Consumer complaint received 2024-11-25 00:00:00
Product: Mortgage — Conventional home 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.
State: CA

Complaint narrative:
**Subject : Complaint Against PennyMac Loan Services LLC and XXXX XXXX for Non-Compliance with Federal Servicing Regulations and Inadequate Response to Documented Concerns** **Complaint Summary : ** I am submitting this complaint regarding my mortgage account with PennyMac Loan Services , LLC , due to unresolved issues concerning loan servicing, securitization, and potential regulatory non-compliance. My attempts to gain clarity on these matters have been met with unsatisfactory responses, despite repeated efforts to resolve the issues directly with PennyMac and Fannie Mae, the owner of the loan.

**Details of the Complaint : ** 1. **Failure to Provide Documentation and Ownership Clarity : ** Despite multiple requests, PennyMac has not provided sufficient documentation or clarification on the ownership of my loan and note. Specifically, I have requested : - Documentation of the chain of title and the current holder of the promissory note.

- Verification of endorsements required under federal regulations, particularly regarding securitization activities. 

These requests are essential under the Real Estate Settlement Procedures Act ( RESPA ) and critical to confirming the enforceability and compliance of my loan. PennyMacs lack of transparency raises significant concerns regarding their adherence to federal disclosure requirements. 

2. **Non-Compliance with RESPA and Dodd-Frank : ** Under RESPA, PennyMac is obligated to provide timely and comprehensive responses to borrower inquiries. Despite presenting substantial evidence of discrepancies, including audit findings indicating potential fraud, securities fraud, and tax evasion, PennyMac has not conducted an adequate investigation. Their failure to respond substantively to these concerns suggests non-compliance with both RESPA and the consumer protection mandates outlined in the Dodd-Frank Act, particularly in terms of transparency, fairness, and the avoidance of unfair practices. 

3. **Inadequate Response to Allegations of Fraud : ** I have provided documentation supporting serious allegations, including securities fraud and tax evasion tied to the mortgages securitization process. Despite the gravity of these findings, PennyMac dismissed the allegations without adequate investigation or response. This disregard suggests a lack of compliance with RESPAs requirement for servicers to address substantive inquiries and potentially with Dodd-Franks UDAAP ( Unfair, Deceptive, or Abusive Acts or Practices ) provisions. Ignoring such allegations without investigation may imply a failure to uphold consumer protection principles. 

4. **Chain of Title and Ownership Verification : ** My formal requests for records detailing the chain of title and any endorsements on the original note have gone unanswered. A clear explanation of the current noteholder and trustee obligations is essential to understanding the legal standing and compliance of my loan. I request the CFPBs assistance in obtaining definitive verification of the loans ownership and trustee obligations. 

5. **Lack of Direct Engagement by XXXX XXXX , Despite Legal Counsels Involvement : ** When I initially raised these issues directly with Fannie Mae , they retained legal counsel, who instructed me to submit all correspondence through PennyMac. Despite XXXX XXXX awareness of my concerns, no substantive responses have been provided by either Fannie Mae or PennyMac. Given XXXX XXXX role as loan owner, it is crucial that they meet their fiduciary and regulatory responsibilities instead of deflecting accountability solely to the servicer.

Company response to consumer: Closed with explanation