Mortgage -- Trouble during payment process -- Complaint #7504422
Complaint Overview
Complaint ID: 7504422
Company: Pennymac Loan Services, LLC.
Product: Mortgage
Sub-Product: Conventional home mortgage
Issue: Trouble during payment process
Sub-Issue: Private mortgage insurance (PMI)
State: Colorado
ZIP Code: 804XX
Date Received: 2023-09-05T12:00:00-05:00
Date Sent to Company: 2023-09-05T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
Purchased a home ( XXXX ) with a conventional loan ( XXXX ) and a bridge loan ( XXXX ) in lieu of selling previous home. Sold first home, paid bridge loan in full. Conventional loan was sold to us with PMI until the bridge was paid in full. We sold the first house, paid bridge loan and penny Mac refused to remove PMI stating that the house decreased in value over XXXX in the month since we purchased it. They made us pay XXXX to have them appraise it again, even though we had an appraisal at purchase ( 35 days previous ) that stated the house was worth $ XXXX. Our loan is {$720000.00} and under the XX/XX/20 required to remove the PMI. PENNYMAC states they will remove the PMI if we pay them an additional $ XXXX? I feel they screwed the appraisal they ordered to keep the PMI fees.
Frequently Asked Questions
What is Complaint #7504422 about?
Complaint #7504422 was filed against Pennymac Loan Services, LLC. regarding Mortgage specifically about Trouble during payment process. It was received by the CFPB on 2023-09-05T12:00:00-05:00.
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.