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.
The entire experience was nothing short of frustrating. From being asked to submit the same documents over and over again (myself and the builder) to the appraisal not being ordered in a timely manner and then being lied to about it to that causing a delay in our closing; the entire process was unacceptable. Although my processor was kind and friendly, she did not do her job or even read the emails sent to her by myself our our builder causing many mistakes that lead to us losing time and money.
Jaymie from Bradenton, FL
Reviewed in July 2022
Closed with Lender:
Yes
Loan Type:
Home Purchase
Review Type:
Lender Review
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(2 of 5)
stars
Nothing remarkable about the company
Shop around for the best rates. They are relentless in soliciting you to refinance with them once you’ve gotten the loan.
Name from Thousand Oaks, CA
Reviewed in March 2022
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
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(2 of 5)
stars
Poor Experience
Took entirely too lon***.nearly two months for a simple refinance. There were too many people involved within the same company, and yet it seemed none of them communicated with each other. We either didn't get a response from any*****.or we got multiple answers and no two were the same. We were continually asked for the same documents multiple times, etc. The process was tedious and frustrating.
NS from Youngstown, OH
Reviewed in March 2022
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
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(2 of 5)
stars
Promises, promises. And wasted hours.
We were quoted a very good rate, and were initially very attracted to PennyMac. But, once we began the process, promises of timelines were made and not kept. We were given a loan officer and a processor and assured that if we had questions, we could call and they would quickly answer. Ummm. Nope. My questions were given to random customer service people unfamiliar with our property and complex issues (a custom home on 20 acres with 5 outbuildings and extensive exterior upgrades). They made stuff up, and apparently could not comprehend our complex financial framework. One agent requested that I send a full copy of our last will and testament (over 100 pages) since our estate is in a 'pass through' trust. This request wasted over two weeks, and I became so frustrated I sent an email to our loan agents national boss seeking resolution. Then, the appraisal cost estimate was far too low and we told our agent that it could not be done for the price quoted here in WA state. Did they listen? No. They drug their feet as they could not find an appraiser for the amount in our worksheet. What we got was a rubber stamped appraisal that was done in a matter of 3 days because we were coming up to the deadline date, and the value given was 20% less than fair market. Again, this added two more weeks to the length of the process. I also had to submit income, tax, and brokerage statements multiple times during this process. Yes, the same info. And I spent many extra hours that were wasted on these fabricated issues... Our loan to value was about 40%, so we were not asking for the moon and the stars. <br />They also said that our loan would never be sold. Ha. Two months after closing, we recieved a letter informing us that our loan had been sold. Integrity and the power of a persons word is lacking at Penny Mac.<br />We prefer to have a long term banking relationship due to the level of trust and effort that it requires from both parties. That will not happen. We cannot just go to our local branch if we have questions, need another loan, etc.. But, we did get an amazing rate, and the overall closing estimate was only 15% higher than what was first quoted. So have patience, and over estimate your time and cost estimates to get a loan from these guys.
Prentice from Stanwood, WA
Reviewed in February 2022
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
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(2 of 5)
stars
Anything but a good experience
The entire process was not communicated or handled well. Those that were selected to help with this process were either in a hurry or just never reached out to me.**.from the home inspector to a guy that works for Pennymac by the name of Tony Torres and then the notary who left my partial signing packet at her home. <br />I was to receive cash out as well as pay off some creditors and it was never communicated with me how those funds would be received.....i had to make a phone call to find out for myself!<br />Cody Anderson was about the only one in this process that was good at his job. He helped with the documents I needed to get the loan started and answered any crazy questions I had. Her was AWESOME! After I was assigned to Ton***.it was all downhill from there
Denice from Rock Hill, SC
Reviewed in February 2022
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
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(2 of 5)
stars
Many Delays, Poor Communication
I was disappointed with this company. I chose PennyMac because they gave me the best rate, but I would have gone with another company if I had known how unorganized and slow they were. <br />After many delays the entire process took 3-1/2 months to close. Whenever I called, I spoke with a different representative. Their web portal stopped working halfway through the process. When it was back up, I couldn't access some of the documents I had submitted. The company representatives were always professional and tried their best to help when I called, but their communication to me was lacking. Each week I would get a phone call from a representative stating that everything was on schedule and they didn't need anything from me even when the rate lock was about to expire and it had been weeks since anything had happened. Sometimes they asked for documents I had already sent, which slowed down the process. At one point I was told everything would be ready to close within 1-1/2 weeks. We closed 2-1/2 months after that. I believe the company and representatives are honest, they just don't deliver as expected. If you are VERY, VERY patient, and don't have a complicated loan, this can be a fine company to work with.
Adam from Cedar City, UT
Reviewed in February 2022
Closed with Lender:
Yes
Loan Type:
Refinance
Review Type:
Lender Review
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(2 of 5)
stars
Bad Experience
Bad Experience, the rates an average, the only one good thing is a convenient online process, that's all!
Artem from Saint Johns, FL
Reviewed in December 2021
Loan Type:
Refinance
Review Type:
Lender Review
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(2 of 5)
stars
This was not a good experience
I fill in an online application. I get a call from Matt, then I am transferred to a person who was not easiest to understand. I am then asked to answer all the same questions that I did on the online account. Then I am offered a rate that is way here from the one I was originally led to believe. I am not a happy camper with PennyMac's loan team and process.
NICK from Hampstead, NC
Reviewed in January 2020
Loan Type:
Refinance
Review Type:
Lender Review
Do you want to flag this review?
(2 of 5)
stars
Loan in Miami
Was not able to provide a viable product for my needs.
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