Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #4918505

Complaint Overview

Complaint ID: 4918505

Company: Pennymac Loan Services, LLC.

Product: Mortgage

Sub-Product: Conventional home mortgage

Issue: Applying for a mortgage or refinancing an existing mortgage

State: California

ZIP Code: 91362

Date Received: 2021-11-16T12:00:00-05:00

Date Sent to Company: 2021-11-16T12:00:00-05:00

Company Response: Closed with monetary relief

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

I applied for a mortgage refinance with XXXX XXXX at PennyMac early XX/XX/2021 in order to secure a lower interest rate and monthly payments, of note my existing mortgage is already serviced by PennyMac, and I thought that would make it an easy process, but little did I know then. I quickly got approved for a full 1 % lower interest rate after the house appraisal went through, then came the repeat and erratic requests for documents for income verification, solar panel agreement/ etc, followed by 3-4 week periods of no communication, and calling them for an update resulted in requests for the same documents that were already previously provided, then another long silence period, another call to check on the status resulted in the issue of a revised agreement with higher fees and closing costs ( 2 months after the first offer was already approved? ) I demanded that they respected the first agreement and revise down the fees and closing costs to the initial amounts, then radio silence for another 3 weeks, punctured by occasional status update calls from a lady who would scream on the phone, but those calls were that totally non informative, so I called to get more details, and was told that my case was closed per my own request, and they cited some unknown email address that was used to request the closing of my case I, of course, immediately demanded that the case be reopened since I never asked them to close it in the first place, I was also assured that this would be handled by a supervisorchecking the website, all my previously requested documentation was requested once again, by then we were already in XX/XX/2021, and by then the low interest rate I was offered initially was just not available from any lenders due to the rates creeping up, and I get a survey email asking me about my experience with PennyMacand that is when I call them for a status update, and get told that my application was denied for a high debt to income ratio I cant help but suspect that I was dragged into a lengthy refinance application just to be denied 4 months later when the low interest rates were no longer available, wasting any chance I could I could have refinanced with another company. I also suspect that they intentionally declined this preventing me from obtaining a lower interest rate, which could have resulted in lower interest amounts collected by PennyMac over the life of my loan. Useful communication was inexistent with my loan officer, XXXX XXXX, who came across as duplicitous, dishonest, and vindictive, deciding to deny me a refinance when I demanded they stick with the initial offer terms with lower fees and costs, just as the interest rates went up so much that I missed the chance for a decent refinance with another company. My chance to refinance at a lower rate has been wasted by Pennymacs unscrupulous practices and blatant mismanagement.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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