Making your monthly mortgage payment is a key responsibility as a homeowner. Pennymac offers several convenient options to submit payments securely and on time. This guide will walk through tips for managing Pennymac mortgage payments online, by mail, or over the phone.
Overview of Pennymac Payment Methods
Pennymac provides various ways to pay your mortgage each month
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Online – Log into your account at Pennymac.com to pay electronically. Supports one-time or recurring payments.
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Phone – Speak to an agent to make a payment by calling 800-777-4001. Available 24/7.
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Mail – Send a personal check or money order to Pennymac’s payment address
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In person – Visit a Pennymac branch location to pay with cash, check, or debit/credit card.
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Automatic bank draft – Set up autopay to have payments withdrawn from your bank account monthly.
Pennymac aims to offer convenient options to fit every schedule and preference for making mortgage payments.
Paying Online Through Your Pennymac Account
Paying online through your Pennymac account is a fast, easy way to make mortgage payments. Follow these steps:
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Go to Pennymac.com and log into your account. If new, register using your loan number and SSN.
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From your account dashboard, choose “Make a Payment” and pick one-time or recurring options.
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Enter your bank account info to link for payments. Processing takes 2-3 days once submitted.
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Receive instant payment confirmations and track payment history right within your account.
Online payments give you control to pay your mortgage on your own time, without the hassle of checks or stamps.
Mailing in Your Monthly Mortgage Payment
To submit payment by mail, be sure to:
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Detach the payment coupon from your monthly mortgage statement.
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Write a check or obtain a money order made payable to Pennymac Loan Services. Include your loan number.
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Mail the payment and coupon to: Pennymac Loan Services, PO Box 514387, Los Angeles CA 90051-4387
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Allow at least 7-10 days for mailed payments to process. Payments without the coupon may see delays.
Always use the provided envelope and confirm your loan number is written correctly to prevent processing issues or misdirected payments.
Avoiding Late Fees and Staying Current
To keep your Pennymac mortgage in good standing:
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Pay before the 1st – Have payment submitted before the 1st of each month to avoid late fees.
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Check statements – Review statements for changes to amount due or due date. Update autopay.
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Contact Pennymac – If unable to pay on time, immediately call to discuss options available to you.
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Consider impacts – Late payments get reported to credit bureaus, damaging your credit score.
Staying current on your mortgage is critical. Pennymac can provide alternatives if you’re facing financial hardship or difficulty making payments on time.
Managing Mortgage Escrow Payments
Part of your monthly mortgage payment goes toward escrow for property taxes and homeowner’s insurance. Here’s how escrow works with Pennymac:
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Your escrow statement outlines your specific escrow amount due each month.
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Pennymac pays your tax and insurance bills on your behalf when they come due throughout the year.
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Extra money in your escrow may get refunded to you yearly. Shortages can increase your monthly payment.
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Escrow amounts can be adjusted annually as your tax and insurance obligations change.
Check your escrow statement or call Pennymac to understand your escrow payment responsibilities. Monitoring escrow helps avoid unexpected payment increases.
Assisting Struggling Homeowners
If money is tight and you’re having trouble keeping up with payments, Pennymac offers help, including:
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Repayment plan – Set up an affordable repayment schedule for missed payments.
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Forbearance – Temporarily reduce or pause payments for up to 12 months.
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Modification – Adjust loan terms to make payments more affordable long-term.
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Refinancing – Get a new loan with better rates/terms to lower payment.
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Alternatives – Consider listing home for short sale or voluntary surrender.
Don’t risk your credit or home by falling behind. Pennymac can evaluate options based on your unique financial situation and goals.
Tips for Smooth Mortgage Payments
Follow these tips when managing your mortgage payments with Pennymac:
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Provide updated contact information so Pennymac can reach you if needed.
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Go paperless and use autopay to simplify payments.
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Know what comprises your total monthly payment (principal, interest, taxes, insurance, etc).
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Adjust autopay if your payment changes due to escrow adjustments or rate changes.
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Open any mail from Pennymac about past due accounts or mortgage assistance ASAP.
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Save payment confirmations and track payments to ensure proper crediting.
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Ask about early payoff discounts if selling home or refinancing with Pennymac.
Responsible payment habits are key for successful homeownership. Let Pennymac provide resources and support to help you effortlessly manage monthly mortgage bills.
PennyMac Mortgage Review: Pros and Cons
FAQ
How do I pay my Pennymac mortgage by phone?
We also have an automated phone system that can give you information about your account and let you pay over the phone. You can also make payments with the Pennymac Mobile app. Both services are available 24 hours a day, 7 days a week. You can reach us toll free at (800) 777-4001.
What is the grace period for Pennymac mortgage payments?
What makes a payment late? A payment is late if it is not received by the due date written on your Note. Most Notes need to be paid on the first of every month, but there is a 15-day grace period before a late fee is charged.
Can I pay my mortgage over the phone?
You can find the phone number to call on your monthly bill or online. Before you call, have your mortgage account number and banking information ready, like your routing and account numbers. Payments over the phone are typically credited to your account quickly.
What is the phone number for Pennymac mortgage insurance?
Visit our insurance service website to learn more about insurance claims, download claim packets, and send in completed forms electronically. You can also call (866) 314-0498 to speak with a representative who can walk you through the process.
Where is PennyMac Loan Services located?
The following address and phone number are for PennyMac Loan Services, LLC: 3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361, USA; and the year 2023. NMLS ID # 35953. For licensing information, go to: www. nmlsconsumeraccess. org. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates.
Does PennyMac offer a loan program?
PennyMac Loan Services, LLC has the sole authority to change information, rates, and prices at any time and for any reason. All loan programs subject to borrowers meeting appropriate underwriting conditions. This is not a commitment to lend. Other restrictions apply. (07-2023).
How do I make a PennyMac payment?
If Pennymac just took over your loan and you haven’t received a Pennymac payment coupon yet, send your payment to the address listed below. Use our automated phone system to make a One-Time Payment directly from your checking or savings account. You can also speak with one of our Customer Service Representatives.
How does PennyMac autopay work?
Pennymac AutoPay is a convenient, economical and efficient way to make your monthly mortgage payment. No checks, no stamps, no worry. Using this method, your payments are automatically deducted every month on the date that you choose. Log in to your Pennymac account and choose “Make a Payment” followed by Automatic Payments.
Will my previous servicer forward my payment to PennyMac?
Yes, as required by law, your old servicer will send any payments they receive to Pennymac within 60 days of when your loan is transferred. We will credit your account with the money without charging you a late fee.
Where can I find a license for PennyMac Loan Services?
NMLS ID # 35953. For licensing information, go to: www. nmlsconsumeraccess. org. Trade/service marks are the property of PennyMac Loan Services, LLC and/or its subsidiaries or affiliates. Arizona Mortgage Banker License # 0911088.
