NMLS# 35953

PennyMac Loan Services, LLC

Lender Summary

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.

What they're saying

Ratings & Reviews
180 Reviews
  • Interest Rates
    Excellent
  • Fees & Closing Costs
    Excellent
  • Responsiveness
    Excellent
  • Customer Service
    Excellent

Review Breakdown

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!

  • Loan Type:

    Home Equity Loan or Line of Credit
  • Review Type:

    Lender Review

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

This review is flagged
  • Loan Type:

    Home Purchase
  • Review Type:

    Lender Review
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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.

  • Loan Type:

    Refinance
  • Review Type:

    Lender Review

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LendingTree Certification:

The LendingTree Certification Program recognizes Lenders and Loan Officers with outstanding performance on the LendingTree Network, they are committed to providing exceptional customer service and are graduates of LendingTree University.

LendingTree Certification:

  • Certified Lender
    Certified Lenders have demonstrated their organizational commitment to employee development, at least 50% of their loan professionals have been certified while also providing exemplary service to LendingTree consumers.

Loan Officer Certifications:

  • Gold Leaf
    Gold Leaf is the cornerstone of the loan officer certification program and is designed to recognize loan officers committed to their own professional development while adhering to LendingTree best practices. Gold Leaf recipients know the fundamentals of LendingTree and online lending, they are equipped with the necessary skills to be best-in-class loan professionals.
  • Certified President's Club
    President’s Club is presented to an elite group of loan officers based on success levels in several areas including adherence to LendingTree best practices, commitment to professional development and dedication to customer excellence. Recipients have also met all Gold Leaf criteria.

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