Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4439085
Complaint Overview
Complaint ID: 4439085
Company: Pennymac Loan Services, LLC.
Product: Mortgage
Sub-Product: Home equity loan or line of credit (HELOC)
Issue: Applying for a mortgage or refinancing an existing mortgage
State: Washington
ZIP Code: 98597
Date Received: 2021-05-27T12:00:00-05:00
Date Sent to Company: 2021-06-07T12:00:00-05:00
Company Response: Closed with monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
My wife and I applied for a cash out refinance mortgage on a home we have lived in and paid a mortgage on for the past 19 years. We went thru Penny Mac and an woman named XXXX XXXX was the agent we dealt with. She seemed intelligent and eager to assist us and get our business. I was apprehensive to have any type of hard credit inquiry done for just an initial estimate to get some numbers and I told her as much because other lenders were also interested in us and wanting to do soft inquiries. These inquiries effect your credit rating. So she had us fill out all type of forms on line and we had to agree to receive all documents on line to do business with them. I reluctantly agreed and her assessment was we qualified and we had more than enough equity in our home and then some. So after submitting all requested documentation and long phone discussion in which we told her this was a manufactured home. We were told by XXXX in order to lock in our quoted rate we were required to give them a deposit of XXXX for an appraisal and that WA state required that much of a deposit. So we got the application signed all paperwork submitted ( which also stated this was a manufacture home ) and paid them the deposit via credit card over the phone and all was done. I get a phone call the next day from XXXX saying she had some bad news! So after collecting all of our personal sensitive financial information, bank statements, mortgage statements, insurance declaration and our XXXX deposit for the appraisal she informs us that Penny Mac doesn't lend money on manufactured homes? Now it's going to take 7-10 business days to get a refund on our XXXX deposit for an appraisal. Who collects the interest on that XXXX fee for that 7-10 business days and how much money is that if they do it to hundreds of applicants a week? She should have known the loan would not be completed when we told her it was a manufactured home not to mention that was also available information on all the documentation we provided prior to making the XXXX deposit on the appraisal. These people are completely incompetent!
Frequently Asked Questions
What is Complaint #4439085 about?
Complaint #4439085 was filed against Pennymac Loan Services, LLC. regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2021-05-27T12:00:00-05:00.
How did Pennymac Loan Services, LLC. respond to this complaint?
The company responded with: "Closed with monetary relief". 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.