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.
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.
Closed with Lender:
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.
Closed with Lender:
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.
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.
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.
Closed with Lender:
Loan officer directory
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