PennyMac Loan Services, LLC Mortgage Complaint

PennyMac Loan Services, LLC Mortgage department,

Conventional fixed mortgage Application, originator, mortgage broker Pennsylvania

I recently had an offer accepted on a house and started the mortgage process. The house is in historic - -. in PA, and was originally a bank barn that was later converted into a house. I chose PennyMac for my mortgage process since I was already an existing customer. After accepting an offer on my current home and after PennyMac received the appraisal on the new home, they denied my mortgage application because, even though there was an appraised value, it was " not the type of home - deals with. '' They later said that the reason was because it was labeled as an " earth berm home '' and that I 'd have trouble getting a loan from anyone that deals with Fannie Mae. I researched the issue at - 's website and found the exact opposite to be true. They do not have any issue with berm homes so long as there is an adequately appraised value. After contacting PennyMac again, I was told that they misspoke and meant to say that it


I asked to speak to a supervisor at this point, and on the phone, I was told that it had nothing to do with the fact that it was labeled as a berm home, but rather that the appraisal was full of language stating that the property was so unique that it would be difficult to sell in the future. Living in the area, I know this is a poor assessment. At this point, I still do not have my appraisal documentation so I can not verify the actual language used that is in question. Following that phone conversation, I then received my official mortgage denial letter. The reason stated was, again, that the house was a " berm home '' and did not meet " page - '' of - 's guidelines. The reason for my mortgage denial, I feel, is being sorely misrepresented. They have given me wildly incorrect information that had a great potential for ending my attempts to purchase this home had I not done due diligence in verifying their claims. I am currently working with a new mortgage broker to try and salvage the attempt to purchase my new home.