Pennymac

Absolutely do not use them as a lending service! Closing date has now been pushed back twice due to their mistakes that are careless and sloppy.
Feb 4th, 2024

I am blown away how can someone who works at a mortgage company not being able to do simple math and spend an hour on the phone explaining that Im wrong. I called about taking out mortgage insurance. They told me Im at 79% of balance to original home value and I have to reach 80%. I spent an hour explaining that the more money I pay, the smaller percentage will be as it decreases not increases. I started at 100% and with time got to 79% and will continue to go down. Its impossible for me to get from 79% paid out to 80% paid out unless the value of my home lowers. Somehow two representatives on the call where telling me that my math is backwards but not able to explain when asked. Im simply blown away.
Dec 24th, 2023

Wish I could give -10 stars or worse. Unorganized, unable to account for simple paperwork and basic valuation. On hold for over 3hrs today and this has been ongoing for months and recurring every year. They won't review past call records that have definitive resolution identified. List of issues and disappointments is too long to list. Still on hold. 2.5 hrs earlier today.. going on to an 1.5 for current call.
Nov 29th, 2023

Unreliable Payment Processing: A Frustrating Experience with Pennymac: I had my mortgage transferred to Pennymac, and I must say, it has been an incredibly frustrating experience. The main issue I've encountered is with their payment processing system. Twice now, I made payments through their website, only to have those payments mysteriously vanish from my account and their website. While I understand that glitches can happen, what's truly frustrating is the lack of timely communication regarding these problems. I had to repeatedly follow up to find out what had happened and figure out a way to get past it to protect my credit. The first time this occurred was in November. After calling in several times, I was finally informed that my payment was canceled by their system, although nobody could provide a clear reason why, just that it looks like a problem with their website or system issue. To avoid late fees and protect my credit, I ended up making another payment over the phone. In December, the same issue occurred but in a different way. In that, I made a payment on the website, which initially showed as pending but later disappeared from my account view as well. However, when I contacted their customer service, they were able to still see the payment and assured me the payment was still pending on their side, but it never left my bank account. I was also promised that a ticket would be raised to address the problem, but there has been no follow-up or resolution. It's unacceptable that customers have to chase a company to ensure their payments are processed correctly and on time. I've always maintained an excellent payment history, as ensuring a high credit score is essential to me. Yet, these issues have the potential to damage that history and have raised doubts about Pennymac's process integrity. I've requested an urgent internal escalation of this matter, but if these issues persist, I'll be reporting this to Consumer Affairs, the FTC, and other relevant government authorities. If you value your peace of mind and your credit score, I'd advise caution when dealing with Pennymac and ensure you keep on top of them until your payment has been extracted from your account.
Dec 16th, 2023

Exhausting group of people to work with. Its as if they do not want to conduct business. Unnecessary hurdles condescending behavior and ill equipped to perform the task at hand, whether it be closing a loan or dealing w the insurance department. If you have the choice to do business elsewhere, run!
Aug 16th, 2023