Consumer complaint received 2017-01-25 00:00:00
Product: Mortgage — Conventional fixed mortgage
Issue: Loan servicing, payments, escrow account — 
Company: PENNYMAC LOAN SERVICES, LLC.
State: MD

Complaint narrative:
I mailed my mortgage payment to PennyMac Loan Services on XXXX XXXX, XXXX ( I have proof of doing so ), but my payment was not credited to my account until XXXX XXXX, XXXX, the day after the payment is considered late. PennyMac has in the past credited my payment later than the day that it was received. I know this because I have sent some past payments by certified mail and I saw that, on occasion, PennyMac did not provide a credit to my account on the day the payment was received. 
This is not the first time that I have filed a formal complaint against PennyMac with CFPB regarding this same issue. I also filed a complaint on XXXX XXXX, XXXX. On that occasion, I had mailed my payment to PennyMac on XXXX XXXX, XXXX, and PennyMac did not credit it until the day that I filed the complaint on XXXX XXXX, XXXX. 
At this point, I think that this is a pattern of behavior for PennyMac. When I called PennyMac yesterday to complain about my payment being credited late, they immediately started encouraging me to pay my mortgage in other ways ( such as electronic payments ). My impression is that they would rather I use another method to make my payments instead of mailing in a check every month. 
This would all appear to be extremely unscrupulous. At this point, I want PennyMac to sell my loan to a company that will fairly credit my payments in a timely manner as required by law. I have never had a late mortgage payment and it is a pain in the neck to have to take extra measures to be able to prove that I mailed in my mortgage payment on time every month. 
On this occasion, PennyMac did not credit my payment to my account until 12 days after I mailed it, then they charged a late fee to my account. When I asked the customer service representative why they did not credit my account in a timely fashion, she said the same thing that they said 2 years ago : We had bad weather across the country and it held up the mail. She even said that they had trouble getting to their lockbox even though it is in XXXX, Texas. 
The bottom line is that this is the second time that I have submitted a formal complaint to CFPB about this practice at PennyMac. It is a heavy burden to write a large check every month for my mortgage and not know whether I will receive the credit that I am supposed to receive under law. At this point, it is clear that this is not an isolated incident with PennyMac. I will enclose an official Certificate of Mailing from the U.S. Postal Service showing that I mailed my payment on XXXX XXXX, XXXX, as I previously stated. 
It is completely unreasonable that PennyMac credited my payment a full 12 days after I mailed it. Whenever I have sent my payment using Certified Mail, it usually arrives at PennyMac in 3 days. Occasionally, it takes 4 days but never more than that. It is obvious that PennyMac has not credited my account in a timely manner and this is the second time that this has happened. This is a pattern and they should sell my loan to a company that will credit my account on the day that they receive the payment as is required by law.

Company response to consumer: Closed with explanation