PennyMac is rated "Bad" with 1.7 / 5 on Trustpilot

This company is absolutely horrible

This company is absolutely horrible! First of all, my loan was sold to them, something over which I had no control. I recently refinanced with Rocket Mortgage (a great company). PennyMac was just OK when I had my loan with them, but as soon as I refinanced with Rocket, my problems with PennyMac began! We closed with Rocket on 17 December 2019, and we are still waiting for PennyMac to return our escrow funds. I checked online and the system said a check was sent on December 31. I called them on January 8th and was told that my check had been mailed on January 2! Lie! We live in AZ and the check is coming (if it comes) from Los Angeles. It never takes that long for mail. Honestly, I don't know if we'll ever get it, short of obtaining legal assistance. I truly believe that PennyMac is long on lies and short on ethics! If you have a choice, DO NOT use this company!!

Horrible company

Horrible company! My mortgage was sold to them before the 1st payment was due. Every payment has been paid ahead of due date and extra principle even paid. On 11-1-19 PennyMac did a software update my account has been incorrect since. Originally lost 3 payments now we are down to lost one payment I sent proof the monthly payments were paid and cleared my bank. They agree and set my account to be correct on 12-20-19.Now I call every week and I am told they are working on it It is escalated,just give them time. It has been 68 days from the beginning how much time do they need to correct my account.It was their mistake! No answer from them just need time. Stay as far away from this company as you can!

PENNYMAC USA ARE A GIANT SCAM AND NEED TO BE JAILED AND SUED

This mortgage company needs to be sued in a class action shut down and the CEOs jailed for fraud. I received a statenent saying I owe them 7600 in 2 weeks for hazard insurance they had paid for the year to Liberty Mutual . My hazard insurance has always been 1100 a year and I have it with Lemonde. I called the number on pennymac website to who they say is liberty mutual and you cant talk to anyone they hang up on you, the website they direct you to doesnt work and the address PO box they give for liberty mutual isnt liberty mutuals PO BOX. When i googled liberty mutual insurance and called them to ask about my policy and gave them the policy number on pannymac website liberty mutual insurance says I HAVE NO POLICY WITH LIBERTY MUTUAL . This loan company PENNYMACUSA is a giant scam ! They are demanding 7000 for hazard insurance that doesnt exist and taking my actual loan payments and putting it in their pocket !

Worst company

Worst company. They steal peoples money and a class action suit should really be brought against them. They consistently apply payments incorrectly and charge additional interest as if they payment was not received. They either think they are smooth or see their customers as unaware who will not notice money being stolen from them. Thankfully I have every document from the first day they bought my mortgage. My accountant was able to figure out that they have stolen thousands of dollars from me at this point

Prepare to go insane if you end up with PennyMac...

Our loan was sold to this company about 1 year ago. Recently, one of our online payments was not applied to our loan. I used their online payment system, the money was deducted from our checking account, but it is missing from our loan history. My wife and I have spent at least 6 hours on the phone...waiting....waiting, then talking to someone that keeps us running in circles, telling us we never made the payment, yet I look at my checking account and sure enough...there is the deduction!! In addition to time spent on the phone, I have spent several hours researching what to do. I can't begin to express how frustrating this company has been to deal with. No one at this organization (at least on the customer service side) owns the problem. You will have to deal with a different person every time you call and it is like starting all over again. It's literally like banging your head against the wall. So freaking frustrating. If you can avoid this company, do so. Even if you think your loan terms are good, consider paying a little bit more to use someone else with a better customer service track record. Their customer service is the absolute worst.

absolutely horrible mortgage company - STAY AWAY

If I could rate this company a - star review I would. Our mortgage was transferred to this company without our knowledge and before the first payment was ever do when we brought her home. And since October 2019 we have had nothing but problems with them posting the correct amount and activity to our monthly mortgage payment I am irritated and yes this does affect your credit. My payment is actually sit through my bank as an auto pay and yet Penny Mac can still can not get this correct. And when I try to call I’ll like it is we are experiencing high call volume your wait will be longer than usual and then guess what I get hung up on. Absolutely hate this mortgage company. I can’t seem to attach a link to what I found out but go ahead and Google how to dispute errors made by your mortgage servicer. A federal law, the Real Estate Settlement Procedures Act (RESPA), provides a way for you to dispute errors with your servicer and obtain specific information about your account.

My experience with Jerol Johnson was…

My experience with Jerol Johnson was great he was helpful ,knowledgeable ,professional, he thoroughly explained everything in detail. I hope he gets rewarded for his honesty.

Penny Mac Not Applying Payments Properly

I have my mortgage through this company. Since I have had the account I have had issues with the company applying payments in a timely manner. Because they take such a long time apply payments.they will cause you to get a negative strike on your credit report. Also, I have had problems with them posting my payment correctly. I have to check after every payment to make sure my payments are posted correctly. My loan was transferred to Penny Mac without me having in any say so. I didn't have any issues before they got my loan. Also, when you call, you have to wait on the phone for 30 minutes to get assistance. it be about a 130 people in front of you. Every December they are horrible with posting mortgage payments on time. I have learn that it's important to send your mortgage payment with a Tracking so that they can't blame the post office for payments not being applied on time. I would not recommend any one using this company to finance their home.

If I could give zero stars to this…

If I could give zero stars to this awful mortgage company i would. They are a rip off. You can never get ahold of someone because they are such a horrible company the call volume is always way to high and you will be on the phone for hours waiting for them to answer. I refinanced my house and thank goodness I don't have to give my money to them anymore. If you're looking to buy a house DO NOT choose pennymac

WOW1 I had the same issues and very frustrating

WOW! after reading all these bad reviews, and things that happen to people, if i were PennyMac i would fix this or fear being sued. My issue, which I thought was strange and fishy. I never had an issue getting in touch with PennyMac! BUT,
When we went to settlement, I was surprised with a PMI of ($175.00 a month) added to my loan each month which wasn't discussed at all.
Then add the escrow that was taking out, that was 3 times the amount needed for my escrow. After 1-year, I question the Escrow amount and they wanted me to prove the tax amount i was paying. I told them, that they pay my taxes, why do I need to show them anything. I was reimburse after about 7 or 8 months of complaining! Next was the refinance, they assured us we could do after one year of paying $175.00 a month, so we could eliminate BS PMI cost. When the Appraiser came out, you could tell he was clueless, then he tells me he will give us a good quote, it can in below what we paid for the house. I questioned this, and they told me that is what they go by. They can't refinance my house. Now PennyMac collect an extra $175.00 a month from me, and i lose out.
Now I read about some people having the same type of complaints and issue that i had, I have to wonder if this is a game that PennyMac play to get extra money from people or are they that incompetent?

I concur with all the 1 star reviews

I concur with all the 1 star reviews. I am an existing customer of Penny Mac and wanted to refi. The refi process was high pressure and when I accepted all the docs were COMPLETELY different that what the girl told me on the phone for "cash at closing." Then came the appraisal, the appraiser went a week with no phone call back to set a time. Then he measures my house the wrong square footage! Train wreck start to finish. I pulled the plug and told them I am going elsewhere. My credit score is an 811 and they couldn't get their stuff together to lend me money.

Horrible horrible customer service!!

Horrible horrible customer service!!! It took them 5 weeks to post a payment. Now its going on three weeks to post another but its "NEVER" their fault. They blamed it on me, my bank, and my mail carrier. I spoke with two supervisors and the last one was Joel from Los Vegas, Nevada. He completely degraded my integrity! I have never dealt with a company that lacks such dignity and respect for a customer. He spoke to me as if I were a criminal, when in all actuality, I was only trying to pay my bill.

STAY AWAY FROM THIS MORTGAGE…

STAY AWAY FROM THIS MORTGAGE COMPANY!!!! MADE MY PAYMENT ON TIME, SPENT HOURS ON THE PHONE TRYING TO GET THEM TO POST IT TO MY ACCOUNT. THEIR FRAUDULENT ACTIVITY IS NOT MY PROBLEM

This company is your worst nightmare to…

This company is your worst nightmare to deal with... Be aware, poor customer service, poor calculation of taxes and escrow.

Pennymac bought my mortgage and did not…

Pennymac bought my mortgage and did not post payment from the previous company. I have sent 3 emails and tried to call after waiting for 30minutes I gave up. This is a trash company with horrible customer service

Unorganized, Unethical!!!

My mortgage was sold to Pennymac after three years in my home. They RUINED my escrow account and payments. I have two separate block and lots on my property that the town bills on one combined bill. They sent me a notice saying they were looking to DOUBLE the tax payment in my escrow... an additional 600 dollars a month. Crazy! I called four or five times to get this resolved and it still hasn't been. After speaking with my township they said additional payments never go back to me, they're put toward future bills.. good bye bank account.

This is a trash company

This is a trash company. Stay away. Two examples:
1) We were a part of the tornado in Dallas, TX in October of 2019, and while our insurance reviewed the damage and wrote a check it included PennyMac as well. They have made us jump through numerous hoops, are impossible to get a hold (wait times in excess of 45 min), and are completely unhelpful, but they have no problem holding the money needed to repair the house over your head.
2) The second example is that they just made a mistake on the taxes paid to the city and calculated the escrow completely wrong causing a 33% increase in our monthly payment. After sitting on hold for hours they acknowledged that they did in fact pay the lower tax amount and didn't bother recalculating the escrow. They were just going to keep taking our money, and who knows if they would have ever refunded anything. Btw, the increase was actually 5%.

This is a terrible company to work…

This is a terrible company to work with.My brother passed away three months ago.He was single, no dependents.He was the only one on the mortgage loan. When he passed away, I sent PennyMac his death certificate.Even after receiving his death certificate, they would not answer simple questions about his account until we had finished probate court.I wasn't trying to change anything on the loan, all I wanted was basic info like payment and insurance info and to tell them to stop auto payments.They wouldn't help me with any of that.We finished probate court, and still over a month later will not answer any questions.And very inconsiderate people work there.I would never give them my business.

Had no problem with them until October…

Had no problem with them until October 2019 when, along with others, my payment was debited twice. I received a refund after being forced to fax my bank information over to them. Not sure why since they clearly had my money. Now the website is stating my payment is over 30 days late and I can no longer make payments online. I have never made a late mortgage payment to Penny Mac. I am in the process of finding another mortgage company to refinance my loan.

Excellent systems

PennyMac Reviews

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