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PennyMac Mortgage Review

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Reviews 1,525

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Michael Graw
Michael Graw
Sep. 30, 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
4.6

Editorial score

Customer Service and Support

Excellent customer service

5.0

Variety of Loan Types

Purchase, refinance, FHA, VA loans available

4.0

Variety of Products

10 to 30-year loan terms available

4.0

Online Experience

Easy access to rates and learning materials

5.0

Geographical Availability

Licensed in all 50 states

5.0

PennyMac PennyMac Visit PennyMac

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.

PennyMac PennyMac Visit PennyMac

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.‎

PennyMac
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  • author
    Yolanda mckim
    Nov 01, 2022
    Your not helping me alleged degrade my…

    Your not helping me alleged degrade my reputation…accusing me as a bad creditor …check my payments before accusing me i have 16 checks start from august 2021 up to november 2022…my error i paid my mortgages twice at the month of february…that is for march 2022…considering that you will fixed it …instead you shouted to the whole america that i am a bad creditor…how can you build again my reputation..Pennymac

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  • author
    Esther Njamahun
    a day ago
    PennyMac is take extra and double…

    PennyMac is take extra and double payment from my account that I didn't authorize. Please don't use pennyMac for your mortgage loan. My mortgage loan was sold to them by my previous lender which I am not pleased with. The worst thing is when you call for answer why unusual activities going on your account the call is being answered all the way to Indian

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  • author
    Christopher Chagman
    Nov 29, 2022
    ...PennyMac Continued Review

    ...Continued. After my initial review and reaching out to some of the PennyMac Executive team, I had a member, two members of PennyMac reach out to me to help find a resolution. I thought that there was light (hope) at the end of the tunnel. In my position as an Executive Recruiter, it’s been challenging to find a new role even with 825 contacts on LinkedIn. Now that companies are ending the fourth quarter, they do not want to add an additional payroll to their bottom line. From a business perspective, I understand. From, I have 4 children, 7, 4, 2, and a 3-month-old baby it's extremely scary. Irvin from PennyMac reached out personally and said he was going to work on a solution. I cannot express in words, how that call put my mind at ease, as I was frantically trying everything I could to find ways to make ends meet since my first application for mortgage relief was denied due to my getting $397 a week from unemployment. My company moved my department to the Philippians and just said "good luck." After speaking with several representatives, one actually had the audacity to say "well, you get some money." The blatant rudeness caught me off guard, and I was furious. But stayed professional even though their employees have no idea what that means. I truly thought that I was going to finally have the comfort of assistance from PennyMac. After all, if you've ever called them while on hold, it even says "If you are having financial problems, we're here to help." Nothing can be further from the truth. Back Irvin, ext. 28249, never called me back, nor did he return the 4 voicemails that I left on 11/02, 11/10, and 11/14 because my payment was due the next day and I needed a response to manage anything I could to ensure my payment was received. Not to mention that my payment jumped from $1019 to $1250 a month. Then once again on 11/16, I had no choice but to rush, find a way, and make my payment. And to add insult to injury, I was charged a late fee. I receive calls from PennyMac daily with an automated message "You need to call PennyMac, to discuss your account." franticly hoping that Irvin found a way to assist. All my calls were ignored. My Aunt just passed away. Her funeral was on Friday, 11/18. My mother had a severe stroke, and I had to find her a long-term acute care facility while trying to find ways to please PennyMac because they have no problem putting your home in foreclosure when not only the company but Irvin himself called and said he was here to help. This is the worst feeling I've ever had, knowing Christmas is right around the corner PennyMac is calling me every day, and the only payment I was not able to make was in September due to their representative telling me "Don't worry." Everything is going to be okay." DO NOT TRUST PENNYMAC! ALL THEY CARE ABOUT IS TAKING YOUR MONEY. NO MATTER YOUR SITUATION AND WHAT THEY CLAIM TO DO TO HELP ASSIST "in every way we can." What is said verbatim. It is so disheartening being lied to being, put through what I have had to endure with PennyMac, and having my family suffer because of them. I am not asking for any handouts, by any means or to play the victim role. I have never missed a payment, nor have I been late. I am actively searching. I had two potential leads for a new position which is a godsend because once again PennyMac is calling me an everyday day to "discuss my account." Not Irvin, as he said he would. To reiterate, return the 4 voicemails I left, and I have no problem sending a screenshot ( I will attach them if I am able.) I was truly hoping that PennyMac was going to do the right thing and help as they claim that's what we're here for, if needed, to relieve some of this overwhelming pressure I have on my shoulders. Once I am back to a situation where I can refinance with another mortgage company, I AM, and anyone out there DO NOT CHOOSE PENNYMAC TO BE YOUR MORTAGE COMPANY OR THE THEM CON YOU TO REFINANCE WITH THEM. At the end of all this. I hope this helps someone out there, either in the same situation or thinking about doing business with them. Just another big corporation not caring at all about their customers, who are making sure that their families have the best Christmas they can provide from our hard-earned or even desperately scrambled money to make sure they're paid. They have no problem foreclosing on your home on Christmas. And for those out there that this has happened to, my heart goes out to you and your family. I did want to and thought I was going to give a POSITIVE follow-up response to my previous statement (review). But once again PennyMac just tossed my family and me to the wayside without any regard for the impact this would have. My goal is to hopefully write a positive review, and say they do actually care. Christopher W Chagman 11/29/2022

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  • author
    Kristen Karnoutsos-Forsyth
    Nov 23, 2022
    The absolute worst

    The absolute worst. Told me it way MY FAULT they paid the wrong insurance company, wouldn't even give them 1 star.

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  • author
    Chas
    Nov 22, 2022
    HORRIBLE! Worst experience I have had with a loan…

    Worst experience I have had with a loan company in my life. Rejected an escrow deletion request. I should not have an escrow requirement. PennyMac bought my loan on Oct 17 from the originator I closed with on Oct 3. I had and 80/20 LTV. The rejection letter said; 1) LTV is not met 2) Taxes are due next month. No data, no justification, just supposition! Through the relay phone calls it is stated the appraisal of the origination loan did not meet the sales price. I sent them proof of the appraisal. Oh, the story changes >We don't accept (meaning they make up their own appraisal value) I ask for actual explanations. They have a message center. Days go by, I open todays message. The same stupid Escrow Deletion Denial letter from couple of weeks ago! There is no name, no title, no phone number. Signed the PennyMac team. Disgusting. Well, I'm done. Filed a complaint with the Michigan AG through the Dept of Insurance and Financial Services. They can explain there lack of cooperation and crap service to them! Hate this company The glorified escrow department will not communicate with clients! Have to have relay conversations through whatever customer

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  • author
    Customer
    Oct 25, 2022
    I inherited my Father's house/mortgage

    I inherited my Father's house/mortgage. PennyMac Spams you non-stop through email, paper mail, and phone calls. We're talking at least once a week you'll get multiple spams from them. I've told them multiple times (literally told them on the phone) I'm not wanting to refinance, buy another house, or anything else and to PLEASE remove me from their spam listings. They don't stop. Now, we're trying to do a qualified assumption (move the loan to the buyer). It's been several months, and no one wants to help. It's disgusting how they spam you for their business, then when they get business, they ignore you! My home is through Navy Federal Credit Union, and I've had them for 9 years. I've never once been spamed by them, and when I do have questions/issues (such as escrow), they are always fast and helpful. DO NOT get a mortgage though PennyMac!

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  • author
    Trisha Beath
    Oct 20, 2022
    Horrible company to work with

    Horrible company to work with, would never use them again for any type of mortgage lending.

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  • author
    Christopher Chagman
    Oct 20, 2022
    How PENNY Mac destroyed a family and…

    How PENNY Mac destroyed a family and has no remorse when you need assistance. I am not an employee, but this was the only way to write a review. In August my company took my department and moved it to the Philippians. Which left me stranded. My wife and I just had our baby on Aug. 2nd, so you could imagine my concern. I reached out to Penny Mac immediately! I was told to fill out a mortgage relief application and that everything was going to be okay. My first mistake, I trusted them. I lost my position on Aug. 25th and already made my Aug. payment, so of course, they were more than happy to take my money. I filled out the application right away, called again, and made sure I had all the documents required for my application. I applied for unemployment, but that took weeks to go through and when it did, I received $397 a week. I called Panny MAc once again, on Aug. 9th, because I was, 1. Concerned regarding my payment, because I had no income and 2. I wanted to make sure this would not reflect on my credit. I have never missed any payment, nor have I been late. I was told "We have your application, and we have all the documents we need. Don't worry about it. Everything is going to be okay." I have a family of 4, with the new addition, so it certainly put my mind at ease, because of course, I had so many other things to worry about. How am I going to get groceries for my family, how was I going to get diapers, and formula, keep my lights, and gas on? How am I going to pay my insurance? But, the representative I spoke with, on that end, made me feel so much better. Now, my application was denied because I collect unemployment and receive $397 dollars a week!? Not only that but, oh by the way you owe us for September and October now. I was absolutely floored! Of course, I made my payment for October because I'm not someone that just sits around and expects everything to be done for them. I was in need of help for 1 month and they couldn't care if I lost my house and my family of 6, including myself was put out on the street. Unbelievable. If the term, snake in the grass ever applied to anything, it's Penny Mac and what they have done to me. They say, on the recording while you're on hold, "If you're having a financial issue, not to worry, Penny Mac is here to help." If you have ever called, I'm sure you heard the same thing. When I call and finally get someone on the phone, they're either rude or have no experience in what they're doing at all. I just got off the phone with them again, their response was "well, there's nothing we can do for you." WHAT!!!! If I was told, in September, when I called that the application has a chance will not be approved, and if you can make a payment somehow for September, I would suggest it if you can. How in the hell can I be expected to pay anything with no income? The supervisor I spoke with, said "well, "there's nothin I can do, but I can request to pull the call." What professionalism. "Oh, and by the way, your payment went up $230 a month, with no warning at all. The supervisor asked, "Well, did yo taxes go up?" How the hell should I know, my mortgage company" I am in total disbelief at how a company can just so cold hardly leave you out to struggle and just make sure you give us our money. DO NOT REFINANCE WITH THEM! DO NOT USE THEM AS YOUR MORTGAGE COMPANY. I really hope this gets to someone and someone in this company decides to do the right thing. But sadly, it's not. Because all their concerned about is getting their money, not about their customers, loyal customers. They left me, the loyal customer to just fend for myself and my family.

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  • author
    Paul MacDonald
    Oct 17, 2022
    Absolutely terrible

    Absolutely terrible. I can't begin to tell you how many times I've been told wrong #'s and false information about my loan ever since it was transferred over to them. Cross your fingers you don't get pennymac

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  • author
    Nikki Beavers
    Sep 21, 2022
    Not worth the robo-call harassment

    I got my mortgage through Veterans United it was then transferred to Pennymac. Pennymac has done their job of administrating my VA loan so far, but they constantly bombard me with robo-calls and emails multiple times daily. I did not choose them for my loan and would NOT recommend them. Doing business with them is definitely not worth the robo-call harassment.

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  • author
    Benjamin Packard
    Sep 07, 2022
    PennyMac isn’t worth a penny

    When I first spoke to Derek Esterberg he told me I needed to put down a deposit in order to lock my rate in and that it’s the same amount as the appraisal but then he told me not to worry, I wouldn’t have to get an appraisal due to the very low LTV, my deposit would go towards my closing costs. But later I was told I would have to get one and an appraiser called me every single day after that even though I hadn’t even agreed to the loan. After Derek told me he could give competitive pricing on closing costs he quoted me $8,000 and then on paper it was over $10,000. When I confronted him about the “competitive” pricing he cut the closing costs in half without changing a single item on my loan, which told me he thinks I’m someone he can rob. He had zero respect for me in the first place, either as a customer or even as a person. My cash out amount was only $45,000. Why would I pay nearly 25% in closing costs, on top of a higher interest rate than what I already have, to some A-hole that disrespects me at every turn. I don’t need the money that bad. Then I get pawned off on the underwriter who also acts like I’ve already signed my life away, but can’t help me with any of the problems I have with Derek, nor can she even transfer me to him so I can tell him what a POS he is. This company sucks. I have a loan with them now from a while ago but I’ll be leaving for another company just on principle. I don’t do business with companies that have zero respect for current or prospective clients.

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  • author
    T Allan
    Sep 03, 2022
    The worst customer service imaginable

    The worst customer service imaginable. They are a NIGHTMARE! Trust me, stay far,far away if you can. I am dealing with them concerning Covid 19 forbearance. It has been hellish. And I took my mortgage out with a local East Coast bank. How did I wind up with these basta*ds?

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  • author
    Julie Lock
    Aug 30, 2022
    This is a criminal company

    This is a criminal company. After reading through all of these complaints I fully agree that it is the most corrupt company I've ever dealt with. I won't get into the details, however, this company has caused the past several years nothing but hell for our family. After wrongly charging additional costs for insurance, we were able to prove that we had the insurance through the hoa. After months and months of them continuing to pull the money, we took them to court and won. PM, was found guilty of insurance fraud at a federal level and ordered to return the money. Which they only returned a small portion. After 6 months, they tried to foreclose on the property. The mortgage was paid, money taken on auto pay every month, never late. They took the mortgage money, but didn't apply it towards the mortgage but instead put it in a different trust, then claimed they were going to circle for non payment. Doing research, they own their own insurance company. Reviewing who they are? watch The Big Short. It's the same guys and created the interest only loans that caused the crash. And conveniently in 2008, they created pennymac from countrywide and claimed to salvage people in distress. Their second scam? Insurance fraud. I'm hoping, when this story ends, to ensure that this company gets exposed again for the lives they've destroyed. I'm so sorry for all of you that has experienced their hell.

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  • author
    Tristin Crum
    Aug 24, 2022
    Nightmare with Latrice Autry

    Working with PennyMac was easily one of the worst experiences I’ve ever had with a company. This isn’t our first mortgage and PennyMac holds our first mortgage because it was sold to them, that made me think this would be an easy straight forward process. At first it was great, our loan officer, Nestor, was awesome to work with. In my opinion he was dishonest about the rate lock and refused to go back and listen to the call but overall he wasn’t bad to work with. The moment our file went to processing to Latrice Autry the nightmare began. She never knew what was going on with our file. She straight up did not know how to do her job, couldn’t answer questions, couldn’t explain things to us. We had to tell her the same thing 4+ times, everything Nestor was told, she wasn’t tracking any of it, it was like starting over from ground zero. She asked for the same document 2 or 3 times. She never had answers and was incapable of communicating effectively with us and the other parties involved. We asked for a new loan processor 3 times and never even got a response regarding that. She stopped communicating with us and sent us a notice that PennyMac wouldn’t be working with us anymore after going through the entire appraisal process and everything. I still don’t understand why this happened, she wouldn’t explain it and just ceased communication. She deserves to be fired by PennyMac, she is incapable of doing her job. Thank god for a capable local lender for saving us.

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  • author
    AR
    Sep 08, 2022
    The worst customer service

    The worst customer service experience ever! May God bless us all who have to deal with them! They messed up my escrow and I am dealing with miserable people everyday trying to get it fixed.

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  • author
    Pamela Davis
    Aug 16, 2022
    Absolutely horrible customer service…

    Absolutely horrible customer service (that is if you can get anyone on the phone there) and you better watch this company closely they will screw up your account big time! Employees don't speak english and have little disregard for their customers. I am stuck with them since my lender sold to them

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  • author
    Katherine Kossuth
    Aug 12, 2022
    Incompetent company

    If I could give a negative star I would. We set up our online account, put in our bank account information and paid our first mortgage payment 2 days before it was due. Well they have twice told us that the bank account is wrong, even though the bank tells us the numbers are correct. So now our first payment is way late because of them. They keep telling me to go and change it online, but I keep telling them the bank states this is the correct bank account information!!!! Unbelievable!!! We had no choice our lender just sold our loan to these incompetent fools. We also have issues with the taxes they are telling us to pay. They have the taxes up to almost $6000 when it should be, according to our township assessor, around $3000. But all I get when I send messages or talk on the phone we are looking into it, it is being escalated, they are so full of it. I would like to get paid to do absolutely nothing at work. VERY FRUSTRATED!!!! I would NEVER recommend this company to anyone. Notice the good reviews are vague and generic, probably put online by employees that have no clue.

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  • author
    J Mmm
    Aug 09, 2022
    Been trying to fix escrow acct for…

    Been trying to fix escrow acct for three months every time I speak with someone they say it will be resolved. The first guy couldn’t figure out what my payment should be, he gave me three different figures and then asked me “ is that ok?”like I have a choice in what I want to pay . My mortgage payment went up $700/ month! My escrow is plus $17000! Three times what I needed this year. I was told my payment would decrease in Sept, but it’s scheduled for the same amount. Whose running this company?? Maybe we need a class action or some investigation into these complaints???

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  • author
    Brian Albert
    Jul 26, 2022
    What a horrible company

    What a horrible company! I asked for a payoff statement multiple times and have yet to receive one. The first request was through the website, and nothing happened, so I called a few days later. They said they'd send it by mail in about 2 weeks. I said that's too long, so they said they'd fax it. I gave a fax number 5 days ago and they have not sent it yet. They are saying system issues. I don't believe it. I think they want me to keep paying interest. I asked to speak to a supervisor and the customer service rep said no supervisor was available. No one has called me back. Now I'm stuck paying interest on a loan I want to pay off.

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  • author
    Remie Reaume
    Jun 17, 2022
    This has got to be the worst mortgage…

    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

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  • author
    John Snell
    Jun 17, 2022
    PennyMac cost me thousands of dollars…

    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.

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  • author
    Sarai V
    Jun 14, 2022
    The absolute worst mortgage company…

    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

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  • author
    surmichael
    Jun 07, 2022
    REFINACNCED OUR LOAN AND WE WERE…

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

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  • author
    Concerned doc
    Jun 03, 2022
    No competence

    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.”

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  • author
    Bad Companies
    Jun 01, 2022
    Disgusting company

    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".

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  • author
    Amanda B
    Jun 01, 2022
    DO NOT MAKE PAYMENTS ON PORTAL

    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.

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  • author
    Ian Johnson
    May 25, 2022
    Not the same PennyMac as it used to be

    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.

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  • author
    RK
    May 17, 2022
    Where to being with this incompetent…

    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.

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  • author
    T. Allan
    May 09, 2022
    The worst thieves and cons going

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

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  • author
    Rachel Boudreaux
    Apr 27, 2022
    Do not trust PennyMac

    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

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  • author
    Kelsea Clark
    Apr 27, 2022
    Do not use them!

    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.

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  • author
    DARIN
    Apr 15, 2022
    AWEFUL EXPERIENCE

    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.!!!!!!!!

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  • author
    Phyllis Dove-Nation
    Apr 07, 2022
    Mortgage payoff with Penny Mac for…

    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.

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  • author
    Bo Pitman
    Apr 05, 2022
    The mobile app sucks ass

    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...

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  • author
    Candice Poteete blackgold
    Mar 25, 2022
    I opened my pennymac online service to…

    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

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  • author
    Kathy Schmitt
    Mar 24, 2022
    horrible company that does not keep up…

    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!

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  • author
    Bart P.
    Mar 21, 2022
    Zero Communication

    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.

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  • author
    Linda Trotman
    Mar 15, 2022
    Pennymac is HORRIBLE!

    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!!

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  • author
    Dawn Overstreet
    Mar 10, 2022
    Totally irresponsible

    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!

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  • author
    A Happy Customer
    Mar 10, 2022
    ODG PennyMac bought my mortgage !!

    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.

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  • author
    Michelle
    Mar 03, 2022
    My experience with PennyMac customer…

    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.

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  • author
    spares99
    Feb 26, 2022
    I am a retired vet and they will not refinance

    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

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  • author
    Joiy Holder
    Feb 19, 2022
    This company sent me a letter

    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.

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  • author
    Mary Salisbury
    Feb 04, 2022
    Pennymac has the lousiest web site to…

    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!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

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  • author
    Melissa Williams
    Feb 01, 2022
    The Very Best Mrg Refi or New Loan Co

    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.

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  • author
    edwin posadas
    Feb 01, 2022
    Great Lender

    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.

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  • author
    Brendel
    Jan 31, 2022
    No one responds to website messages

    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.

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  • author
    Barbara West
    Jan 31, 2022
    Wonderful customer service and communication.

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

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  • author
    Dale
    Jan 20, 2022
    It was really easy and they answered…

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

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  • author
    N Perez
    Jan 20, 2022
    Extremely pleased with the services…

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

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  • author
    Prem/
    Jan 17, 2022
    Strikes a balance.

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

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  • author
    Kathleen Johns
    Jan 15, 2022
    WTH!!!!!!

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

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  • author
    Soysuco
    Jan 14, 2022
    This is the worst experience in my life…

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

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  • author
    Samantha Neudecker
    Jan 13, 2022
    I'm a veteran who sought out a VA home…

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

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  • author
    Belinda Arnold
    Dec 28, 2021
    Well pleased

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

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  • author
    Matthew Anderson
    Dec 22, 2021
    👍👍👍

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

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  • author
    Brian
    Dec 21, 2021
    Will Not Work With You

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

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  • author
    Jim Storsberg
    Dec 21, 2021
    Highly recommend.

    Excellent, competent, quick, professional service.

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  • author
    Karen Haughn
    Dec 18, 2021
    The service from my M.A.C

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

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  • author
    Consumer
    Dec 18, 2021
    Horrible experience

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

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  • author
    customer
    Dec 15, 2021
    The team so nice and very professional

    Great team, excellent service

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  • author
    Phil Penrod
    Dec 27, 2021
    My experience was stressful

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

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  • author
    Matthew Gallaro
    Dec 11, 2021
    The worst loan company on the planet

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

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  • author
    L Finney
    Dec 11, 2021
    They did not pay my homeowner’s insurance premium.

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

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  • author
    Rayelle Smith
    Dec 02, 2021
    After being outside of my home for 3…

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

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  • author
    Rachel Kushner
    Dec 02, 2021
    They forgot to pay my home insurance

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

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  • author
    Cundy
    Nov 30, 2021
    The process was way longer than…

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

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  • author
    Clayton Madsen
    Nov 27, 2021
    Get this straightened out

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

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  • author
    Cameron Mccamley
    Nov 19, 2021
    Wonderful experience and went so fast

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

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  • author
    MJR
    Nov 18, 2021
    Refi Was a pleasure with PennyMac

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

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  • author
    Jack Ivers
    Nov 17, 2021
    PennyMac's incompetent account management

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

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  • author
    Andre Gibson
    Nov 16, 2021
    We were nervous and scared through the…

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

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  • author
    Jasia Shun
    Nov 15, 2021
    Pennymac Reliable Equity Loan

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

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  • author
    Jeff Schall
    Nov 14, 2021
    Well communicated closing process

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

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  • author
    Jerry Kudisher
    Nov 10, 2021
    Up to today communication between Penny…

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

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  • author
    Pamela Hopkins
    Nov 10, 2021
    I just refinanced my mortgage with PennyMac

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

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  • author
    Tina Davis
    Nov 07, 2021
    Run.. Far, far away.

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

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  • author
    Nancy Jacobsen
    Nov 02, 2021
    Best real estate loan experience!

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

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  • author
    Nat Sundaresan
    Oct 29, 2021
    Great experience with PennyMac

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

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  • author
    Sophia Salvia-Bierman
    Oct 28, 2021
    PENNYMAC was an excellent lender and…

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

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  • author
    Mauro Ponce
    Oct 22, 2021
    My refinance home loan was fast and on…

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

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  • author
    Alex Neang
    Oct 21, 2021
    Had a very pleasant and speedy…

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

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  • author
    Robert Poindexter
    Oct 21, 2021
    I had a excellent experience with…

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

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  • author
    San
    Oct 11, 2021
    Very professional

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

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  • author
    Lennie Boles
    Oct 08, 2021
    From start to finish PennyMac was GREAT!

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

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  • author
    Barry Rosenthal
    Oct 07, 2021
    Refinancing made easy!

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

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  • author
    Tv
    Oct 06, 2021
    We purchased our second house after…

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

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  • author
    James Marshall
    Oct 05, 2021
    The PennyMac loss draft and main office…

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

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  • author
    Steve Huffman
    Sep 28, 2021
    RE-Fi to save $300 a month went easy…

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

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  • author
    Josh
    Sep 28, 2021
    Huge fan of 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.

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  • author
    LaTrena Holden
    Sep 24, 2021
    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
    Sep 23, 2021
    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
    Sep 23, 2021
    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
    Sep 22, 2021
    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
    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
    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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