Mortgage -- Trouble during payment process -- Complaint #5943078
Complaint Overview
Complaint ID: 5943078
Company: Pennymac Loan Services, LLC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
State: Maryland
ZIP Code: 208XX
Date Received: 2022-09-01T12:00:00-05:00
Date Sent to Company: 2022-09-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have a conventional mortgage with Pennymac Loan Services. My mortgage balance had fallen below 78 % more than 3 months ago but I am still being required to pay the PMI. Loan origination date : XX/XX/XXXX Original LTV : 81.8 % Current LTV : XXXX The estimated scheduled date to reach 78 % is XX/XX/XXXX Current on payments ( never late ) I made some extra payments to my principal after a call with the mortgage company on XX/XX/XXXX after they told me that payment will terminate the PMI, which it did not. I contacted the company 's Escrow department today and was told that according to the closing disclosure 's projected payment section, I will need to pay PMI for three years in total. The 78 % or originally scheduled date for 78 % LTV will not terminate my PMI. One option I was given was to pay a one-time fee of {$100.00} to perform an appraisal to check if I qualify for PMI deletion. They mentioned that appraisal will cost between $ XXXX $ XXXX.
Frequently Asked Questions
What is Complaint #5943078 about?
Complaint #5943078 was filed against Pennymac Loan Services, LLC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2022-09-01T12:00:00-05:00.
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.