Consumer complaint received 2020-12-18
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PENNYMAC LOAN SERVICES, LLC. (TX)

This is a follow up complaint to the complaint # XXXX. PennyMac XXXX Services Inc. 

The company 's XX/XX/XXXX response to my previous complaint is not acceptable because it does not address the key issues I raised in my previous complaint and the response also basically tells lies about what actually happened. 

First, the company has changed its story about the main reason for its loan denial decision. The decision letter states it is " credit incomplete '' and the totally nonrelevant documents were attached providing no support for the decision. When I challenged the decision, a PennyMac operations manager told me that " credit incomplete '' is not the reason. He informed me that the reason is my DTI ratio exceeds the lender 's threshold. I challenged it since there is no way my DTI ratio is as high as he stated. I demand that the company disclose how my DTI was calculated. He never responded further. Then three weeks after the loan decision, I was told by the complaint specialist at the company that the reason now was " document incomplete ''. But this is a lie because I can provide the documented evidence that I provided all the available documents the company requested, always promptly throughout the whole process. For a company making hundreds or thousands of such decisions routinely, why they can not give straightforward and clear reasons for this particular decision?! After failing to provide an answer that can hold up on the factual ground, the company 's response simply avoid it. 

Secondly, the company 's response does not address the problems I listed in the previous complaint including but not limited to : requesting the documents that don't exist ( e.g. mortgage statements on a rented apartment ) ; requesting the same documents three or more times. These problems clearly contributed to the extraordinary delay, confusions and eventually a wrong decision on my loan application. The company 's response does not acknowledge and investigate into these problems in the first place so it is obvious the company has no intention to address the problems. 

Thirdly and the worst is that the company 's response tells lies. For example, the company 's response letter states " we did not receive the requested documents for your property at XXXX XXXX XXXX, XXXX, TX XXXX, or proof that the other owner paid the expenses associated with this property from their personal bank account, and the rate lock was expiring, your refinance application was declined on XX/XX/2020 ''. This is untrue. On XX/XX/XXXX, I provided all the abovementioned documents in 4 attachments to XXXX XXXX, Retail Operations Manager in XXXX Office and Mr. XXXX confirmed the receipts of these documents. Then on XX/XX/XXXX, the new loan officer, XXXX XXXX requested the same documents. I forwarded her the documents I submitted to PennyMac on XX/XX/XXXX and also attached my email to Mr. XXXX to informed him that I had already submitted what she requested two weeks earlier. Another example, the company 's response letter also states that the records show that I did not disclose my monthly rent. This is not true either. I did report my monthly rent as my monthly expenses on my application. The monthly rent I reported was reported a little lower than what the lease agreement shows because I received 1.5 month rent free as the incentive to sign the lease. There are several other cases that the company response letter refers are not factual. 

Several times, I offered the complaint specialist that I can provide the evidence to support every issues I complained about but she was interested and just declined. After seeing the company response, I now know why. I was promised a " thorough '' investigation into the issues I raised, the company 's response letter, just like what PennyMac employees did to me before, is a complete disappointment. It represents everything an honest, transparent and accountable public company is not. There is no real intention by the company to address the problems.