PennyMac Loan Services

Review: Longstanding loan service issues that remain unanswered/unresolved detailed via email I would be happy to forward.Desired Settlement: Address each of my questions in writing with a clear explanation and appropriate associated action as needed.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mrs. [redacted]’s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of the Revdex.com notification, a PennyMac Representative contacted Mrs. [redacted] on March 3, 5 and 9th, 2015 to discuss her concerns. Mrs. Van Vranken was provided with a substantive response that addresses her concerns. A detailed letter and explanation will be sent to Mrs. [redacted] under separate cover. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose ourborrowers’ personal information.

Review: In December 2013 the PMI was supposed to come off of our mortgage per the disclosure that we signed at closing. However the amount of that bill still had the PMI included on it so we called them to discuss. We were told that we were correct and to submit the payment less the PMI and we sent them a payment amount for what we were told to pay at that time. We then were contacted a few weeks later by phone and mail that we did not pay our mortgage in full and we had to have the same conversation all over again. Since then they call repeatedly each week and I have to spend an hour of my time each time explaining the whole situation again only to be told that they were incorrect and they assure me it will be taken care of. Most recently we made another mortgage payment that was due march 1st on February 25th and they called to say they didn't receive our march payment. Apparently you get collections calls for paying your bills early too?? My wife and I are being repeatedly harassed and we have never had a late payment or done anything on our end to provoke debt collections with this company. They keep telling us it will be fixed however there actions and collection procedures have proven otherwise and I feel like I am the victim of harassment. I cannot continue to spend time and effort on a situation that was not my fault. Just today again they called me twice and said that I needed to show them proof of my march payment even though they had the money and we paid it electronically. Please help me in any way that you can.Desired Settlement: I just want this harassment to stop. I do not feel that I should be harrassed when all of my bills have been paid on time with this company.

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide

superior customer service and respond all to requests in a timely and accurate manner.

Thank you for forwarding Mr. [redacted]’s concerns to our attention and

allowing us the opportunity to respond.

Upon receipt

of the Revdex.com notification, our office completed a thorough review of Mr. [redacted]’s loan

to verify the status of his request. PennyMac

confirmed that the Mortgage Insurance requirement was removed from the loan on

February 5, 2014, effective as of December 1, 2013. A refund was received and applied to the loan

on February 21, 2014.

A

PennyMac representative contacted Mr. [redacted] on April 2, 2014 to discuss his payment concerns. Mr. [redacted] was provided with a

substantive response, which addressed his concerns. Please be advised that PennyMac is finalizing

its review and adjustments to Mr. [redacted]'s loan. All the remaining adjustments will be completed by end of business April 14, 2014 and Mr. [redacted] will be

provided with a letter addressing all of his concerns.

PennyMac

values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from

posting any personal information to the Revdex.com site as we do not disclose our

borrowers’ personal information.

Business

Response:

Review: I have a mortgage loan on a property that got taken over by PennyMac. I had an insurance binder called a temporary contract that started 8/29/14. PennyMac took over my loan approximately 9/16/14. My insurance got canceled on 10/14 by the insurer - I received a formal cancellation notice with my policy number (which matched the reference number on the binder). I received new insurance on 10/17 - in this situation I got both the binder and eventually the declaration page. All documentation above was provided to PennyMac. I received letters from them saying they would purchase insurance on my behalf - each time, I called them, I spoke to them, I provided documentation they deemed acceptable and they said it was resolved. On 12/19 they charged me 135.89 for insurance they purchased on my behalf the day they took over the loan until 10/17 (a little over a month). My actually period of not having insurance was exactly 3 days (10/14,10/15 and 10/16). I've spoken to them at least twice since then to have the money (or at least all except 3 days of it) refunded. They've insisted the original 8/29 binder is not a contract (despite it saying temporary contract on the page) and they are refusing to credit me the money back without me provided them with a declaration page on the original insurance which I was never given (it was canceled within the 90 day period), despite me providing them with the actual cancellation notice with a policy number and the insurance binder with a matching number. The information I provided them is clearly sufficient to show I had insurance until 10/14 (otherwise what was canceled) and the policy number matched the number on my binder. I asked them if they won't accept the documents why can't they just take the assurance of the insurance broker and they've told me now that they have actually charged me, that before they charged me, verbal confirmation from my insurance broker would have been sufficient, but now that they have charged me, verbal confirmation is insufficient to issue a refund (would have been useful to know before the charge). I think I have cumulatively spent upwards of 5 hours on the phone with them. I have also asked for this to be escalated and threatened Revdex.com reporting - neither of which had an effect.Desired Settlement: 135.89 or 28/31 * 135.89 = 123.64 refunded.

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and process all transactions in a timely and accurate manner. Thank you for forwarding Mr. [redacted]’s concerns to our attention and allowing us the opportunity to respond. Upon receipt of the Revdex.com notification, our office completed a review of Mr. [redacted]’s loan to ensure that his concerns are addressed. PennyMac’s is currently in the process of reviewing the information regarding his insurance concerns. Mr. [redacted] will be provided with a detailed letter and follow up phone call as it relates to his concerns once research is completed. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. [redacted]’s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of the Revdex.com notification, a PennyMac Representative contacted Mr. [redacted] on February 16, 2015, to discuss her concerns. Mr. [redacted] was provided with a substantive response that addressed his concerns. PennyMac confirmed that his LPP was refunded and a confirmation letter will be sent to Mr. [redacted] under separate cover. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Review: Last year beginning in November we fell behind on our mortgage.We went through a mortgage modification in the process and was caught back up by may. Recently I noticed a 48 dollar charge on my mortgage when I called they stated it was a drive by inspection charge for each of the months I was late. How can they legally charge for something as shady as that? And something that cant be verified.Desired Settlement: I would like the $48.00 charge removed from my statement

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and process all transactions in a timely and accurate manner. Thank you for forwarding Mr.[redacted]’s concerns to our attention and allowing us the opportunity to respond. A representative from our office spoke with Mr. [redacted] on February 5, 2015 and discussed his concerns with him. A detailed letter will be sent to Mr.[redacted] directly with information regarding our research as they relate to his concerns.PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Review: My mortgage was sold to PennyMac Loan Services LLC by Bank of America several months ago. Since then it has been a nightmare trying to set up my mortgage payments. I requested automatic mortgage payments, which are set up on my online account, yet somehow PennyMac continues to call and send letters of late payments or no payments received. They went so far as to send a notification to the credit bureau. I have called them repeatedly and talked to several customer service agents and they still can not figure out how to fix this issue. They have my bank account information, the automatic payments are clearly showing on my online account yet they still harass me with late payment letters. I have never been late on my mortgage payments before nor have I had any issues with automatic withdrawals. This company is completely incompetent at what they do. I have spent countless hours on the phone with no resolution in sight and now they are trying to ruin my credit.Desired Settlement: I would like them to properly apply my mortgage payments to my loan, fix the issue with automatic withdrawals and correct my credit report.

Business

Response:

Thank

you for bringing this matter to our attention and allowing PennyMac Loan

Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. G[redacted]’s

concerns.PennyMac

strives to provide superior customer service and respond to all inquiries

in a timely manner. Upon receipt of the Revdex.com notification, a PennyMac

Representative contacted Mr. G[redacted] on November 2, 2015, to discuss his concerns. Due to a processing error, the bi-weekly AutoPay payment that was scheduled for August 14, 2015, did not draft. As such, the late charge assessed was waived and a request to correct the credit reporting has been submitted. A detailed letter of explanation

will be sent to Mr. G[redacted] under separate cover. PennyMac

values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from

posting any personal information to the Revdex.com site as we do not disclose our

borrowers’ personal information.

I bought home for $440k with loan $402k from PennyMaxUSA on 30th Nov 2014. In Feb, I sold my previous home and made payment of $155k towards principle of PennyMac loan. Now the current loan has reduced to around $245. I requested lender to remove the PMI since the loan has reduced less than 80%. Then the lender ordered for the home evaluation report from a BPO. The report says the home is worth only $400k. So, the PennyMac has been denied to remove the PMI.

MY argument is, even though the home is worth $400k & current loan is $245k, it is still less than 80% of the total loan, which is the main condition for the removal of PMI as per the loan agreement.

I'm very frustrated & disappointed by the arrogance of the PennyMac lender.

Horrible customer service. They get paid on time. Every month. If I didn't pay, I'm sure they would be quick to act. However when we suffer a loss to our home, and they have a check for us in order to make the improvements on the house. They ask for all kinds of documents, and know to customer service agents can get their story straight. Have sent them five copies of the same document,have been told that verbal authorization is okay. Been told that it needs to be faxed. Then told that they received the fax and the verbal authorization is okay to use that faxed document. Told to wait 48 to 72 business hours to process the document. Then call back in that time. And told that verbal authorization only lasts for 24 hours and the authorization needs to comeon the insurance companies letterhead stating that it is okay to use the document. The document was sent directly from the insurance agent. No supervisors are ever available to speak to. Then when they put me on the phone for a three-way conversation with the insurance agents, the insurance agent's phone goes to voicemail, and I get hung up on. The work is almost complete, the only reason we are not living in a hotell right now is because we came out of pocket for upgrades that we are doing at the same time. The contractor is going to want to get paid but I can't even get in inspector out to the house so they will release the check. Loss occurred over a month ago, they have had to check for over two weeks. With all of the proper documentation. Ridiculous.

Review: They take weeks and weeks to process a check payment and then constantly false report to the credit bureaus. Reported me being two months behind to the credit bureaus and I called them and they say no your not late. We did report it but just dispute it. It h brought my credit report well my husbands down over 100 points and is making me inelogble to make any purchases. Customer service reps don't offer any solutionsDesired Settlement: Stop falsely reporting to the credo bureaus. It has put my husband thru agony knowing he has never been late and they have destroyed his credit.

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and process all transactions in a timely and accurate manner. Thank you for forwarding Mr. B[redacted]’sconcerns to our attention and allowing us the opportunity to respond.Upon receipt of the Revdex.com notification, our office is in the process of completing a thorough review of Mr. B[redacted]’s loan to ensure that his concerns are addressed. On September 24, and September 25, 2015, a PennyMac representative called Mr. B[redacted] on the telephone numbers on file to discuss his concerns. There was no answer on the telephone numbers provided for Mr. B[redacted]. PennyMac will send a written response in regards to the research of his concerns once the research has been resolved.PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose ourborrowers’ personal information.

Review: Before I deployed I made sure that all my bills where in order. I had a loan through Bank of American and set up on an auto pay system; it had been that way for 8 years. While I was away and deployed BofA sold my loan to Penny Mac, in doing so my auto pay was not transferred. I was never notified of the change of events until I got a foreclosure notice on my house saying that I was three months behind in my payments. I tried to call and email numerous times and all I get is very rude people that wont help me understand what is going on. Why the auto pay system did not transfer? All I get rude people that tell me that the procedures that I started doing is not correct even though the person I talked to do those procedures are from Penny Mac. They have given me no correct direction to go to resolve my issues but they do keep threatening me with loss of my house, lots of late fees and destruction of my credit rating. All I see is horrible reviews not one single positive but they are rated a A+; how is that possible? How is this company still allowed to be in business?Desired Settlement: Accurate way to pay my loan and Auto pay. Also, to let me how I can switch them from being my loan company. To truly reflect the true rating of this company and to resolve this issue at the corporation level so these issues that are constantly flow in are no longer a problem for the costumer.

Business

Response:

Thankyou for bringing this matter to our attention and allowing PennyMac LoanServices, LLC (“PennyMac”) the opportunity to review and respond to Ms. S[redacted]’sconcerns.PennyMacstrives to provide superior customer service and respond to all inquiriesin a timely manner. Upon receipt of the Revdex.com notification, a PennyMacRepresentative contacted Ms. S[redacted] on September 8, 2015, to discuss her concerns. A follow-up call has been scheduled for September 9, 2015, to ensure Ms. S[redacted] is provided with the appropriate information regarding the transfer of her loan and alternate payment methods. PennyMacvalues and protects its customers’ confidential information. Due to privacy reasons, we will refrain fromposting any personal information to the Revdex.com site as we do not disclose ourborrowers’ personal information. A detailed letter will be sent to Ms. S[redacted] under separate cover.

Review: Raised my mortage from 967 to $1567 due to escrow money wasnt configured properly and gave me only 2 weeks notice.made my mortage for a yr on a new build and nobody caught this error.Desired Settlement: Someone needs held accountable for this error. No fault of my own. I pay the statement as agreed to. And now they want to double my payment and tell me my escrow was under funded. Not my problem.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. [redacted]’s concerns.

PennyMac strives to provide superior customer service and respond to all inquiries in a timely and professional manner. Please be assured that efforts are made by PennyMac representatives to accommodate our customers’ requests for assistance; however, in today’s financial environment, there are very stringent guidelines placed by investors that PennyMac must adhere to.

Upon receipt of the Revdex.com complaint a PennyMac Representative called Mr. [redacted] on October 28, 2013, to discuss his concerns and provide him with a substantive response in an effort to address his concerns. PennyMac provided Mr. [redacted] with a substantive response explaining the reason for changes to his escrow account. Additionally, options were offered to Mr. [redacted] to help assist him with the increase he referenced in his complaint. Please be assured that PennyMac complied with the Real Estate Settlement Procedures Act (“RESPA”) when it analyzed Mr. [redacted]’s escrow account. While he may not agree with the escrow analysis he received, the information provided in the statement was accurate and based on information received from his taxing authority.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any substantive responses to the Revdex.com site as we do not disclose our borrowers’ personal information.

Review: On 9/18/13 I spoke to Genie from Penny Mac. Although she was helpful,I still feel our matter was not corrected. As previous complaints against PennyMac have noted, attempting just to get our payment processed has been not only complicated but very discouraging. When we logged on to THEIR site and made our payment it showed "effective date 9/12/13" now on the 18th I get a pre recorded call call saying "please call us to discuss your account". We are being assessed a late fee since THEY did not process it by the cut off date??? ARE YOU SERIOUS???? We give them our money but they don't want to process it??? WHY NOT? Like I told Genie from Penny Mac, " I have never had a problem with B of A, Countrywide or any other bank for that fact taking a payment and processing it in a timey manner. Why is this only a problem now? And please, Not another form letter response about how they strive for the best service and care about their customers concerns...Smells bad..all of the people being treated this way should seek legal advise....Desired Settlement: Not only a refund of our late fees but everyone else that has had a problem with this same issue. It's not fair and they know it.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. [redacted]’s concerns.

PennyMac strives to provide superior customer service and process all requests in a timely and efficient manner. Upon receipt of the Revdex.com complaint a PennyMac Representative called Mr. [redacted] on September 19, 2013, and September 23, 2013, to discuss his concerns and provide him with a substantive response that would resolve those concerns. PennyMac confirmed with Mr. [redacted] that the late fee assessed to his loan was waived. Furthermore, PennyMac confirmed that his loan is in good standings with PennyMac.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any substantive responses to the Revdex.com site as we do not disclose our borrowers’ personal information.

Thank you for allowing me the opportunity to be of service.

Review: My house burned down in December of 2014. I received a check fromMy insurance company and decided to payoff the loan. I sent the check via UPS and it was received on 3-31-15 by the company. Today is 4-3-15 and the check still hasn't processed to payoff theLoan. You call and get the scripted answers from the service reprensentatives. Nobody seems toCare. You ask for a supervisor there isn't anyone there to assist you. What type of company is this? I spoke to someone named Varcy on 4-2-15 she stated she was putting in a call back and I never received one. I call back today and speak to someone named Shon. She gives me the same scripted answer and when I ask for a supervisor she says I need to wait 24 hours toGet a call back. She also stated no call back request was entered yesterday for me. Not only do they don't help you in this company now they lie tonyou just to get you off the phone. I work fora bank as a customer service manager and this behavior is not tolerated. These reps need better training and someone needs to be there to answer customer complaints!Desired Settlement: I need upper management to call me back and I need my issue to resolved promptly!

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. [redacted]'s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. PennyMac is currently reviewing the customers concerns. A representative will be in contact with Mr. [redacted] and will also be providing a letter and letter of explanation of our research which will be sent under separate cover. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose ourborrowers’ personal information.

Consumer

Response:

Review: 10562980

I am rejecting this response because: to this date I still haven't received any calls from upper management. The follow up and lack of customer service is unacceptable.

Regards,

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Ms. [redacted]'s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of the Revdex.com notification, a PennyMac Representative contacted Ms. [redacted] on April 14, 2015, to discuss her concerns. Ms. [redacted] was provided with a substantive response that addresses her concerns. PennyMac confirmed that her payoff funds were applied to the loan and her escrow refund payment was sent to her. Ms. [redacted] was provided tracking information for these funds. A letter of explanation was sent to Ms. [redacted] under separate cover. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose ourborrowers’ personal information.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 10562980, and find that this resolution is satisfactory to me.

Regards,

Review: I purchased my home 10/25/13 using a VA loan. At closing, $2,090.77 was held back from seller and I for upcoming property taxes. My property taxes for 2013 were paid in two installments by my mortgage servicer. I was left with a $358 balance in my favor in my escrow account after the taxes and insurance were paid. On November 20, 2014, Pennymac notified me that they had taken over the servicing of my loan from Cenlar effective 11/1/14. Curiously, my escrow payment went from approx. $166 per month to $439.51!!! My property taxes did NOT increase and the increase in homeowners insurance was only $40 total. I immediately called Pennymac and spoke to [redacted]. He told me that Pennymac was expecting my property taxes to increase substantially. I had already spoken to my local taxing district and my taxes did NOT go up. In fact, at the time of Pennymacs excessive escrow increase, the tax bills had not yet even been printed so whatever Pennymac was basing this huge increase on was imaginary. [redacted] informed me that Pennymac would research it and call me back, after a week, I called again. Again I was told something completely different and completely non-factual. I was again told it would be researched and someone would call me back...I'm still waiting and it's been over two months.I called a third time and spoke to a woman named Priscilla (12/2/14). Again, I was told that Pennymac was expecting a large increase in my taxes. By this point, the bills for my property taxes were mailed and there was NO increase in my property taxes, (other than a onetime sewer bill of $298). I pointed this out and was again told it would be researched and someone would call me back. I am still waiting and it's been almost two months since I spoke to her.This is ridiculous! Clearly, there is something seriously wrong with the way Pennymac does business. My loan should have been audited when they took over from Cenlar or at the very least after my first call!Desired Settlement: I want my escrow account audited. They have doubled my payment and evidently don't feel I am owed an explanation that's factually based. Since they refuse to speak with me or even address this matter, I am filing this complaint and am ready to take this to the body that licenses them as well.My property taxes in 2013 totaled $1732 not double that amount! They are similar for 2014 and there is no reason for my tax escrow payment to go from $166 per month to $439 per month. Fix it please!

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr.[redacted]’s concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of the Revdex.com notification, a PennyMacRepresentative contacted Mr. [redacted] on January 23, 2015, to discuss his concerns in detail. Mr. [redacted] was advised his tax line was updated and his additional concerns are being researched further and a letter of explanation will be sent to Mr. [redacted] under separate cover. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Review: After speaking to customer service about removal of PMI based on appraisal of property, we were told that we could go ahead with hiring an appraisal, and pending on LTV ratio, have PMI removed. We satisfied all requirements, as per instructions, and spent $ out of pocket for an appraisal. Since then customer service has been exhibiting classic avoidance, denial, and contradictions against recorded conversations. We have kept careful records of wrong doings. A summary of our attempts to solve this matter with Penny Mac include:12/8/14 @ 2:07 pm & 12:26 pm 24 minutes with c/s12/9/14 @ 3:33 pm 15 minutes with c/s12/16/14 @ 11:32 28 minutes with c/s12/16/14 @ 12:26 pm 38 minutes with c/s12/17/14 @ [redacted] recvd our Appraisal from [redacted] our Appraiser @ noon12/19/14 @ 5:30 pm s/w liset #8524 in c/s @ 5:30pm 17 min. they refuse to e-mail us or send us a letter in writing. She gave us her escalating supervisors name [redacted] #805212/22/14 @ 12:59 pm spoke with [redacted], escalating supervisor 23 min. trying to get status and informing her that I did not recv an e-mail back from [redacted], evaluation manager and also informed [redacted] that [redacted], Customer Service manager is the one that made verbal 3rd party appraisal exception. [redacted] to c/b on status12/23/14 [redacted] e-mailed me about who is handling my file and I e-mailed her back to inform her she is the one that recvd the appraisal from [redacted]12/24/14 @12:29 pm s/w Issac in c/s 26 min. regarding status of PMI removal and trying to get Issac to inform me who is handling my file and he said he hates that there are no notes on my account and [redacted] should be calling me12/26/14 @ 1:48 pm [redacted] l/m for me to c/b and @ 2:09 pm I l/m for her #8052 at 2:47 pm I called again and no answer at ext 805212/26/14 @ 2:57 s/w Jeff in c/s to get [redacted] live or [redacted] for status. He states the appraisal was recvd 12/24 and waiting review. He tells me she might not be in today and I said yes she left me a msge and I tried calling back several times but no live person. He tells me she has to call me back and that she ison phone. Tells me he does not know TAT. I am told they just need to look at value and if its good then it goes to investor final approval. 13 min12/31/14 s/w [redacted] in c/s @ 1pm 11 min. on status and she said its in review and going to take another week or so. She informed me on 12/27 the insurance dept made notes on our account about appr. In review1/6/15 l/m with [redacted] 8052 @ 11:56 pm and informed her I need status on the PMI removalno call back from her1/6/15 s/w [redacted] in c/s @noon informed me the appraisal was in request since 12/26 and is still pending.. TAT for removal she said is 7 to 10 business days for removal and if no response to call back to get file escalated and then we should get letter in mail for approval or not1/8/15 e- mailed [redacted] on status and she replied that her dept does not handle the appraisalDesired Settlement: PMI refunded for January. PMI requirement removed.

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and process all transactions in a timely and accurate manner. Thank you for forwarding Mr. [redacted]'s concerns to our attention and allowing us the opportunity to respond. Please be advised a PennyMac is in the final stages of reviewing Mr. [redacted]'s request for cancelling his private mortgage insurance. We appreciate Mr. [redacted]'s patience while PennyMac continues our review. A written response will be mailed to Mr. [redacted] once a determination has been made. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Consumer

Response:

Review: 10374011

I am rejecting this response because the previously described problems have not been corrected, nor given a satisfactory response. Nor has the issue of the tardy processing costing me money been addressed.

Regards,

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and process all transactions in a timely and accurate manner. Thank you for forwarding Mr. [redacted]'s concerns to our attention and allowing us the opportunity to respond. Please be advised Mr. [redacted]'s wife/co borrower has been in contact with a Priority Complaint Specialist at PennyMac regarding their request for cancelling their private mortgage insurance ("PMI"). She was able to confirm that their questions and concerns were addressed during our telephone conversations with her on January 16, and 22, 2015. The PMI was cancelled effective January 12, 2015, and the monthly mortgage payment has been updated effective for February 2015. We appreciate Mr. [redacted]'s patience while PennyMac finalizes a written response to mail to Mr. [redacted] confirming the PMI cancellation.PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Review: I called to apply a payment to my account for the month of July. After I made the payment they asked if I was able to make 2 payments for August. After getting off of the phone and checking my account online I realized they had done a reversal of a payment. They did not try to contact me or let me know that it had happened or why. Because of this I began receiving foreclosure notices and it had already affected my credit score dramatically. I called several times and spent an hour on the phone each time trying to figure out what happened. Each time they said I had missed a June payment and treated me as if I was a delinquent. If you check the account I had made a June payment online which is not allowed after you are 30 days late so clearly I was on time. Each time they said they would call me back to update me on the ticket they entered and never did. In the end they told me an April payment was misapplied. I had called and even verified which account it had came from (which they told me my husbands). Because of there mistake we are still a month behind on payments and getting foreclosure notices. We live paycheck to paycheck and can't afford that extra random payment. My credit score has bottomed and since my mother is my co signer her credit score is in jeopardy as well. The only option they have offered is to sign us up for financial help which I think is bull crap because it's their mistake, not ours. Why is my credit score ruined because of their mistake?Desired Settlement: I want someone to contact me and apologize for this huge inconvenience. I want my credit score adjusted. I feel like I deserve some type of compensation for this huge dilemma.

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to provide superior customer service and process all transactions in a timely and accuratemanner. Thank you for forwarding Ms. W[redacted]’s concerns to our attention and allowing us the opportunity to respond.Upon receipt of the Revdex.com notification, our office is in the process of completing a thorough review of Ms. W[redacted]’s loan to ensure that her concerns are addressed. PennyMac will send a written response in regards to the research regarding her concerns once the issue has been researched and reviewed.PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Consumer

Response:

Review: 10787202

I am rejecting this response because:

Review: Payment may be submitted by phone, webpage, or normal mail. However, the "fully automated" system, which tells you repeatedly that it is fully automated, will only accept payments during normal business hours. Please note that one cannot pay by phone ahead of the due date and the due date occasionally falls on Sunday (when the system will NOT accept a payment). After a few months of paying online, their web page kicked me off and no matter how many times I call and ask them to resent my password, I have yet to be able to log on again after at least four months. In short, their "automated" pay by phone system and their website do not work to allow martagees to pay on time without late fees.Desired Settlement: Refund any and all late fees applied, contact credit reporting agencies and tell them to remove late payment notices, fix pay by phone system to allow payment outside of business hours (which I have requested MULTIPLE times), and fix website so that users can actually long on and submit payments!

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. [redacted]’s concerns.

PennyMac strives to provide superior customer service and process all requests in a timely and efficient manner. Upon receipt of the Revdex.com complaint a PennyMac Representative contacted Mr. [redacted] to address his concerns and provide him with a substantive response that would address his concerns.

PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any substantive responses to the Revdex.com site as we do not disclose our borrowers’ personal information.

PennyMac’s automated telephone payment service and online payment options are made available for our customers convenience. Both options allow our customers to schedule monthly mortgage payments without the necessity of speaking to a customer service representative. Payments can be scheduled for the same day during regular business hours. Payments can also be scheduled after regular business hours; however, payments scheduled after regular business hours may be processed on the following business day. In addition, please be aware that maintenance is completed on a daily basis during evening hours which may limit access to our automated payment options until the maintenance is completed.

Thank you for allowing me the opportunity to be of service.

Review: When I was unable to find work, after five months of searching, being denied for unemployment and hundreds of applications, I returned back to teaching math. During this period, I reached out to PennyMac. I applied for my first loan modification in October 2014 and Robert Nigo was my point of contact (See 1st request emails). I was declined because they were unable to reach me to request other documentation. I began my new job in January and have been making monthly payments on time since I began work after the New Year. I again applied for mortgage assistance in February and Tami Reynolds was my point of contact. I was again denied assistance because my contract was permanent despite letters from my administration promising to hire me for the next schoolyear. This third time around of requesting mortgage assistance, I have been paying careful attention to my request since I am about to lose my home.Immediately after receiving my new teaching contract, I called PennyMac in early May 2015 to request mortgage assistance. After not receiving the loan modification documents, I called again to request the documents be sent. The documents were never sent the first time and it took two weeks for me to receive the documents. M[redacted] was my point of contact at this time. I received the loan modification package on May 26, 2015 and I emailed all of the requested documents to him that evening (See 3rd request emails1). We spoke the next day while I was at work and he informed me that section 10 was missing information. On May 28, 2015, I emailed him a complete section 10 (See 3rd request emails2). On June 8, 2015 I received a letter stating my $1350 payment was applied towards the balance of loan but I was confused as to where the $600 previous payment was applied since I split my mortgage payment into these two payments for the month of June (See PennyMac letter 1). I also received a letter on June 8, 2015 dated May 29, 2015, of a second notice for a request for my loan modification package; even though everything had been submitted and confirmed the day before (See PennyMac letter 2).I called on June 8, 2015, I was informed that my point of contact, M[redacted], no longer worked for PennyMac; Alejandra Velasquez was my new point of contact and I was also told to use the new online portal system to upload documents. In the four days it took me to set up my online account, I called Ms. Velasquez to check on the status of my account and also sent her the revised section 10 that I had last sent to M[redacted] (See 3rd request email 3). While using the online site, I could only upload documents if they were one page long. However, all the documents requested had multiple pages. Despite having sent in everything as requested to M[redacted] and leaving messages for Alejandra Velasquez, my online portal showed no documents had been submitted. I received a letter from PennyMac on June 18, 2015 dated June 10, 2015 stating I was missing documents again (See PennyMac letter 3). When I logged back into my online account yesterday, I saw that my point of contact for my case had changed to Diana Darnall. I immediately emailed her all of the documents that I had sent to M[redacted] and could not upload onto the online portal (See 3rd request email 4). I have two messages for Diana Darnall and had one returned. When I called yesterday afternoon, there was a new list of documents that are now required, which I will email in after drafting this letter.Desired Settlement: In the June 3, 2015 letter, PennyMac stated the foreclosure sale would go forward until PennyMac agrees in writing to cancel or postpone the sale or the loan is brought current or paid in full. I am asking for your help. I have spent my entire adult life teaching inner city and low income students in the DC Metropolitan area. I have worked very hard to clean up my credit so that I was able to buy this house for my child and self. I have paid everything on my account and I have never fallen this far behind. And the only reason I fell this far behind was because I was trying to follow my dreams of becoming a lawyer. Now, despite every effort I have taken to receive assistance from PennyMac my dreams will be crushed. I cannot be licensed to practice law in the State of Virginia with a foreclosure on my record. My credit score is a 550 due to the repeated late payments reported to the credit bureaus. With the late mortgage payments on my credit, I cannot sign a lease without a cosigner. I

Business

Response:

PennyMac Loan Services, LLC, (“PennyMac”) strives to providesuperior customer service and process all transactions in a timely and accuratemanner. Thank you for forwarding Ms. D[redacted]'s concerns to our attentionand allowing us the opportunity to respond. Upon receipt of the Revdex.com notification, a representative from our escalation office contacted Ms. D[redacted] to discuss her concerns. Additionally, she has been contacted by the underwriter assigned to her loan and has been provided with an update and next steps.PennyMac values and protects its customers’ confidentialinformation. Due to privacy reasons, wewill refrain from posting any personal information to the Revdex.com site as we do notdisclose our borrowers’ personal information.

Review: This is my second complaint. After the first one I received a very nice phone call and a letter. Everything I was told seems to be in question. I did a modification loan and my first payment was effective Dec.01, 2015. My total payment with insurance, taxes, etc. is $679.44. Confirmed by phone call, documents, and a letter. Now I get my statement for payment Feb.01, 2016 and they now want $896.95? It's showing a charge for $194 in other, no explanation and normal payment of $706.33? I am so upset!!! I had finally relaxed and now it all starts over again. I have left numerous messages for priority complaint specialist, talked to a supervisor on Jan.13, 2016 and was assured I would receive a call the next day. He said all the modification documents looked wrong? And it's my fault how? I did everything I was supposed to do and have the final papers so how do I resolve this "once again"?Desired Settlement: I expect this to be handled immediately and my payment will be exactly as all paperwork, letters, and what I was told by complaint specialist.

Business

Response:

PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of the Revdex.com notification, a PennyMac Representative contacted Ms. S[redacted] to discuss herconcerns regarding her monthly mortgage payment on January 22,2016. A detailed letter of explanation will be sent to Ms. S[redacted] under separate cover within 30 business days.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 11096366, and find that this resolution is satisfactory to me.

Regards,

[redacted]

Review: I decided to refinance my current mortgage loan with PennyMac. They assured me I would save over $200 a month on mortgage payments and promised me a monthly payment of $1900.62 if the value of my house had gone up to $285,000. They promised a credit if my credit score was excellent, and that escrow from my old loan would be refunded to me within twenty days after the new loan closing. My house was appraised $4,000 over what PennyMac had required and my credit score was excellent, so I was reaffirmed $1900.62 monthly payments, a credit score credit, and the escrow refund from my old mortgage loan. Throughout the loan process they sent me documents with a monthly payment amount higher than agreed, but they insisted it would be corrected on the closing documents. I made it clear I was not interested on refinancing unless my monthly payments were at least $200 a month less, and they assured me that would be the case. A day before closing I received the closing documents which showed a higher than agreed monthly payment. They said it was because mortgage insurance and tax increase. After sending them documents showing the mortgage insurance had gone up by less than $10 a month, and confirming with my township there was no tax increase, and there was no justification for higher monthly payments, again I was told it would be corrected and new closing documents would be delivered. On closing day the documents had not been corrected and showed a monthly payment higher than the $1900.62 agreed. I realized PennyMac had misled me throughout entire process. A week after closing they told me they had made a mistake on the closing documents, that the escrow from the old loan had been applied towards the payment of the new loan, and that the closing documents incorrectly showed a refund of the old loan escrow. They wanted me to sign a new set of closing documents which I refused to sign. I hope they at least adhere by the documents I signed at closing and they refund me the escrow from the old loan.Desired Settlement: A confirmation from PennyMac they will adhere by the documents I signed at closing, that the monthly payments as stated on that document will not change, and that I will be refunded the escrow from the old loan.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services,LLC (“PennyMac”) the opportunity to review and respond to Mr. O[redacted]z's concerns.PennyMac strives to provide superior customer service and respond to all inquiries in a timely manner. Upon receipt of the Revdex.com notification, a PennyMac Representative contacted Mr. Julio O[redacted]z to discuss his concerns regarding the refinance. A detailed letter of explanation will be sent to Mr. O[redacted]z under separate cover within 30 business days. PennyMac values and protects its customers’ confidential information. Due to privacy reasons, we will refrain from posting any personal information to the Revdex.com site as we do not disclose our borrowers’ personal information.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 10926895. I look forward to receive the explanation letter from you in response to my complaint.

Regards,

[redacted]z

Review: Pennymac bought my Cashcall, Inc. mtge loan in Oct 2013. Regular mo'ly P & I pymt remained same at $1198.04. My Nov & Dec pymts to Pennymac were $2453.04 each, or $1255.00 excess of regular pymt amount. Pennymac properly credited the first $1198.04 of each payment as regular payments made but, rather than apply the Nov & Dec $1255.00 extra to principle reduction, Pennymac entered each as a regular mo'ly payment made in advance, and took interest out of each thereby establishing Pennymac's motive for not crediting 100% of the extra dollars to principle reduction.After my 2nd call to Pennymac, the Nov pymt was revised to reflect $1255.00 toward principle reduction, but Pennymac continued to treat the December pymt's extra $1255.00 as a monthly payment made in advance, and took interest from it. So, I had to make a 3rd call, requesting $1255.00 principle reduction re the Dec payment. Pennymac says it's "system" defaults "regular monthly payment made in advance" unless I specify on each monthly check that dollars in excess of the regular payment are to be credited 100% toward principle reduction.If a borrower pays $$ beyond the regular required mo'ly pymt, the borrower legitimately expects 100% of those excess $$ to go to principle reduction without the added burden of so specifying. Moreover, my banks' online bill payment service has no provision for a "memo line" specifying purpose of payment. Pennymac's "default" to regular monthly payment made in advance is clearly designed to defraud an unsuspecting borrower. Moreover, by treating excess dollars as mo'ly pymt made in advance, Pennymac pushes the next regular payment due date two months down the road, thus assuring that the loan will run out to its full term, rather than shortening the loan's life through credit for principle reduction and thereby generating more interest dollars for Pennymac. Had I not looked at my transaction history on Pennymac's website, I never would have become aware of Pennymac's deceitful practice.Desired Settlement: Pennymac's system for allocating $$ in excess of a regular mo'ly pymt amount, regardless of the amount of the excess, should be changed to "default" toward 100% principle reduction, not mo'ly pymt made in advance thus enabling Pennymac to capture interest.

Business

Response:

Thank you for bringing this matter to our attention and allowing PennyMac Loan Services, LLC (“PennyMac”) the opportunity to review and respond to Mr. [redacted]’s concerns.

PennyMac strives to provide superior customer service and process all transactions in a timely and accurate manner. Upon receipt of the Revdex.com notification, our office completed a thorough review the loan to verify the status of the requested corrections. Our office confirmed that as of December 31, 2013, the necessary adjustments were completed on Mr. [redacted]’s loan.

Pursuant to Mr. [redacted]’s request, the loan has been updated to ensure that additional funds received are applied towards the unpaid principal balance as an exception. Please be aware that under the terms of the Deed of Trust, Section 2, it states that “All payments accepted and applied by Lender shall be applied in the following order: a) interest due under the Note; b) Principal due under the Note; c) amounts due under Section 3. Such payments shall be applied to each Periodic payment in the order which it became due. Any remaining amounts shall be applied first to late charges, second to any other amounts due under this Security Instrument, and then to reduce the principal balance of the Note. “

Furthermore, Section 4 of the Promissory Note states the following: “I have the right to make payments of Principal at any time before they are due. A payment of Principal only is known as a “Prepayment.” When I make a Prepayment, I will tell the Note Holder in writing that I am doing so.”

Based on the loan documents signed by Mr. [redacted], PennyMac processed his payments in accordance with said documents; however, as confirmed above, Mr. [redacted]’s request to default his additional funds to the unpaid principal balance was approved and processed.

Business

Response:

While PennyMac understands Mr. [redacted]’s interpretation of the Security Instrument as he explains in his response, please be assured that the methods used to process funds received are in accordance with the loan documents. PennyMac will refrain from responding further on this matter

In reference to the status of his loan, PennyMac assured Mr. [redacted] that future payments will be applied as he requested, without the need to provide a written request.

Our records confirm that Mr. [redacted]’s January payment was received and automatically applied in accordance with his request. In addition, a PennyMac representative contacted Mr. [redacted] on January 21, 2014 to review the status of his loan.

At this time, we believe that Mr. [redacted]’s request has been adequately addressed.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID 9858548, and find that this resolution is partially satisfactory to me.