How to pay your PennyMac mortgage

PennyMac offers several ways to send your monthly payment: online through their website or mobile app, by phone, by mail, or through automatic bank transfers. The fastest and most common method is online payment, which posts to your account within one business day. If you choose automatic payments, PennyMac withdraws the amount directly from your bank account on a date you select each month, which removes the risk of forgetting and helps you avoid late fees.

Before you set up any payment method, you will need your loan number and bank routing information (if paying by transfer). PennyMac's online portal and mobile app let you see your current balance, due date, and payment history in real time, so you can confirm the exact amount owed before submitting.

Key Takeaways

  • Online payments and automatic bank transfers are the fastest methods and typically post within one business day.
  • You can pay by phone, mail, or in person at a PennyMac office, though these methods take longer to process.
  • Setting up automatic payments removes the risk of late fees and ensures your payment reaches PennyMac on time each month.
  • Your loan number and bank account details are required for most payment methods, and you can find both in your loan documents or online account.
  • Late payments trigger fees and can damage your credit score, so confirming your due date before each payment is important.

Paying online or through the mobile app

Log into your PennyMac account at the servicer's website or download the PennyMac mobile app to your phone. Once you are signed in, select "Make a Payment" and enter the amount you want to send. You can pay the full monthly payment, make an extra payment toward principal, or pay any amount you choose. The system will show you the due date and current balance so you know exactly what you owe.

Online payments typically post within one business day, though PennyMac recommends submitting at least three business days before your due date to avoid late fees. If you miss the deadline, the payment may still post but will be recorded as late, which triggers a fee and reports to credit bureaus. You can schedule a payment in advance if you know you will be away or want to lock in a specific date.

Setting up automatic payments from your bank account

Automatic payments are the most reliable way to never miss a due date. In your PennyMac online account, go to "Autopay" or "Automatic Payments" and link your checking or savings account. You will need your bank's routing number and your account number, both of which appear on the bottom left of any check you write. PennyMac will withdraw your payment automatically on the date you select each month.

You can change the payment amount or pause autopay at any time through your account settings. If your bank account changes or closes, update your autopay information immediately so the payment does not fail. A failed automatic payment is treated the same as a missed payment and will incur a late fee.

Paying by phone or mail

To pay by phone, call PennyMac's customer service line and provide your loan number and payment amount. A representative will guide you through the process and confirm the payment before it is submitted. Phone payments are processed but typically take longer than online payments to post to your account.

If you prefer to mail a check, write your loan number on the check and send it to the address listed on your monthly statement or in your account. Mail payments can take one to two weeks to arrive and post, so send your check well before the due date. Do not mail cash, and always keep a copy of your check or a photo of the front and back for your records.

Understanding late payments and fees

PennyMac charges a late fee if your payment is not received by the due date shown on your statement. The fee amount depends on your loan terms but is typically a percentage of your monthly payment. A late payment also reports to the three credit bureaus (Equifax, Experian, and TransUnion) and can lower your credit score by 50 to 100 points or more, depending on how late the payment is.

If you are unable to pay on time, contact PennyMac before the due date to discuss options. Some borrowers are able to arrange a payment plan, defer a payment, or modify their loan terms. Waiting until after the due date passes makes these conversations harder and limits your options.

What to do if your payment fails or does not post

If you submitted a payment online or by phone and it does not appear in your account within the expected timeframe, log in to check the status. Your account will show whether the payment is pending, posted, or failed. If it failed, the reason will usually appear on screen — most often a bank account issue, incorrect routing number, or insufficient funds.

Contact PennyMac immediately if a payment fails, especially if it is close to your due date. A representative can resubmit the payment or discuss alternatives to avoid a late fee. Keep a record of the date you submitted the payment and any confirmation number provided, in case you need to prove you paid on time.

Paying extra toward your principal

Many borrowers send extra payments to reduce the total interest they pay over the life of the loan and build equity faster. When you make an extra payment through PennyMac's online portal, specify that it should go toward principal rather than the next month's payment. Some borrowers make one extra payment per year, while others add a small amount to each monthly payment.

Before committing to extra payments, confirm that your loan does not have a prepayment penalty — most modern mortgages do not, but some older loans do. A prepayment penalty charges you a fee if you pay off the loan early. You can find this information in your original loan documents or by asking PennyMac directly.

Frequently Asked Questions

What time of day does PennyMac process online payments?

PennyMac processes online payments throughout the day, but payments submitted after a certain time (usually 5 p.m. Eastern) may not post until the next business day. Check your account settings or call customer service to confirm the cutoff time for same-day processing.

Can I change my payment due date?

Yes, you can request a due date change through your online account or by calling PennyMac. The new due date typically takes effect within one or two billing cycles. Changing your due date does not change the amount you owe, only when it is due each month.

What happens if I pay more than my monthly payment?

The extra amount is usually applied to your principal balance, which reduces the total interest you pay and shortens your loan term. Confirm with PennyMac that the extra payment is being credited to principal and not held as a credit toward next month's payment.

Is there a fee to pay online or set up autopay?

No, PennyMac does not charge a fee for online payments or automatic bank transfers. Phone and mail payments are also free. Some third-party payment services may charge a fee, but paying directly through PennyMac's website or app has no cost.

What should I do if I cannot pay my full payment this month?

Contact PennyMac before your due date to discuss your situation. You may be able to arrange a partial payment, defer a payment, or modify your loan. Waiting until after the due date passes makes these options less likely and will result in a late fee.