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PennyMac Mortgage Refinance Review


ConsumersAdvocate.org Rating: 2 / 5 (Poor)
15 Customer Comments & Reviews - see all comments
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PennyMac is a mortgage lender based in Westlake Village, California. It was founded in 2008 and offers fixed- and adjustable-rate conventional, FHA, and VA loans for single-family homes. It also offers cash-out refinancing and IRRRL VA loans.
 
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How is PennyMac rated?

Breakdown

2.0/5
Loan Variety
2.0/5
Ease of Process
2.0/5
Customer Service and Reputation
2.0/5
Discounts and fees

Overall Rating: 2 / 5 (Poor)

PennyMac is one of the leading mortgage lenders in the nation and has a strong reputation with customers, so it's worth exploring if you're interested in refinancing your existing conventional, FHA, or VA loan. Qualification requirements are in line with the rest of the industry and you can get a custom quote entirely online.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Loan Programs
FHA
VA
Conventional
Fixed Year Terms
30 Year Fixed
20 Year Fixed
15 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
3/1 ARM

Loan Variety - 2 / 5

PennyMac offers a wide variety of refinancing options, including fixed- and adjustable-rate conventional loans, FHA loans, and VA loans. There's also cash-out and IRRRL options. You can view current rates for some of the most common terms on the company's website, but if you don't find what you're looking for, you can get a custom quote online or by calling the company. This is your best option because you can see specifically what terms are available and whether you qualify based on your credit, loan-to-value ratio, and other factors.

Application Process

Minimum Credit Score
620
FHA Minimum Credit Score
640
Maximum LTV
135%

Ease of Process - 2 / 5

Qualification requirements vary slightly depending on which type of loan you're interested in. VA and FHA loans have a slightly higher credit score requirement, but if you have good or excellent credit, you should be fine. Your maximum loan-to-value ratio depends on several factors, including whether the property will be used as a residence or as an investment. You cannot have had a bankruptcy in the last four years or a foreclosure in the last seven years. This is not an unusual request from a mortgage lender, but it's still something to keep in mind.

PennyMac Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
35953
Nationwide Mortgage Regulatory Actions
2
NMLS Collection Date
2020-12-01
CFPB Total Mortgage Complaints
888
CFPB Collection Date
2020-12-01

Online Reviews

Trustpilot Trustscore
4.1
BBB Rating
A+
BBB Positive Reviews
336
BBB Negative Reviews
147
BBB Neutral Reviews
5
Date Collected
2020-12-01

Customer Service and Reputation - 2 / 5

Customers tend to have a favorable opinion of PennyMac, judging by its high TrustPilot and Better Business Bureau scores. There have been a few complaints with the Consumer Financial Protection Bureau, though this is true of just about any mortgage lender, and the number of complaints isn't particularly concerning for a company the size of PennyMac.

Contact & Additional Information

Homepage URL
https://www.pennymacusa.com/
Company Phone
(818) 878-8416
Headquarters Address
6101 Condor Drive Suite 300, Moorpark, CA, 93021
Year Founded
2008

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15 Customer Comments & Reviews

Loading Reviews ...
M
Mark
2/11/2021
The worst company ever!!! Been trying to cancel my refinance for 2 weeks now. Can’t seem to talk to anybody that can cancel my refinance and credit back my appraisal payment. I have called multiple phone numbers and I get the run around. I finally got an email response from the original person I worked with last week that she would take care of it but it still hasn’t been. This is the reason to never work with big national companies. I will be warning all my friends and family to never work with Pennymac!

J
jim b
1/20/2021
Very difficult to talk to a real person Very policy driven no personal service Cold with personal interaction Would not recommend to anyone Will not do another loan with this company

S
Steve W
12/31/2020
I had a terrible experience trying to refi my loan with them and finally gave up after 4 months. There website is extremely hard to navigate and I couldn’t get a human being to assist me. At there end all info I sent became outdated and they required me to resubmit. Ours should have been an easy refi. 6 years with them never missing a payment; no cash out; over 800 credit score; and ono jumbo loan.

M
Mike U
4/21/2020
Don't even think about using this company. I inherited them when Veterans United (VA Loan service) sold off their loan servicing division. Instead of presenting themselves as a service providers with a client base, they represent themselves as predatory debt collectors. I've never missed an "on time" payment on my mortgage for more than 3 years, and yet I spend an inordinate amount of time working through their bureaucracy and customer service related issues. I have rated them a one star...only because I can't give them less. When I can match the loan rate (which I received via Veterans United...not PennyMac), I'll be looking for another option.

jennyaguirrevdr
9/10/2019
You DO NOT want this company as your Mortgage company!! They try to rape you of your money any way they can!!! My loan originally was with Caliber who I loved! It was bought by PennyMac and they have been hell since day 1! Clearly my policy had home owners insurance since day 1. Yet when they bought my loan from Caliber they claim they did not get that part of my information. Even after I provided my info and agent info they still continue to charge an extra 200$ a month for insurance I already have paid for. Then they took my regular payment and placed it into another acct and said I never made my monthly payment. When I asked why they then claim because I they can not accept my payment... Read More

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