PennyMac Loan Services, LLC Mortgage Complaint

PennyMac Loan Services, LLC Mortgage department,

FHA mortgage Loan servicing, payments, escrow account Georgia

PennyMac purchased my mortgage from my original lender a few months after I purchased my home in late 2013. Since then I have experienced numerous issues with Pennymacs loan - They overestimated in - year and underestimated in the next year the amount of money I would need in escrow to cover my mortgage and property taxes. This put a significant strain on my finances when I realized that my new monthly mortgage payment would be nearly $400.00 more per month than it had been at the origination of my loan and - later my payment due skyrocketed from $1400.00 a month to $1700.00 a month. I was made aware of this a month before the new payment was due which is not a significant amount of time for any household especially a single income household. This put a significant strain on my finances. In addition I 've noticed in the last - months that even though I mail my payments in a week to two before they are due, because of PennyMacs extremely slow payment processing times they always process my payment after the due date and punish me by charging me a late fee when it is not my fault. Even when I mail in the payment for the monthly payment and late fee the next month it will show that the late fee was never paid. When clearly the checks I 've been mailing are for significantly more than the minimum payment due. And I specify on most of the checks that the late fee is included. These predatory lending practices are unfair and I could see them leading to loan default for most consumers if an adequate financial cushion is n't maintained on a monthly basis to cover for Pennymacs deceptive loan practices.