Pennymac

Took forever

Took more than four months we a local banks were closing in one month. If you can go with a local bank.
Asked for the same documents 2-3 times over the four months because they were so slow the documents would expire before they got them processed. HUGE headache…Although my refinance is complete now I would never use them again.

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Don't recommend

To many "groups" involved with all of them having different answers and process takes to long. If it weren't for my initial loan advisor trying her best to get things right we almost backed out

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BUYER BEWARE

Pennymac will not tell u everything up front U better ask the right questions. They did not tell me I my new wife would have to be on the refi of my individual mortgage until my credit had been run and I had paid a fee

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Terrible

Several issues with this company. PennyMac sent inaccurate closing documents. I inquired before closing and was sent the documents to go over and they were in fact, correct. They blamed the title company for having the incorrect documents. Upon discovery of the wrong closing documents, no one from PennyMac could assist the title company and notary they sent. Several issues later and never one phone call from PennyMac throughout this process. When I did speak to someone, after everything was complete, they pulled up "my file" and played the blame game. Will never recommend anyone to finance or refinance with them. I've received several surveys about my loan officer and I've answered them all unsatisfactory. Not once has the company reached out to me since closing.

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Fourth House; Worst Experience of My Life

The communication was extremely poor. Each time I was asked for something, I provided it. Each time we were supposed to close, the goal post was moved. I was never told how much I would need at closing. The estimate was completely off. I had to come up with $25,000 additional dollars. I told the provider I was being gouged and overpaying. She insisted I wasn't. I received nearly $10,000 back at closing because I overpaid. Once we were supposed to close, and she brought up my student loans and said I hadn't made a payment. This was when there was a national mandate by the Biden Administration which put a moratorium on student loan payments. She told me I couldn't close because of it which was untrue. As I said, each time I was supposed to close, she raised some issue that was a non-issue. I ended up having additional stress I.e. getting a large sum of money in a short amount of time that I didn't need and providing documentation that could have been found with a Google search or known by any mortgage provider who watches the news. This is my fourth home purchase and last house with PennyMac. This is absolutely the worst closing experience I have ever had. Who doesn't know how much they need to bring to closing the day before closing? I asked the question multiple times because this isn't my first time at the rodeo. Who doesn't know what their mortgage payment will be until the week before the first closing that didn't happen after asking nearly every time we communicated verbally and also electronically? Who finds out the mortgage payment is going to be $1,300 more each month than what I was told because of "taxes" the day before? Me, that's who. I'm not sure why the provider appeared to be doing everything she could to sabotage my getting this house, but I am glad I survived this awful person and PennyMac. Prior to this awful experience, I had had a glowing relationship with PennyMac which was the provider for my previous house. And I might add, the first time my closing was pushed back was because I needed to give her some arbitrary document she neglected to mention, which I provided right away and received a vacation response from her saying she would be on vacation Friday to the following Monday or Tuesday. She moved my closing which had been scheduled on that Friday for at least a month because she went on vacation which frustrated my realtor, the closing attorneys and me. This abuse and exploitation of my time and money continued throughout the entire arduous process. It was simply awful working with them and the complete opposite of my prior experience with PennyMac. I do not plan to work with them again.

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Very poor service

I was extremely disappointed with the service, I had to do the loan process twice had to run a credit report twice because Penny Mac lost my loan application in the system. I was supposed to get her crate to us to the lawn since it was delayed more than two months I never received any of that I am truly disappointed

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DOES NOT FOLLOW FEDERAL GUIDELINES

STAY AWAY!!! Company follows very misleading and illegal/con-artist processes! From the start some things were wrong with my loan, but the real icing on the cake is 3 days before closing your lender is to provide the closing disclosure…which in the end I had to constantly call them and spend a full day of my time to A) get it the day before since not otherwise provided B) it was wrong not once, not twice, but three or four times C) this was not the only issues I had with them throughout the process. The issues all started when the rate I had locked in changed!! I originally signed for one rate and then it increased randomly so I refused to sign the paper since it was incorrect…this resulted in waiting around a week and finally getting the rate fixed (actually better rate since my rate was not available anymore, so that’s a positive), so be VERY careful when reviewing all paperwork from them so they don’t con you into the wrong rate! There also were other escrow issues that I had complained about being incorrect for at least 3 weeks before closing that never got resolved till day before closing (same day I demanded a closing disclosure). For me the real deal breaker with using PennyMac is not following the 3 day rule where legally they have to give me the closing disclosure before closing so you can figure out any last minute number changes and how much money to wire to closing. This was a major stressor and I had to spent more than enough time correcting their mistakes. If you’re detail oriented and look over everything including fine print and don’t mind wasting your time to get a great rate, then use PennyMac…otherwise stay far far away from this con-artist company!

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