Consumer complaint received 2018-05-05
Company: PENNYMAC LOAN SERVICES, LLC.
State: KY
Product: Mortgage
Sub-product: VA mortgage
Issue: Trouble during payment process

Complaint:
PLEASE SEE ATTACHED DOCUMENT WITH INCLUDED PICTURES To : PennyMac Loan Services CC : XXXX XXXX XXXX Office of Consumer Protection Kentucky Attorney Generals Office File No. : XXXX Co Name Penny Mac Loan Services This letter is in response to correspondence I received on XX/XX/XXXX from XXXX XXXX XXXX XXXX XXXX XXXX you stated that Kentucky statute allows PennyMac 30 days to prepare and mail the Lien Release to the County Recorders Office Its absolutely not true Kentucky Statue states : 382.365 Release of lien, with notice to property owner, within thirty days of satisfaction -- Assignments of liens -- Proceeding against lienholder in District Court or Circuit Court -- Liability of lienholder when lien not released or notice not sent -- Notice to state or lienholder -- Damages. 
You also stated that PennyMac is not responsible for mail delay recording time etc. 
Ill give you some history, I purchased my home using VA loan, originally lent by Veterans lender company named XXXX XXXX on XX/XX/XXXXXX/XX/XXXX. It was notarized and recorded with my county clerk within 5 ( five ) days. See the screen shot of the warrant deed bellow ( left ) and delivered the title agency the very next day screenshot bellow ( right ) PLEASE SEE ATTACHED DOCUMENT WITH INCLUDED PICTURES I received my warranty deed at the beginning of XX/XX/XXXX total turn out time was less that 2 weeks. 
Then PennyMac purchased the loan and here we go : Loan was paid off on XX/XX/XXXX. There are a lot of bad reviews about your company on the internet XXXX XXXX XXXX, XXXX  etc, you name it. Most of them related with taking time to release an escrow money. Because the more you hold the money the more profit you make. 
So lets go back to your process compare to XXXX XXXX ( original lender ) You prepare and notarized the paperwork on XX/XX/XXXX 17 days after I paid off my loan ( see the screenshot bellow ) PLEASE SEE ATTACHED DOCUMENT WITH INCLUDED PICTURES You said you mailed it on XX/XX/XXXX, and your coworker XXXX XXXX told me that it was recorded on XX/XX/XXXX. Lets disregard your coworker comments and assume that you mailed on XX/XX/XXXX 23 days after I paid of the mortgage. Just remind you that I went to County Clerks office on XX/XX/XXXX and there were no paperwork from you. County Clerk process their recordings at the same day they received or the very next day. Ill take their word over yours based on initial experience ( see below screenshots ) The release of deed was recorded on XX/XX/XXXX, 32 days after I paid off the mortgage ( see the screenshot bellow ) PLEASE SEE ATTACHED DOCUMENT WITH INCLUDED PICTURES It was delivered to your title agency on XX/XX/XXXX ( see screenshot below ) 33 days since the mortgage was paid off. 
PLEASE SEE ATTACHED DOCUMENT WITH INCLUDED PICTURES Then you wrote me a letter on XX/XX/XXXX informing me that I paid off my loan and attached is my release of mortgage. 46 days after I paid off my mortgage. I dont want to know what did you do between XX/XX/XXXX and XX/XX/XXXX timeframe. But dont blame my county clerks office or XXXX, XXXX, XXXX or whoever you used for shipping. 
PLEASE SEE ATTACHED DOCUMENT WITH INCLUDED PICTURES It wasnt mailed on the same day thou. Two days later  from Florida PLEASE SEE ATTACHED DOCUMENT WITH INCLUDED PICTURES Letter was received on XX/XX/XXXX, please count how many days You have received a letter on XX/XX/XXXX ( USPS Tracking Number : XXXX ) ( remind you that you own me an escrow and release of mortgage paperwork. Letter was send according to Kentucky Statue 382.365, which states that you have 15 days to comply and after 15 days you will be held reliable for monetary damage of {$100.00} per day, including the day 15th. So, you are responsible for monetary damage for XX/XX/XXXX, XX/XX/XXXX,XX/XX/XXXX,XX/XX/XXXX,XX/XX/XXXX,XX/XX/XXXX. 
Thats {$700.00} ( XXXX XXXX ) dollars. I believe you should take responsibilities for your action the same way you expect your customers to do like have them to pay late fees etc. You dont accept mail delay excuse from your customers arent you? Im sorry my check is almost 2 months late its not my fault, right? 
There is no excuse to blame mail service for delay between XX/XX/XXXX and XX/XX/XXXX There is no excuse to blame mail system or county clerk for delay between XX/XX/XXXX and XX/XX/XXXX. 
There is no excuse to blame mail system or delay after you received the documents on XX/XX/XXXX and waited till XX/XX/XXXX to type the later and mail it on XX/XX/XXXX. There are huge gaps in between. 
There is no excuse, when I contacted your customer service 8 times between XX/XX/XXXX and XX/XX/XXXX, remind them that Im still short on escrow money and you need to comply with state law in regards of releasing the lien. 
Simple notarize, recording and delivery took 6 days for XXXX XXXX back in XXXX and 31 days for you. Thats the reason there are much less bad reviews regarding XXXX XXXX than you. 
You work in the State of Kentucky please follow the State Law. You are not exempt from it! And dont rewrite it for your own benefit. It doesnt say that you are required send documents to county clerk and blame the mail or county clerk. The law says : 382.365 Release of  lien, with notice to property owner, within thirty days of satisfaction It means that you should release the lien and I should receive a notice within 30 days. 
Mortgage was satisfied on XX/XX/XXXX 30 days expired on XX/XX/XXXX The same thing with an escrow balance, when you received my first complaint that states that I have not received a refund money, why you send me my payment history not a check I was requesting? It makes sense to cancel the old check and reissue a new one, right? 

Sincerely XXXX XXXX

Company response to consumer: Closed with explanation