Consumer complaint received 2018-02-07
Product: Mortgage — Conventional home mortgage
Issue: Trouble during payment process — 
Company: PENNYMAC LOAN SERVICES, LLC. (NJ)

PennyMac Loan Services LLC received my mortgage payment on XX/XX/XXXX. It is now Tuesday XX/XX/XXXX and PennyMac has not yet credited my mortgage account. PennyMac has held my payment, without crediting my account, for 8 business days. 

On XX/XX/XXXX, I received a letter dated XX/XX/XXXX from my current loan servicer, PennyMac Loan Services , LLC . This letter states the following : effective XX/XX/XXXX, the servicing of my mortgage loan is being transferred from PennyMac Loan Services , LLC (  PennyMac ) to XXXX XXXX XXXX , XXXX. This means that after this date, XXXX XXXX XXXX , XXXX, will be collecting your mortgage loan payments from you. Nothing else about your mortgage loan will change. 
The letter also states that : Under federal law, during the 60-day period following the effective date of the transfer of the loan servicing, a loan payment received by PennyMac on or before its due date may not be treated by XXXX XXXX XXXX , XXXX as late, and a late fee may not be imposed on you. 

On XX/XX/XXXX, at XXXX XXXX  EST, I contacted PennyMac by phone and spoke with XXXX. I explained to her that I need to make a payment. I stated that if I did not receive my new account number and mortgage statement from the new loan servicer, I would send my next payment to PennyMac. XXXX stated that I could send the payment to PennyMac and they would forward it to XXXX XXXX XXXX, if I didnt receive a mortgage statement from XXXX XXXX XXXX. 

On XX/XX/XXXX, at XXXX XXXX EST, I contacted the new loan servicer, XXXX XXXX XXXX , XXXX and spoke to XXXX. XXXX stated that they did not have my information yet and that the loan will have a new loan number after it transfers to XXXX XXXX XXXX. XXXX stated that I will receive a welcome letter by XX/XX/XXXX, the date of the transfer. XXXX also stated that in order to receive a mortgage statement I will have to make a payment over the phone first or by mail, and then after my first payment the mortgage statements will be generated. I stated to XXXX that I will continue to make payments to PennyMac until I receive a mortgage payment from XXXX XXXX XXXX. 

By XX/XX/XXXX, I still had not received any letters from XXXX XXXX XXXX regarding my mortgage account with them. I had no mortgage statement and I did not have any payment coupon nor did I have the new account number from XXXX XXXX XXXX. As a result, I mailed the mortgage payment to PennyMac via USPS priority mail express ( the same way I have being mailing payments to PennyMac in the past 2-3 years ). As per USPS, my mortgage payment was delivered to Penny Mac on XX/XX/XXXX, and signed by XXXX XXXX ( see Attachments 1 and 2 ). 

On Saturday XX/XX/XXXX, I called XXXX XXXX XXXX and I spoke to XXXX to see the status of my account and he informed me that they just received the file from PennyMac the day before. XXXX stated that I was not in their system yet. XXXX stated that it takes a few days for the PennyMac file to load in their system but that by Wednesday XX/XX/XXXX my account should be in the system. I stated to XXXX that since I never received a mortgage statement or any correspondence from XXXX XXXX XXXX, I sent the mortgage payment to Penny Mac.  XXXX stated that Penny Mac will be forwarding the payment to XXXX XXXX XXXX. It is now Tuesday XX/XX/XXXX and I have not received any correspondence from XXXX  XXXX XXXX. 

I called PennyMac on XX/XX/XXXX to find out why they had not posted the check that they received on XX/XX/XXXX. I was able to speak with a customer service representative named XXXX. I asked him why, after receiving my payment, they decided not to credit the account. He answered that they had not yet received my payment. I replied to him this is not true and that I have the USPS ( US Postal Service ) tracking information which shows that the letter was delivered to PennyMac and signed for by XXXX XXXX on XX/XX/XXXX ( see Attachments 1 and 2 ). The representative then stated that it takes 7-10 business days to credit the account. I stated to the representative that this is also not true. In the past, after the payment is received, the check has posted to my account in less than 3 business day. For example, in XX/XX/XXXX, I mailed a payment, via USPS, on XX/XX/XXXX ( see Attachments 3 and 4 ). As per the USPS tracking information, the XXXX letter was delivered to PennyMac and signed for by XXXX XXXX on XX/XX/XXXX ( see Attachment 4 ). The check for the XX/XX/XXXX payment posted to my bank account on XX/XX/XXXX ( see Attachment 5 ). The XX/XX/XXXX payment was credited by PennyMac, to my account, within 2 business days after receiving the payment.

I believe that PennyMac is not crediting my account in order to be able to foreclose on my home. In the past PennyMac has made many attempts to foreclose on my home. I have filed several complaints against them with the CFPB. I am behind on my payments and I am in the process of catching up. I believe that PennyMac is now working in conjunction with the new servicer, XXXX  XXXX XXXX, to avoid crediting my account. By not crediting my account PennyMac will cause my account to reach 120 days past due and they will be able to foreclose on my home. I believe that PennyMacs goal has always been to foreclose on my home.