Consumer complaint received 2025-05-20 00:00:00
Product: Mortgage — Home equity loan or line of credit (HELOC)
Issue: Closing on a mortgage — Trying to communicate with the company to fix an issue with the loan closing
Company: PENNYMAC LOAN SERVICES, LLC.
State: VA

Complaint narrative:
I applied for a XXXX fixed home equity loan on XX/XX/year> through my current lender Pennymac. I spoke initially with a representative named XXXX XXXX who assisted me with my initial screening provided all documents required of me and answered my questions. I advised XXXX that my home was paid off, and that because of this I had chosen to pay my escrow and not to include escrow in my payment. XXXX assured me that this could be done. I received notification on XXXX XX/XX/year> that my loan was approved. I then received notification that we were set to close on the XXXX of XXXX, however this was postponed by myself due to a planned wedding on a cruise ship. The closing was then scheduled for XXXX XX/XX/year>. The notary arrived to my home and during the process my wife and I saw that the escrow was included in the payment. We immediately stopped the process and reached out to XXXX, the other processor who was assisting me. After speaking with XXXX, who could not answer my questions regarding why the escrow was included, I asked to speak to her supervisor XXXX. Over the phone, XXXX assured me again that closing documents should have never included the escrow and he would work to correct the issue. I advised XXXX that my job was scheduled to go out to sea and that the closing needed to be escalated. XXXX gave me the run around multiple times and then said that closing could not proceed as records showed I was a payment behind. I was certainly thrown off by this as I had not received any notifications and I was under the impression that Ive never missed a payment. I asked several times about why I would be allowed to go all the way to closing and then be stopped from proceeding because of a missed payment. I was not provided a satisfactory answer and feel as though because I asked about my escrow not being included in my payment and because Pennymac is not making that money from me that I am being discriminated against and forced to pay a payment that I am still unsure of how it was missed. I am a loyal paying customer. I paid my original mortgage off in 8 years, and I have a current equity loan.

I strongly feel because Pennymac is not making money in the long term they are choosing to not lend to me. After everything I was told my loan was then changed to denied after being approved on XX/XX/XXXX -- reasoning was from a missed payment. I would like to escalate this situation to the highest chain of command for reconsideration. I provided screen shots of payments as I normally make on time, it's very obvious I had no clue i was making a late payment because I had plenty money in myaccount based on screenshots they were drafting from. I was told there was a payment missing in XXXX but provided a clear screenshot for XX/XX/XXXX then was told XXXX was late and I provided a screenshot for XX/XX/XXXX. I clearly made my payments as I do normally because I never knew I was late in the system. I then found out the company won't give me a loan based on XXXX late payments but I was uninformed and mislead because they allowed closing to happen on XX/XX/XXXX. I'm a Merchant XXXX and I pride myself on making payments on time so if I knew there was a issue I would've addressed it. I was also mislead by XXXX of the higher ups XXXX that if I called support and cleared my debt and made a current payment -- that he would call closing to proceed but then I was informed that wasn't the case so I asked to speak to the president of the company because everyone is using protocol that they know and telling me they never had a case like this before but not once did I speak to the president or anyone who could make a sound decision for a reliable and trustworthy customer. I provided payments, excellent credit scores, More then enough income to debt and long job tenure.I 've expressed throughout the whole loan process that I'm about to go on XXXX for 10 months, so I would love to resolve this issue on XX/XX/year>.

Company response to consumer: Closed with explanation