About PennyMac Loan Services
PennyMac Loan Services, found online at PennyMacUSA.com, describes themselves as a leading national mortgage lender and servicer whose goal is to "restore Americans' trust in home ownership."
Though this company does describe themselves as a nationwide loan provider and servicer, it is important to note that they are not currently licensed to work in the state of New York.
How Does It Work?
This company does say they provide a wide variety of "innovative mortgage solutions" which help people purchase or refinance their homes, as well as providing assistance to those seeking jumbo, FHA, or VA loans.
In addition, they promise to help homeowners simply remain in your home if you are currently in a situation where you are "underwater," saying they are a major participant in the Home Affordable Refinance Program (HARP), which is a government program created to help underwater homeowners refinance their existing mortgages.
There is no real way to quote a specific price or cost range, as there are far too many factors which affect your interest rates, your initial down payments, and the total value of the loan you are choosing to take out. You must speak directly to a PennyMac Loan Services representative to have a better understanding of your costs.
Since this company is not selling a specific product or service, but rather providing a loan, there is no Refund Policy. Instead, there may be a stated window of time in which borrowers can decide they want to back out of the deal without incurring a financial penalty.
Customer Service Contact Info
Customers who wish to speak with Customer Service about their questions, concerns, or complaints can do so by phone at (866) 549-3583, or by traditional mail at 6101 Condor Drive, Suite 200, Moorpark, CA 93021.
This company receives mixed reviews, both from customers seeking mortgage loans and services, as well as from third party reviewers. Some customers complained of a lack of customer service as well as an inability for this company to actually provide them with a helpful solution to their personal mortgage problems.
Competitors and Alternatives?
There are many different companies out there that seek to help people specifically address and fix their mortgage needs and problems, including LendingTree.com, Amerivalue.com, MortgageAssistance411.com, and more.
If you have experience with this company or their products, please leave your PennyMac Loan Services reviews below.
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1 ‘PennyMac Loan Services’ Review
They bought our loan from boa after we had applied and were approved for a loan modification. All paperwork was finalized PRIOR to our loan being sold. They have incessantly 'failed to update their records' for over a year now. We've spoken to numerous CSR personnel, management, etc. We have provided them MORE THAN ONCE with all modification paperwork because they stated they didn't have it. All the while we have made our payments as our modification reflects. We received notification that they sold our loan to another company immediately followed by a notice of intent to foreclose. When we contacted them we were advised that 'the modification information is finally up to date in our system and you are in good standing'. We asked why we received a notice of intent and were advised 'it was an error and something in IT incorrectly triggered an automated letter.' Ok so the next reasonable question is why are you attempting to collect on a loan that you advised us was sold to another lender?
Incompetence of unbelievable measures. Zero accountability because they work their employees to death and the employees truly have no incentive or desire to assist in any way, shape or form.
We've been reduced to filing a complaint with the BBB and Federal Trade Commission. STAY AS FAR AWAY AS POSSIBLE!!