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Change Servicing Companies If You Can!
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PennyMac Loan Servicing is a new company, just over a year old. My mortgage servicing was sold to them from CashCall in November. I made my January payment through my credit union on line banking on Friday 1/3/14. The credit union cut the check (PennyMac
doesn't accept electronic payments) on Monday, 1/6/14 with a deliver by date of Friday, 1/10/14. On Saturday, 1/18/14 I got a call from PennyMac stating that my loan was delinquent and that I needed to make a payment over the phone and that they are assessing
a $89.77 late fee. I made that payment right there and then. A couple of days later I saw they cashed my original check on 1/18/14. On Wednesday, 1/22/14 I called PennyMac to talk to a representative. I asked why it took more than a week after receiving my
check to apply the payment? They said they would look online for an image of my envelop to see when it was postmarked. Then they said they can no longer do that and if I faxed (yes faxed) them the information, they would look it up and get back to me. THEY
DID NOT! On Tuesday, 1/28/14 I followed-up with a call and was told they would see about refunding my LATE PAYMENT and would call me back in a couple of days. THEY DID NOT! On Monday, 2/24/14 I called again and stated I wanted to speak to a MANAGER. I was
told the MANAGER was in a meeting and would call my cell phone as soon as he was out. THEY DID NOT! Today, 2/27/14 I called again and asked to speak with a MANAGER. I never got to speak to a MANAGER, but was told the MANAGER agreed to apply my LATE PAYMENT
to my principle and that it would take 48 hours. The representative said they will call my cell phone and let me know it was applied. WE WILL SEE! I think they do this as a money maker, as not many people would contest it. More later.
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