Product: Mortgage

To Whom It May Concern, I am writing to file a formal complaint against PennyMac for what I perceive as a lack of transparency and inconsistency in their mortgage refinancing process. I have been a customer of PennyMac since XX/XX/XXXX, holding two mortgages : an FHA Loan for a semi-detached townhome purchased in XX/XX/XXXX and a Conventional Loan for a multi-family property acquired in XX/XX/XXXX. Despite a solid payment history and significant financial improvements, my attempts to secure refinancing have been met with unexplained denials and a lack of clear communication from underwriting. 

Background Information : Properties : Semi-detached townhome ( XXXXXXXX XXXX purchased for XXXX XXXXXXXX, currently estimated at $ XXXX by XXXX XXXX and a four-unit multi-family property ( XXXX XXXX, purchased in XXXX ). 
Income Sources : Salary increased from $ XXXX to $ XXXX, rental income from multiple units amounting to over {$5400.00} monthly, and additional earnings of $ XXXX annually from an XXXX store. 
Credit Profile : Current mortgage score of XXXX. Although I have high credit utilization, there are no late payments or other derogatory marks on my credit history. 

Issue : I have applied for refinancing twice in the past two years, most recently on XX/XX/XXXX, after consultations with financial professionals who affirmed my eligibility and financial readiness. The application was processed by a representative named XXXX XXXX, who initially advised that refinancing would be the best option given my debt-to-income ratios. Despite providing all required documents, including tax returns and proof of consistent rental income, my application was denied on XX/XX/XXXX. 
The denial was attributed to an alleged inability to include my income from the multi-family property, citing a loss which I clarified was only on paper due to depreciationa factor that, according to PennyMacs lending policy, should be added back. Although XXXX XXXX acknowledged this policy and promised to seek clarification from underwriting, the explanations provided were vague and insufficient. 
Further communication with XXXX XXXX and his manager did not yield clarity but rather assurances that someone from underwriting would contact me to explain the income calculations and reasons behind the denial. As of now, I have not received such a call. 

Concerns : 1. Lack of Transparency : There is a critical lack of clarity and communication regarding how my income was calculated and why it led to the denial of my refinancing application.

2. Inconsistent Application of Policy : The apparent disregard for internal policies regarding income calculations, specifically the treatment of depreciation on rental properties.

3. Potential Systematic Issues : Concerns about systemic issues within PennyMac that complicate refinancing processes unnecessarily, potentially leading to adverse effects on customers ' financial standings.

Given these circumstances, I am compelled to seek assistance from the CFPB to obtain a fair review and detailed explanation of my refinancing application denial. I am concerned about potential inconsistencies in PennyMac 's underwriting process and their impact on my financial health.

Thank you for your attention to this matter. I am eager to resolve this issue promptly and would appreciate any assistance the CFPB can provide.