How to Pay Your Pennymac Mortgage Online and by Mail

What Pennymac Bill Pay Is and How It Works

Pennymac Bill Pay is the online payment system run by Pennymac Financial Services, one of the largest mortgage servicers in the United States. If Pennymac services your mortgage loan, you can use their bill pay portal to make payments from your computer or phone instead of mailing a check. The system lets you set up one-time payments or recurring monthly payments, and you can choose to pay when ready or schedule a payment for a future date.

Pennymac services mortgages for borrowers across the country. When a bank or lender originates your mortgage, they often sell the loan to a servicer like Pennymac, who then handles your monthly payments, escrow account, and customer service. You do not choose your servicer — your lender assigns it. If you receive a mortgage statement from Pennymac, they are your servicer, and Pennymac Bill Pay is your primary way to pay online.

The system is free to use. Pennymac does not charge a fee for online payments, one-time payments, or automatic recurring payments. You can access it through the Pennymac website or through their mobile app, available on iOS and Android.

Key Takeaways

• Pennymac Bill Pay is free and lets you pay your mortgage online, by phone, or by mail without leaving your account.
• You must create a login account on the Pennymac website or app before you can make your first payment.
• One-time payments typically post within one to three business days; scheduled future payments post on the date you select.
• If you pay by mail, send your check to the address printed on your mortgage statement, and allow at least 10 business days for processing.
• Late payments are reported to credit bureaus and may trigger late fees, so set up automatic payments if you want to avoid missing a due date.

Setting Up Your Pennymac Account and Making Your First Payment

To use Pennymac Bill Pay, you must first create an online account. Go to the Pennymac website and select "Sign Up" or "Create Account." You will need your loan number (found on your mortgage statement), your Social Security number, and your date of birth. Pennymac will verify your identity and send you a confirmation email. Once you confirm your email, you can log in and access your account.

After you log in, select "Make a Payment" or "Pay Now." You will see your current loan balance, the amount due, and the due date. You can pay the full amount due, a partial payment, or a different amount. Choose whether you want to pay when ready (the payment will post within one to three business days) or schedule it for a future date. If you schedule a payment, Pennymac will process it on the date you select, so plan ahead if you want the payment to arrive by a specific date.

You can pay from a checking account, savings account, or debit card. If you use a bank account, provide your routing number and account number. If you use a debit card, provide the card number, expiration date, and CVV. Pennymac does not charge a fee for any of these payment methods.

Setting Up Automatic Monthly Payments

If you want to pay the same amount every month without logging in each time, you can set up automatic recurring payments. Log into your Pennymac account, go to "Autopay" or "Automatic Payments," and select the amount you want to pay each month. You can choose to pay the minimum due, the full payment amount, or a custom amount. Select the payment method (bank account or debit card) and the day of the month you want the payment to come out.

Automatic payments reduce the risk of missing a due date and triggering a late fee. However, if your payment amount changes — for example, if your escrow account is adjusted — you may need to update your automatic payment to match the new amount. Check your mortgage statement each month to confirm the amount due, and log into your account to adjust your autopay if needed.

You can cancel automatic payments at any time by logging into your account and selecting "Cancel Autopay." If you cancel, you will need to make manual payments going forward, so mark your calendar or set a reminder so you do not miss a due date.

Payment Timing and When Your Payment Posts

Pennymac processes payments on business days only (Monday through Friday, excluding federal holidays). The time it takes for a payment to post depends on when you submit it and which payment method you use.

If you make a one-time payment online using a bank account, it typically posts within one to three business days. If you use a debit card, it may post the same day or within one business day. If you schedule a payment for a future date, Pennymac will process it on that date, and it will post within one to three business days after that.

Your mortgage payment is due on a specific date each month (shown on your statement). If your payment does not post by the due date, Pennymac may charge a late fee and report the late payment to credit bureaus. To avoid this, submit your payment at least three to five business days before the due date. If you are close to the due date, call Pennymac at the number on your statement to confirm whether your payment will post in time.

Paying by Mail or Phone If You Cannot Use Online Bill Pay

If you do not have internet access or prefer to pay by mail, you can send a check to the address printed on your mortgage statement. Write your loan number on the check and mail it to the payment address listed on your statement. Allow at least 10 business days for your payment to arrive and post. Do not send cash through the mail.

You can also pay by phone by calling Pennymac's customer service line, listed on your mortgage statement. A representative can take your payment over the phone using a bank account or debit card. Phone payments are also free, but you may wait on hold depending on call volume.

Both mail and phone payments take longer than online payments, so plan ahead. If your due date is approaching and you have not yet paid, use the online system or call when ready rather than mailing a check.

What Happens If You Miss a Payment or Pay Late

If your payment does not post by the due date, Pennymac will charge a late fee. The amount of the late fee depends on your loan agreement and state law, but it is typically a percentage of your monthly payment (often 4 to 5 percent). Late fees are added to your loan balance and must be paid along with your next payment.

A payment that is 30 days or more late is reported to the three major credit bureaus (Equifax, Experian, and TransUnion). This late payment will appear on your credit report and lower your credit score. The impact is greatest when ready after the late payment is reported, but the mark remains on your credit report for seven years.

If you fall behind on payments, contact Pennymac as soon as possible. Depending on your situation, you may be able to work out a payment plan, request a loan modification, or explore other options. Pennymac's contact information is on your mortgage statement and on their website.

Troubleshooting Common Issues with Pennymac Bill Pay

If you forget your password, select "Forgot Password" on the Pennymac login page. You will be asked to verify your identity using your loan number and Social Security number. Pennymac will send a password reset link to your email address. If you do not receive the email, check your spam folder or contact Pennymac customer service.

If a payment you submitted does not appear in your account after the expected time, log in and check the payment status. Pennymac's system shows whether a payment is pending, processing, or posted. If the status shows an error or if the payment has not posted after the timeframe Pennymac provided, call customer service to investigate. Do not assume the payment went through if you cannot see it in your account.

If you receive a notice that your payment was declined (for example, because your bank account has insufficient funds), contact your bank to resolve the issue, then resubmit the payment through Pennymac Bill Pay. A declined payment is not the same as a late payment, but if it is not resubmitted before the due date, you may still incur a late fee.

Frequently Asked Questions

Is there a fee to use Pennymac Bill Pay?

No. Pennymac does not charge a fee for online payments, automatic payments, or one-time payments made through their website or app. You also do not pay a fee to pay by phone. The only cost is the mortgage payment itself.

Can I pay more than the amount due each month?

Yes. You can pay any amount you want, including more than the minimum due. Extra payments reduce your loan balance and can shorten the life of your loan. However, check your loan agreement to confirm there is no prepayment penalty. Most mortgages do not have prepayment penalties, but some do.

What if I want to change my automatic payment amount?

Log into your Pennymac account, go to "Autopay" or "Automatic Payments," and select "Edit" or "Modify." You can change the amount, the payment date, or the payment method. The change will take effect on your next scheduled payment date.

How do I know if my payment posted?

Log into your Pennymac account and check your payment history. You will see a list of all payments you have made, the date each payment posted, and the amount. You can also check your mortgage statement, which shows all payments received during the billing period.

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

Contact Pennymac as soon as possible. Explain your situation and ask about your options. Depending on your circumstances, you may be able to make a partial payment, request a forbearance (temporary pause on payments), or discuss a loan modification. The sooner you reach out, the more options may be available to you.