PennyMac Loan Services, LLC Mortgage Complaint

PennyMac Loan Services, LLC Mortgage department,

VA mortgage Loan servicing, payments, escrow account Virginia

PennyMac Mortgage offers a bi-weekly payment plan program to borrowers advertised as free. Intent of bi-weekly payment plans is to accelerate loan re-payment and substantial savings in interest for borrowers by effectively applying - additional monthly payment per year. However, PennyMac ( and other lenders ) are taking advantage of borrowers and preying on their general lack of understanding of mortgages and principle balance interest rate accruals. PennyMacs ' practices take advantage of borrowers by not applying principle portions of the bi-weekly payments when they are received and holds them for two to three weeks while borrower accounts still accrue interest charges on the wrong principle balance. According to the fine print in the bi-weekly autopay agreement, they intentionally do this to profit the loan servicer as stated in Section -, I understand that Servicer may derive a benefit as a result of holding partial payments in its accounts during the period of time while a full payment has not yet been made. Any direct or indirect benefit that may be associated with any funds held in a partial account shall


Since my complaints, PennyMac also continues to not apply any additional payments I send in to the principle balance, when it is received - see attached. My additional payment of - dollars was received on - - 2015. As of today, - -, it still has not been applied to the principle balance. I expect PennyMac to properly and promptly apply additional payments to principle when they are received. They actually pretend to not know how I want that additional payment applied! Lastly, and since my previous complaints, PennyMac has recently started blocking third party personal finance software ( like - and - ) from accessing my account and downloading balance and payment and payment history information. If it was n't for this software I would have never realized that PennyMac was mismanaging my principle payments and I would not have discovered strange 'inspection ' charges to my account without my knowledge or permission. I am a - veteran, this is a VA mortgage, and PennyMac should be ashamed and embarrassed for their predatory and deceitful behavior.