PennyMac Mortgage Review

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

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

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

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

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

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

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

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

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

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excellent service

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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PennyMac refuses to update information such as escrow accounts. Refuses to answer to correspondence and once they have your money, they do not care about you. PennyMac is a debt collection company. You do not get to talk to loan officers, you speak with "customer service" specialists. When I asked to speak with a Loan Officer or Specialist, I was told, "we don't have those." Do not do business with PennyMac. They are the WORST. You might as well get your mortgage loan from a traveling salesman with no office.

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Mechanical Disaster, Flawed Communications, Voicemail Hell Payment coupon was sent to wrong address I received call to call their "Customer Service" the voicemail answer does not give an option for Customer Service After a 7 minute wait I got a person. "You did not make your payment." News to me--I have a property manager who pays my bills--I had sent her the payment coupon. Nikki the person who called could have said "We do not have your payment" and all of this could have been avoided.

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God awful response times and customer service in general. Numerous communication failures in making sure I had visibility on when I can expect funds pushed through to the title company and then to my accounts. They tell you to email, and then kick you an automated response and after that its a total crap shoot if a person actually reaches out. The websites look streamlined and automated emails are designed to instill a sense of attention-paid, but the actual support system behind it is lacking in the extreme. This speaks to a general lack of interest in making sure customers are taken care of well.

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I made the mistake of going with Pennymac for my refinance. I have an 820+ credit score, provided every document they asked for within hours, yet all they’ve done is offer breadcrumbs to keep me from going with another lender. They even charged me $400+ dollars for an appraisal they determined was unneeded, and didn’t refund me till nearly a month later when I complained to a VP! In the past weeks, I’ve sent several unanswered emails, placed several phone calls, and they all go unanswered. All I want to know is if we can close the loan because it’s been over 60 days and the lock has expired! Pennymac is shady, unresponsive and incapable of delivering on their promises no matter how prompt you are in your own responses and delivery of documentation.

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Doesn't work with some browsers; representatives rude; absurdly high rates; my mistake for ending up working with them; leaving a review on their website seems impossible; would NOT recommend

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PennyMac (formerly Countrywide Financial) is a FAKE Servicer who is hired by Wall Street Banks to pose like they "service" someone. This is not true. The REAL party behind all this scam is a group of Wall Street investment Banks (stockbrokers) , Black Knight, Inc (formerly Lenders Processing Services/DocX, LLC), the real Servicer who collects your money as tax-free revenue for investment banks. PennyMac is a sham conduits who impersonates as a Servicer to defraud homeowners while does not service anybody If you think you have a mortgage loan - think again. You are doing business with a Wall Street securities brokerage firm calling itself an “investment bank.” You didn’t know because they were never disclosed. And the money they paid to you was not a loan — at least not for them it wasn’t. They didn’t treat it that way on their own records and neither should you. That means they are attempting to collect back the money they paid to you even though it wasn’t a loan. Wall Street Banks acting through fictitious "Servicers" like PennyMac (who does not service any accounts) merely steal back money they paid you for undisclosed participation in their securitization scheme where your INFORMATION (but not any loans) is sold to investors as bets (derivatives) for about 12 times more than they paid you as a commission masqueraded as a loan. Here is what you didn’t know : 1. Yes, you asked for a loan, but the application you submitted was not to a lender.
 2. Contrary to the laws governing loan transactions many things were not disclosed to you.
 3. In most cases, the intake for the application for a “loan” is performed by a loan broker, who doesn’t care what the transaction is called as long as he/she gets the commission.
 4. The loan broker gets paid if you sign the closing documents. By signing the promissory note you have created an obligation — but is it enforceable? The answer is yes if it really was a loan transaction.
 5. The loan broker then forwards the information on the “loan” application to an IT platform that is controlled by a third party platform which in turn is acting for a securities firm preparing to issue and sell securities to investors. As far as they’re concerned they would prefer to pay you $1 rather than $200,000. But then how could they get you to sign a note for $200,000?
 6. The securities that are issued and sold are not a conveyance of any interest in your transaction. They are bets based upon reports issued by the securities firm. The prices of those securities are unrelated to the total amount of your transaction or any part of your transaction. So they can sell these securities indefinitely until the market is saturated (no more demand).
 7. On average, the dollar volume of revenue generated by the securities firm selling the securities is $12 for each $1 of your transaction.
 8. The amount they paid you was, therefore, on average, around 8.5% of the total revenue. It was a commission, not a loan. But you didn’t know that.
 9. You received a payment that was dressed up as a loan. You never thought to bargain for reasonable compensation for entering into a transaction that was the keystone of all the sales of all of the securities. And you never thought about whether you wanted to be part of a business venture whose purpose was to sell betting rights based upon reports about your transaction and whether you were making scheduled payments.
 10. Collection and enforcement of the obligation you created when you executed the promissory note is the act of taking back the commission they paid to you. And because they want all of it back plus interest that leaves you with negative compensation for initiating a huge business venture and allowing the use of your name and reputation. (They get all the benefits, you get the shaft).
 11. And even at the point of collection and enforcement you still don’t know that you are actually dealing with a securities firm that has no financial interest in your transaction. You don’t know because nobody is telling you that. They insist on calling it a loan and since it looks like a loan, everyone (including you) thinks it is a loan. 12. When they get money from you or from the sale of your property they have no place to put it. They can’t debit an account receivable that reflects ownership of your obligation because there is no account receivable on the ledger of any company. Your payments constitute a return of the commission they paid to you — an amount that they deemed reasonable. That means that their payment is evidence of the amount of commission to the homeowner that the securities firm deemed reasonable. Ask any lawyer what that could mean. Ask PennyMac how they obtained rights to collect and whom they servicing - and they will lie non-stop but never answer. This is a Wall Street Bank who pockets all your money.

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This company does not cut you any slack on your payment arriving a single day late, and immediately adding a $118/late charge! They have NO COMPASSION and DO NOT CARE about hearing your reason(s). I have ~automatically deducted payments~ from my Bank of America account... and they know this, however they are uncooperative, unyielding, and do not want to assist when it comes to getting their monthly mortgage check by the 10th. Don't expect any concessions. Fast forward... one year later. Attempting to pay off the mortgage (almost 450 thousand $$$) and they won't and don't tell you that it will cost you **hundreds of extra dollars** in fees and insurance, if you pay one day late….. one day over the first of a new month. There are costs... they say, that they cannot waive , if you pay the mortgage off...on the 1st of the month, instead of the 30th or 31st. They try to hide that little important piece of information and get you to pay "as of the 1st of the new month" so they make extra fees and costs. PENNYMAC doesn't want to tell you how to avoid fees... they want you to PAY fees. And then they tell you... as if they are *really trying to work with you* and are "on your side"... that there is nothing they can do to waive those fees. Yes there is... pay off before the first of a new month! Lastly, the money they were holding in Escrow for me (about$1,800) they wern't willing to apply that noney to my payoff and use the money that belongs to me, to help pay off the loan. NO, THAT WOULD BE TOO LOGICAL and MAKE TOO MUCH SENSE! They (say they) must send out a seperate check to the customer in 10-20 days. WATCH OUT! THIS IS A B-S TRICK! This won't happen! It took me 60 days!! ~2 months~!! to get MY money back from their Escrow dept. And Lies and Lies! They tell you it was issued on the 13th, but then, if you press them, they will tell you that they keep it in their mail room for another week to 10 days before sending it. Stall...stalll...stall.. Then, you never receive it the first or second time they assure you it was sent. No... it wasn't sent. And you have to keep calling them, while they give you BS answers on when your Escrow refund was sent. Not Truthful or Trustworthy!! This went on for 60 days... while they kept my Escrow money and I didn't/couldn't get it. Their Customer Service Reps and Supervisors all ~stroke you along~, delay tactics, stalls, new "policies" to keep your money longer. This is a DEBT COLLECTOR, Plain and Simple.. not a nice Loan Company with courteous Customer Service Reps that actually try to help you. NO! These people PLAY GAMES... anything to stall sending you your money, anything to add extra fees to your acount if you are a day late... anything to allow them to keep your hard-earned funds longer for them to acquire more interest. BUT DON'T try this when sending in your monthly payment!! They will charge you a forture in penalties and fees! Hate this kind of money-grubbing businesses. GET OUT AS SOON AS... and WHILE YOU CAN! ~REFINANCE WITH SOMEONE ELSE~ and pay off your Loan with them! I WOULD NEVER RECOMMEND PENNYMAC, NOR WILL I EVER USE THEM AGAIN. CORRUPT and LIARS... in my opinion. _

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I’m a first-time homeowner. I’ve accumulated quite an amount of student loan debt having recently completed my masters degree, but I wanted to see if homeownership was possible even with the student loans. I applied with PennyMac and was told by the loan officer, Kevin J, that I had gone through automatic underwriting and was approved. He sent me a pre-approval letter and a list of documents to send him. I sent my documents in instantly and started house hunting. I was so excited. About a month into my house hunting search I put an offer on a home and it was accepted. My realtor sent the purchase agreement over to Kevin and a week later he calls and tells me I’m denied. The reason - my student loan debt! What?!? Somehow, Kevin forgot that, even when a person is on a payment plan for their student loans, FHA requires that the lender use 1% of the total loan amount towards the buyers monthly debt-to-income ratio. This miscommunication resulted in my loan being denied because PennyMac said my debt-to-income was too high with my student loans! I was furious! Why didn’t Kevin look into all of this to begin with? Before I paid my inspection and appraisal?! I ended up finding another lender to finance my loan with no problem and I’m now pending settlement. I’m not entirely sure why PennyMac denied me but it certainly wasn’t because of debt-to-income. PennyMac was an absolute disaster to work with and a complete waste of time. I’d avoid them at all cost!

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I went from an FHA loan to a conventional loan in record time. Rene Gomez was knowledgeable, responsive and available. My whole experience was seamless. Thank you Rene and PennyMac for my new loan.

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Worst mortgage lender. Terrible customer service and ridiculous fees. Purchased a new construction home and four months later aid the principal below 80%. I asked to remove PMI and was told I would have to pay for a valuation or continue paying PMI. On a 4 month old house!?! People were rude and not sensible. Would never recommend them to anyone and will try to reach as many people as I can to let them know my horrible experience.

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While the interest rate was better than others (Quicken/Rocket, local banks) the loan officer was misleading when assuring us that the loan would be closed in 30 days. It wasn’t until we requested to speak with her manager at day 26 the process sped up and we did close at day 30. The most recent incident that occurred (and continues to this day) is an extra 600.00 on our mortgage. When asked (every month) why and the request to show us invoices for the charges they have state “Go to the escrow folder.” No invoices are shown just charges to the account. Repeated request to speak with a manager to explain the the charges have resulted in silence. Our next stop is to the Better Business Bureau.

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

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I have had mortgages with many Financial Institutions over the years, but none as good as Pennymac. I refinanced thru them a year ago at a very favorable interest rate. Granted it took time due to “work from home” craziness, but in all it was comfortable. I had excellent credit and low debt to income ratio, but still a 2.65 on a 15-year mortgage is great. My first test of their competency came when I changed homeowners insurance. I sent them the information via their website, and for the first time EVER, they got I right. None of those demanding letters saying I had no insurance (you all know what I mean). Then there was a mix up with a payment. Not sure what happened but I sent the payment twice for the same month. I called and representative took care of it THAT DAY, sending my refund 2 day FedEx. Never Have I had such an experience with a mortgage company. I requested they not sell my loan servicing to another institution and they agreed. Never so pleased with a big organization in my 68 years.

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This has been one of the smoothest refinance's I've gone through. Everyone was helpful and everything they said would happen, did happen in the timeframe. I would use them again.

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

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

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

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PennyMac is theeeeee worse. I am four months in trying to refinance my second property and we are still not ready to close. I’ve called and emailed over and over and over and over and over and over again for weeks and I keep getting the exact same response every time. “Everything is done on my end but the hold up is internal issues”. Appraisal was completed 2 months ago. Income, credit and employment has all been signed off on months ago and I’m still waiting. I got tired of waiting so I reached out to Navy federal to do the refinance and my closing date is set for Dec 11th. Terms aren’t as great as PennyMac but it beats waiting months.

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Refinancing team provided frequent updates throughout the process; exceptional customer service and prompt feedback from start to finish. Made sure I was completely satisfied with closing documents/terms of agreement.

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

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

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

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

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

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Bridget was very proactive in keeping me up to date once she became involved. My only complaint is that on the original date of signing, I was informed from the Notary via voicemail that there was a problem with our loan and that it will need to be reprocessed. This should have come directly from someone who could explain that this was a fairly minor issue and not something that I needed to be alarmed about.

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I have been trying to refinance my current PennyMac loan for about 3 months now. I was told in the beginning that they would be able to close within 45 days. They have asked me to upload the same information multiple times and haven't been able to give me a closing date since September. I have tried speaking with a manager for over a month with no luck. PennyMac has the worst customer service that I have ever experienced and I would strongly recommend anyone to look elsewhere for any type of loan!

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My entire experience through the whole process was painless thanks to Ceista Johnson. She was very professional, kind, and courteous. I have already referred several people to PennyMac and they too are now refinancing with PennyMac.

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Very easy and stress free. Finished loan within given time frame. Very pleased with the whole process.

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Randall Alford and Juan Cueva were both rockstars. If you want a professional, diligent, and stress free experience then look no further. They made a very complex process very simple and a stressful process very straightforward. Highly recommended!

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Easy closing

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Everything went great and in a timely manner. I felt informed throughout the entire process.

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I tell people when they ask that my loan is through Penny Mac and that I enjoy their customer service. The website is also a feature I enjoy. This refinance process for me was much more enjoyable that the last time I refinanced my old home. The closing papers were a bit odd, because if my wife's schedule and mine. We couldn't nail down a day for the two of us to be in the same state due to the military. But we got it done, it only took changing the schedule 3 times.

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We are very grateful for the knowledge and experience that Christian Silva and Andrew Mortenson brought to the table. They were in communication every step of the way - explaining exactly what was needed and what we could expect. They made refinancing our home very simple!

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Quick fast and efficient.

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Great experience!

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The team was very friendly from start to finish and helpful through it all. I was given the best rate possible and would recommend PennyMac to anyone looking for financing.

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We chose Penny Mac to re-finance our mortgage. They were highly professional and worked diligently to make sure the loan closed timely. The portals were simple and user friendly. but most of all the staff was the best at helping us through the process.

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I give Mario and the Whole Penny Mac team a 5 star rating for efficiency and thoroughness. Process was quick and easy. Great Job guys.

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The process of refinancing with PennyMac was HORRENDOUS!!! It was easier buying my house opposed to refinancing. The process took us 4 months. No one ever called and checked in, we had to call every week or every other week to see what was going on, there are no direct numbers available for anyone you are dealing with. My loan officer was M.I.A majority of the time because "they were overloaded with refinances" which I completely understood. But after several months I felt like our paperwork just got shuffled to the side/lost. I eventually had to get his manager involved. At one point we got excited after we received an email we were set to close... Yeah.... it was for another couple in an entirely different state along with all of their information.... After 4 months I finally received a closing date, signed all of my paper work- only to be called a day later and told- I had to re-sign my closing documents with no explanation. During the 4 month process I honestly felt like I was dealing with a scam company. I pray when I move I am able to deal with a new company. This has been the worst and most exhausting process ever..... We still have so many questions yet cant get in touch with any of our so called points of contact.... Avoid if at all possible!!!

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Excellent process from start to finish!!! Couldn’t have been more smooth!!!!

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I have dealt with several financial institutions as it relates to financing and refinancing. Considering the historically low-interest rates and the overwhelming amount of applications they must receive. I was thoroughly impressed with the communication, quick and painless closing process provided. Thanks, Nicholas and Pennymac.

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The Loan originator and processor we worked with were extremely clear and helpful with our refinance. PennyMac gave us an excellent rate and it was very smooth sailing through the process.

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Great servive

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Exceptional experience refinancing my home! Mitch and Jacob were great from beginning till end. Would recommend and choose PennyMac anyway!

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I am still waiting on some corrected documents from closing. The process was pretty much straightforward but dealt with a number of different individuals. It would have been helpful to know that from the beginning.

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It was an easy process and I got a great interest rate. Thank you guys.

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This was our first time re-financing so we didn't really know what to expect. PennyMac made everything so easy and easy to understand. We closed right on time without any problems. Thank you so much for making what could be a stressful thing so easy and stressless!

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Great service!

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All interactions with agents were pleasant and informative. The process was longer than usual due to low interest rates and subsequent volume of applications. Raveena Taylor, my personal navigator, was awesome and kept her word, communicating every Tuesday on the progress. Her customer service skills and ability to relate to the customer are exemplary.

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There were times during the loan process that the loan officer and the loan specialist were not on the same page during the loan process. I had to call to get answers from the loan specialist a few times.

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Rhonda was great. The documents review was not great (getting the team to actually FULLY READ the documents was a challenge), but that was not Rhonda's fault. Due to this unnecessary back and forth on document review, the whole process took a few weeks longer than it should have.

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Jazmyne Rogers, was timely, professional, friendly, and very informative. She asked questions to make sure I understood the process throughly..it was great working with her.

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Smooth and easy process. Awesome Team of people that guided me every step of the way. They kept me well informed of the status.

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PennyMac's service was great from the beginning and that continued when we decided to take advantage of the VA's streamlined Interest Rate Reduction Refinance program. Despite the somewhat difficult circumstances of the Covid-19 precautions of having to work remotely, they worked quickly and were very attentive to effective communication.

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Wonderful, and easy experience re-financing.

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Refinanced my loan. Not very competitive price wise to keep you lending from them but the loan officer was cool.

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Overall experience was great. Everyone we talked too was very knowledgeable, awnsered all our questions, and helped us understand the process every step of the way.

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Shopped around and got the lowest rate and an easy transaction.

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I though it was important to explain that all these one sentence 5 star reviews on this site for Penny Mac are guaranteed to be FAKE to dilute what is really happening with refinances at this company. Pennymac is unable to explain why my refinance is taking almost six months. They are unable to provide any ETA on a closing date. They continuously ask for documents they already have to create artificial delays. They have run out of excuses and, ultimately it is costing me thousands as this drags on. BE WARNED - If you are offered a re-fi from PennyMac IT WILL NEVER CLOSE. Use any other lender because Pennymac will NOT get the deal done and you will be stuck paying higher interest as they string you along eternally. Incompetence + Apathy + Lies = PennyMac Team

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Easy and clear process. Everything that I would encounter was explained as well as a great interest rate. They also gave me strategies for the future in paying off my mortgage.

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Goal was to reduce monthly payment by lowering rate, success.

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Raven was awesome. She’s truly an asset to your company.

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at no time was I not comfortable with any of the team who kept me updated as to the progress as they saw to it I'd be taken care of even with the passing of my wife of 49 years in the middle oe the process,thanks to all I won't name agents so I don't miss anyone . thanks

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My rating is based on the fact that all Penn Mac Associates made this a painless process because of the ir concern about getting me through this potential daunting process. I was truly in good hands!

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After researching many banks, I refinanced my home w/ Penny Mac, truly the smartest decision! Personal service & attention to detail were very impressive. Affan (Loan Officer) assisted me with the application, patiently answering questions /creating a smooth experience via Penny Mac's secure mortgage center (m.a.c). Each stage of the process was timely /accurate. Mary (Home loan specialist) was accessible, attentive and compliant to my requests. Great experience. A Terrific Team!

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This loan refinance experience could not have been any easier. The whole process was described very well and implemented through their web site which was very user friendly. Any questions I had throughout the process were answered by my loan representative promptly and professionally. I couldn't have asked for a better team to work with.

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Due to the Covid-19 pandemic it took much longer than I expected to get my refinance loan approved. However it was completed and I am happy with the results. The staff were patient with me and my questions concerning the difference in the original listed interest rate and the final interest rate I received. Absent that issue I was satisfied with the loan process.

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We had a great experience from the first phone call until closing

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Great service! Explained everything thoroughly and communicated updates frequently.

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From the moment I spoke with Ihsan Moosapanah who was my loan officer and also my financial advisor during the process, the experience has been nothing short of excellent with my refinancing with PennyMac. I got a competitive interest rate and I would highly recommend PennyMac to everyone looking to refinance their mortgage.

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The process was very smooth and took very little effort on my end. The only thing I would say is that they really need to go fully online with the closing documents. Signing 100 pages is really wasteful and I feel largely unnecessary given the technology that is available.

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Working with Erica Sanchez and PennyMac was great.

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