Consumer complaint received 2015-12-31
Company: PENNYMAC LOAN SERVICES, LLC.
State: NC
Product: Mortgage
Sub-product: FHA mortgage
Issue: Loan servicing, payments, escrow account

Complaint:
I sold my house on XXXX/XXXX/XXXX. Just a few days before I sold it my loan company, Penny Mac, paid {$2500.00} to XXXX XXXX for my taxes. At closing, because XXXX had not received the payment to process it I had to pay the balance again. I spoke to Penny Mac several times about how to get the refund back to me and was told that once the overpay is realized by the third party - XXXX - they would send it to Penny Mac and then Penny Mac would send it to me. I spoke to XXXX XXXX ext. XXXX XXXX on XXXX/XXXX/XXXX, he confirmed that the refund was sent to XXXX and said he would have to expedite my account because he was n't sure why it had not been sent back to Penny Mac. He said he would personally follow up with me within 10 days, I still have not heard from him. I called again on XXXX/XXXX/XXXX and spoke to XXXX XXXX ext. XXXX ) who said that she needed to expedite my case again and she would get the check XXXX to me in a few days. She said she would call me when it is sent but I never heard back from her. 
I called today XXXX/XXXX/XXXX and spoke to XXXX who could n't even find my account. After several minutes she cold dropped me to XXXX who put me on hold for a very long time before dropping me on to XXXX. XXXX was the first person I spoke to who attempted to help me but she could n't. SHe said that she didnt show the money being refunded at all! Of course I freaked out about that and she the cold dropped me onto XXXX who said she is a supervisor. 
XXXX stated that the funds were deposited with XXXX on XXXX/XXXX/XXXX. I explained to her that XXXX told me it was XXXX/XXXX/XXXX but she said it was n't. She then said the refund check was very large and included many customers so I would have to wait for them to get to me. She said although my loan was paid off on XXXX XXXX, XXXX, the money was not in my escrow that day so the 30 days they have to refund my money will not begin until XXXX refunds the money back to Penny Mac. She is not sure how long that will take. She said she will call XXXX and call me back today. She called back around XXXX and said she spoke to XXXX and they told her that the check was for multiple mortgage companies and it could take 8-10 weeks for the check to get to Penny Mac. After Penny Mac receives it XXXX says that they have 30 days to get it to me. SO she is saying that it could take almost 6 months for them to refund my money! I asked her if they are legally allowed to do that and she said there is no regulatory time that they have to get it back to me! 
She then said she was going to request that her " executives '' allow her to do a " corporate advance '' to see if she can get the funds to me before then but requesting a corporate advance could take 2 weeks or more. I am not holding my breath for that XXXX. She said she will call me on XXXX XXXX, XXXX to give me an update. 
TimeLine - XXXX XXXX, XXXX - sold home XXXX XXXX, XXXX - Penny Mac loan paid XXXX XXXX, XXXX - {$2500.00} received by XXXX XXXX XXXX, XXXX - I spoke to XXXX who gave me the XXXX above dates and said he would escalate my case to get my refund to me and he would call me back in 10 days. 
XXXX XXXX, XXXX - after not hearing back from XXXX I called and spoke to XXXX who told me the same thing as XXXX and said she was going to escalate. She called me back the following day to say that she was going to have a check XXXX to me and would call to let me know when. She said it should only be a few days. 
XXXX XXXX - I spoke to multiple people ending with XXXX who told me the entire process takes about 6 months and no law regulates them to do it faster. She said she would try to get it to me sooner. 

These folks have {$2500.00} of my money that need. I can not believe that they are allowed to hold it as long as they want. It is ridiculous.

Company response to consumer: Closed with explanation