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PENNYMAC
- Mortgage Lenders
- Plano, TX
About this business
Location details
2201 West Plano Parkway, Ste. 150, 300, Plano, TX, 75075, United States
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What would have made it better? -Communication on a regular basis, not every other week when it was often too late to resolve any issues. -Attention to detail, there were basic items that should have been caught when documents were requested. At every level of the process items were missed and it was not brought to my attention until I asked. Frankly, I'm surprised you are an actual bank and that I have to pay you thousands of dollars.
We started the loan process in May - we kept having to provide bank statements because the loan kept getting extended. It felt like every month we were asked to provide the same documents. It was a hassle to constantly have to provide additional documents. On the other hand, we did get a good interest rate, so it was worth the hassle and time.
We were told it would take 30 to 60 days to process and it would be quicker if we provided info soon as possible. We provided all of the documents the next day. We filed on 7/1 and closed on 9/14. We were told that the closing would be end of August. Again, the closing was mid-September. Someone called to go over the documents at the end of the process and said we were only getting half of what we requested. They called a few hours later and said they had made a mistake. This was very upsetting.
We got a great rate through Pennymac, but the application process was a little hectic and scattered. The application process took a few months (Partially due to changes in my employment life), and it felt like we were going a little bit in circles trying to get an application together that the underwriter would accept. Once the application was approved our closing date changed a lot, we got a lot of late document requests, and often multiple requests for the same document.
Between the money currently in escrow, the closing fees, points paid, the out of pocket amount paid at closing, the outstanding balance on the existing mortgage, the amount borrowed to pay off the existing mortgage, it's unclear to me what is rolled into the new mortgage, what is used to pay what and so on.
We were told we would be contacted once a week ...but only had contact if pennymac needed something or we reached out we were charged for a rate lock that did not close in time they told us they would look into lowering the rate and never did.we are waiting on our escrow refunds and have been given the run around as to who dispurses them, by the the way, it is Pennymac. As per an attorney. And your escrow dept. Maybe you should stay on top of promises or not make them.
Blen was an absolutely wonderful person to work with
There were issues with my closing documents that caused my closing to change twice.
Xavier was a very capable and professional person. He made me feel at ease with this refinancing process even though I had my doubts. He had such a reassuring voice that everything would be ok . I was able to get my refinancing completed and I am happy. Thank you Xavier
Frequently asked questions about PENNYMAC
How is PENNYMAC rated?
PENNYMAC has a 4.4 star rating with 6,791 reviews.
When is PENNYMAC open?
PENNYMAC is permanently closed.