PennyMac is a leading national mortgage lender and servicer. Our goal is to provide you with innovative mortgage solutions to make it easier for you to purchase, refinance, or simply remain in your home. Since our founding in 2008 by a team of mortgage industry veterans, we've sought to restore Americans' trust in home ownership by improving the quality and consistency of the mortgage experience. We're a full-service lender with a breadth of loan options for everyone from first-time home buyers to those seeking jumbo, FHA, or VA loans. PennyMac has also been a leading provider of help to underwater homeowners. We're a major participant in the Home Affordable Refinance Program (HARP), the government program created in 2009 to assist underwater homeowners in refinancing their mortgages.
No Communication Submitted docs countless times
I had 45 days to figure out a refi and a purchase! My Refi team was okay my purchase team asked for me to submit docs and I did. Then they asked again I explained what I did. I paid off 15k of credit cards. I paid a 45k car note because the VP told me to I was told we were good to go. So my Fiance took a job near the new house! Then the next day the Processor kicked back everything and told I had no deal. I am a USMC Vet and Afghan National Army members work better than Penny Mac! If your a Vet don't do a loan with this company of disfunction!
Bad experience no communication between departments escrow dept has been a complete disaster
The worse mortgage experience in my life ..Different answers from various people in the same department
Stay away. There are other options.
Stay away! There are plenty of other options besides PennyMac.
They ended up costing me an excessive amount of time and money!
My issues are still in progress as I am a current PennyMac customer. Almost two months ago, I reached out to them since I was looking to refinance my primary mortgage (with PennyMac) to include a heloc (second mortgage). I was starting to work with a mortgage lender and happened to receive a letter in the mail from PennyMac. I decided to call PennyMac to see if they might be able to assist since they already have my primary mortgage. Everything went smoothly at the beginning so much so that I told the other mortgage lender I was not interested. Fast forward 7.5 weeks and it’s been a bit of a bait and switch. After signing the initial paperwork and providing the requested documentation, I was set up with a weekly customer service call to go over the progress. I had to use a specific appraiser which didn’t have an opening for over a month. Up until that point, there were no issues noted. During the weekly call, I brought up some figures showing on my PennyMac portal which did not make sense. I was told that it was fine and verbally confirmed what my total loan amount was and how much my payments would be. Over two weeks later, I brought it up again. In the end, I was the one who discovered their error. It has been described as a “gross oversight on their part.” However, there is no resolution other than apologies. I have wasted almost two months and could have already refinanced with another mortgage company. PennyMac provides false information to me while I continue to pay them money on my current mortgage. The company is either inept, working a bait and switch, or just has had a rash of unfortunate issues which coincidentally only negatively impact me. I reached out to them earlier today explaining what I would like done and it just seems to be business as usual. Regardless, there are other options out there. I would recommend you find them.
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