Consumer complaint received 2024-04-08
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — Payment process
Company: PENNYMAC LOAN SERVICES, LLC. (TX)

I have to two concern/complaints : The first one, Pennymac bought our mortgage from whom we originally closed with. Afterward, the COVID pandemic hit. PennyMac offered to help during Covid-19 and gave XXXX options for the relief. The first option was to pay back the loan in full, the second was to put in on installments, and the XXXX was to take the relief balance and add it on the end of the loan. The last and final was refinance. At the end of the pandemic, the only option was to repay the loan in full within 30 days or refinance. Had it not been for the State of Texas paying the balance for us, we would've been successfully conned out of our home by a mortgage company we never orignially agreed to to do business with in the first place. 

The second complaint, while XXXXXXXX XXXX  to the U.S. I'd been making payments with my debit card, over the internet, while partially living in XXXX while undergoing XXXX and XXXX XXXX XXXX XXXX XXXX. After we were all XXXX XXXX  to the XXXX the transition and economy caused us to fall back a month on our morgage payment. When we were able to catch up, I was unable make a mortgage payment utilizing my debit card anymore. I contacted PennyMac about the issue and they explained that due to me being behind, I would have to set up bank drafts in order to get caught up. I explained that I had tried that in the past to no avail because PennyMac rejected my banks ( XXXX XXXX XXXX XXXX ) credentials. 

My issue is based on the fact that Debit Card payments are instant yet the ACH transactions take up to 5 business days to process. Debit card transactions are {$6.00} each. Considering that my bank had been rejected in the past resorting in my having to pay Debit Card fees that cost {$6.00} per transaction, it seems like they make it hard to make payments initially, then they make even more difficult when you fall behind. 

Furthermore, had they not have prevented me from setting up ACH payments initially, I would'nt of had to pay {$6.00} per payment for over the past two years. To add insult, the moment I fall behind, they forced to pay only ACH that takes five business days to process whilst charging late fees! 

They sent certified mail to my home over the late payment and charged me {$25.00} for it. PennyMac 's website clearly states that all payments are accepted including debit card transactions with no disclaimer stating otherwise. That could be percieved as false advertisement because I would've considered that important had I opted to use them as a mortgage lender initially. It clearly isn't the case. 

Lastly, we were able to get caught up on all late payments earlier this month. As of now my account is good standing. The ongoing issue with this deceptive and antagonizing organization is that I opted out of payment reminder communications years ago, yet PennyMac has snarkly began sending " payment reminders '' even though the option is clearly deselected within my PennyMac account profile. I am percieving that as harrassment.

During the pandemic situation, when we were on the verge of losing our home, an account manager from PennyMac called and began antagonizing me on how I would be losing my current interest rate with a refinance and possible foreclosure if didn't catch up. When I mentioned that I had filed for relief through the State of Texas, she retorted to stating that I had little chances of relief based on here experience. 

None of this would've happened if I could've kept making payments with my debit card. Swithing to ACH put me at risk for more fees. Once I was caught up, the payment reminder notifications begin without my consent. 

The technology of their website can be altered to the extent of generating additonal funds based on improper communication from PennyMac. I am trying to download my most current statement that has all of the most recent fees and charges to no avail. It says that my internet connection is bad yet I am able to send this complaint with no problem. Functions like that and others related to payments and their justification for charging fees warrant further investigation. I will take a screenshot and see if that works. If I could change mortage companies I would. I would've NEVER opted to do business with PennyMac and regret the fact that they are my current lenders.