Consumer complaint received 2024-03-28
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — Trying to communicate with the company to fix an issue while managing or servicing your loan
Company: PENNYMAC LOAN SERVICES, LLC. (NV)

I purchased my home on XX/XX/XXXX. My monthly payment was {$1800.00}. On XX/XX/XXXX I made my monthly payment as usual, however, a few days later, I was informed that my account had an overdue balance of over {$800.00}. When I called PennyMac, they informed me that my account was overdue because my new monthly payment was {$2700.00}, I asked why? They told me it was because I did not have insurance on my account. I said I do have insurance on my account. They said we dont have a record of your insurance policy renewal after XX/XX/XXXX I then called my insurance provider, and they informed me that they sold my insurance policy to XXXX XXXX At this time, I called XXXX XXXX, and they informed me that when they renewed my policy for the next year, they never informed PennyMac. Due to the fact that I was not informed that my insurance policy was sold to XXXX, There was no way for me to inform PennyMac myself either. Once I confirmed that there was no gap in my insurance policy, I called PennyMac back and informed them that I didnt have a gap in my insurance, and requested that they remove the insurance policy that they put on my account which was over {$800.00} extra a month, they said that they would do this. I also requested that they get rid of any late fees placed on my account due to this issue which was beyond my control. They said that they would do this as well. I asked what amount do I need to pay in order for my account to be in good standing, they informed me that I needed to wait until a new escrow analysis was complete in late XXXX. I asked, would there be any negative impacts to my account or to my credit? They informed me that there would not be. Once I confirmed this, I hung up the phone and waited until the escrow analysis was complete. On XX/XX/XXXX I received confirmation that the escrow analysis was complete, but my account was still reflecting, an overdue balance and a monthly payment of {$2700.00} a month. I called PennyMac and spent the next two hours being forwarded around in circles With everyone telling me different things about the amount that I owed and no one being able to tell me the correct amount due. By the time I spoke with the supervisor, the consensus at PennyMac was that I still owed the {$2700.00} from the XXXX payment. Even though the escrow analysis confirmed that my new monthly payment would be {$2300.00}. I informed them that I was still making my monthly payment of {$1800.00} which is what they asked me to do until the escrow analysis was complete for XXXX and XXXX. They refuse to backdate the escrow analysis to XX/XX/XXXX because they did not complete the escrow analysis until XXXX, even though I requested the escrow analysis in XXXX. They are demanding that I pay the difference between the {$1800.00} that I paid, and the {$2700.00} that does not reflect the new escrow analysis. Even though it was the fault of the mortgage company and the insurance company that did not communicate regarding my policy which resulted in a subsequent increase in my mortgage payment. They tried to say that they informed me about the new payment when they did an escrow analysis in XXXX, but I am on paperless contact and my payments are on auto pay, so I had no reason to check for any issues until I was notified that my account was overdue in XXXX. 

I do not believe that I should be obligated to pay {$2700.00} for XXXX, when my monthly payment in XXXX shouldve been {$2300.00}. Penny Mac refuses to allow me to pay the correct amount and they told me that they would negatively impact my credit. I find these practices to be incredibly predatory, lacking in common sense, and designed to confuse their customers until they give in to paying an amount that was never agreed-upon in the first place. {$400.00} may not mean much to PennyMac, but it is a big deal to many of their customers. I refuse to pay for the mistakes of these predatory corporations.