PENNYMAC
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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
Matthew Monte
Jun 09,2024PennyMac bought our mortgage from another company pretty early on. They have horrible customer service. Ridicules response times, if you can even get a response. If they can buy your loan and ignore you, that is their goal.
Michael Maddux
May 10,2024The website is pretty good, but their customer support is all outsourced overseas and it is excruciating to deal with them. They can't really provide good service. They follow scripts and there's no common sense.
JT
Apr 25,2024Horrible mortgage company. My monthly payment has increased twice since they bought my mortgage. They are now citing the increase due to a "shortage" account. Neither my insurance or taxes have increased, yet I am now paying over $500 more per month than when I started. What's more is they failed to pay my homeowner's insurance on time, and it wound up getting cancelled. They finally paid it a few months later. Avoid PennyMac at all costs!!!
Ellen
Apr 24,2024They messed up my escrow account and will not be accountable. Horrible customer service and won't give you a person to work with. My mortgage was sold to them. If you have a choice - never go there.
Diana Hill
Apr 20,2024After 15 years this company is failing. Do not use them. You cannot get an agent on the phone and the phone system is extremely frustrating. They applied my funds incorrectly and kept adding late charges. I finally talked to someone to fix all of this, including my credit report that they reported last payment only to get another late payment today. This literally has me in tears, they are so inefficient.
DARIN
Mar 21,2024I have unfortunately been with this company for almost two years. The mortgage company I signed with sold my mortgage with out my permission, now PennyMac is charging me 2083.00 dollars for what I don’t know. They don’t explain themselves. Also raising my monthly payments by almost 60dollars, I have never missed a payment in two years since I bought this house. If you can don’t use this company, evil people!!!
Dan R
Mar 15,2024Awful experience with PennyMac. First, the company failed to pay my homeowners insurance this past year, no reason, no explanation, same mortgage and insurance for years, PennyMac just never sent payment and suddenly I wasn't insured. Then I'd started the process of acquiring a PennyMac home equity loan, was more than qualified, submitted all requested documents, and then each day, the processor wanted one more thing, two more things, all the requests were in writing, often indecipherable, often reflective of documents I'd already submitted. The loan agents didn't seem in touch with the processors, and would then explain what they thought the processors meant, it was all messy and unprofessional. I'm now taking my entire mortgage elsewhere, which will be a little expensive but worth it to be finished with PennyMac.
Jason C.
Mar 01,2024Awful lender. Stay away.
E-Nonymouse
Feb 14,2024I'd been a reliable customer of this company for years, never missed payments. Throughout the life of the loan I have an indisputable payment record, it's not just on this loan or this company, on EVERY company I deal with. I consistently overpay, for the first time last month by accident didn't enter the correct number into the payments area when I was doing my banking. I missed the payment by 50 dollars. My roommate grabbed my mail with the bill and put it somewhere I didn't find for weeks. So I didn't find out about the oversight for a while. I received multiple threatening notices the next billing cycle with wording that made it seem as though I was a deadbeat client who hadn't paid anything in ages, implying that I should seek legal counsel fast or i was going to lose my house! I had initiated payment through my bank for the next bill almost a week before the date of the 2 identical notices ( I have no idea why anyone thought i needed 2) I received the following month. I had added even more to the next payment than the original notice had said I needed to because I am not a deliquent.. I had to call someone today to confirm I was not going to have my house put into foreclosure for a minor mistake that anyone could make, I had never made one in almost 10 years of this loans existence. You have no idea how much stress you put me under, i'm a disabled vet living on a fixed income trying to do the best I can. If I am to be held accountable for what I do or don't do, then you should too. Your messaging was unnecessary, excessive and thoughtless, I do not care if it was automated or not. If it was such a big deal you could have covered that minor amount with money from the escrow account instead of treating me like crap.
no-la
Feb 12,2024Pennymac failed to pay land taxes resulting in a lien being placed on our property. The customer service was worse than useless. Do not use.
Stevethebrit
Jan 27,2024They LIED in Federal Court! Through no fault of my own (I’m a victim of abuse who fled my home) my house ended up in foreclosure. Someone else was court-ordered to pay the mortgage and didn’t. PennyMac said repeatedly and in multiple episodes and ways they would support me in a Short Sale. We had a buyer and they were fully aware, We didn’t object to the removal of “Stay” in Federal Court as a result of their lies. These SOB’s knew the entire situation in spades and had the temerity to lie in Federal Court as part of their hidden agenda. They lied and sold my house immediately at foreclosure in bad-faith business practices. I’ve lost my house, my credit, wasted all my money on lawyers & now I have a needless foreclosure on my record. The worst abusers of all=PennyMac. I’m filing Priority Complaints with the Feds soon…
S. Singh
Jan 25,2024I have 3 rental loans with Penny MAC and they gave me great rates/service back then. I believe I have great credit score, income to debt ratio and financial status to qualify for loans easily. 2nd week of december 2023 I applied for another new property loan and the loan officer was the most arrogant person I met in service industry of any kind let alone Mortgage. After doing hard credit pull and submitting the proof of income, W2 and proof of funds (2x than the loan I was applying for) - the loan officer preseted me with a loan qoute and wanted me to pay for appraisal to lock in that qoute. All I said is give me a day or two to compare with other lenders....this guys just says "you are going to compare now, you had been wasting my time all along. I have so many loans to close....call me only when you are sure and ready to lock". Though the loan estimate says not locked but it says the locking window to be 2nd Jan. I tried calling them a week later to lock - no body picked up and l left voice message/online text message on online application portal that I want to lock in rate. The guy seem to purposely not take the call and eventually takes call and told "we closed your previous file (without any phone or text notification to me on inactivity timelines) and now your rates are xxx (1.35%) as you didnt lock on time" when asked few question around the new terms he again said "You are wasting my time and this is what it is ...call me when you are ready". Interesting on online platform the application was still open as I was logged in before/during the call. At that point I told him I cant work with him as he seem to think his time is more valuable than his customers like me. I asked to change the loan officer, but they diverted me to another loan officer in the same team who was nice to talk to. But looks like at this point they didnt want to qoute me competitive rates to win my business. I still have 3 loans with them. I am Closing with Cross Country in few days - welcoming, competitive rates and great communications/service. I have 2nd and 3rd contract already in place for 2024. So, PMC lost 3 loans for 2024 from an existing customer (with already 3 loans with them) due an arrogant loan officer/team. I am not sure if they are legally liable for not fulfilling the terms of loan estimate provided to me not to mention the harassment/misinformation.
Donnie Dunman
Jan 13,2024Do not fall for their trick they will tell you your a easy qualify and charge you 500.00 dollars non-refundable for an appraisal and then tell you they can't do the deal because they had your house appraised at 40,000 dollars more than the house really appraised for, and you are just out 500.00. Then they just ghost you after that. Sorry can't help you. Do not fall for the same trick I did.
Disgusted
Jan 10,2024I was in the hospital for three weeks and missed one payment. Pennyman blocked my ability to pay online and requires me to call them. However, their system is completely dysfunctional, nobody answers then it hangs up on you after wasting up to an half hour! I want to pay my mortgage but PennyMac won't let me!!!! Terrible company!!
Suzette Rodway
Jan 03,2024It's difficult, to say the least, to get a real person via phone. A customer is encouraged to do everything via their online system but that system is pretty bad. I've submitted messages that don't get read. For example, I recently changed homeowners insurance and had to go through the online system to update my insurance info. The 'people' receiving my info don't seem to understand insurance, and because there was question about the coverage rather than pick up the phone and call me, they mailed letters asking me to upload my new insurance over and over again. Then they applied their own insurance because the question hadn't been answered, even though I had answered the very simple question and submitted documentation. A person with just a little bit of knowledge could have solved the issue by either picking up the phone or answering my online messages. It's almost like there are no humans working there.
Amy Yamashiro
Dec 28,2023I missed a payment (my fault) and received a bill the following month which I PAID in FULL for the exact amount on the bill which was for both months' mortgage and fees, plus a late fee. However, the following month the bill was a mess, as half the money had gone into escrow and "suspense" accounts instead of being applied to the mortgage amount. It took an hour to sort out the issue with collections (rude and not helpful) and then customer service (helpful) for me to understand what had happened. Bottom line is that I paid the FULL amount listed on the bill, but was penalized the next month (ended up paying $1,000+ extra into escrow account) in a way that was completely not transparent. Also, beware of autopayment. If your escrow goes up, the autopayment does not adjust. Then, your autopayment money does not go toward your bill. Instead, it goes into a "suspense account" and you'll get a late fee and a big bill the next month. I decided to bump from one star to two because someone very patient from customer service took a while to help me understand why there was an issue even though I paid my bill in full.
Ashlea A Blandford
Nov 30,2023Horrible customer service. Repeat the same thing over and over again. Threaten my 65 year old mother asking her what would she do to keep her home cause no one told use that are property taxes werent being figured right supposedly sent a letter we never received in the mail. Trying to charge us over $300 for our mortgage and now saying $1700 a month is what we will have to pay starting in March or April. Mostly foreigners who you speak with and they need to train these people about customer service.
EA
Nov 30,2023There is no way to make a payment "after hours" by phone. Or without chatting with them. This is ridiculous. There should be multiple ways to PAY anyway and how that a customer can. The number 888 870 229 has no evening access and the other phone number loops gives no option to make a payment only info. I guess this multi-million-dollar company is too cheap to make itself accessible, not everyone is happy with ONLINE payments! I guess the other option is that they WANT customers to have difficulty paying---that much seems to be true.
Camille Binbek
Nov 21,2023BORROWERS BEWARE: This company WILL NOT pay your taxes on time. My taxes were paid late which resulted in penalties and fees. Pennymac refuses to take accountability for paying my taxes late. Look for a different loan company. It's supervisors WILL NOT admit wrong, even though, the junior representatives have spoke with me extensively and admitted Pennymac was liable for my tax penalties and fees. They refuse to acknowledge. More money in it's pockets because the collateral is my house. The supervisor I spoke with was so dishonest when I tried to three-way the call with the insurance company, he hung up the phone. He was telling me the extorted money this company is taking from me was for insurance versus tax liability. I called his bluff by calling the insurance, and he hung up. Poor service. Choose wisely! My loan was purchased by them. I didn't choose them as my loan company.
3043 Townsgate Rd, Suite 200, 91361, Westlake Village, US
https://www.pennymac.com
BrianW
Jun 12,2024PennyMac is the worst! They have held my mortgage for 15 years as part of a transfer from my original lender. If your loan is sold to Pennymac, RUN to any other lender. They have the worlds worst technology and customer service. They should be shut down for incompetence!