Mortgage -- Closing on a mortgage -- Complaint #6275946
Complaint Overview
Complaint ID: 6275946
Company: Pennymac Loan Services, LLC.
Product: Mortgage
Sub-Product: VA mortgage
Issue: Closing on a mortgage
State: New Mexico
ZIP Code: 87111
Date Received: 2022-12-03T12:00:00-05:00
Date Sent to Company: 2022-12-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
On XXXX XX/XX/2022, I started the VA loan assumption process to sell my home. We submitted all of the necessary documentation via secure messages to PennyMac on XXXX XX/XX/2022 after she requested a second copy of previously submitted documentation. This action reset the 45-60 closing clock, and day 63 of our assumption timeline was Monday, XXXX XX/XX/2022, if we assume the start date reset. If we use the original date, I'm on day 91 if I count from the date I originally submitted the required documents. I have had multiple phone calls with the first-line supervisor. Our real estate agent has had near-daily phone calls with managers up the chain. As of today, I understand it with underwriting, but no person on the mortgage assumption team can give an accurate close date, and it is unclear why we have been delayed. 91 days far exceeds what any reasonable person financing a mortgage would expect for administrative timelines. If you are trying to buy or sell via VA loan assumption to minimize mortgage rates, be prepared for an incredibly slow and uninformed process. One processor working on our file, and 6 levels of management to run the assumptions department isn't working.
Frequently Asked Questions
What is Complaint #6275946 about?
Complaint #6275946 was filed against Pennymac Loan Services, LLC. regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2022-12-03T12:00:00-05:00.
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.