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

Dean Foote

May 01,2020

IF I had a choice, I would give ZERO stars. PennyMac has held our depreciation check for almost 2 months. They have no reason for this other than thy are looking into why they are not sending MY CHECK. All work was done on a water damage issue in our house. ALLSTATE, was great and paid timely; however PennyMac demands the checks be sent to them. PM then requires a multitude of paperwork to satisfy them that work is done. We sent paperwork multiple times. The check they are holding this time is our depreciation check. After arguing with me that they did not receive certain documents (then realizing they did receive them) they then say they sent the check wrong and had to cancel. That takes 14 days and they cannot issue a new one until the old one is cancelled. I call BULLS@#$. This is ridiculous. No one cares. They just keep our money for no reason. NEVER will I use them again. I didn't have a choice this time as my mortgage was sold to them. But in the future I will insist that nothing gets sold to them DO NOT USE THESE A@#$%#$s!

Tanya Sears

May 01,2020

The worst mortgage lender I have ever had the displeasure to deal with. Put our home up for sale, offer and contract signed then I needed the payoff demand for closing. I call request it, 1) it will take 21 days to get that information generated and mailed to me secondly it is only good for 14 days. PennyMac failed to disclose this so we had to request another payoff demand at the first of the month which once again could take 21 days but would only be good for 14 with a closing date on the 17th of the month. Our hazard/homeowners insurance was due later in the next month so about 45 days from request. I asked if they would pay that or include it in the payoff demand to make sure the numbers were correct. I was assured they would not pay it before the 17th,closing date. Closing day comes and goes and I get a call the next day from the attorney that handled the closing and the payoff was short because the payoff demand, didn't include the hazard insurance they had paid (over a month early) after they sent the payoff demand. I had to run get a cashier's check to pay the mortgage off where the new owners could record the property as theirs. I check the balance, it finally shows it is paid off on the 23rd but on the 28th they decide to take out the MPI from our remaining escrow funds and it shows another payment to be taken out again in June. This mortgage was paid in full on April 23rd but they are still deducting MPI from my additional escrow money. Also, watch your escrow and hazard insurance. They continually request your insurance to increase your hazard insurance regardless that there is more than enough to rebuild the home. Our payment went from $1100 a month to over $1700 in the three years we were with PennyMac due to escrow analysis. Through this entire experience I would call them to keep them updated to the status and process. Each time I had to talk to a different person and not once was there any notes from my previous conversations with customer service. Serious lack of documentation and communication skills. It is obvious why they purchase mortgages from other companies, simply because no person in their right mind would ever choose to do business with this company. WORST CUSTOMER SERVICE EVER!!!!

timbowallawimbo

Apr 30,2020

Customer service is garbage. Requested some info for another lender we were required to produce in order to refinance our house and they said they could either send it by mail or by fax but they couldn't send it to the other lenders fax and could only fax it to us. Who the hell still has a fax machine at home!? At this point we had already requested an email several times which they had deemed impossible. WHY?? We finally had to give them an ultimatum and sure enough we had all of the info in an email in less than 30 minutes! I will never do business and advise everyone I know not to do business with a company that has to be threatened in order to get things accomplished.