Pennymac

We attempted to apply for a PennyMac Home Loan refinance. We went through all the hoops providing more financial information that was necessary when we first secured our VA loan. This company representative claimed that the loan process was in the final stages of completion. Approximately two and a half weeks later my wife called inquiring as to our loan status to find out it was disapproved. They called us to ensure that we made a mortgage payment prior to the due date, which they've never done in the past. That was the last contact we had from them, which was about two weeks prior to my wife's phone call. No one ever contacted us as all the primary representatives were on holiday vacation. I would seriously disregard any attempt to do business with this company. In my opinion, they are less than professional and, as most mortgage lenders are, out to make the most money possible. I would recommend to all veterans and potential military home buyers to search elsewhere and do your groundwork to identify the reputation of any mortgage company and especially what they're charging you for their services.

BEWARE using PennyMac as your servicer
Our mortgage was sold by Veterans United to PennyMac. Worst servicer ever. Your concerns and outcomes depend on who you talk with and can change in the same conversation. Our case is too long to opine here but I'll shorten it up. I've talked with knowledgeable experienced and trained people all the way to those who are so worthless it's hard to believe this company hired them. One CSR rep will tell you a senior rep didn't know what they were doing while another gets a 5 star rating. You really have to watch how they handle your loan as it will change without you even knowing and then you have to spend weeks and many hours arguing with them to get it corrected, if you can. Make sure you hold on the line after you are done with a call as you can then leave a review and then get forwarded to a more senior representative if you are getting know where. Read their FAQ section. The first Q's is: Will my loan terms and conditions change once PennyMac is my servicer? Their answer is emphatically, NO. Make sure you check your terms and conditions if your loan is sold off to this unethical company.
But, when our loan was bought by them, they imposed a 24 month moratorium on us for paying our own taxes and insurance that wasn't on the initial loan. They said, it is their policy, even-though, they could not provide one signed document by us to prove we agreed to anything. Then this clown company denied us our rights and to me a 100% disabled veteran to pay our own taxes and insurance escrows. I am tax exempt in my state and county due to military injuries, and our home owners insurance is paid in full for the next year, yet they screwed things up by sending out a check to our previous insurance company to pay for our next 12 months even though they received all the documents for our new insurance provider. We got that recalled as well but they just keep throwing more at us by not recognizing our new insurance co. This is a mortgage nightmare every home owner should avoid. They only get 2 stars because I have talked with a couple of very experienced people, but then the losers get their hands on things and it gets all messed up. I think they really enjoy making peoples lives miserable as a company. Make sure if you are getting a new mortgage anywhere, to ask them if they are going to sell your bundled mortgage to a new servicer. If they say yes, tell them to avoid PennyMac. If you don't you will surely regret it.