Mortgage -- Trouble during payment process -- Complaint #8789033

Complaint Overview

Complaint ID: 8789033

Company: Pennymac Loan Services, LLC.

Product: Mortgage

Sub-Product: FHA mortgage

Issue: Trouble during payment process

Sub-Issue: Escrow, taxes, or insurance

State: North Carolina

ZIP Code: 27405

Date Received: 2024-04-16T12:00:00-05:00

Date Sent to Company: 2024-04-16T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American

Consumer Narrative

I worked with a local company and got an XXXX loan in XX/XX/2021. At closing I prepaid ( as is normal ) my insurance, taxes - escrow for the coming year. The local company sold, without my prior knowledge, my loan to Pennymac. I received from Pennymac a notice dated XX/XX/2021 stating the purpose to be to inform me that my " mortgage loan '' number XXXX, " was sold to PENNYMAC LOAN SERVICES , LLC ( Creditor ) on XX/XX/2021 It goes on to say this : " no action is required on your part '' again, after it puts these words highlighted in the caption! However, when I learned months after this was sold that my insurance company was gon na cancel my homeowners that I prepaid the mortgage company because they did not receive the payment. I called Pennymac, and Pennymac had the audacity to tell me that it was MY FAULT -- that I was supposed to send them the insurance company info. My first Lender says that Pennymac HAD THAT INFO, and I have read several complaints with XXXX and review stating that Pennymac failed to pay THEIR PREPAID INSURANCE ALSO. I believe Pennymac must be operating a scam. Pennymac paid the insurance late, and the insurance company sent me a notice stating they were going to cancel -- a notice which was sent to me AFTER the deadline date in that letter! So I called Pennymac again and we had a conference call with the insurance company, and even though Pennymac paid them MONTHS LATE - THE insurance company rep said they would reinstate it. I DID NOT LEARN until later that Pennymac had bought it's own EXPENSIVE INSURANCE AND STARTED CHARGING ME EXORBITANT AMOUNT FOR IT. Because they refused to take responsibility for this and blamed me, and they would not tell me how to appeal or how to contact their superior in the company, at the time I had to settle for a payment plan where they added only part of the amount per month to make up for the EXCESSS I NOW KNOW THEY CAUSED. i AM NOW TRYING TO FIND OUT WHO WILL HELP WITH THIS BECAUSE I DO NOT OWE FOR PENNYMAC 'S NEGLIGENCE. aFTER READING THAT THEY HAVE DONE THIS TO OTHERS, I AM CERTAIN THIS IS A SCAM. My original payment was XXXX and is now XXXX - AND THAT DOESN'T EVEN INCLUDE THE FULL AMOUNT. THIS WAS ADDED TO MY MORTGAGE FOR SEVERAL MONTHS. AS SOON AS i REALIZED THEY WERE DOING THIS, i GOT MY OWN INSURANCE POLICY, BUT THEY DID THIS WITHOUT TELLING ME AND NOW EXPECT ME TO COVER THE COST. IF THEY ARE DOING THIS AND GETTING KICKBACKS FROM EXPENSIVE INSURANCE COMPANIES I WOULD NOT BE SURPRISED. I WANT THE ENTIRE AMOUNT OF PENNYMAC 'S ADDED INSURANCE REFUNDED TO ME.

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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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