Terrible system, customer service and experience. Tried to get payment help due to loss of income during Covid. Was forced into a forbearance that was a nightmare. They constantly call, but no one is there, you get a message asking for you to call back. You call back to only be prompted though all these hoops and endless messages and then sit on hold. Only to have them tell you they have still not processed it, even though I did my part, there no end in sight and now it may hider the closing, as I sold my house.

I have been a real estate agent for over 14 years and Penny Mac maybe the worst lender I have ever dealt with. If you decide to use them do not plan on actually talking to a live person after they have you hooked...or closing your loan on time. They blow by dates and deadlines do not care what your closing date is etc. Absolutely horrible to deal with you can leave messages several times a day NO ONE will return your call or even care that they don't. There are many wonderful lenders - Penny Mac is NOT one of them. They are the worst!!!!!!!!!!

PennyMac is holding my insurance money hostage. All repairs have been completed but PennyMac continues to make excuses for not releasing my insurance funds which is preventing me from paying my contractor. If PennyMac wants to keep the money then they should be responsible for paying my insurance premiums and making the coordinations for repairs; but no, they just want to hold on my insurance money for as long as they can in order to collect the interest. They are profiting on my misfortune; what a horrible company. Update: I finally received the monies held by PennyMac in escrow and paid my contractor. The check was sent standard mail which took seven days and no tracking number was initiated. Four days after I received the check I received another check from PennyMac for 0.08 cents, marked as escrow surplus. I wonder if they read my review and sent me the interest? None of my other neighbors received a second check like this, but then again most of them are still awaiting their monies to be released.

Update: it’s now August and funds have still not been fully released despite all repairs being made, some out of pocket. I close with another mortgage provider next week...not soon enough. Never judge a company from one bad review. Penny Mac has pages of bad reviews with some really terrible horror stories to go with them, so judge on! I had no issues with Penny Mac up to this point, I never chose them but was sold off to them. I paid my bill and never needed to contact them for anything. In April a severe hail storm stuck our area here in Oklahoma and destroyed my roof and caused other damages to my home. My insurance company was quick with sending out an assessor and getting me funds, all within 10 days. Here is where the problem starts. Insurance companies are required to include your mortgage provider on the "to" line of a check as they "have vested interest in the property". I followed Penny Macs instructions, endorsed the check and sent them contracts for repairs, and W9s for the contractors. Guess what, they deposited the check and are collecting interest, but no money has been received from Penny Mac yet and it is the middle of June. I call at a minimum weekly and I always get, "we have everything we need it looks like, and the funds should be released within 6 business days". The second to last one was, "I just don't understand, I'm going to get your funds overnight-ed to you"...one week later..."Sir it's an automatic process...oh it looks like we are missing a contractors waiver"....then after placing me on hold for half an hour she comes back, "oh nope I found it, it looks like we have everything we need". They skirt the legal lines and ethically are unconcerned about your home or your family. They are collecting petty interest on my money, while I worry about when the next storm will hit and if I will have further damage. I am in the process of writing my State Senators to author laws that protect the people of Oklahoma from bottom feeders like Penny Mac. I proposed time limits to release funds, mandatory notification of needed documents (specific), and financial penalties for dragging their feet or playing dodge ball with customers. I will be making a formal complaint to the CFPB. Furthermore,I will be writing my U.S. Senators, proposing federal laws of similar nature, and have started the process to refinance to a reputable lender with excellent reviews. Shenanigans are soon over! If there is every a class action lawsuit against them, count me in!

I got a v,a, loan in June of 2016 ith veterans united they were awesome I'm a single father on my own of 3 kids under 11 . In 2018 PENNYMAC bought my loan. Its has been a nightmare ever since. From being charged over 10000 for fees in 3 months to harrassment threats and notices being sent. So I paid them almost 10000. Now they say they want 5000more or there going to have the sheriff through out my kids on the streets and they hope dcs takes them from me. Very disrespectful to veterans. If your a vet please go else where and I would like to add veterans United please don't put us through hell by selling vets loans to penny mac I wish my loan was still with u vu thanks. I have filed a complaint with Tennessee consumer fraud division and the bbb. If penny mac doesn't resolve these issue with these actions I have taken already I will be filing a lawsuit against pennymac

If I could give them a negative Infinity I would. During CoronaVirus I sent them a check for $2000 I lost my job and that's all I could give them. I told them about my situation and signed up with the CoVid Program. In return, they took $4000 out of my bank account which I didn't even have in there, and it caused my bank to overdraft 10 times with the other bills I was trying to pay. They left me with negative $719 in my account. I had no money, no food, my electricity got shut off, and it took talking to multiple people, managers, people high up for hours just to get my money back. I waited a week and when we called back, they had no idea what I was talking about. No money was being sent, I was just screwed over with nothing. After getting the opinion of the State and writing a formal complaint, they gave back $2000, but yet to give me the 10 overdraft fees equivalent to $320. The bank would not help me either, they said it was the mortgage companies fault and they needed to pay those fees because YES it was their fault. Nearly a month later, I still have yet to see that payment, and now they are sending me late notices on my mortgage. This is ridiculous and the worst type of business I have ever seen. When the whole world is struggling, applying for these programs, they took advantage of me and left me with negative $719 in my account. I didn't even have a dollar. If my family didn't step in to help, I would still be sitting in the dark with no power, no food, and incredibly depressed. If they are taking advantage of you, call the State and write a complaint. What they are doing to people in a desperate time of need is NOT OK, and highly illegal.

Due to my poorI was unab;le to navigate

PLEASE BE AWARE Our house was destroyed by a tornado on 4/12/20 in Mississippi and our mortgage was financed through PennyMac Loan Services. A check was sent on 4/14/2020 from our homeowner's insurance agency, USAA, to PennyMac to pay our remaining mortgage off. PennyMac did not post the check until 5/21/20 and told us that additional interest had accrued since the 10 day payoff period had elapsed. We paid the additional amount of 5/23/20 and were told by a customer service rep our mortgage was paid fully. Fast forward to 6/5/20 and we were then told by, Anna, that a letter was needed to process the funds. We had been in constant contact with PennyMac since debt collectors from PennyMac would call and inform us our account was late. We would have to inform them of the situation and eventually PennyMac would state the check is being processed. We are now being told as of 6/11/20, that additional interest was still being accrued to the amount around $1,700. I just wanted those to be aware of how PennyMac operates and will try to swindle money from those not aware and going through a natural disaster.

We are proud customers of Pennymac because of their great service in handling our mortgage needs. Thank you, Pennymac. Donatus and Victoria Duru.

Very easy process, the assistance was great and very informative, excellent interaction from associates, never had to wonder what was going on, was kept up to date very fast, we are extremely happy !!

I was a first time home buyer and a Disabled veteran i served my country proudly when making mortgage payments i was confused who to pay my Lender or my mortgage servicer thank God for Alice Rengsdorf she did some research and resolved all the confusion thank. You so much Alice your dedication and help helped me to sleep so much better she makes me want to pay my mortgage off sooner and reward her for her kindness

Becareful with them. Horrible customer service Rep, they are being train to read you the protocol with hidden information and dishornor their words, no explainations, rush you and trick you just to get the money. Repeat reading their protocol to cut off your questions and to answer your question when you pointed out their hiding: give you an option to pay back from 3 to 6 months, then end up give you two months, then said we told you blah blah balh by repeat their reading. I will refinance to other company and beware of this company.

The BEST in Home Loan Business. They are Courteous, Respectful, Knowledgeable , and the BEST at the job. This is the second home we have had where PennyMac took us in. They ren't in it for a quick buck and to turn and sell you to the highest bidder. Once your with PennyMac, you become family with them and they will keep you informed if at anytime an opportunity arises that you ca benefit from (in our case it was first the VA Loan then the IRRRL "Streamline Loan"). PennyMac s by far the best people to work with and I highly recommend them to Family, Friends and anyone they may know, because to belong with PennyMac mean a feeling of security and knowing your working with the best there is in the business. Even during COVID-19, they had my mortgage Signed, Sealed and delivered within 30 days. If there were a 10 STAR rating, I'd have given them all 10,

I pay on the 1st every month. This month I paid online, but did not get confirmation number , so thought didn't go through. Immediately. Initiated payment again, this time received confirmation number. Penny Mac withdrew two months of payments on two separate days. 2 nd and 3rd. They said nothing they can do payments done as two transac t ions. Bank said they see it as one, that Penny Mac is putting through on separate days, to support their view. Not Happy

Impossible to get ahold of. Not impressed. Scheduled a call with them since getting someone on the phone is impossible, they called a week late and then proceeded to put me on hold for an hour only for the phone to get disconnected. Our mortgage was sold to this company so we did not get a say in using them, and I wouldn’t use them again.

Two thumbs up!

I had a great, five-star, experience with PennyMac for my re-finance. They were super responsive and kept me updated throughout the entire process. I would highly recommend PennyMac to my family and friends!

From start to finish, PennyMac made my refinancing a breeze. Ajanay kept me in the loop with any and all updates and would even check in with me just to say hello and let me know that things were moving along. If I ever had a question, Ajanay would promptly reach out to me to explain. I thought refinancing would be a pain and have a lot of loop holes but PennyMac made the process easy and Ajanay was a great contact to have along the way.

PennyMac is a wonderful company to work with. They are thorough and patient with guiding you through the refinancing process. We had the pleasure of working with Saviz and Carmelita and they both were very professional and knowledgeable. Especially at this time of uncertainty with COVID-19, we were hesitant to let people in the house (appraisal) but Saviz explained the process to us and made us feel comfortable proceeding with that part of the refinance. This is a great company to work with!

Love working with PENNYMAC- GREAT company to do do business with. I suggest you try them, you will be pleased