again very pleased with Penny Mac.

Mauro Betancourt

Jul 13,2020

Penny Mac has been really good so far.

Torreon Shirlee

Jul 13,2020

The process was quick and seamless and the loan team was able to assist in a timely fashion, even the COVID global pandemic affecting normal operations.

JP

Jul 13,2020

PennyMac has great follow up (weekly). When they make a mistake they earnestly tried to make it right. There was some type of mix up on my closing date. I haven't seen it yet but was promised a 2-3 hundred dollar discount for the day I took off work. No one or company is perfect. However, PennyMac tries diligently, owns their mistakes and offers a swift and fair resolution. I can't ask for more than that!

Tyler

Jul 13,2020

We switched mortgage providers during the middle of our closing. PennyMac saved us a significant amount of money. At first, I didn’t think this would be possible as we gave PennyMac less than 30 days to close but they came through on time. The communication from our loan team was excellent. Employees worked around the clock to make our closing happen on time. I’d highly recommend to anyone our experience with PennyMac. They helped make our dream a reality and we are in the perfect home to raise our family.

Harry

Jul 13,2020

Great communication and customer service.

Maili Kai

Jul 13,2020

Team was professional and well informed on the process. Everything discussed from the very beginning was accurate. Happy with the timeline to close and information shared. One area of improvement -- make it crystal clear when last mortgage payment should be paid in light of the close date, i.e. I paid July mortgage and we closed on 7/6. I shouldn't have paid on 7/1.

Michael Miller

Jul 13,2020

was completely satisfied with my experience.

Michael Hahn-Hussey

Jul 13,2020

Overall great experience. Knowledgeable employees who made the process quick and painless.

Tornesia

Jul 13,2020

I called in about another issue and was informed that I could save more money on my interest rate and loan. The steps were quick in the application process and I was informed of next steps. Even when I had questions later, I was able to reach someone for answers. Thank you Pennymac and I'm very satisfied with my new loan!

Martin Rainey

Jul 12,2020

Great service - easy process - closed without any issues. Thanks!

Lawrence N.

Jul 12,2020

Great service! It did take some time for someone to get back to me on questions and when I was given a single point of contact I ended up receiving emails from 3-4 different people... overall I am very satisfied with the process

Julie N

Jul 12,2020

Painless and easy. Updated throughout with progress updates. Easy to submit needed documents. Quick and easy to get questions answered via phone or emails.