Product: Mortgage

Loan ID : XXXX Personnel involved Loan officers XXXX XXXX XXXX XXXX Loan processor XXXX XXXX XXXX XXXX ( Manager of XXXX XXXX ) Set XXXX, XXXX : I inquired refi rates with PennyMac ( also my then loan servicer ) and another bank. I decided to work with the other bank due to lower rate and cost, and informed the loan officer, Mr. XXXX XXXX, at PennyMac. 

Set XXXX, XXXX : Mr. XXXX XXXX called and tried to convince me working with PennyMac. I was reluctant as I had already paid fees to the other bank. He then offered rate match plus a credit of {$500.00}. The only reason, that I agreed to work with him, was that PennyMac was my then loan servicer. I thought that the process would be simpler. The hour-long conversation started at XXXX XXXX ET. I have asked him to reiterate the offer on the recorded line. 

XX/XX/XXXX : The loan was conditionally approved. Throughout the process, document requests were always responded on the same day properly. 

XX/XX/XXXX : I got a status update call from XXXX, who said that theres reason for a closing delay at the point. 

XX/XX/XXXX : Due to XXXX promotion, the loan application was re-assigned to a new loan officer, Ms. XXXX XXXX. 

XX/XX/XXXX : The refi was expected to close on XX/XX/XXXX. I asked for an update from both Mss. XXXX XXXX ( loan officer ) and XXXX XXXX ( loan processor ), neither responded. 

XX/XX/XXXX : XXXX asked an update from XXXX XXXX, who did not respond the email. In fact, XXXX never responded my emails nor voice message throughout the process. Eventually, I got hold of her several times, she promised to call back for updates, she never did. Therefore, some communication late in the process was between her manager Mr. XXXX XXXX and I. 

XX/XX/XXXX : Ms. XXXX XXXX asked closing update again. Mr. XXXX XXXX indicated that PennyMac needed to manually underwrite the loan. However, XXXX said that PennyMac only used automatic underwriting and did not use manual underwriting. 

XX/XX/XXXX : The loan was denied due to Does not meet minimum investor guidelines. 

XX/XX/XXXX : I called XXXX and asked for an explanation. After reviewing my credit profile again, she said that she could not understand the denial as my debt-to-income ratio was less than 25 %, and suggested me to discuss with the loan processor. As the issue appeared caused by PennyMac, I asked for a refund of {$480.00} fee. XXXX immediately requested a refund and said that it would be credited back in 15 days. It did not happen! 

XX/XX/XXXX : I called Mr. XXXX for an explanation. He said that the denial was due to my credit profile. However, I pointed out that : 1 ) my credit scores were excellent and were always on the highest percentile ; 2 ) my verifiable income was double to that of required for the size of the loan ; 3 ) my net asset was several times higher than the size of the loan ; 4 ) I had no negative public record ; 5 ) my debt-to-income ratio was lower than 25 % ; and 6 ) my employment was not affected by the pandemic. Mr. XXXX said that he would do more research and promised to call me back within 24 hours. He lied and never called me back! 

XX/XX/XXXX : I immediately worked with a different lender. The refi was closed successfully on this date with a lower rate and cost.