Posted by Gilda Murray on 7/22/13 9:37pm
Msg #477708

PennyMac Loan Services, MoorPark, Ca

Received a call from the Title Company I respectfully work with regularly. They assigned me to a closing for a lender I am not familiar with at all. PennyMac Loan Services. Have any of you had experience with this lender before? If so, is there any surprises I should get ready for? As always I appreciate your feedback. The signing is Friday at 10:00am.

Reply by 101livescan on 7/23/13 12:52am
Msg #477716

If the title company is contracting with you, I'd be more concerned with who they are and how they pay.

PennyMac is run by the old management regime from Countrywide under Angelo Musolo's watch, if that makes much difference to you. From their website:

PennyMac's Mission

PennyMac's mission is to keep borrowers in their homes while providing attractive risk-adjusted returns to our investors over the long term. The knowledge and experience of our executive team is essential to our ability to execute our mission. In service of this mission, we aim to develop loan programs that avoid foreclosure by directly addressing both the borrowerʼs willingness and ability to pay their mortgages.

At PennyMac, we believe that the preservation of home ownership is the highest priority. We also recognize that the ultimate recovery of the U.S. mortgage market will require a multi-pronged approach which balances the needs and interests of consumers, investors, and the financial markets. We strive to deliver the necessary concern for borrowers and commitment to analytic discipline and ethical conduct to the U.S. mortgage marketplace.
.....


Who is PennyMac?


PennyMac is a new kind of mortgage company with a fully integrated platform that includes purchasing and managing mortgage investment portfolios, originating loans, servicing/managing assets and facilitating sales on the secondary market. The PennyMac platform is comprehensive, scalable and custom-built for the current market.

The PennyMac companies together comprise a specialty financial services firm that was founded to address the dislocations in the U.S. mortgage market. PennyMac’s current focus is on investing in and managing troubled mortgage assets. The firm’s long-term objective is to play an active role in the revitalization of the mortgage market by supporting improved liquidity for smaller lenders, creating opportunities for public investment, and raising the standards for underwriting and analytic discipline.
.....

Organizational Culture & Values

The company has defined and nurtured a culture that values and rewards efficiency, productivity and innovative thinking. PennyMac’s organizational core values are:

Trust: We hold ourselves to the highest standard of integrity and reliability at all times in all areas of our business. We pride ourselves on our commitment to ethical conduct above all else.

Innovation: The need for solutions that are unbounded by traditional practices is the reason for our existence. We always strive to deliver creative solutions that are practical and easy to understand.

Partnership: We believe in working together for the common good of our customers, our employees, our business partners, and the communities we serve.

Empathy: We are committed to demonstrating the utmost concern for our customers and vow to bring thoughtfulness and consideration to every interaction.

Excellence: We are driven to reach the highest standards of quality, efficiency, reliability, and creativity.

Reply by jba/fl on 7/23/13 12:55am
Msg #477717

Correction: Angelo Mozilo of Countrywide n/m

Reply by anotaryinva on 7/23/13 6:48am
Msg #477718

I've only done a couple of these from what I remember they were large packages, and they was something about the RTC not being three days (it was a longer time period) I think all their loans get processed at the end of the month (definitely could be wrong on that). The large packages and possibly fax backs just reminded me to charge extra for this co.

Reply by Kay/IL on 7/23/13 8:26am
Msg #477722

Just did a PennyMac closing yesterday. The package was nearly 200 pages (192 to be exact) with just a few notarizations and loads of signatures for borrowers. And yes, I did call back and ask for an additional fee. There was no request for faxbacks on this deal.

Reply by janCA on 7/23/13 9:41am
Msg #477732

I've gotten a few of these from TS. Large packages and the last two, just problematic. Don't like them at all, especially coming from TS who has it together. This lender does not.

Reply by Darlin_AL on 7/23/13 11:01am
Msg #477750

If it was Countrywide -- mucho CYA? n/m

Reply by Gilda Murray on 7/23/13 11:23am
Msg #477755

I've been working for the Title Co for over 18 months and they are rated 5 stars. Sorry if my question was not clearly stated. Its not the title company I am inquiring about. They are super efficient, pay on time always, and we work very well together. Plus they are aware I Will Not Except "late" docs nor documents exceeding more than 145 pages without requestings additional fees if two sets are to be downloaded. Most documents exceeding those number of pages are useless repetitious information and not necessary. I was making an inquiry with other notaries that have had experience with PennyMac Loan Services to see if they fall under this negative category so I can be aware.

Reply by LindaP/OH on 7/23/13 11:29am
Msg #477756

Angelo Mozilo

This is S00000000000000000 disturbing!! I rarely respond to this forum for various reasons, BUT, the uneducated public is about to be brutalized once again by this creature. Their mission statement is a joke and makes me sick because of the history of this scumbag; public BEWARE!!! He is at it again!!

Google Angelo Mozilo, judge for yourselves, I, for one will not work for this thief!!

Reply by Gilda Murray on 7/23/13 12:52pm
Msg #477776

Re: Angelo Mozilo

WOW!!! Doesn't sound too good. The first response I received appears to be a page full of bunched up put together words and explanations with no true meaning "or" no acknowledgement for the task a notary has to perform. "May be a document organizing issue" especially if they have to submit excessive number pages for a refi????

I sincerely appreciate all the feed back from each of you as always. Will go ahead and deal with the issue "this one time only" when the docs come in. I have already called the Title Company and requested additional fees. Just getting prepared. I've been a NSA for 8 years and have dealt with many issues Professionally.

Truly appreciate all of the Notary Rotary Family Have a Blessed and Prosperous Year!!

Reply by JanetK_CA on 7/23/13 2:39pm
Msg #477787

Re: Angelo Mozilo

I agree. I think he should be locked up, not free to start his sleezy tactics all over again under a different company label.