Consumer complaint received 2024-03-19
Product: Mortgage — VA mortgage
Issue: Trouble during payment process — Payment process
Company: PENNYMAC LOAN SERVICES, LLC. (FL)

I have a Fix Rate VA Mortgage Loan, agreements states which I signed and agreed to with XXXX XXXX of 6.5 % interest rate. 

Loan originated with XXXX XXXX in XXXX of XXXX, then sold to Pennymac in XX/XX/XXXX with my first payment ( for XX/XX/XXXX ) made to XXXXXXXX XXXX on XX/XX/XXXX which was sent over to Pennymac and applied correctly as per my VA Mortgage Agreement of 6.5 % rate. 

Payments History : XXXX Pmt. for XXXX XXXX applied correctly as per my VA Mortgage Agreement of 6.5 % rate. 
XXXX Pmt. for XXXX XXXX applied correctly as per my VA Mortgage Agreement of 6.5 % rate. 
XXXX Pmt. for XX/XX/XXXX applied incorrectly as per my VA Mortgage Agreement. I was charged interest at the rate of 6.8 % instead of what my Mortgage Agreement states. 

What I have done to have this resolved : I called on XX/XX/XXXX after making my XXXX payment on XX/XX/XXXX and noticing this error. Spoke to a XXXX XXXX, he stated the money went to escrow and that he was submitting a work order to get the money allocated correctly. I informed XXXX XXXX the money did not go to escrow but instead went towards interest over charging me more interest than 6.5 % but I was charged incorrectly 6.8 %. He said it will be corrected and to allow XXXX business days for the correction ( XX/XX/XXXX ). 

Called on XX/XX/XXXX ; Spoke to XXXX, Explained to her as I did to XXXX XXXX on XX/XX/XXXX, That I was over charged interest at a rate of 6.8 % instead of 6.5 % as per my VA Loan mortgage agreement. She stated she placed another work order to have this looked into and corrected, to allow XXXX business days ( XX/XX/XXXX ). 

Called on XX/XX/XXXX : Spoke to XXXX, Explained to her as I did to XXXX XXXX on XX/XX/XXXX and XXXX on XX/XX/XXXX, That I was over charged interest at a rate of 6.8 % instead of 6.5 % as per my VA Loan mortgage agreement. She stated she place another work order and this time have it expedited, she place me on hold while she received authorization from her supervisor to have the work order expedited, to have this look into and corrected, to allow another XXXX business days ( XX/XX/XXXX ) and XXXX stated I will receive a call by or before XX/XX/XXXX. 

Called Again on XX/XX/XXXX : This time XXXX pick up and she remembered our conversation from XX/XX/XXXX. I explained the issue has still not been resolved and no one from Pennymac has contacted me. I explained to her how I was being charged a higher interest by Pennymac of 6.8 % vs my VA Mortgage XXXX agreement and went over the calculations step by step. I again requested a callback from someone that could go over the numbers because numbers are numbers, and this is simple math. 
XXXX created another work order # XXXX compose of the correct interest calculations and submitted it on XX/XX/XXXX. 

I am being charge interest at a higher rate than what my Fix Rate VA Mortgage Loan agreements states which I signed and agreed to with XXXX Mortgage. 

To get through a live representative at Pennymac is very difficult and time consuming because all the AI prompts push you back to the AI prompts. I want this to be resolved at the lowest level possible.