Have a complaint against PennyMac? We want to hear it
Yes, PennyMac is a real company. They do not have physical locations but operate entirely online as a publicly traded direct mortgage lender. The company was founded in 2008.
PennyMac definitely is a real company, but real companies can still do unfair things. If you have complaints about PennyMac, you can share them with FairShake.
Yes, PennyMac is a mortgage loan servicer. A mortgage servicer focuses on sending mortgage statements and managing the loan you have with a lender. They respond to questions about your mortgage, keep track of interest, and process payments. Loan servicers may provide loans as well, or handle the mortgage management on behalf of another lender.
PennyMac is also a direct mortgage lender. A direct lender is a financial institution which actually loans money for a mortgage. A direct lender gives the money, but the loan servicer is in charge of keeping track of repayments on that money. Some companies act as both, like PennyMac.
Even though their website only specifies loan lender and servicer, PennyMac Corp is a debt collector. A debt collection company buys existing debt from other companies, like mortgage lenders, at a fraction of the total amount and then takes over the responsibility of trying to collect as much of that total debt as they can. If, for example, PennyMac purchased a $100,000 debt but paid only $10,000 for it, however much they can get from you beyond that initial $10,000 is a profit for them.
There are situations where a direct lender may not want to be in charge of servicing their loans so they sell it to a mortgage loan servicer like PennyMac who takes over the management of said loan. Banks like Homestreet have sold mortgages to PennyMac.
As of 2021, the CEO of PennyMac was David A. Spector. He has been a member of the board of directors for PennyMac since 2012 and the CEO since 2017.
PennyMac is owned by BlackRock Mortgage Ventures, LLC and HC Partners, LLC, formerly known as Highfields Capital Investments, LLC.
PennyMac is headquartered in California. Their address is: 3043 Townsgate Road, Suite 200, Westlake Village, California 91361, US.
PennyMac’s main phone number is 1-866-549-3583. You can also contact customer service at (800) 777-4001. They are available Mon-Fri 6am-7pm and Sat 6 am-5pm, PST.
The best way to speak with a human at PennyMac is to contact customer service at (800) 777-4001 during their normal business hours: Mon-Fri 6am-7pm and Sat 6 am-5pm, PST. Since they operate exclusively online and over the phone, you can also call 866-601-3518 for additional loan help.
FairShake complaints about PennyMac have to do with late payment fees, false advertising, and misleading marketing. Customers have struggled with unexpected late payment fees, usually because they receive a reminder of payments too late to do anything in a timely fashion. Disbursement of funds and misleading regulations for the use of escrow are among the top complaints.
You can pay PennyMac online by logging in to your account from a browser or downloading the mobile app. Then click “make a payment and “one time payment” and confirm the debit card or bank account you are using. You have the option of calling customer service to make a payment as well, but this has resulted in unexpected processing fees and lawsuits.
A payoff letter is a formal letter that explains exactly how much money remains on your mortgage as well as any interest or fees. You can call PennyMac customer service to request your payoff demand letter through an automated phone service. The letter will be faxed to you. You can also contact customer service by sending a message after logging into your account through the message center to order your payoff.
There may not be public information out there about all current legal proceedings.
We do know that PennyMac was sued over allegations that they charged services fees for each payment made with a customer service rep over the phone, without informing customers. Additional fees were charged for online payments with a credit card or debit card. Other alleged violations include failing to validate debt, use unfair methods to collect debt and ignoring written disputes.
PennyMac asks that you submit complaints over your loan to them directly at PennyMac Loan Services, LLC at 800-777-4001. However, you can send a complaint against PennyMac to the Consumer Finance Protection Bureau, send complaints to the Federal Reserve, or a regulatory agency for PennyMac. You can also make a complaint against PennyMac with FairShake.
If you believe you have been harmed by PennyMac you might be able to make a claim for compensation. How this is done is based on the type of harm done. If PennyMac is guilty of a breach of contract, you could have legal protection for your situation.
How you can sue PennyMac is dependent on the type of complaints you have and the contract you have. You might be able to use arbitration, file a traditional court case, or sue PennyMac in small claims court. It is best to consult with a lawyer to review your situation. If you submit your complaint to FairShake, it will be shared with eligible lawyers who will review your situation.
This is a question for a lawyer. Class action lawsuits are typically reserved for groups of people who have all suffered from the same issue and are joining together to sue as one rather than individually. However, class action lawsuits may or may not be allowed depending on the terms of your contract.
This depends on your situation. Before lawyers take on any case against PennyMac or similar companies, they have to consider whether the company violated their obligations, caused you harm by doing so, and what evidence you have. If a lawyer decides that you have evidence for a case, they can choose to represent you.
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