Mortgage -- Trouble during payment process -- Complaint #14232461
Complaint Overview
Complaint ID: 14232461
Company: Pennymac Loan Services, LLC.
Product: Mortgage
Sub-Product: FHA mortgage
Issue: Trouble during payment process
Sub-Issue: Private mortgage insurance (PMI)
State: Alabama
ZIP Code: 35022
Date Received: 2025-06-21T12:00:00-05:00
Date Sent to Company: 2025-07-25T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have been in my home for 4 years and the equity has risen. We were told at closing in 2021 that we would be able to remove MIP ( mortgage insurance premium ) once we'd paid so much on the loan. After calling the company, I found that we are stuck with MIP for the life of the loan. This is unfair and also has financially XXXX motives. WE have never been late on a mortgage payment and our l-t-v is now 77 % with conventional loans, it would be removed by now. The data shows that when the XXXX families who are able to buy a home, many will take the FHA due generationally having lower amounts to put down on a home. Therefore, this is disproportionately impacting minority homeowners. With the high cost of everything today, this would help families to remove the unnecessary burden of MIP especially being that we will never see this money again. It's like paying to show we are worthy of of being homeowners just because we couldn't pay a higher down payment. This is robbery and this rule needs to be changed, especially in this high cost economy where people can barely afford to live. Removing this almost {$200.00} XXXX from my mortgage would help drastically. Lower down payment homeowners do not deserve this unfair treatment.
Frequently Asked Questions
What is Complaint #14232461 about?
Complaint #14232461 was filed against Pennymac Loan Services, LLC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2025-06-21T12:00:00-05:00.
How did Pennymac Loan Services, LLC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against Pennymac Loan Services, LLC.?
Yes, visit the Pennymac Loan Services, LLC. company profile at readthecomplaint.com/company/pennymac-loan-services-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.