PennyMac Loan Services, LLC Mortgage Complaint

PennyMac Loan Services, LLC Mortgage department,

Conventional fixed mortgage Loan modification,collection,foreclosure Maryland

We submitted an application for a loan modification to PennyMac. PennyMac denied the application via a letter dated - -, 2015. PennyMac failed to include in its denial letter the name of the investor and the NPV results. Pasted below is the excerpt from my letter to PennyMac. PennyMac claims the - following reasons that the application for a loan modification was denied as stated on Exhibit A of PennyMac 's - -, 2015, letter : Capitalized Loan to Value ( LTV ) Excessive Forbearance Housing Expense Ratio Outside of Acceptable Range Insufficient Net Cash FlowPennyMac has failed to provide the total capitalized unpaid principal balance, the value of subject property, the income and debts used in its calculations. These are all data inputs used in calculating NPV ( net present value ). See Home Affordable Modification Program, Base Net Present Value ( NPV ) Mode - Model Documentation here : - See pages - that state the NPV model inputs - these inputs include unpaid principal balance before modification, property valuation, borrower 's total monthly obligations and monthly gross income. As PennyMac is claiming the reasons for denial include the LTV and the inability to come up with an


calculation, then the denial notice must include all the inputs used in the net present value calculation. 12 C.F.R. 1024, Supp. I, 41 ( d ) cmt. 2. PennyMac 's - -, 2015, letter does not include any inputs it used in this calculation. This is exactly the kind of information called for by RESPA to enable borrowers to make an informed decision about whether they should appeal the servicer 's loss mitigation determination or pursue other options. PennyMac failed to provide it. In its - -, 2015, letter PennyMac states We may order an appraisal or other forms of valuations to determine the property 's value in the course of reviewing your application. If we do order any valuations in connection with the application in determining whether your loan qualifies for a loan modification, a copy of the valuation ( s ) will be enclosed with this notice, if applicable. '' Clearly the value of the subject was used in reviewing the application as one of the reasons for the denial is due to capitalized loan to value. The value in loan to value '' is the valuation of the home yet PennyMac failed to enclose with its letter any valuations of the property. PennyMac representatives disclosed to me that PennyMac had a BPO completed on - -, 2015, that resulted in a value of $69000.00. Is that the value that PennyMac utilized in reviewing this application?