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.
Wasted our time and money
Our loan officer, Eric Lewis, failed to be up to date on the current guidelines of PennyMac and didn't inform us when we started the refi process that PennyMac doesn't finance modular homes. Our application was approved, our rate was locked in, we paid for the appraisal ($445), and when I called to check on the status of our refi, we were informed that we were denied because PennyMac has chosen to not finance modular homes. We started the process in January and was just informed last week that we were denied. PennyMac wasted both our time and money. We are current PennyMac customers with an existing loan on the same modular that they just denied to refinance. We have been faithful customers who have paid our mortgage on time since we've been established with them. I have requested that PennyMac reimburse us for the appraisal fee of $445. Hopefully they will fulfill our request.
If you like wonky assembly line automation, massive call centers, and lack of follow through:
Seriously, I actually work in the lending field can cannot believe how bad my experience with these guys has been. About a year ago I refinanced my condo with a broker friend of mine who set me up with these guys due to them simply having the best rates at the time. So far everything has been fine: but then again I haven't needed them for anything.
Jump ahead to last month, when rates had dropped even further than I had thought they would, So I decided it might be worth switching to a 20yr and going through another refi. Luckily I had options considering my situation (a prime candidate in all 4 of the C's) and after making a few calls I decided to check in with my current lender Pennymac, to see what they looked like rate wise. Unfortunately their rates weren't nearly as good as others, but fortunately the loan officer I spoke to was happy to match the other deals and sold me on the fact that sticking with the same lender (where I had already established escrow and so forth) would not only save me money but also make for an easier process all around. Anyways, things were fine until the appraiser they set me up with made some major mistakes on his appraisal report: resulting in a price roughly 40% below market and what the same place had appraised for 11 months prior etc etc. I quickly reviewed the report and called the appraiser to discuss: who was thankfully in complete agreement of his mistakes and fully willing to modify the appraisal accordingly. He even went as far as giving specific instructions to the lender on how to go about this (as such a request needs to come from the lender)... Two weeks and several layers of management, dozens of calls/emails and many unfulfilled promises later I have yet to even hear back from anybody at this company, and they certainly haven't yet processed the simple appraisal request.
Like many others have already mentioned I just feel like I am dealing with some sort of awful ('Cable Company' Style) call center issue here where my issue isn’t all that complicated but I spend hours on the phone and nobody can help due to a general lack of training/resources, nor do they have any amount of authority to help even if they wanted to. So they continue to make up stories and pass me along to the next poor schmuck to deal with.
If rates hadn’t spiked so much over the last few weeks I would have been long gone. But now it seems as though I am somewhat stuck with these guys and just want to get this over with. What a nightmare.
Closed with Lender:
Stay away! I went though a refinancing process with this lender and closed the loan on Dec 21, 2020. I would never ever work with them again, and certainly would not recommend their services to anyone. Four issues: 1. They are very unprofessional or disorganized at least. They would call you to inform you that they sent you an email, and they give you only 2 hours to sign and return a document. What if you are outside, away from computer, or viable internet access. So, they demonstrate a serious lack of respect to their clients. 2. They changed the final loan disclosure document and they did not bother to inform me until the Notary Public appeared at my doorstep to process loan closing. 3. The loan closing time is the moment you need them the most. I called them probably more than 10 times multiple offices, sent numerous texts to my rep there, and emailed multiple times and begged for urgent help. No avail. All calls, texts and emails went thru the same person. I guess they are seriously understaffed. 4. They claim that they are the lender, and mortgage company. However, literally, less than 10 days after closing on my refinancing, they sold my loan to Fannie Mae. Never ever bother them. For me it was a total disappointment.
Closed with Lender:
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