PennyMac refuses to update information such as escrow accounts. Refuses to answer to correspondence and once they have your money, they do not care about you. PennyMac is a debt collection company. You do not get to talk to loan officers, you speak with "customer service" specialists. When I asked to speak with a Loan Officer or Specialist, I was told, "we don't have those." Do not do business with PennyMac. They are the WORST. You might as well get your mortgage loan from a traveling salesman with no office.

Mechanical Disaster, Flawed Communications, Voicemail Hell Payment coupon was sent to wrong address I received call to call their "Customer Service" the voicemail answer does not give an option for Customer Service After a 7 minute wait I got a person. "You did not make your payment." News to me--I have a property manager who pays my bills--I had sent her the payment coupon. Nikki the person who called could have said "We do not have your payment" and all of this could have been avoided.

God awful response times and customer service in general. Numerous communication failures in making sure I had visibility on when I can expect funds pushed through to the title company and then to my accounts. They tell you to email, and then kick you an automated response and after that its a total crap shoot if a person actually reaches out. The websites look streamlined and automated emails are designed to instill a sense of attention-paid, but the actual support system behind it is lacking in the extreme. This speaks to a general lack of interest in making sure customers are taken care of well.

I made the mistake of going with Pennymac for my refinance. I have an 820+ credit score, provided every document they asked for within hours, yet all they’ve done is offer breadcrumbs to keep me from going with another lender. They even charged me $400+ dollars for an appraisal they determined was unneeded, and didn’t refund me till nearly a month later when I complained to a VP! In the past weeks, I’ve sent several unanswered emails, placed several phone calls, and they all go unanswered. All I want to know is if we can close the loan because it’s been over 60 days and the lock has expired! Pennymac is shady, unresponsive and incapable of delivering on their promises no matter how prompt you are in your own responses and delivery of documentation.

Doesn't work with some browsers; representatives rude; absurdly high rates; my mistake for ending up working with them; leaving a review on their website seems impossible; would NOT recommend

PennyMac (formerly Countrywide Financial) is a FAKE Servicer who is hired by Wall Street Banks to pose like they "service" someone. This is not true. The REAL party behind all this scam is a group of Wall Street investment Banks (stockbrokers) , Black Knight, Inc (formerly Lenders Processing Services/DocX, LLC), the real Servicer who collects your money as tax-free revenue for investment banks. PennyMac is a sham conduits who impersonates as a Servicer to defraud homeowners while does not service anybody If you think you have a mortgage loan - think again. You are doing business with a Wall Street securities brokerage firm calling itself an “investment bank.” You didn’t know because they were never disclosed. And the money they paid to you was not a loan — at least not for them it wasn’t. They didn’t treat it that way on their own records and neither should you. That means they are attempting to collect back the money they paid to you even though it wasn’t a loan. Wall Street Banks acting through fictitious "Servicers" like PennyMac (who does not service any accounts) merely steal back money they paid you for undisclosed participation in their securitization scheme where your INFORMATION (but not any loans) is sold to investors as bets (derivatives) for about 12 times more than they paid you as a commission masqueraded as a loan. Here is what you didn’t know : 1. Yes, you asked for a loan, but the application you submitted was not to a lender.
 2. Contrary to the laws governing loan transactions many things were not disclosed to you.
 3. In most cases, the intake for the application for a “loan” is performed by a loan broker, who doesn’t care what the transaction is called as long as he/she gets the commission.
 4. The loan broker gets paid if you sign the closing documents. By signing the promissory note you have created an obligation — but is it enforceable? The answer is yes if it really was a loan transaction.
 5. The loan broker then forwards the information on the “loan” application to an IT platform that is controlled by a third party platform which in turn is acting for a securities firm preparing to issue and sell securities to investors. As far as they’re concerned they would prefer to pay you $1 rather than $200,000. But then how could they get you to sign a note for $200,000?
 6. The securities that are issued and sold are not a conveyance of any interest in your transaction. They are bets based upon reports issued by the securities firm. The prices of those securities are unrelated to the total amount of your transaction or any part of your transaction. So they can sell these securities indefinitely until the market is saturated (no more demand).
 7. On average, the dollar volume of revenue generated by the securities firm selling the securities is $12 for each $1 of your transaction.
 8. The amount they paid you was, therefore, on average, around 8.5% of the total revenue. It was a commission, not a loan. But you didn’t know that.
 9. You received a payment that was dressed up as a loan. You never thought to bargain for reasonable compensation for entering into a transaction that was the keystone of all the sales of all of the securities. And you never thought about whether you wanted to be part of a business venture whose purpose was to sell betting rights based upon reports about your transaction and whether you were making scheduled payments.
 10. Collection and enforcement of the obligation you created when you executed the promissory note is the act of taking back the commission they paid to you. And because they want all of it back plus interest that leaves you with negative compensation for initiating a huge business venture and allowing the use of your name and reputation. (They get all the benefits, you get the shaft).
 11. And even at the point of collection and enforcement you still don’t know that you are actually dealing with a securities firm that has no financial interest in your transaction. You don’t know because nobody is telling you that. They insist on calling it a loan and since it looks like a loan, everyone (including you) thinks it is a loan. 12. When they get money from you or from the sale of your property they have no place to put it. They can’t debit an account receivable that reflects ownership of your obligation because there is no account receivable on the ledger of any company. Your payments constitute a return of the commission they paid to you — an amount that they deemed reasonable. That means that their payment is evidence of the amount of commission to the homeowner that the securities firm deemed reasonable. Ask any lawyer what that could mean. Ask PennyMac how they obtained rights to collect and whom they servicing - and they will lie non-stop but never answer. This is a Wall Street Bank who pockets all your money.

This company does not cut you any slack on your payment arriving a single day late, and immediately adding a $118/late charge! They have NO COMPASSION and DO NOT CARE about hearing your reason(s). I have ~automatically deducted payments~ from my Bank of America account... and they know this, however they are uncooperative, unyielding, and do not want to assist when it comes to getting their monthly mortgage check by the 10th. Don't expect any concessions. Fast forward... one year later. Attempting to pay off the mortgage (almost 450 thousand $$$) and they won't and don't tell you that it will cost you **hundreds of extra dollars** in fees and insurance, if you pay one day late….. one day over the first of a new month. There are costs... they say, that they cannot waive , if you pay the mortgage off...on the 1st of the month, instead of the 30th or 31st. They try to hide that little important piece of information and get you to pay "as of the 1st of the new month" so they make extra fees and costs. PENNYMAC doesn't want to tell you how to avoid fees... they want you to PAY fees. And then they tell you... as if they are *really trying to work with you* and are "on your side"... that there is nothing they can do to waive those fees. Yes there is... pay off before the first of a new month! Lastly, the money they were holding in Escrow for me (about$1,800) they wern't willing to apply that noney to my payoff and use the money that belongs to me, to help pay off the loan. NO, THAT WOULD BE TOO LOGICAL and MAKE TOO MUCH SENSE! They (say they) must send out a seperate check to the customer in 10-20 days. WATCH OUT! THIS IS A B-S TRICK! This won't happen! It took me 60 days!! ~2 months~!! to get MY money back from their Escrow dept. And Lies and Lies! They tell you it was issued on the 13th, but then, if you press them, they will tell you that they keep it in their mail room for another week to 10 days before sending it. Stall...stalll...stall.. Then, you never receive it the first or second time they assure you it was sent. No... it wasn't sent. And you have to keep calling them, while they give you BS answers on when your Escrow refund was sent. Not Truthful or Trustworthy!! This went on for 60 days... while they kept my Escrow money and I didn't/couldn't get it. Their Customer Service Reps and Supervisors all ~stroke you along~, delay tactics, stalls, new "policies" to keep your money longer. This is a DEBT COLLECTOR, Plain and Simple.. not a nice Loan Company with courteous Customer Service Reps that actually try to help you. NO! These people PLAY GAMES... anything to stall sending you your money, anything to add extra fees to your acount if you are a day late... anything to allow them to keep your hard-earned funds longer for them to acquire more interest. BUT DON'T try this when sending in your monthly payment!! They will charge you a forture in penalties and fees! Hate this kind of money-grubbing businesses. GET OUT AS SOON AS... and WHILE YOU CAN! ~REFINANCE WITH SOMEONE ELSE~ and pay off your Loan with them! I WOULD NEVER RECOMMEND PENNYMAC, NOR WILL I EVER USE THEM AGAIN. CORRUPT and LIARS... in my opinion. _

I’m a first-time homeowner. I’ve accumulated quite an amount of student loan debt having recently completed my masters degree, but I wanted to see if homeownership was possible even with the student loans. I applied with PennyMac and was told by the loan officer, Kevin J, that I had gone through automatic underwriting and was approved. He sent me a pre-approval letter and a list of documents to send him. I sent my documents in instantly and started house hunting. I was so excited. About a month into my house hunting search I put an offer on a home and it was accepted. My realtor sent the purchase agreement over to Kevin and a week later he calls and tells me I’m denied. The reason - my student loan debt! What?!? Somehow, Kevin forgot that, even when a person is on a payment plan for their student loans, FHA requires that the lender use 1% of the total loan amount towards the buyers monthly debt-to-income ratio. This miscommunication resulted in my loan being denied because PennyMac said my debt-to-income was too high with my student loans! I was furious! Why didn’t Kevin look into all of this to begin with? Before I paid my inspection and appraisal?! I ended up finding another lender to finance my loan with no problem and I’m now pending settlement. I’m not entirely sure why PennyMac denied me but it certainly wasn’t because of debt-to-income. PennyMac was an absolute disaster to work with and a complete waste of time. I’d avoid them at all cost!

I went from an FHA loan to a conventional loan in record time. Rene Gomez was knowledgeable, responsive and available. My whole experience was seamless. Thank you Rene and PennyMac for my new loan.

Worst mortgage lender. Terrible customer service and ridiculous fees. Purchased a new construction home and four months later aid the principal below 80%. I asked to remove PMI and was told I would have to pay for a valuation or continue paying PMI. On a 4 month old house!?! People were rude and not sensible. Would never recommend them to anyone and will try to reach as many people as I can to let them know my horrible experience.

While the interest rate was better than others (Quicken/Rocket, local banks) the loan officer was misleading when assuring us that the loan would be closed in 30 days. It wasn’t until we requested to speak with her manager at day 26 the process sped up and we did close at day 30. The most recent incident that occurred (and continues to this day) is an extra 600.00 on our mortgage. When asked (every month) why and the request to show us invoices for the charges they have state “Go to the escrow folder.” No invoices are shown just charges to the account. Repeated request to speak with a manager to explain the the charges have resulted in silence. Our next stop is to the Better Business Bureau.

Great experience throughout the entire process questions were always answered promptly couldn’t have asked for better service

I have had mortgages with many Financial Institutions over the years, but none as good as Pennymac. I refinanced thru them a year ago at a very favorable interest rate. Granted it took time due to “work from home” craziness, but in all it was comfortable. I had excellent credit and low debt to income ratio, but still a 2.65 on a 15-year mortgage is great. My first test of their competency came when I changed homeowners insurance. I sent them the information via their website, and for the first time EVER, they got I right. None of those demanding letters saying I had no insurance (you all know what I mean). Then there was a mix up with a payment. Not sure what happened but I sent the payment twice for the same month. I called and representative took care of it THAT DAY, sending my refund 2 day FedEx. Never Have I had such an experience with a mortgage company. I requested they not sell my loan servicing to another institution and they agreed. Never so pleased with a big organization in my 68 years.

This has been one of the smoothest refinance's I've gone through. Everyone was helpful and everything they said would happen, did happen in the timeframe. I would use them again.

disorganized. kept losing documents. denied loan because they lost information. i showed them emails where it was sent. bush league. terrilbe customer service.

The refinance process was very straightforward, questions answered directly, follow up timely and closing delivered in a timely manner. Very impressed!

Pleasant and smooth refinance. Would highly recommend. Will use in the future

PennyMac is theeeeee worse. I am four months in trying to refinance my second property and we are still not ready to close. I’ve called and emailed over and over and over and over and over and over again for weeks and I keep getting the exact same response every time. “Everything is done on my end but the hold up is internal issues”. Appraisal was completed 2 months ago. Income, credit and employment has all been signed off on months ago and I’m still waiting. I got tired of waiting so I reached out to Navy federal to do the refinance and my closing date is set for Dec 11th. Terms aren’t as great as PennyMac but it beats waiting months.

Refinancing team provided frequent updates throughout the process; exceptional customer service and prompt feedback from start to finish. Made sure I was completely satisfied with closing documents/terms of agreement.

This is an excellent lender with very competitive rates. Additionally the website is easy to navigate and super easy.