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PennyMac Mortgage Review

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Reviews 1,439

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Michael Graw
Michael Graw
May. 03, 20214 min read

PennyMac summary

PennyMac is an online mortgage lender with low rates and low down payment options for borrowers. The company issues conventional, FHA, and VA mortgages, and handles both new home purchase loans and refinancing. The application process can be started online and completed over the phone.

Pros

  • Low interest rates
  • Online application process
  • No-hassle refinance options
  • Flexible terms on fixed-rate loans

Cons

  • No physical branches
PennyMacat a glance
3.8

Editorial score

Overview

PennyMac is an online lender that offers low interest rates for mortgage refinancing and new home purchase loans. The lender supports a wide variety of mortgages, including conventional and government-backed FHA and VA mortgages, with flexible terms ranging from 10-30 years. The application process can be started online and completed over the phone with a loan officer, who will also walk you through all of your best savings options.

Suitable For?

PennyMac is suitable for homeowners in search of low interest rates, refinancing for a lower monthly payment, taking cash out to consolidate debt and more. The lender offers easy, no-hassle refinance options for those looking to lower their interest rate.

Types of Loans/Products

PennyMac offers conventional and government-backed FHA and VA loans.  No-hassle streamline refinance options are available on FHA and VA loans, as well as several refinance options to take cash out, lower your rate and payment, and eliminate or reduce mortgage insurance. The minimum credit score to be approved for any loan program is 620.

  • Competitive, low interest rates
  • Flexible terms ranging from 10 to 30 years
  • Fixed or adjustable-rate mortgages

The Application Process

PennyMac’s application process starts online. Just enter basic details about your home purchase or refinance, and a loan officer will get in touch with you by phone shortly (during business hours).

You can be pre-approved in as little as a few minutes on the phone. All follow-up paperwork, such as bank statements, can be submitted online through PennyMac’s online account center.

PennyMac doesn’t have physical branches where you can apply for a loan in person.

Rates and Fees – The Bare Basics

PennyMac offers low interest rates, depending on your financial history and the loan you’re looking for. 

PennyMac typically charges an origination fee of $1,100 for conventional loans and FHA loans. However, this is waived for most new home purchase loans. You may also get a 0.50% lender credit off your closing costs on pre-approved purchase loans, making closing costs for these types of PennyMac mortgages relatively low. There are also several low out-of-pocket-cost refinance options available.

Repayment Terms

PennyMac offers mortgages with terms ranging from 10 to 30 years. You can choose between fixed rate and adjustable rate mortgages. 

Help & Support

PennyMac offers support by phone from 5:00 AM to 7:00 PM PT, Monday to Friday, and from 6:00 AM to 5:00 PM PT on Saturday.

Phone: 1-(888) 870-6229

Summary

PennyMac offers low interest rates on all mortgage types and offers a variety of low-cost, no-hassle and cash-out refinance options. 

The application process is fairly easy, and you will have a loan officer to guide and advise you through every step of the process over the phone. 

PennyMac also stands out for allowing a down payment of just 3% within qualifying programs

for conventional mortgages, although you’ll need to purchase mortgage insurance when you put less than 20% down.

FAQ

Can I upload documents online?

Yes, PennyMac has an online account portal where you can upload your supporting documents and manage your mortgage application.

Does PennyMac charge a prepayment penalty?

No, PennyMac does not charge a prepayment penalty. You can pay off your mortgage early to reduce interest payments.

Does PennyMac offer rate discounts?

You can get a discounted interest rate by paying to buy points when your mortgage closes. Lower, discounted rates can also be available on VA loans.

Address 

3043 Townsgate Rd, Suite 200,

 Westlake Village, CA 91361

 

Michael Graw
Written byMichael Graw

Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎

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  • author
    Cedric Ervin
    Sep 18, 2021
    Remember how we’ve always been taught…

    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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  • author
    LaTrena Holden
    13 hours ago
    This company Pennymac is full of liars

    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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  • author
    Trudy Soncrant
    17 hours ago
    No Stars for Pennymac

    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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  • author
    Anna Schaefer
    a day ago
    ABSOLUTE TRASH

    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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  • author
    Samantha
    2 days ago
    Know All Costs Before Signing

    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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  • author
    Jan Chandler Reyes Ramos
    Sep 15, 2021
    PennyMac Closing

    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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  • author
    denise hughley
    Sep 14, 2021
    I tried to refinance with them and they…

    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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  • author
    Elbert Zeigler
    Sep 09, 2021
    PennyMac is Veteran Friendly

    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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  • author
    Tracy clark
    Sep 09, 2021
    These guys invented the word…

    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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  • author
    Rob
    Sep 01, 2021
    Myisha was fantastic on my refinance

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

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  • author
    John
    Aug 24, 2021
    I have a current loan with penny Mac

    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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  • author
    GARY
    Aug 19, 2021
    Crystal Clear

    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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  • author
    Matt Kampf
    Aug 18, 2021
    My mortgage was sold to Penny Mac…

    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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  • author
    EricS
    Aug 18, 2021
    Tried to refi with them

    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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  • author
    Timamu Hakim
    Aug 09, 2021
    The Worst Communication

    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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  • author
    M.Marin
    Aug 09, 2021
    I was trying to refinance my mortgage…

    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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  • author
    Abbie Allen
    Aug 03, 2021
    PENNYMAC is a great company to work…

    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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  • author
    Mical Hutson
    Jul 26, 2021
    Communication is horrible

    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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  • author
    Ma Dolor
    Jul 25, 2021
    All PennyMac agents who took care of my…

    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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  • author
    Tara Bates
    Jul 23, 2021
    I tried to taking out a cash loan and…

    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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  • author
    Renee
    Jul 21, 2021
    Do not recommend PennyMac

    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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  • author
    Cassi LaVelle
    Jul 21, 2021
    Avoid this company!!

    Avoid this company!!!

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  • author
    Gangadhara Tilak Babu
    Jul 20, 2021
    Recommended

    Recommended

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  • author
    Jose Robles
    Jul 16, 2021
    Best experience ever in my life!

    Best experience ever in my life!

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  • author
    None
    Jul 15, 2021
    Great Company

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

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  • author
    Sheila Horton
    Jul 14, 2021
    Terrible experience refinancing!!

    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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  • author
    Joel
    Jul 13, 2021
    I have done 3 loans with PennyMac, WONT BE BACK

    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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  • author
    Brenda Morris
    Jul 13, 2021
    This company is a joke

    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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  • author
    Craig Scully
    Jul 12, 2021
    AVOID PENNYMAC

    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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  • author
    Amanda Smith
    Jul 12, 2021
    Penny Mac made our loan process so…

    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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  • author
    Byron Pollitz
    Jul 11, 2021
    Bad first impression

    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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  • author
    D. Cole
    Jul 11, 2021
    Avoid this company like the plague…

    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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  • author
    Robert Tilton
    Jul 08, 2021
    Don't overpay even with no prepay penaltyty

    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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  • author
    W Dickey
    Jul 07, 2021
    Stay away. There are other better options.

    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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  • author
    SG
    Jul 07, 2021
    Terrible customer service

    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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  • author
    Mike Savage
    Jul 06, 2021
    Great company

    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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  • author
    Verna
    Jul 05, 2021
    It was "GREAT" because I had a very…

    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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  • author
    Kathy A.
    Jul 01, 2021
    Great company to work with for all…

    Great company to work with for all mortgage needs.

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  • author
    BRUCE PATTERSON
    Jun 28, 2021
    Totally professional

    Totally professional, timely and efficient. A pleasure ! BP

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  • author
    Richard B.
    Jun 27, 2021
    Pennymac...Best rate, best turn around, and great customer service.

    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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  • author
    Synthia
    Jun 23, 2021
    Very happy with the outcome

    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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  • author
    Maila
    Jun 22, 2021
    PennyMac is a very good lender…

    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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  • author
    Debby Pieplow
    Jun 21, 2021
    Excellent service

    Excellent service. We're very pleased.

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  • author
    HP
    Jun 18, 2021
    WORST Company to work with

    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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  • author
    Mithun Gunalan
    Jun 17, 2021
    Good for refi loans not so much for purchase loans

    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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  • author
    Jesus is the Truth
    Jun 17, 2021
    One human being

    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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  • author
    Linda F
    Jun 16, 2021
    This was an incredibly easy process

    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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  • author
    Yolanda Dobbs
    Jun 15, 2021
    My experience was great

    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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  • author
    Rocketman
    Jun 09, 2021
    BEWARE using PennyMacUSA as your servicer

    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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  • author
    Scott Brusse
    Jun 08, 2021
    High Five

    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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  • author
    Paolo Delosantos
    May 30, 2021
    From commencement to final signature on…

    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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  • author
    Thomas Duranceau
    May 21, 2021
    Poor servicing. No logic.

    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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  • author
    Debra Brown
    May 16, 2021
    Pennymac is a company I can recommend…

    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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  • author
    Vasu !!
    May 13, 2021
    They offered great interest rate to…

    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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  • author
    Joe Splendorio
    May 13, 2021
    This company is a joke and will steal your money

    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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  • author
    Douglas
    May 12, 2021
    First class all the way

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

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  • author
    Ami Glisson
    May 07, 2021
    Attempt to refinance mortgage

    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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  • author
    Ronald Thomas,
    Apr 29, 2021
    excellent service

    excellent service

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  • author
    Jeanette Reed
    Apr 27, 2021
    Worse finance/banking experience ever!

    Worse finance/banking experience ever! Their customer service takes hours to access. When I made contact I was transferred around for another hour. When I finally reached the escrow department. I was transferred to the insurance dept, then back to the tax dept. I spent two entire days trying to find out whether the taxes or the insurance causing the escrow to be negative? After speaking with numerous people...I was told: No one could determine whether the increase in my monthly payments was caused by an increase in my insurance or my taxes. Finally, I was told I needed to pay $54.00 to cover the escrow shortage. Two weeks later I got a check for guess what? $54.00. A lender who employes people who can't count money is scarry. The arrogance of their wait time is enough to make me refinance my mortgage.

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  • author
    John James
    Apr 25, 2021
    During the beginning of the pandemic

    During the beginning of the pandemic, they offer to help me by "differing" 3 months payments, and at the end they will either forbade the payment, or add it to the end of the "loan modification" contract, They did a quick VA loan, in which they will charged all the money that was supposed to be forbade, At the end of 3 months I ended up paying more, than before. After I refused to sign the "loan modification" They attempted to acquire more rights than me. Including any attempt to fix the property, will have to be approved by "the lender". I refused to sign their "modification", then a month latter, they offer to "refinance" my property, because of a "government program" designed to help homeowners pay less on the monthly payment. Everything looked good on the "disclosure" until they showed me the last part of the "modification" and sure enough, they attempted to gain control over my property, I declined again, and I am currently working with another lender. These people are thieves and liars.

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  • author
    Amy Epstein
    Apr 19, 2021
    PennyMac loan processing and underwriting a total disaster

    Having our mortgage with Pennymac after they bought it from Wells Fargo was fine, so when we wanted to refinance we thought: we'll just do it directly with them instead of using a broker! Huge mistake. The worst part was getting a series of 5-6 auto emails from our supposed loan processor, saying we'd get updates on a certain date...and then never getting any communication from that person ever. I mean literally. I did manage to talk with her twice when she actually answered the phone but she never responded to any emails or phone messages. When I talked with her, she blamed that on her team - "they shouldn't send out those auto-emails, I'm too busy to keep up with all of this!" Really?!? She reassured me that the loan should go through, that we were in process...until at the 3 month mark I got a one word email: "Denied." I then called a broker and my refinance closed today after a mere 30 days. Don't make my mistake! They seemed fine handling my prior loan but their loan underwriting and processing wing is a total disaster.

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  • author
    Tosha
    Apr 17, 2021
    Wasted our time and money

    Our loan officer, Eric Lewis, failed to be up to date on the current guidelines of PennyMac and didn't inform us when we started the refi process that PennyMac doesn't finance modular homes. Our application was approved, our rate was locked in, we paid for the appraisal ($445), and when I called to check on the status of our refi, we were informed that we were denied because PennyMac has chosen to not finance modular homes. We started the process in January and was just informed last week that we were denied. PennyMac wasted both our time and money. We are current PennyMac customers with an existing loan on the same modular that they just denied to refinance. We have been faithful customers who have paid our mortgage on time since we've been established with them. I have requested that PennyMac reimburse us for the appraisal fee of $445. Hopefully they will fulfill our request.

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  • author
    Oswalt
    Apr 04, 2021
    How can anyone rate them above a 1 star

    Pennymac offered a forbearance to us in 2020 when the world told us we are not allowed to work because we’re not essential. They said over a recorded line, the amount unpaid will get put at the end of the loan and our loan agreement will not change. Now fast forward to 2021, they are stating we only have 2 choices to get caught up on the payments we’ve missed. Pay everything right now or sign a new loan that makes our mortgage higher than what we paid for it. We didn’t sign that ridiculous term and even though we continue to make monthly payments they stated over the phone foreclosure papers are being sent out. Yeah, they’re awesome. I can’t wait until a mass lawsuit happens with this scammer.

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  • author
    Pedro Antonio Cruz
    Apr 02, 2021
    Horrible refinancing experience

    I want to start of saying that I am very disappointed for the poor customer service and unprofessionalism PennyMac demonstrated during the refinancing process. I was told yesterday April 1, 2021 by a PennyMac representative that I did not qualify for the loan because of a “supposedly re-structuring” of my loan. According to PennyMac I needed to pay off one of my vehicles which equates to $16,XXX. Of course, I had to terminate the refinancing process since I did not have that money at my disposal. Please note that I was told about this information after 3 months into the process. For reference I started the process back in January 29th, 2021 . This is unacceptable, I literally had turned down two offers from other mortgage lender companies because of the low rate PennyMac was offering me. Again, I am very disappointed with PennyMac I will never recommend this company to a friend or family.

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  • author
    Carla Minton
    Mar 25, 2021
    PennyMac did not pay my taxes for 2…

    PennyMac did not pay my taxes for 2 years...2 YEARS! I was unaware they were not paying my taxes till I started to refinance with a different company and they told me to bring cash to closing because I had to pay my back taxes. So I contacted PM to get them paid and they gave me the stupidest answers and run around for a month. Then I finally had to pay them out of pocket, because PM was taking to long and I need to close my new loan. Now it has been 3 months calling them and never hearing back from anyone (absolutely worst customer service) they are acting like they are doing me a favor refunding the late fees I incurred because of them and I had to be escalated to two levels of supervisors just to get that done. So glad we refinanced with a different company.

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  • author
    Stephen Flannery
    Mar 24, 2021
    Ru, do not walk, to another mortgage company

    So this is going to be a long story to document all of the ways this company has dropped the ball. It starts more than a year ago, in December 2019 when I went to pay my mortgage online and without my knowledge the month amount had been increased by about $140 dollars. I did some looking around on their site and it was because the taxes had increased. Ok, so they didn't notify me in any way (mail or paperless). Mistakes happen, I let it go. So this December I went to pay my mortgage for January 2021 and it had increased again by $340, again probably because of taxes. I really couldn't afford a $1266 a month mortgage payment (one that started at $781) so I looked at refinancing to lower my month payment. So while I was looking around at my statement I realized that the homeowners insurance was not with the company I had selected and was about $600 more per year than I should have been paying. Just like the payment increase, this was never communicated to me in any way. I then uploaded my declarations page from my insurer and it was fixed online. So I called them about refinancing and they offered me a much lower rate. Started going through the process and I informed the home loan "specialist" that there may be an issue with the property address because of confusion between the county, the city and the post office. I was informed the closing was scheduled for 02/22. On 02/24 when I still hadn't heard from anyone I contacted them and was informed there was an issue with the address and getting the title cleared, an issue I had clearly explained to her two months prior. I then spoke to her boss, an Operations Manager, who assured me that it would be straightened out. I was notified that the closing would be on March 8th. The closing occurred and then a couple days later I was told that they did the calculations and wrong the amount was too high to pass VA standards, so we would have to resign all of the documents. This happened on March 15th, but again with no notice or confirmation of the appointment, the person just showed up at my house at 9:00 am. In the meantime, I started receiving collection phone calls and emails because the March 1st payment wasn't made. It had been deferred because of the closing. So we're finally to the end of my saga. Loan financed and everything was done yesterday. I go on the app to look at my account and the WRONG INSURANCE IS ON THERE AGAIN!!! So I called the condescending operations manager and he informed me that he couldn't help since the refinance process was done and I would have to contact Customer Service. In their defense they did lower my mortgage rate from 4.99% to 2.65%, but they made me suffer for every point.

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  • author
    Alex
    Mar 24, 2021
    Good luck accessing the portal

    Their website is down for "scheduled maintenance" nine times out of ten. It's such a pain just to pay my mortgage or access my tax documents.

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  • author
    Unhappy customer
    Mar 22, 2021
    Bad all-around customer support

    Bad phone support. Bad online support. They don't seem to monitor Twitter. Awful. They hold my loan and I need some tax info. Tried to get it online but it wouldn't allow me into my account, forced me to change my password and then told me it was wrong. Phone support kept me on the line for five minutes before announcing offices were closed. No answer to my tweet. No answer to my follow-up tweet.

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  • author
    Karen Wolfe
    Mar 03, 2021
    Unsatisfactory Experience

    I had my home loan with Pennymac already and decided to refinance. Had so much trouble getting responses from the agent I was assigned. Reached out to her supervisor and never got a response from him either. Was promised that they "expedited" my problem but nothing was ever done. I've had the same issue pending since January 28 with no answers. Can't get her to call me back or respond to my emails. Her supervisor won't return emails or phone calls either. I have a simple question that would require a simple answer yet no one can respond. I'll never recommend this company to anyone.

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  • author
    Roman Azizian
    Feb 26, 2021
    Dishonest and Disorganized Mortgage Company

    The most disorganized mortgage company I've ever dealt with. Tried to resolve forebearance issue for 3 months and ended up calling over 30 times. Each time I'd call I'd be told something different. They lied to me and got me to sign documents with the promise of resolving my issue. They used the signed comments to corner me and go back on their word. When I told the supervisor about the dishonesty she acknowledged and said that they will retrain their people. That doesn't do me any good. Dont deal with Pennymac. Save yourself the headache

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  • author
    Joey Armstrong
    Feb 26, 2021
    These people are trying to steal my…

    These people are trying to steal my house they gave me 3 months forbearance and told me I could put it on the end of my payments,all lies I have250 payments made never late now that I’m ready to get off forbearance they say my only option is to refinance start the 30 years over over 3 payments they told me I could put at the end they lied to me I’m 65 been paying over 20 years now they say my only option is to get a 30year morgage I would be 95 when paid liars theives

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  • author
    Danielle Torres
    Feb 20, 2021
    PMI removal process started 12/21/20…

    PMI removal process started 12/21/20 was told BPO would take 7-10 days. Wasnt completed or even requested until a month later. Appraiser submitted appraisal 2/9/21 as of today 2/20/21 they haven't "received it". During the entire time I am told PMI review takes 30 days... My March payment is now due and now told its 30 days until after the PMI deletion is approved. So how long does PMI deletion take? 6months- a year? Or maybe once the value drops so they can deny it for it not meeting the value. So absurd. Been told the wrong information, wrong timeframes, wrong status etc... Then they ask if I want to refinance... RUN HECK NO!

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  • author
    Kimberly VonAlmen
    Feb 19, 2021
    Unprofessional- do not use!!!

    1st closing attempt: I was contacted by the lawyer that was assigned to our closing to verify everything that we were going to do that day and make sure we were still on target. He then called me back a few hours later and said that as far as he knew the closing had been canceled. The notary called to confirm and said everything was still ago. We went ahead and went to the law office that was assigned to us to do the signing. They had absolutely no idea what we were talking about, according to them it had been canceled and it was no longer in progress. The notary insisted that we signed the paperwork on the hood of her car in the dark parking lot without a witness. We said no we would not do that. So she took us to her office, which she didn’t even know the code to get in, she had to go look it up. When we got into the office it was covered in empty food containers it was the size of a shoebox. After the 15th red flag we decided to call off the closing. I then called Liem and told him about the situation and he was mortified. I was very clear that we would continue with the process as long as we did not use Amarak. I gave him the title and the lawyer office that I wanted to use and he was very clear and understanding to that. The day before the 2nd closing I get an email form Amorack stating a notary and the address for the closing. I get call if you hours later and it’s the lawyer (that is not listed in the email), I asked him to verify with the law office, which he does. He then calls me back and tells me that the law office has no idea what we’re talking about. Then asked if the property was in South Carolina, I said yes. He said I am not licensed in South Carolina I cannot do your loan. I proceed throughout the day getting five more emails from amorack with five different notaries and the same address listed. I had two more notaries call me the same day and another lawyer. Confirming that they were my assigned professional. I called Liem and canceled everything, this is ridiculous very unprofessional. Still getting emails from amorack. I get a call the next morning from another notary and another lawyer saying that they are assigned to my case for a 9 o’clock closing. I told them I’m sorry I had canceled it and they weren’t notified. The process was drawn out, constant paperwork being requested repeatedly. I specifically asked to never work with amorack again and was still assigned to them. I am furious that there are now 12+ people out there that have my personal infomation due to the incompetence of the scheduling.

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  • author
    Joseph Gentile
    Feb 12, 2021
    Took $200K and reported me late on the same day

    Getting my loan took awhile, but I had no problems. A year later, interest rates dropped bigtime, so I refinanced with another company. After I signed papers, I was told to not make another payment by my new lender. The closing was delayed because the processor lost paperwork, and I had to sign again. PennyMac withheld the wire transfer payoff, saying it was expired. My payment was now 30 days overdue. I returned a voicemail message, and was told the loan couldn't be funded until a new payoff demand was completed. I paid the overdue payment and late fee, and the SAME DAY PennyMac applied those AND the wire transfer for the payoff, AND reported me late to 2 credit bureaus. All in the same day. 67 point drop in my FICO, and apparently a new payoff demand WASN'T required. When I called to discuss, another lady just kept telling me how I was wrong over and over. Use a local bank and save yourself tons of frustration with a company you can't have a face to face conversation with, and follow up often if you refinance a PennyMac loan.

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  • author
    Andrew Filippi
    Feb 05, 2021
    Craig Woods and his team are the worst

    Craig Woods and his team are the worst. Do not trust anything they say

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  • author
    H Arabie
    Feb 02, 2021
    Pennymac fails to reimburse closed account for over a year...

    Our home mortgage was sold to Pennymac for two years before we sold our home. Once the balance of our mortgage was transferred to them our payments were stored in a separate account because we didn't pay the exact amount due. We overpaid it. That is right...we paid more than we owed so they redirected our payments to a holding account and proceeded to charge us a late fee. We asked for those funds to be applied and we were told they could not be until the following month. So suckers that we are we made another payment which was also redirected. The additional payments were never fully applied to our account but we were selling our home and decided that we would just let the title company work it out. Well, they got the reimbursement amount correct, but have now mailed the payment to the address of the sold home three times. We changed our mailing address with Pennymac and the post office four months before the sale of the house. One year later and no reimbursement check (no surprise as Pennymac is not a reputable business) and being told that although we have corrected our address with Pennymac several times now, that the post office has overridden our address changes. Hahaha! Are you kidding? This is madness. Please let me know the procedure to get this fraudulent company closed. Thank you in advance to anyone who can help prevent this happening to anyone else!

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  • author
    c w
    Feb 02, 2021
    PennyMac wins the "WORST" award

    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.

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  • author
    Jimvt
    Jan 19, 2021
    Mechanical Disaster

    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.

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  • author
    Matthew Armstrong
    Jan 13, 2021
    God awful response times and customer…

    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.

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  • author
    Colin McGraw
    Jan 06, 2021
    Shady. Unresponsive. Incapable of Closing.

    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.

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  • author
    Mary
    Jan 01, 2021
    Would not recommend

    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

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  • author
    Elena
    Dec 27, 2020
    Fake Servicer PennyMac (former Countrywide…

    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.

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  • author
    Animal Activist
    Dec 22, 2020
    They are all about collecting money, but don't expect to get your refund very son.

    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. _

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  • author
    Luna Gray
    Dec 22, 2020
    Terrible experience

    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!

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  • author
    darcy freegard
    Dec 19, 2020
    Easy Peasy

    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.

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  • author
    Aero Guy
    Dec 16, 2020
    Worst mortgage lender

    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.

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  • author
    D Howell
    Dec 13, 2020
    Go local for the best service.

    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.

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  • author
    Richard Medina
    Dec 12, 2020
    Great experience throughout the entire…

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

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  • author
    TAenha Goodrich
    Dec 08, 2020
    I have had mortgages with many…

    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.

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  • author
    Diane D
    Dec 02, 2020
    Great Experience for me

    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.

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  • author
    battim
    Dec 01, 2020
    disorganized

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

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  • author
    Winston
    Nov 30, 2020
    Refinance…

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

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  • author
    Pam
    Nov 27, 2020
    Pleasant and smooth refinance

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

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  • author
    Rod
    Nov 25, 2020
    PennyMac is theeeeeeee worse

    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.

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  • author
    Carolyn Peterson Durham
    Nov 22, 2020
    Great Team

    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.

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  • author
    Cramer Balalaika
    Nov 20, 2020
    This is an excellent lender with very…

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

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  • author
    DON'T USE PENNY MAC
    Nov 11, 2020
    STAY AWAY FROM PENNY MAC

    Speaking from personal experience, stay as far away from Penny Mac as possible. I started a VA refinance in July and we have yet to close. I chose Penny Mac since they are who currently services our home loan so using them only made sense. Since July, I have been given every excuse in the book about the delay and was told upfront that the appraisal is what usually holds up the closing, yet we had that within two weeks. We sent in every document requested within 24 hours and kept being told we would hear from them “soon” (their definition of “soon” is much different than mine). Here we are almost 4 months later and after excuse after excuse, our refinance is FINALLY ready to close. Our guy, William Long, along with his sidekick Robert Gillespie, got us into a really great program! I’m not sure what the name of it is but here’s the deal: our credit score is over 800 and we refinance our loan now and pay a little bit higher interest rate (3.99% for a VA) and in six months we can refinance again and get the low 2.25% interest rate. We just have to pay a higher interest rate for 6 months until we can get into the lower interest loan. WOW, what a deal! I reviewed the closing docs and saw the 3.99% for 30 years but there was no mention of a refinance in 6 months, or this “special program” he got us into. I took the liberty of contacting a local (my recommendation for anyone out there) and he told me that what Mr. Long and Mr. Gillespie are doing is getting me to refinance our loan twice so they can earn double the commission. I have just wasted 4+ months to find out that our pending refinance is a SCAM. As someone mentioned earlier, all of the positive reviews here are likely fake and written by Penny Mac employees to dilute the bad reviews. I wish I would have read these in July before I picked up the phone and wasted my time. Clearly there are a lot of folks who work for Penny Mac and know this is happening, SHAME ON PENNY MAC!

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  • author
    William Rooney
    Nov 10, 2020
    I found PennyMac to be easy to deal…

    I found PennyMac to be easy to deal with and I also enjoyed the good conversations with Caesar.

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  • author
    Elena
    Nov 09, 2020
    Fake Servicer PennyMac Loan Services wrongful collections

    PennyMac (former Countrywide Financial Inc. impersonation and illegal collection practices. I am a victim PennyMac Loan Services, LLC who is a fictitious "lender" and fake "servicer" hired by Big Investment Banks to push borrowers in foreclosures and launder fatally broken Titles in the Court. PennyMac never lent any money because they don't have money; and never serviced any loans because nobody needs their services. Everything is done by other companies who do not want borrowers to learn about the actual nature of their transaction - draft into a highly risk securitization scheme with derivatives - and the real parties who operate this scam. Contact PennyMac and ask HOW they obtained rights to collect from you; WHO appointed them as a Servicer; and WHOM PennyMac is actually services - and PennyMac will swamp you with lies but never will answer any simple question about ownership of your debt. Because nobody owns it. The REAL Lenders are large Investment Banks (Federal Reserve/DTCC and Cede)who operate a massive scam with derivatives where they sell investors IMAGES based on DATA about performance of someone's loans. The actual SERVICERS are Black Knight, Inc via its MSP; and CoreLogic via its VendorScape. These hidden servicers hire lawyers who initiate foreclosures and conduct all collections of mortgage payments for sole benefit of investment Banks. Big Banks found the way how to become "Creditors" without any compliance with lending laws. They merely insert sham conduits like PennyMac (CWF) to POSE as lenders and SERvicers - while PennyMac is merely a Title laundering vehicle and a cover up for Investment Banks who own PennyMac. PennyMac NEVER owned anyone's debt - simply because nobody allow them to own it; NEVER initiated any loans because they don't have money to loan; and NEVER serviced any mortgages. ALL mortgage payments are collected by Transcentra Regulus who pass them to Black Knight and cashed by Big Banks/Federal Reserve. Loans or Promissory Notes are never sold to any investors. In fact, every so-called mortgage is actually a payment to a borrower for financial services - Promissory Note used by Big Banks in their Ponzi Scheme with derivatives. As soon as a fictitious "Lender" pass PAYMENT to a borrower, the Promissory Note and Mortgage are scanned and placed into Federal Reserve's subsidiary, DTCC and its branch Cede &Co. as IMAGES which are traded on all platforms as BETS about performance of certain DATA. Invesrtors do not buy any loans - they are not allowed to buy loans by Wall Street brokers. Fannie, Freddie and Ginnie do not buy any loans - they merely cover up for Big Banks. Read Propsectuses, all securities are book-entry fiction issued on Street Name by DTCC and its branch Cede. Cede technically owns substantially all of the publicly issued stock in the United States. Thus, investors do not themselves hold direct property rights in stock, but rather have contractual rights that are part of a chain of contractual rights involving Cede. By written contract, Cede & Co. may only sell its electronic only Street Name Stock to direct and indirect Members of the DTC on the DTC owned exchange trading floor. Members of DTC may only trade and sell their electronic Street Name Stock to other DTC Members or to Cede & Co. Therefore, this closed-loop sales system keeps the electronic Street Name Stock in the DTC Member family and directly under the control of Cede & Co. Cede issues a first derivative based on performance of the DATA about someone's loan. Most Public Buyers accept the assurances of their Brokers and others and never read or research to ascertain the factual reality that they are buying NOTHING of actual collateralized value. In other words, if PennyMac tell you that they purchased your LOAN, ask them who SOLD your loan and where is the release of LIEN by the seller. But PennyMac will never give you this information claiming it "proprietory" - because here is NO company who has your loan as an asset. Actual loans are destroyed by Big Banks soon after origination, so it can be traded as derivatives contracts by DTCC and Cede who work for investment Banks. PennyMac's only role is to pose as a "Servicer" for someone whom they cannot even identify.

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  • author
    Juan
    Nov 06, 2020
    It was a great experience from the…

    It was a great experience from the beginning to the end. Great communication and customer service!!

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