Consumer complaint received 2021-03-05
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PENNYMAC LOAN SERVICES, LLC. (MD)

On XX/XX/21 I ( electronically ) submitted a loan application to refinance my existing FHA loan with PennyMac USA. I left a message with PennyMac 's loan officer XXXX. I didn't receive a return phone call so on XX/XX/21 I called PennyMac again and was routed to PennyMac loan officer XXXX XXXX ( nmls # XXXX XXXX, who apologized on behalf of PennyMac for the previous representative not following up/thru. XXXX XXXX collected additional personal information from me and populated the loan application for my request for a refinance of my existing FHA loan, with PennyMac. XXXX XXXX recommended that I convert to a conventional loan after reviewing my existing loan and balance, to which I agreed. He advised that he would complete all of the remaining loan application information for me and follow up with me. He asked what my goal was and I advised it was to get a lower interest rate. I received a secure message email on XX/XX/21, from XXXX XXXX. He advised that I would receive an email with the details of the loan application. On XX/XX/21, I received an email from PennyMac to e-sign my refinance loan application documents. However, when I tried to access the PennyMac web portal I received the following message " Enter Your Authentication Code '', which I never received from XXXX XXXX or PennyMac. I followed up with an email to XXXX ( on XX/XX/21 ) advising him of the message and requesting the Authentication Code. He, to this day, has not responded to my request for the Authentication Code. I waited for XXXX or a PennyMac representative to responded sot that I could access their web portal and fulfill the request of e-signing the documents, which hasn't happened as of the drafting of this complaint. On XX/XX/21 I received a hard copy of my refinance loan application in the mail via USPS Priority Mail 2-Day. I thought this was odd given the fact that XXXX and I had NOT discussed all of the conventional product options and whether or not buying points was an option. I sent XXXX an email on XX/XX/21 requesting to speak with him about the loan application, having received the hard copy in the mail. I also called and left a voice message on XX/XX/21 advising that I needed to speak to him regarding the application I had received, as I had not been informed of or agreed to the interest rate listed nor the the purpose listed in the application as " Cash-Out Limited '', as I requested no Cash Out, in the loan application. To date I haven't received a return phone call nor email reply. I subsequently received a " Payoff Demand Statement '' and a " Credit Score Disclosure '', both dated XX/XX/21. I followed up with PennyMac on XX/XX/21 via phone call and email regarding my loan application. The email was sent to XXXX and CC'ed XXXX XXXX XXXX I received an automated generated reply that PennyMac had received my message, and someone would follow up. However, still no reply from XXXX XXXX. On the phone calls I was bounced around to several representatives and ultimately left an additional voice message for XXXX XXXX. I called PennyMac again on XX/XX/21 and requested to speak to a supervisor. I was given the name for XXXX XXXX and transferred to his extension. He didn't answer so I left a detailed voice message and requested a follow up phone call. To date I have not received the requested follow up call from XXXX. I called PennyMac again on XX/XX/21 and was on hold for 30+ minutes and finally hung up without speaking to a representative. I called PennyMac again on XX/XX/21 at XXXX XXXX XXXX XXXX and was advised that my complaint had been escalated and a member of the management team would follow up with me via phone call. Since I had heard this several times before, I waited an hour and called PennyMac again after 30 minutes on the phone with a PennyMac representative I was transferred to her supervisor ( XXXX at XXXX XXXX XXXX who informed me that she could only transfer me to XXXX XXXX XXXX extension and also send an email to the loan officer management team. She offered that there was no corporate office contact number for me to reach out and complain to. I left my second voice mail message for XXXX XXXX, providing details about my application for him to retrieve and follow up with a phone call to me, which I have not received as of this email and given the history of things don't expect to receive. Since time is of the essence with these type loan docs, it appears as if PennyMac has communicated to their reps to sit on the applications that were in the pipeline prior to the interest rates increasing and/or unacceptably inefficient in the processing of loan application. My credit score, that PennyMac pulled, was a XXXX and I have never had a late payment on my existing FHA loan with PennyMac. There have been so many service failures with this application process that I should be paid for the time that I've invested in holding PennyMac representatives responsible for doing their respective jobs. The only reason I have continued to pursue a refinance loan, given the unacceptable and substandard customer service, with PennyMac is because they pulled my credit and that has/will decrease my score and because I'm a well-qualified applicant by any measure/metric used, UNLESS PennyMac is using race as a metric. It should be investigated and looked into as I'm a member of that 10 % who will take the time to share my experience that others may dismissed and move on to another mortgage service provider without their negative experience being captured and identifying possible illegal practices and patterns.