Where to send your Pennymac payment

Pennymac Financial Services handles mortgage servicing for loans they originated and for loans they purchased from other lenders. If Pennymac services your loan, you can make payments online through their website, by phone, by mail, or through automatic bank transfers. The payment address and online portal details appear on your monthly statement.

Pennymac's online payment system is at pennymacservicing.com. You'll need your loan number and the last four digits of your Social Security number to log in. Once registered, you can schedule one-time payments or set up automatic monthly transfers from your bank account.

If you prefer not to use the website, you can call Pennymac's payment line at the number on your statement. Phone payments typically process within one business day. Mailed payments should be sent to the address listed on your coupon book or statement, and allow 7 to 10 business days for processing.

Key Takeaways

  • Pennymac accepts payments online, by phone, by mail, or through automatic bank draft, with online and phone payments processing fastest.
  • Your loan number and the last four digits of your Social Security number are required to access the online payment portal.
  • Automatic payments eliminate the risk of late fees and ensure your payment reaches Pennymac by the due date each month.
  • If your payment is late, contact Pennymac immediately to discuss options before the delinquency appears on your credit report.

Setting up automatic payments

Automatic payments remove the burden of remembering due dates and reduce the chance of accidental late fees. Through the Pennymac website, you can authorize recurring monthly transfers from your checking or savings account. The payment will be deducted on the date you choose, as long as that date is on or after the first of the month and before the due date.

Once you enroll in automatic payments, you can modify or cancel the arrangement at any time through your online account. If you need to stop a payment temporarily, log in and pause the automatic transfer rather than waiting until the last minute. Pennymac will send you a confirmation email each time a payment is processed.

What happens if your payment is late

Mortgage payments are typically due on the first of the month, though some loans have a different due date. Most lenders, including Pennymac, allow a grace period of 10 to 15 days before charging a late fee. Check your promissory note or statement to confirm your exact due date and grace period.

If your payment arrives after the grace period ends, Pennymac will charge a late fee, usually calculated as a percentage of your monthly payment. More importantly, a payment 30 days late will be reported to the three major credit bureaus and will damage your credit score. If you know you'll miss a payment, contact Pennymac before the due date to discuss forbearance, loan modification, or other options.

Partial payments and catch-up plans

If you've fallen behind on your mortgage, Pennymac may offer a forbearance agreement, which temporarily reduces or pauses your monthly payment. Forbearance is not forgiveness — the missed amount is typically added back into your loan at the end of the forbearance period or rolled into a modified payment schedule.

Another option is a loan modification, which changes the terms of your original mortgage to lower the monthly payment permanently. This might involve extending the loan term, reducing the interest rate, or capitalizing the arrears (adding what you owe to the principal balance). Loan modifications require Pennymac's approval and take several weeks to process.

If you're struggling to make payments, contact Pennymac's loss mitigation department as soon as possible. Waiting until you're 60 or 90 days behind limits your options and makes it harder to avoid foreclosure.

Paying off your loan early

If you want to pay off your Pennymac mortgage before the loan term ends, you can make extra payments without penalty on most loans. Check your promissory note to confirm there is no prepayment penalty — some older mortgages include a clause that charges a fee if you pay off the loan early.

Extra payments can be applied to principal, which reduces the total interest you'll pay over the life of the loan and shortens the payoff timeline. When you make a payment larger than your monthly obligation, specify in writing or through the online portal that the extra amount should go toward principal. Some borrowers make one extra payment per year or split their monthly payment into two smaller payments every two weeks.

Escrow payments and property taxes

If Pennymac collects an escrow account as part of your monthly payment, that account holds money for property taxes, homeowners insurance, and sometimes mortgage insurance. Your monthly payment includes a portion for escrow in addition to principal and interest. Pennymac pays these bills on your behalf from the escrow account when they come due.

Once per year, Pennymac conducts an escrow analysis to make sure the account has enough money to cover the coming year's bills. If taxes or insurance rates increase, your monthly escrow payment may go up. If the account has a surplus, Pennymac may lower your payment or send you a refund. You'll receive a detailed escrow statement showing all deposits and withdrawals.

Frequently Asked Questions

Can I pay my Pennymac mortgage with a credit card?

Pennymac does not accept credit card payments directly through their website or phone line. However, some third-party payment processors allow you to pay your mortgage with a credit card for a fee. That fee is usually 2 to 3 percent of the payment amount, which often outweighs any rewards you'd earn.

What time of day does Pennymac process online payments?

Online payments submitted before 5 p.m. Eastern time typically process the same business day. Payments submitted after 5 p.m. or on weekends and holidays process the next business day. To be safe, submit payments at least two business days before your due date.

How do I change my payment due date?

Contact Pennymac's customer service to request a due date change. Some servicers allow you to move your due date once per year at no charge. The change usually takes effect within one to two billing cycles.

What if I overpay my mortgage by mistake?

If you send more than your monthly payment, Pennymac will apply the extra amount to your principal balance unless you specify otherwise. You can request a refund of overpayments, though processing may take several weeks. To avoid confusion, always double-check the payment amount before submitting.

Does Pennymac charge a fee to make a payment?

Pennymac does not charge a fee for online, phone, or automatic bank draft payments. Mailed payments are also free. Some third-party payment services charge a convenience fee, so confirm the terms before using an outside processor.