PENNYMAC is a great company to work with. We got our current mortgage refinance. The person, Esther that help us was very helpful and stayed in touch at all time. The process was very easy. Just upload all your documents on their website.

Communication is horrible. Told it would be ready to close in June. When asking for a copy of my appraisal, it took them weeks to get it to me, and then it was the one from when I initially bought my house 5 years prior. So when I kept hounding them for it, it took several more weeks for them to get it to me but to expect to hear that my closing would be scheduled any day. Then several weeks later, I get a call from the appraiser that he needs to come by and inspect the repair. I was never told I had to a repair, so it takes weeks more to get someone in to do the repair, and hten the appraiser comes back. So I call every other day to make sure they are getting the report filed, and I am assured to expect the closing any day. And weeks later I get a call out of the blue from a new appraiser. No warning. I call the company multiple times and finally learn that the first appraisal is not working due to comparisons, etc. . . again, no warning. No email. No call. I'm about to jump after months and months of a refinance process and start over with another company. Who knows if the interest rates are still good. Horrible experience. Run away from this company.

All PennyMac agents who took care of my case were knowledgeable and easy to talk to. They processed my application smoothly from start to finish. I had a great experience working/doing business with them. I thank all of MyMacTeam! Sincerely, Ma Dolor

I tried to taking out a cash loan and it was the worst experience ever. No communication at all. I have an appraisal done and they used someone that used comps from over 10 months ago (when housing market was completely different) and said "there is nothing that can be done". I had to call multiple times to try to get answers and wait days for a response. Multiple emails were sent with no response. I ended up not going through with it and going through local credit union which was an EXTREAMLY great experience. Also, the appraisal that the credit union used came in over $50,000 more than the one PennyMac used. Unless you want a long drawn out process with no communication don't go through them!!!

I would NOT recommend PennyMac Had an unsolicited call with a loan officer, where some questions were answered. Never authorized or requested a loan. Received an unsolicited loan application and hard inquiry on our credit report without doing a loan. I called PennyMac and the loan officer who sent the application and left voicemails. The following week, still NO RESPONSE. My concern is how they obtained my private information, from an existing transferred loan. I would NEVER recommend doing business with someone who does this. To me, this is a privacy violation of the sensitive data in their systems.

Avoid this company!!!

Recommended

Best experience ever in my life!

Great company to do business with. Well organized, and very supportive and knowledgeable staff. I highly recommend PennMac

Terrible experience refinancing!!! I started my refinance application on May 6th. I was told it would take 30-45 days to close, and that I would skip my June payment etc. Mind you I was already a PennyMac customer!! Just wanted to refinance for a lower interest rate, did not even cash out. It has been nearly 3 months since starting and still I don’t even have a closing date scheduled! I receive weekly emails stating they need more and more documentation, and receive other emails at the same time from an actual individual stating ‘no other documentation is needed.’ Very disorganized overall. When I ask for a phone call to discuss the matter and get a clear report, I get an email instead. I would never recommend them. I wish I had saved time and went through someone else. Instead I am stuck 3 months later still with no arrangements for closing. NOT EVEN ON A CASHOUT REFINANCE. A literal refinance for a lower interest rate.. no appraisals or anything. Worst company.

I have done 3 loans with PennyMac. The first 2 where at the same time and went very well. We came back to them and everything has changed. It has been a MISERABLE experience. I am a former bank lender, I have multiple rental properties and this is roughly my 12 personal mortgage. Its right at the peak for worse experience ever. Ridiculous "portals" that dont load Requests for the same documents over and over (because the portal sucks) They call asking for documents we already sent, we tell them its in the portal, they say "whoa there is a lot in here, I cannot find it, can you send it again? Rinse and repeat every week or so. It has been 9 weeks, we still haven't signed They are asking for $25k in cash reserves for a cash out refi (thankfully we have it but what?!?!) They want 80% of the total home value covered by insurance, so after raising my insurance from $220k recommended by my insurance company to $308, then the appraisal came in higher so I had to raise it to $330k costing me about $400 per year. In PennyMacs world, land itself has nearly zero value apparently, and rebuilding costs 80% of the homes value. I spoke to a supervisor who told me he would take care of everything, then ghosted me for 10 days and ignored my 3 voicemails. He offered a $250 credit, while a nice gesture it wont cover my added insurance and its only 1 time, not every year. Just go somewhere else.....

This company is a joke! They increase my house payment and do NOT notify me until I have a late payment added after I pay this amount everything will be ok. Two weeks later I get a call that I still owe $123.00 for July and I make my payment two weeks in advance every month. Althea informed me that the call was being recorded and I told her that I was also recording I was then told I had to stop the recorder or she would disconnect the call, but she could record me since it was company policy. I don’t work for this company either in customer service or bookkeeping. If I could give minus stars I would!Take my advise and STAY AWAY from PENNY MAC, THEY ARE RIP OFFS.

Unfortunately I am required to give this company one star to write a review. I would give them none if I had the option. I tried to refinance with this company. In the beginning I was provided an estimate of what my mortgage payment and closing cost would be. The estimated payment was great and over the life of the loan would save me so much money. Understanding that the estimate was just that and could increase. In the end, over 70 days of them asking everyday for documents that had already been sent to them several times. My final mortgage payment increased by $900.00 and my closing cost increased by $8,0000.00. Their estimate wasn't even close. The only thing I have to show for this process is an appraisal that cost around $500. After receiving my final loan payments I called the company several times and sent several emails but no one could call me back with an answer on what went wrong with my initial estimate. Please AVOID Pennymac go with another company.

Penny Mac made our loan process so easy! Would definitely recommend them! Darius Ervin was amazing to work with! In this day and time when everyone is so busy. It was so nice and refreshing to work with someone that was so kind and took his time with us. He genuinely cares about the people he is working with and that was so nice. He very much knows how to do his job, but when he didn't have an answer to a question I had, he found out quickly! Very nice to have the opportunity to work with him!

I just refinanced my mortgage with cardinal financial. I tried to make my first payment to them and it was declined because it was transferred to pennymac. I’ve been trying to make a online payment through their app and online website and both systems won’t let me log in. I’ve been trying that since around June 20, today is July 11. I called and they said they know their system is down and I can wait until it’s back up or do a phone payment. I’ll be making a phone payment today but it’s both inconvenient and seems like poor business practice to have your system down for 20+ days

Avoid this company like the plague unless you like being deceived. Firstly, they will tell you anything but the truth. Secondly, they will lose your documents and mysteriously find them once you start requesting the names and contact information of the people responsible for the task. For instance, I was told on multiple occasions that they were waiting for paperwork that apparently had been on someone’s desk for close to 30 days. Thirdly, they are unprofessional and rude. For instance, when I reaches out for clarity regarding the loan process, the representative had the audacity to tell me that “if I was adult enough”. If you value your time and money….just support your local bank. I surely wish I did.

PennyMac bought my mortgage from Homeside Financial. I had no prepayment penalty on this mortgage! About a year and a half into my mortgage PennyMac told me I was more than 2 months ahead in my mortgage and they made it hard for me to make any additional principle payment on my loan. I called them several times and got nowhere with them. Also had inbox communication with PennyMac where they did the math on my previous month payment and got it wrong! Some good people here, but overall a one star experience!

Stay away! There are plenty of other options besides PennyMac. They ended up costing me an excessive amount of time and money! My issues are still in progress as I am a current PennyMac customer. Almost two months ago, I reached out to them since I was looking to refinance my primary mortgage (with PennyMac) to include a heloc (second mortgage). I was starting to work with a mortgage lender and happened to receive a letter in the mail from PennyMac. I decided to call PennyMac to see if they might be able to assist since they already have my primary mortgage. Everything went smoothly at the beginning so much so that I told the other mortgage lender I was not interested. Fast forward 7.5 weeks and it’s been a bit of a bait and switch. After signing the initial paperwork and providing the requested documentation, I was set up with a weekly customer service call to go over the progress. I had to use a specific appraiser which didn’t have an opening for over a month. Up until that point, there were no issues noted. During the weekly call, I brought up some figures showing on my PennyMac portal which did not make sense. I was told that it was fine and verbally confirmed what my total loan amount was and how much my payments would be. Over two weeks later, I brought it up again. In the end, I was the one who discovered their error. It has been described as a “gross oversight on their part.” However, there is no resolution other than apologies. I have wasted almost two months and could have already refinanced with another mortgage company. PennyMac provides false information to me while I continue to pay them money on my current mortgage. The company is either inept, working a bait and switch, or just has had a rash of unfortunate issues which coincidentally only negatively impact me. I reached out to them earlier today explaining what I would like done and it just seems to be business as usual. Regardless, there are other options out there. I would recommend you find them.

Terrible customer service. We unfortunately are stuck with this horrible company as our mortgage was sold to them and now we cannot get any customer service!

Great company. Everything was done in a most expeditious manner and done to our satisfaction. Our interest rate was cut in half and we saved over $250 per month on our house payment with this veterans interest rate reduction program. My wife and I are very happy.