PennyMac Mortgage Review

This has got to be the worst mortgage company ever. Zero exaggeration. I have nothing positive to say about them , there customer service is awful and never any help. There only concern is taking Your money

...

PennyMac cost me thousands of dollars by fumbling (with MULTIPLE issues/incidents) the closing of a 5 duplex deal, causing unnecessary delays. Then they screwed up the escrows so bad, their representative took 4 days to figure it out. Then they failed to pay my property taxes on time. While I was out of country, something happened to my insurance and they charged me $189 for "3 weeks of insurance". If they called me or emailed me I would have gotten the email or my answering service would have emailed me. Salt in the wound. When I called, they just kept talking over me and repeating themselves over and over after I ask them to stop repeating themselves. I don't recommend anyone ever do business with PennyMac.

...

The absolute worst mortgage company they can not get my property tax/escrow account correct after 20 phone calls in the past year I am still not happy with the service that has been provided. I am now having to pay for the big mess up they made last year not taking enough out for my escrow account

...

REFINACNCED OUR LOAN AND WE WERE SCAMMED AND LIED TO; WE RECORDED EVERY COVERSATION. CALLING THE FBI TO INVESTIGATE.

...

No competence, all sales. L.O. Had poor understanding of loan products. They explain in detail how they’ll take longer to close than most, then threaten to cancel the loan if you don’t send what they demand soon enough. The moron I dealt with thought he could scare me into compliance on his time frame. I told him I couldn’t work with him, and he said his supervisor makes him use that tactic, and to just send docs ASAP. I’m a doctor with stellar credit scores. 1 phone call and I found a better rate with someone far more competent, and I never sent another doc to these hacks. They said they’d beat the new rate, but the overall product and experience they could offer was completely inferior, and I honestly would have paid more just to not work with them. Still, they repeatedly called and emailed me for weeks using downright deceptive retention tactics at times. Know what I told them? ”Your loan officer made it very clear that he would cancel my loan if I didn’t get him docs immediately. I’ve sent nothing and that was a month ago, and I’m closing now with someone else.”

...

Disgusting company. My mortgage was sold to them and they failed to make my City Real Estate Tax. I contacted them and was informed my issue has to be sent to the "Escrow Department", but no one can get a hold of them. With my due date quickly approaching no one can still get a hold of them. I am told by multiple managers and supervisors my issue will be "escalated" but that has done nothing. Rude Customer Service Reps too because they will cut you off, put you on hold quickly and leave you on hold to "read your account".

...

This company used to be awesome, years ago. It's not the same customer service anymore. I tried to make my May payment on three separate occasions. The first two times I made the payment it went through "successfully" and showed up on my Pending Payment screen. A few days later I would wonder why the payment didn't clear my bank and I would go back and see that the payment was nowhere to be found. I made a third payment today 6/1/22 and ensured it was on the Pending Payment screen and then I called and spoke with multiple customer reps/supervisors. The supervisors acknowledged they could see where I made the payments and they went through and then the portal turned around and blocked the payment with no notifications sent out to me. The supervisors said regardless of this, it was still my fault that these payments were late because I should have called in to make the payments. I've been making payments on their portals for 5+ years and have NEVER had an issue. Now this is going to be recorded to my credit and noone is willing to do anything. They will twist your words and tell you that you didn't do what you were supposed to do and then "apologize" when you call them out on it.

...

As a customer of PennyMac for over 8 years, I want to say its customer services aren't what they used to be. During the first few years under PennyMac, almost every customer representative (their financial specialists are in a different department) I encountered was courteous, knowledgeable, and helpful. However, my very recent encounters with them in the last couple of months made me think about switching to a different mortgage company.

...

Where to being with this incompetent place. When you fall behind on payments due to a decrease in your pay by 50k a year they won't help you. Their solution is short sale or deed in lieu. When you get hud involved they claim they'll work with you and then claim they didn't receive your paperwork despite it being sent with delivery confirmation. When you submit a modification application they claim you had a recent modification on this or that date. When call and ask what modification they're talking about they say you don't have one it was declined. You ask them to send a letter stating that and they refuse to. You ask for a transcript of all phone calls and again they say no. You ask for a copy of all documents mailed to you and again the answer is no. Let's talk about their non stop increases on the payment amount. They claim it's due to an increase for property taxes which is not true as my property taxes went down. I asked for a copy of the tax bill they received from the township and again they won't provide it. When you contact Pennymac do so in the presence of an Attorney that way you can have the content of the conversations on record.

...

The worst thieves and cons going. Do yourself a favor and stay far , far away.

...

Pennymac is such a deceitful company. DO NOT TRUST THEM!! During the pandemic my husband had a work injury. We connected pennymac right away when we knew we weren't going to be able to pay our mortgage payment. They told us to apply for a Mortgage modification to help lower our Note and bring us back to current. We did and went through their trial modification and was able to make all the higher payments they asked for. When get the " Modification Agreement" today we was absolutely shocked to see that they raised our Interest rate and our monthly payment. How does this help PennyMac? Who does a Mortgage modification to get higher rates? Yall gave us 2 options to either sign the papers or come up with $2588.68 plus a mortgage payment of $1368.30 to become current again. This company is not out to help people in struggling times, yall just want to screw people even more. I would never recommend this company to anyone

...

We have been in the process of getting a loan to buy a house in Florida with pennymac and they have repeatedly told us over the past 45 days that they did not need my income (moving out of state and quit my job on 4/15 and do not have a job yet) and would be fine with only my husbands income (works remotely) and now 5 days before we close and after we already got the closing disclosure paperwork from pennymac saying our loan was good to go they say that I need to have an income to get the loan. They asked me to hand write a letter 2 weeks ago on 4/11 saying that I was not working and told me it was fine that we could still get the loan. We are selling our house and if this loan does not go through we will not have a place to live. We have had multiple pennymac representatives tell us that this was a nonissue and now the underwriter is telling us it. We have been calling them for days to get answers and no one would call us back. Finally we got a hold of a manager today and she is calling us liars and telling us that they are not going to approve our loan 5 days before we close after we already got the closing disclosure paperwork yesterday and she lied saying they sent us emails before today saying that I have to have income. Before today they have never sent emails or calls or anything of that nature saying that I need to have a current job to get our loan. They have no evidence of these alleged emails sent and they do have phone call recordings of their representatives telling us that it was fine that I currently do not have a job, I would never have quit my job if they had not told me it was okay for me to not have a current job. This is criminal and because of them lying to us for 45 days we will lose our home.

...

i have just received information about setting up an account with PennyMac,, I have tried several times with no luck,, have called the contact help number several times, I just keep getting transferred to a recording. ? nothing on the website works? My house payment will be late because of this,,, Its PennyMac fault for my late payment.!!!!!!!!

...

I had a mortgage with Penny Mac for over 10 years that was sold from Bank of America. I sold my house earlier this year and have contacted them several times to ask why they won’t report to the credit bureau that I paid off my mortgage. They keep giving me the run around and won’t do it. So now I have to contact the credit bureau myself so I can get my credit score up. But I won’t ever do business with them again.

...

The mobile app sucks ass. I login, it asks for my loan number and then won't proceed to my account. Absolutely useless... most likely government run...

...

I opened my pennymac online service to pay my monthly bill,I had a popup instructing me to update my Pennymac account ,Can someone help me on how do I update it? I have searched through pennymac and I can not find where to update. Help please. Thanks

...

horrible company that does not keep up with their records. How many times do they need my husband to give me permission to make payment arrangements? For the love of everything holy in this world just take our god damn money!

...

I applied for assistance through the Homeowner Assistance Fund on January 11, after reading about it on Pennymac's website. Near the end of February I contacted the state because I hadn't heard anything. I was informed that they are getting applications approved in about 7 days and that mine is approved on their end, but they haven't gotten a response from Pennymac. I have since contacted Pennymac 3 times about this and they have still taken no action. It's almost as if they don't want to be paid. The current value of my house is up 73% from when I bought it, so it almost looks like they'd rather force me out and sell it at a much higher price.

...

Pennymac is HORRIBLE!! VETERANS BEWARE of their ignorance and inadequate treatment of us. I changed insurance back in June 2021 received a refund from the insurance company. I, in turn, sent it back for pennymac to place it in my escrow account; they did not do that. They put that money where they wanted to, and I am now saddled with a 300 dollars increase in my mortgage. I have to find that money every month because they will not move the money back. They claim that I had 90 days to transfer it to the escrow account. It was Pennymac's mistake. BEWARE!!! They are HEARTLESS!!

...

I have had a mortgage loan with this company since 2013. Most of my dealings have been satisfactory. However, on several occasions they have not posted, when received, my payments till many days after receiving it, I have tracking, putting it close to the deadline and a couple times charging a late fee. On Feb 9 an overnight to same PO box was sent for Feb payment. It was delivered next day. They have lost it. Unfortunately, money order was inside with loan number and they LOST it. When I did not see it posted I emailed the information to them. I had at least 5 reps emailing me back with the stupidest excuses why I need to pay; phone calls with customer service people who did nothing. Then I get a call saying they found it, which they didn't and had to take back that statement. I paid $30 to overnite, $15 for PO to do research it after being missing 30 days and PennyMac won't take any responsibility for their negligence or pay me back fees I'm paying to get something done. I am totally done with this irresponsible company. Today I learned they closed the ticket. Unbelievable. No one told me that. So now they say they will research which means nothing will get done. I have done more work trying to get my money and it is just wrong. But they continue to want me to pay on time, pressuring with "we're a collection agency" as if someone has $1400 to just lose and oh well. They need to get their big guns sitting in offices smoking cigars to get off their butts and run the company. Just outrageous!

...

I tried to refinance my PennyMac Mortgage, the process was such a fiasco I had to back out. Then I sold my house and moved, getting a mortgage with another lender, thank Goodness, with a plan to recast the loan in 3-4 weeks after closing. Meanwhile, PennyMac bought my new mortgage mid December. The never contacted me, they have all my contact info. I eventually contacted them, and began the process of recasting on December 28th, followed all instructions- onJan 5th priority mailed a check for $65K and another for $250 for processing fee. Nothing has happened since they cashed my checks for $65+ Thousand- I was told another evaluation $350 was required for a brand-“new build in November due to the time elapsed, which THEY caused. It’s now mid March, no evaluation has been scheduled, and PennyMac continues to deduct excessive high monthly payments, extra mortgage insurances, and fees from the $65K and I was told to do their job of contacting the original mortgage company to prove interim payments were made and transfer the funds to PennyMac. So I have been paying hundreds of dollars per month EXTRA because PennyMac is dragging their feet and charging me for it. Nobody answers the phone, even when they request a call back! Everyone working from home these days does not create a smooth process. The customer has to pick up the slack and pay extra for their efforts. Worst customer service ever. I have had better treatment from the IRS.

...

My experience with PennyMac customer service has been awful. I was told by three different representatives they understood my issue and would work to get it resolved only to learn after following up a fourth time there was nothing they could do. I was misled and disrespected. It is not a company I would ever want to do business with again.

...

I am a retired vet and had to do a derferrment in 2020 due to COVID and a job loss. I ended my deferment as soon as I found a new job and the lender talked me into a Loan Modification BUT should have just done a refinance instead, but was mislead by my lender into doing a mod instead. These lending companies must be getting some benefit (kickback) from the federal government to do mods instead of offering refinances. This ultimately hurt me and my future as I did not need a loan modification. So we now want to cash out and pay down all our debt and want to refinance my home to cash out, but PENNYMAC will not do VA refinances for VETERANS loan modification in the past 18 months NOT a company I would trust and they seem to be using veterans as they don’t really care what the situations are, and anyone who makes an internal policies to eliminate the most needy like this and then insist they are doing this for the veterans are not a good company to use or accommodating. So when looking for a mortgage company look elsewhere if you want to be treated fairly and honestly. This is their greed and they should be ashamed

...

This company sent me a letter. It states they are charging me $450. for lapse insurance coverage. My policy does not expire until 02/24/2022. Pennymac has charged me for lapse from 01/29/2022 thru 02/24/2022. My new policy starts from 02/24/2022 thru 02/24/2023. I have the same insurance which has never lapse in 20 yrs. Called Pennymac they told me no supervisor is available. This has been going on for 2 weeks now. I am contacting my lawyer and letting him handle the problem and filing law suit for the above matter.

...

Pennymac has the lousiest web site to assist in payment of your mortgage. it's like going through a battlefield. half the time you can't get the system to move and then a page comes up that you can't eliminate. it sucks!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

...

I've been through a lot of mtg loan closings and I have to say PennyMac was , by far, the easiest and least stressful of any of them. If you are planning to refi or new loan I highly recommend PennyMac. If you are upfront about your expectations, what you can and cannot do, they will let you know how close they can get to the expectations. Their loan program app is 2nd to none. Really easy to work with and I am not techy at all. I chose emails as a communication, worked perfectly.

...

It was a quick and easy process to refinance with Penny Mac. The option of checking the loan status information online is convenient and is quite helpful.

...

I have been sending messages to PennyMac for nine days now for someone to call me to solve a property tax problem. No one has called. Their automated phone service has problems. They ask to type in the loan number, but only give you about 3 seconds to do it. After three tries, you are not allowed to try again.

...

Wonderful customer service and communication. Website very easy to understand and navigate. Would highly recommend.

...

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

...

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.

...

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/

...

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!!

...

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!

...

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.

...

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

...

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

...

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!

...

Excellent, competent, quick, professional service.

...

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!

...

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.

...

Great team, excellent service

...

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

...

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!

...

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.

...

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

...

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.

...

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.

...

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.

...

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!!

...

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.

...

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.

...

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

...

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!

...

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!

...

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.

...

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.

...

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!

...

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.

...

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.

...

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.

...

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

...

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.

...

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!!!!!

...

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.

...

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!

...

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.

...

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.

...

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.

...

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.

...

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.

...

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

...

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

...

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!

...

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.

...

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

...

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

...

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.

...

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

...

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.

...

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

...

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.

...

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!

...

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.

...

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.

...

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?

...

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..

...

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

...

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

...

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

...

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

...

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

...

Avoid this company!!!

...

Recommended

...

Best experience ever in my life!

...

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

...

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

...

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

...

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

...

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

...