Mortgage -- Trouble during payment process -- Complaint #5271095
Complaint Overview
Complaint ID: 5271095
Company: Pennymac Loan Services, LLC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Washington
ZIP Code: 98116
Date Received: 2022-02-28T12:00:00-05:00
Date Sent to Company: 2022-02-28T12:00:00-05:00
Company Response: Closed with non-monetary relief
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Mortgage servicer ( Pennymac ) is in clear violation of 12 CFR 1024.17. Pennymac is illegally withholding a significantly larger tax escrow payment then allowed under 12 CFR 1024.17 ( c ) ( 1 ) ( i ). I contacted Pennymac in XXXX and XX/XX/2022 and they have failed to reduce my monthly escrow payment, even though documentation was submitted to Pennymac to support the correct escrow amount. The loan originator estimated my annual property taxes at {$14000.00} ( {$12000.00} annual taxes + {$2000.00} selected reserve ). The monthly escrow payment is {$1000.00} of which approximately {$1000.00} go towards the estimated tax payment. The 2022 actual tax amount is {$5200.00}. Pennymac has knowingly collected at least 238 % of my actual annual tax payments. Under no circumstance is Pennymac 's escrow analysis reasonable, nor consistent with 12 CFR 1024.17 ( c ) ( 1 ) ( i ) or ( c ) ( 7 ). As this property was a new build, the Loan Originator and Pennymac have an obligation to " In cases of unassessed new construction, the servicer may base an estimate on the assessment of comparable residential property in the market area. '' 12 CFR 1024 ( c ) ( 7 ). Armed with appraised value of {$740000.00} and known published millage rates for the areas, the Originator grossly failed to comply with 12 CFR 1024 ( c ) ( 7 ) by estimating an outrageous home value or clearly wrong millage rate. My mortgage payment is approximately {$700.00} higher than it should be, solely due to this escrow issue. Pennymac refuses to update my escrow account and return to me the monies that they are in illegal possession of.
Frequently Asked Questions
What is Complaint #5271095 about?
Complaint #5271095 was filed against Pennymac Loan Services, LLC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-02-28T12:00:00-05:00.
How did Pennymac Loan Services, LLC. respond to this complaint?
The company responded with: "Closed with non-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.