PennyMac Mortgage Review

It was really easy and they answered our questions very quickly.

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Extremely pleased with the services provided by Penny Mac. Their team of professionals were efficient, knowledgeable, and very helpful. I could not be more satisfied with my refinancing process. 4 years + as a customer and looking forward to more. Trust this company with your mortgage loan, you will not regret it.

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The MAC-team strikes a balance between professionalism and excellent customer service. Each individual in the team paid special attention to detail and communicated well, keen enough to answer all my questions. The ease of navigating the refinance road was surprising to me, considering the bumps along the way just a decade ago. The combination of reading/ signing documents online and the quick turn-around times by the team members at various junctures, made the process seamless. I appreciate your guidance in this matter. Prem/

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I usually pay online and this month went to the usual site and it showed first the site was down and then to STOP because it was a phishing site. WTH??? They can inundate me with calls and mail and emails to re-finance but can't keep up a website?? Something is very wrong!! Now have lost confidence in this lender!!

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This is the worst experience in my life for a refinance. The sad part my VA mortgage was later sold to PennyMac. Sit back and enjoy the show of this horror movie. I started back circa Sept 23rd with Miranda N, loan officer. She was horrible and did not replied to my emails and ignored my v/m, I had to follow up with her after 3 days, she said the phone were down for 3 days which to me being a c-level IT engineer I found her excuse unacceptable. I could not deal with her after 2 weeks of lies, interest rate as low as she said, and I asked her to break things down, and she ignore answering my questions back. I found out later she never even scheduled for a home appraisal and took my credit card. She never charged it et etc.... was a waste of two weeks. There are other players in town. I received circa early November an email from PennyMac about low interest rates, et etc... I decided (was a mistake) to give my mortgage company PennyMac another break and try it again. This was around November 8th, 2021 or so (today is January 14, 2022). The loan officer was and still is (maybe) Donald W. At the beginning was smooth and I provided what they needed to upload to the customer's dashboard. I got an appraisal the following week, the same week a termite inspection in which it was found two small areas of the foundation concrete had termites. All this information was uploaded to the dashboard and a hardcopy of the PDF report was provided via email to the loan officer who confirmed the documents. Received a call from a lady in customer service they were going to assign a person who was going to take me to the "finish line" (I am still waiting to cross that line). She asked me to fill a VA document called "next of kin" and it was done within an hour (I work this way). All this was done by or before November 19th, 2021. The next phase was what I wanted to cash out and approved for a 2.25% where Miranda N. told a 2.10% a month before. Interest rates were still low and nothing did change. I was looking at numbers for 130K cash out and it was processed and approved but on December 3rd, 2021, I asked Donald W., loan officer to give me a number of 150k cash out and we spoke by phone an email. He gave me numbers. I told him go ahead and do a 150K cash out on 12/3/2021, and I received an alert on the dashboard to review what he processed. I saw that he processed 210K cash out and I freak out (the numbers were affordable to me but I never authorized that). I called him right away, left a v/m, and emailed him to change it. He ignored my calls for two weeks and emails. I was also dealing with my assigned person Liem N. whose job is to review customer's status and what needs to be done (this is another horrible story but he is just the messenger. It gets complicated folks so grab the pop-corn). I received numerous emails from Liem that I need to complete the "next of kin" form (remember this was done in November 2021 and it was now December 10th). I finally spoke with Liem and told him to stop sending me emails about this VA form that he should review the dashboard before calling a customer and see that it was completed and water marked with dates and times when it was uploaded. In the mean time 2 1/2 passed no word from Donald W. about correcting the 210K cash out to 150K. He finally replied that I need to speak to a manager. His replied to me was, "everyone wants a manager." Yes, folks, it is true (all those emails have been deleted within PennyMac but I have the emails from my email server. Weeks go by seeing to action from PennyMac nor a manager who should have contacted me from the Tampa PennyMac office (today is January 14th, no calls yet and this week did another escalation waiting for April Williams who is the manager from Tampa to have the decency to call a customer on a escalation matter). I received a phone call from Liem asking me on December 22nd or so, that I needed to get a clean copy of the termite inspection before going to the next process (yes, folks you heard me right. This was done back on the 19th of November 2021 and being told now). I was told that we could be looking at a closing of December 22nd, 2021). My blood started to boil and asked Liem to get me a manager. He complied and I started to deal now with a Patrick H. from the California office (yes folks, now in California) who is Liem's manager circa December 22nd, 2021. Patrick turned out to wanting to do the right thing and email the sales department. This was during the holidays and most likely people were going to be out. He cc. a lady until today's date she never emailed me or Patrick H. Patrick told me that we would be emailing me on January 3rd 2022. No emails of phone calls. I emailed him and on January 4th 2022. I had certain demands now "We have reached out to sales many times and no one responded." Filing complains with FTC et others loan 7014103684. Go with another company!

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I'm a veteran who sought out a VA home loan as a first-time homeowner. And working with PennyMac has always been easy-peasy. I've had very few problems with PennyMac. In fact, I can only remember one hiccup. But it was resolved in an efficient and timely manner with no negative consequences on our end. Fast forward 7 years later to the refinance...again, quick easy and painless. The only mistake was on a few forms that had spelled my first name wrong. Which then required me to cross out my name, write the correct spelling, and initial. But it wasn't a lot of pages that had mis-spelled my name and it didn't slow the processing down.

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They helped us when no one else would. The process was simple. Communication was concise. Help was friendly.

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👍👍👍 still paying a payment for the next 30 years

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I purchased my home for $159,900. Owned home for about 6 yrs now. COVID affected my family so multiple payments were late. They put me on a forbearance plan. Selling the home due to wife and I geting a divorce. I have to pay $179,100 to pay off the house. I paid mortgage for 6 yrs and now have to pay an additional 20K to close loan. Called customer service. They said there was nothing they could do about it. I had no options and said that if I would have made my payments on time that this would not have happened. Understand there's some legal crap behind this, but situation is not fair and they were NOT willing to work with me. Some customer service! I have been a military soldier now for about 18 yrs and will be telling everyone at my station to stay away from PenntMac!

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Excellent, competent, quick, professional service.

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The service from my M.A.C. team member Michael D. was awesome! He was always willing to talk with me about my questions and was very knowledgeable. He sent weekly updates throughout the process keeping me informed of delays and/or further information needed. Very impressed with the entire process from start to finish!

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I'm a REALTOR with 26 years experience and I have NEVER had a mortgage company treat a buyer as bad as PennyMac just did. The loan was denied after the scheduled close date because the home owner is an LLC?? The property appraised over the purchase price and the contract stated the seller was an LLC from day one. PennyMac has cost my buyers thousands of dollars and we have to hope the sellers will give us an extension.

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Great team, excellent service

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My experience was stressful, filled with misinformation, and incorrectly done procedures. Communication is lacking, people need training, and it takes entirely too long to get the money back. They do NOT live up to the "superior service" they claim to provide. Every person I talk to says the last person I talked to did NOT take the proper steps or did it wrong. Five people and seven days later, they tell me it will take another 20 days. So, much for Christmas this year!!!!!!!!!!!!!!! They don't care. They won't take responsibility for their screwups, and following their policies are more important that you getting to eat. Update: I got through five people to someone who was willing to fix the issue. He relieved my stress and got it fixed

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The worst loan company on the planet. They lie and disappear when you have questions. They will take your appraisal fee and run. DO NOT go with PennyMac. Find someone else for your loan and make sure you do your research!

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Refinance process was smooth until closing. They did not use my escrow to pay my homeowner’s insurance. I came to within one day of not having insurance coverage for my home. It took over 4 hours on the phone with multiple Penny Mac employees to even figure out what happened. Out of the 8 employees I talked to during the 4 hours, only 1 was actually informed and helpful. 3 out of 8 were courteous. Several were rude especially Ivonne. She kept insisting that it was paid and it was not. Promises of return calls by “supervisors” did not happen.

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After being outside of my home for 3 months due to damage from Hurricane Ida I have been treated with nothing but disrespect and unprofessionalism by PennyMac they do not notate accounts they are very argumentative and they do not listen to customer service needs after calling PennyMac multiple times regarding my claim and services for home repairs for inspection I was constantly ignored the Representative continued to go back and forth with me that I was not aware of my own situation PennyMac does not have good customer service skills nor do they care about their customers they need training on professionalism and emotional intelligence I would not recommend this company to my worst enemy. They treat their customers like dirt they do not listen to your concerns and they are totally inconsiderate of your customers needs the customer service Representative refused to allow me to speak with supervisors and they will not listen to your concern instead they argue with you and talk over you the customer service Representatives at PennyMac need to learn professionalism and how to treat their customers because their listening skills are very poor I would not wish this company on anyone in the world I would not recommend them to anyone and I'm definitely disappointed in PennyMac this is the worst mortgage company ever and I will suggest going the other way when it comes to PennyMac I would never recommend this company to anyone

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I pay my mortgage on time every single month without fail. My money for my property taxes and home owners insurance is put into my escrow, yet Penny Mac “forgot” to pay my home owners insurance on time. My home insurance agent contacted me to tell me and I had to pay OUT OF POCKET before midnight to not be canceled. So why exactly am I putting my money in escrow if they can’t figure out how to do their job on time! DO NOT RECOMMEND. The only good part of this situation was the very nice woman I spoke with in the insurance department.

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The process was way longer than anticipated. Although I appreciated weekly status calls sometimes there was nothing to say and I would’ve preferred a short call. Also the person calling needs to be knowledgeable of what exactly is needed to move along the process and not just a spokesperson.

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I was very satisfied with the way the closing went on my house.I closed on the 19 of nov.On the 1st of nov i had a conversation with Cory Hopkins and was told not to make nov payment ,i went to my bank and paid 30 $ to cancel my payment for nov.On the 18th of nov i received e statement from PennyMac the first was a statement that i owed 14.82 for a late charge for not paying for novs bill of 571.28.and another statement for 1,157.38for both nov and dec .The worst part of this is i have never missed a payment ever always on time .I pride myself to always be on time .I have bought many homes and never late .the thing that makes me mad is that this effects my credit and my credit score is over 800 .I have did everything that I was told to do during this period i would like to have this matter resolved and fix what has been done.

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Wonderful experience and went so fast! Every person was kind and so helpful. Very hands on every step of the way. I would recommend PennyMac to everyone. Thank you Carmen and Karla!!

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We did a ReFi on an existing loan with PennyMac and it was great. The entire process from my first email until closing signing took exactly 31 days. This was a month faster than they originally told me. My loan processor (Carlos) and closing rep (Chantel) were both wonderful to deal with. I would gladly recommend PennyMac for anyone interested in a purchase or ReFi.

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My loan was sold to PennyMac, the most inept, irritating institution I can imagine. Their website only works with Chrome, the most insecure browser out there. It's also the least friendly when it comes to privacy. I don't even want it on my computer. There were so many problems just creating an online account, I had to call their main number to find the number for tech support. Then I had to call tech support. The third call was when they cancelled the auto payment I had just set up, saying there was a problem with the numbers on my checking account. I had gone over the numbers three times before I clicked yes. I gave the same numbers to the agent over the phone without incident. Two calls just to set up an online account and a third to fix an error on their part. Then there is the irritating, incessant ads they run when you wait and the l o n g wait times. I wouldn't recommend them to anyone else based on this.

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We were nervous and scared through the whole process but darcel ian and the PennyMac family held our hands throughout the process easing our fears and concerns my family highly recommends penny mac

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Pennymac has been reliable to us for the Equity Loan part; staff members are quite professional and compassionate to their commitment, they make things simple and then you will be amazed that things have been completed smoothly because of their extra hard work, thank you Pennymac Edward S. and Francisco D. for your great service!

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Well communicated closing process. Despite having some complications, my team did a great job negotiating with underwriting to meet my needs while also preserving their interests. A real win - win scenario. Many thanks!

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Up to today communication between Penny Mac and myself was excellent. But today to get some information not only did it take 3 phone calls, but 1 call did not have my new records. Another call I was on Hold for 22 minutes without any word just that irritating music. When it pauses it gives the impression you will be connected, not true it just restarts.

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I just refinanced my mortgage with PennyMac. They were already my mortgage holder because they had bought the prior company I was with. Based on my experience with PennyMac as a mortgagee and because of the refinance process I just experienced, I can highly recommend them to anyone seeking to refinance their home. Here are the reasons why their refi process was so exemplary: 1. They had a super easy way of submitting documents and signing documents over the web. 2. They explained the process, telling me exactly which steps were going to happen in which order, and everything happened just as they explained. 3. They assigned a loan processor to me who called me every week (sometimes more often) to check in and keep me updated as to status and so that I could ask questions. 4. The loan processor was always the same person and I had his contact information and could reach out to him at any time. 5. The loan processor was always both competent and polite. 6. The information provided proved to be correct throughout -- there were no surprises and no irritations. 7. I closed on the date that they gave me on the first day that I submitted my documents to apply. 8. They gave me a really great rate -- I don't think I could have gotten better anywhere else. I rarely take the time to go out and provide reviews for companies I work with, but PennyMac just deserves the effort -- there's just nothing I could see that needs improving, which is pretty rare.

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Run. Don't even think about refinancing with them. It has been well over three months and I have had it. I have done everything they have asked and was told just one more thing. Submitted that and now they want more. I emailed the loan officer that I am canceling my refinance effective immediately. It has been over ninety days and I can't do this anymore. I also asked for my deposit back, but he hasn't responded and it has been a week. Does anyone know whom I should contact to get my money back? Thanks!

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My brother-in-law is a real estate broker and he recommended I try PennyMac for a loan to purchase a rental property. From the first contact to the closing table they were efficient, professional and always pleasant to talk to. I have never had a real estate loan go through so simply and expediently.

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Great experience with PennyMac. Fastest closing I have ever done either new loan or refinance over 20+ years. First day conversation with John Rogers locked the rate for me.

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PENNYMAC is an excellent lender and the people are always there for you to access by phone or email. They help you every step of the way.

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My refinance home loan was fast and on a time. The process was an awesome experience with Ms. Tanisha Robinson.

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Had a very pleasant and speedy experience refinancing with Pennymac. Will continue to do business in the future. Website was easy to use and upload documents. All the agents were friendly and knowledgeable.

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I had a excellent experience with PennyMac Team. Mainly dealing with Mrs. Letisia Gonzales. She did a excellent job guiding me through the process. She explained the process to me so I got a great understanding on the process of owning a home. She was ALWAYS available to me when I had questions and believe me I had a lot of questions.. She calmly walked me through the process and she made me become a Homeowner!! Thank You so much Letisia. I’m so grateful that you were by my side all the way through!!! I’m giving you 5 star ⭐️ customer service!!!!!

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Very professional, detailed and organized. My M.A.C. team answered all my questions and were very knowledgeable (Mathew Para, Carmen Lee). Two weeks from IRRL application to close. Very pleasant experience.

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From start to finish, everything was great. We will highly recommend PennyMac and Mario Green to our friends and anyone who asks. Polite, professional, courteous, and straightforward are just a few of the words describing the process from start to finish. We appreciate PennyMac and Mario Green very much. Thank you for everything!

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I had previously done my refinancing through a local mortgage broker. However it always took a lot of time and energy to work through the process. I already had a mortgage with Pennymac, so I thought to call them and see if they could give me the same or better than I might have gotten through the middleman broker. From the start things went well. The original contact was Brian Stoddard who did the initial loan preparation. He then turned the rest of the process over to Kaitlyn Myers. Working with Kaitlin Myers was a pleasure. She was pleasant and professional all throughout the process. She was extremely available to answer questions and was quick to call me to provide updates. She helped to make the whole process a positive experience.

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We purchased our second house after having pennymac for our first house mortgage with no problems for 8 years. However, the second house purchase a complete nightmare. I went with them even though I had received lower rates with other banks because I had already completed the application and needed a quick close and was told they could accomplish. Mistake! They delayed our closing three days costing us thousands of dollars because of their mistakes - Norma’s. We we calling everyday the two weeks before closing making sure all was good to close on time and Norma kept saying yes. Then on day of closing - nope and then three days later we almost didn’t close. They threw in flood insurance ($475 a year) escrow and we wanted that changed and we’re told that would delay us more. We have now paid our flood insurance ourselves for two years and they still insist we have to have an escrow account balance is ($1200) because they haven’t paid anything. But I paid the flood this year due on Aug 10 in July. And then pennymac decided to pay it from my escrow account on sept 7? It was due in august. Hence why I paid it! If we would have let them pay it we would have been in forfeit of our loan terms- huh? So why are we forced to have an escrow account? We have 820 credit scores we pay our bills clearly. We are refinancing just to get rid of them. And funny they day we contact the new bank - pennymac calls saying we noticed you did a credit pull you can refinance with us. Heck no!!!! This is why we’re leaving.

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The PennyMac loss draft and main office have been nightmares to deal with over the past three years since the loss of our home in the Paradise Camp Fire. Most recently, a request for funds withdrawal to enclose the open framed structure with doors, roof and exterior siding was denied by the main office because the inspection report did not conform to their rigid and irrelevant progress inspection reports. The PennyMac required interior construction cannot begin until the exterior is secured to prevent potential theft, vandalism and exposure to the elements. The house is located in a high risk fire danger area and a simple grass fire would threatened the open framed structure and all of the construction progress to date. PennyMac has been provided all of the pictures and contractor documentation to support the request for additional funds to move forward but to no avail. PennyMac is on well documented, written notice of our concerns and disappointment that a senior citizen, a Veteran, PennyMac customer/fire victim and his family must remain displaced from their home due to a mortgage company who is unwilling to release the funds to rebuild their home. The PTSD experienced in navigating through the PennyMac insurance quagmire is nearly tantamount to the trauma suffered when we fled our home November 8, 2018.

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RE-Fi to save $300 a month went easy and fast closing! I have an FHA loan with unfortunate built-in PMI at around $400+ cost a month, which remains until I sell my home as this current RE-FI could not change since my income did not allow a change from FHA to conventional. Good experience all around with PennyMac.

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Huge fan of PennyMac. Everything is easy and straightforward. I have no desire to finance through anywhere else. Oh, and my wife works for a mortgage broker and I STILL went with PennyMac 3 times.

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This company Pennymac is full of liars. They denied me refinance. I have never been late on any pay. They were upset that I question the interest rate base on my scores. They say they average the 3 score. When I ran my own scores. they then say we go with the lowest but the lowest is still Good. They never Gave me my scores, they just told me what I qualify for. I asked what my scores was according to them. They said 600s. My Scores were 769, 736, and 689 all were in good ratings. They got upset that I questioned them. They called to tell me they can't do it because of debt to ratio. I asked to explain my debt to Ratio. My debt to Ratio is good. The guy admitted he don't really know how explain mines. He transferred me to original loan officer but he never answered phone. I have repeatedly asked to speak my loan officer over the last 2 weeks but he never called me. I will be going to another company and reporting them

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I would give Pennymac Zero stars if that was an option. After almost one year of sending in paperwork for approval to get my house in my name and refinanced, and after they told me there is only one more form to be notarized they stopped the whole home Modification process, now claiming they did not get proper paperwork where I'm supposed to do this all over again. What's even worse in stead of Faxing they now want me to download everything and it wont go through . It is documented that I have spend 2 hours every day this week trying to get this resolved and 7 hours so far today where I had to take the day off for this - and got no where, that's not counting calling them weekly where they reassured me all was ok. But later said it wasn't. Penneymac dropped my whole modification without contacting me, I was patient but now I am furious beyond belief

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ABSOLUTE TRASH. I spent over 30 min trying to speak with an actual person instead of a robot spouting off information I didn't need. Finally got someone on the phone and she literally said "I don't know how to help you" when all I'm trying to do is request a payment to pay my new homeowners insurance policy because I switched carriers. I was then passed around to two other people who also couldn't help me to which I ended up back at the robot. I wouldn't recommend this company to anyone. EVER!

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Whether it's PennyMac or any other lender, do not agree to e-sign anything until you receive a hard copy of all required documents. Minimally this should include an itemized list of ALL closing costs, Truth in Lending Disclosure, Notice of Right to Cancel and when applicable, purchase of points. These are the most important documents to review before agreeing to a home loan of any kind. If these documents are not easily accessible (emphasis on easy access) in DocuSign or similar service, request a hard copy before signing anything.

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Remember how we’ve always been taught in life to treat someone like u want to be treated well my experience was as such if there were any questions our something I didn’t understand it was solved everything was done when it was said it would be done my closing I scheduled it at 8am and that’s when it happened this Pennymac team got there stuff together thanks Candice Williams

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They actually followed the plan with time of when we would close my loan officer was very helpful as was everyone I worked with they also were super friendly I was very happy all the way around it was a very timely loan procedure

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I tried to refinance with them and they were initially pretty good until the loan officer passed the torch to someone else. Then the ball was dropped. The level of unprofessionalism was at all levels. Endless emails and phone calls not returned. Requested for a supervisor and never got to me. I had to call again. And be mindful the calls are recorded. Even though some of the loan agents are still working remotely you can hear the back ground noise.. UNPROFESSIONAL!! Anyway, even though I had my bad experience. The company as a mortgage lender is awesome. You do have some that answer the phone with professionalism, otherwise.

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I like the secure document and communication account, e-Sign, and ability to review the process anytime. The weekly updates from the account specialist assigned to me. My loan happened in the timeline expected. I like the fact that Penny Mac gave me the loan and serviced it also. Many mortgage co. Sell you out before the 1st or 2nd payment is due. I recommend that all Veterans should check with Penny Mac's rates before just blindly signing up with a Mortgage co. that praises Veterans to do business with them just because... Many of them prey on Veterans. Thanks E.Z.HMD

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These guys invented the word incompetent. Bad loan servicing, they never paid my house insurance out of escrow and my insurance would've cancelled if I hadn't paid it out of pocket myself. They tried to refinance me told me I got approved and then didn't talk to me for a week only to tell me that I actually did not get it.

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Myisha was fantastic on my refinance! Professional as well as courteous!

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I have a current loan with penny Mac. When I inquired about a refinance to a lower rate I received the worst service ever. I couldn’t get a return call from Clark one of their managers. I would never recommend them to anyone.

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After initial skepticism, I did a refinance of my house with Crystal and the team at PennyMac. All of my questions were answered promptly. Had I know the process was that easy, I would have done it a long time ago. Thanks!

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My mortgage was sold to Penny Mac almost immediately, and the lack of customer service coupled with an absolutely awful online interface is EXACTLY WHY I didn't use them as a provider in the first place. The stupid game that is bundling and selling mortgages strikes again.

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Tried to refi with them. Not a positive experience, spent 3 plus months and did not seem to get anywhere. Finally, threw in the towel and went with another company (much smaller) and seem to have reached a positive outcome and more favorable rate than anything PennyMac could offer.

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Hello PM, I started a refi on my home on June 28 and the loan is in processing. I have a few questions for my loan officer Jonathan Warren but cannot reach him via phone or email. I've left messages for him and an email for his Manager to no avail. When I reached out to PM stating my desire to refi my loan, my phone was ringing off of the hook. Now that I need assistance, I cannot reach anyone to answer my questions for an update on my loan. How do I get in touch with corporate?

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I was trying to refinance my mortgage that i have with them for over several years and this lady tried to assit me Name: Dominique White-Boxsley Title: Loan Officer Email: dominique.boxsley.pnmac.com Phone: , she was clueless about the process, after i asked severeal key question like debt-to-ratio she said they woulndt look at that since we ahve the mortgage witht hem already, so we decide to proceed. to find out after she ran the credit report whcih in have over 760+ worthiness that indeed the looked at my bills. a useless run of credit report, time wasted. she definitely should'nt be helping people. or more traine needs to be done. thank you for nothing Dominique White-Boxsley. If she assisted you PLEASE RUN AWAY..

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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.

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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.

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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

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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!!!

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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.

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Avoid this company!!!

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Recommended

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Best experience ever in my life!

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

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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.

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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.....

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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.

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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.

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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!

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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

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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.

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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!

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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.

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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!

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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.

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It was "GREAT" because I had a very concerned and helpful Loan Officer who initiated the PennyMac Refinance Loan Process. I also had a very knowledgeable and helpful Loan Processor. The various emails were clear or if I had questions, someone was available to answer or to take a message for my Loan Officer or Loan Processor. I would be contacted regarding my message within a reasonable period of time. It was a pleasure doing business with the entire "My MAC Team" throughout the loan process.

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Great company to work with for all mortgage needs.

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Totally professional, timely and efficient. A pleasure ! BP

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I started looking for a refinance mortgage and was lucky to have settled with and made my application with Pennymac. As it turns out, they got me the best rate and with the least amount of hassle, almost over night. Wow! While I was communicating with them I got over 20 phone calls and messages from lenders everywhere. It a hot market out there and great for the home owner. The most impressive part of Pennymac was the loan officer I got. Adrian was great to work with.

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Very happy with the outcome! Shopped around for awhile until I came across PennyMac. This company offered the best rates. The process was easier than expected. Margaret made things easier by always being available to help me upload document! Will be using them again in the future!

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PennyMac is a very good lender especially Ihsan and Blake who were very patient with us during the processing of our loan until it was successfully completed. We could not ask for more.

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Excellent service. We're very pleased.

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WORST Company to work with. Horrible customer service, loan officers are not reponisve. I have been working on my loan refinance for almost three months now and have yet to finish. Each time I call I am routed to the wrong department or told that unfortunately they can not help me. I am not sure if they are even working since I am placed on hold for long periods at a time for someone to then tell me they can not help me. LITERALLY WORST COMPANY EVER!

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I decided to go with Pennymac on a purchase loan even though their rate wasn't the cheapest because I had a good experience on a previous refinance loan on a property. This purchase loan was entirely different experience! I didn't hear from the processing agent for a week after we locked in the rate. I couldn't find out if the appraisal had been ordered. After I finally got the processor on the phone and discussed the doc requests, I couldn't get them on the phone again for days. I had to call on multiple days and get the MLO involved to push the application forward. The experience completely stressed us out in a housing market that is on fire. My loan was a conforming loan with more than 30% down with 2 employed applicants and no issues with appraisal. In other words, the application is probably as straightforward as they come. The experience should have been less stressful and easier. We did close on time once we worked through the early hiccups. I would recommend Pennymac for refi loans if they are already your servicer. For purchase loans you are better off going with a local lender with a good rate that can aggressively close on the loan.

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PennyMac bought my loan three years ago. Worked with me during hardships. Recently lowered my mortgage payment by 27.3%. The team is knowledgeable and professional. Process is feasible and simple. Customer service is impressive. Keep up the good work!

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All aspects of our refinance were clearly explained during the entire process. Communication was simple via the website and documents were easy to upload. Miguel called weekly during the process to provide an update and review documents received and those required. Tracy Corsey was our original loan officer and was fantastic in explaining the process. The notary arrived on time and explained each document for signage. Overall it was an easy process. I would not hesitate to recommend Penny Mac.

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My experience was great! The entire team was knowledgeable, prompt with information and responses. Chris reached out every step of the way to communicate what needed to be done and answer any questions. Process went smoothly and quickly, closed early within a few weeks and am highly satisfied. Use Pennymac for your mortgage/re-finance needs!

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Our mortgage was sold by Veterans United to PennyMacUSA. Worst servicer ever. Your concerns and outcomes depend on who you talk with and can change in the same conversation. Our case is too long to opine here but I'll shorten it up. I've talked with knowledgeable experienced and trained people all the way to those who are so worthless it's hard to believe this company hired them. One CSR rep will tell you a senior rep didn't know what they were doing while another gets a 5 star rating. You really have to watch how they handle your loan as it will change without you even knowing and then you have to spend weeks and many hours arguing with them to get it corrected, if you can. Make sure you hold on the line after you are done with a call as you can then leave a review and then get forwarded to a more senior representative if you are getting know where. Read their FAQ section. The first Q's is: Will my loan terms and conditions change once PennyMacUSA is my servicer? Their answer is emphatically, NO. But, when our loan was bought by them, they imposed a 24 month moratorium on us for paying our own taxes and insurance that wasn't on the initial loan. They said, it is their policy, even-though, they could not provide one signed document by us to prove we agreed to anything. Then this clown company denied us our rights and to me a 100% disabled veteran to pay our own taxes and insurance escrows. I am tax exempt in my state and county due to military injuries, and our home owners insurance is paid in full for the next year, yet they screwed things up by sending out a check to our previous insurance company to pay for our next 12 months even though they received all the documents for our new insurance provider. We got that recalled as well but they just keep throwing more at us by not recognizing our new insurance co. This is a mortgage nightmare every home owner should avoid. They only get 2 stars because I have talked with a couple of very experienced people, but then the losers get their hands on things and it gets all messed up. I think they really enjoy making peoples lives miserable as a company. Make sure if you are getting a new mortgage anywhere, to ask them if they are going to sell your bundled mortgage to a new servicer. If they say yes, tell them to avoid PennyMacUSA. If you don't you will surely regret it.

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I would like to thank the Mac team at PennyMac for the 5-star experience throughout my refinancing process. They were friendly, honest, and quick to respond to all my questions. I highly recommend PennyMac for all your mortgage needs.

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From commencement to final signature on closing documents, every question was answered promptly and thoroughly! Each step was clearly explained and all of the financials were intensively clarified, even if they had to be repeated to me! Each progression of the process was detailed in the many emails guiding me. It has taken less than two weeks from my initial query to closing! Now that's a truly amazing experience! Need I say more?

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We got caught in the sale of our mortgage to Pennymac. We specifically chose a company that gave good service and easy payment processing. We did not chose Pennymac. So lo and behold, a year into our mortgage it was sold to Pennymac, and it was a never ending service nightmare. Calls and emails not returned, errors made by them, uncorrected for months. The worst were the flood insurance threats. We have letters from engineers stating our property is above the floodmap elevation and a quarter of a mile away. Did not matter to them. A map reader 1000 miles from our home kept saying we were in the floodplain and demanded flood insurance or they would buy one at inflated prices. After a year of arguing logic with them, we ended up refinacing just to get rid of Pennymac. Dont use them.

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Pennymac is a company I can recommend if one is looking to refinance and get a good low interest rate. The process is reasonably straight forward if you have all your documentation in order. The Pennymac team is tremendous to work with. I could always rely on them to coach me through any snags in the process. The experience was positive and worthwhile for me.

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They offered great interest rate to lock and when i moved couple of weeks into the process the appraisal came back by 100k less than market price. Even when i go to their wesbite the price shows accurately. Horrible experience

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I went through a refi with another company that gave me 2.5%. Obviously I get a call from Penny Mac they say can match it only after they get the payoff call from the other mortgage company. I figured ok it will be simple since they hold my note. I have to pay another $400+ for home val. even though it was just done for another $400+ but they told me I needed to pay that night to show that I was all go with them. This was in Dec. 2020 after 4 months and tons of emails from different folks asking for the same info over and over again I get denied, so I think. Nobody calls me, no returns emails or messages. I get a "direct" number for some big wig Joe 916 245-1507 ex 7955. Call this clown 5 times and leave a detailed message like his machine says and have never heard from him. So, I'm out $800+ and no more 2.5%. This company rips people off. The first night I was on the phone with the loan specialist that they had call me for 45min. Tells me we will close in Feb. Ok buddy, it's May 2021.

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First class all the way. Everything was explained clearly. The whole process was fast and seamless.

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Attempt to refinance mortgage. Poor customer service. They kept calling the wrong number and then said my loan was inactive because they couldn't reach me. Contacted them and just got bounced around. Got screwed out of the appraisal fee and no one will contact me. Do not use this company

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excellent service

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