Consumer complaint received 2020-11-27
Product: Mortgage — Conventional home mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage — 
Company: PENNYMAC LOAN SERVICES, LLC. (TX)

On XX/XX/XXXX, PennyMac locked the rate for me to refinance a mortgage in the amount of {$340000.00}. After 3.5 months and many document request reiterations, the company denied the refinancing loan based on a reason that is not supported by facts. 

The decision letter cites " credit incomplete '' as the reason for the denial and attached three credit reports as the evidence to support the " credit incomplete '' claim but the credit reports only provide my credit scores ( which are excellent, ranging from 730 to 770 ) and do not provide reasons to explain " credit incomplete ''. In addition, if the company found out from the credit reports that my credit is incomplete, then they should have told me immediately after they received the reports on XX/XX/XXXX. And yet, after they received the reports, they approved my loan application. So obviously, the denial decision which came 3.5 months later, couldn't be based on the credit reports. 

If the decision had been made based on the legitimate reasons and especially, if I had not had a firsthand terrible experience with the company, I would have accepted and move on. But that is not the case. 

In the past 3.5 months, what I have experienced with the company is : the employees ' unprofessional and abusive behavior that shows totally disrespect of the customers. 

Unprofessional - the employees involved in the process made many errors and in spite of my corrections, they continue these mistakes. For example, I currently rent an apartment as residence and I disclosed this fact and the monthly rent on my application. Yet, the employees started requesting the mortgage statements on my apartment early on. I wrote them to correct their mistake and stated that it is a rented residence and I don't have a mortgage on it. My correction did not stop the various employees requested the mortgage statements several times. The employees just choose to ignore the fact and insisted on requesting a document that does not exist! They made the same mistake about another property I own. I bought the property with cash. Again, I told them about this in writing. Again, it did not stop them from requesting a mortgage statement again and again. The employees communication with me as a customer is essentially zero. In the past 3.5 months, almost of all their communication with me was to request information but given their numerous mistakes with regards to the document requests, I tried in vail to get their responses to these errors and never have had any. Not in any situation in the past 3.5 months, did the employees initiate communication to address my concerns and this is appalling especially considering they made so many errors. 

Abusive behavior - In this whole process, the company 's employees, collectively, just kept harassing me with repeated requests for documents as if that is all they do. Their behavior was abusive because : 1 ) they kept asking for the same documents over and over again. Often times, they changed the employee who asked for the documents. Someone asked for the bank statement and I provided and then a week later, someone else came to ask the same bank statement and this became a pattern for many of the documents they requested ; 2 ) they totally ignored any of my communications with regards to the documents requests and kept asking for the documents that don't exist. It became a great hassle for me to have to deal with these constant harassments in the fear that I might be accused of not cooperating and providing what they need. My rights as a customer were certainly violated under these circumstances. 

I have documented records that show that I satisfied every legitimate request their employees made throughout this whole process. I have a good credit score. I have a good income. I don't have debt except for the home mortgage, my debt to income ratio is significantly below the market threshold and I don't have anything complicated in my financial profile. By any measures, I would be viewed as solid borrower. So I don't know exactly why I've run into such trouble with the company. 

They are only two plausible reasons : one is the company 's process is seriously flawed and the employees have not been trained properly and I've become a victim of it. I have hard evidence to prove it ; the other is that their employees have a racial prejudice. I am a minority and I spoke with an accent. I can not imagine that any normal customer with what they might view as the " right '' race would be treated this badly. Of course, for this latter one, I can not provide the hard evidence but gradually I started to feel it. 

I have documented all the records to support my complaints. It is just too much to upload. The company also have these records but if they request, I can provide in the dispute process.