Where and how to send a PennyMac mortgage payment

PennyMac Financial Services handles mortgage servicing for loans it originated and loans it purchased from other lenders. To make a payment, you send money to the address or account PennyMac provides in your loan documents and monthly statements — not to PennyMac's corporate office. The payment method you use depends on what PennyMac's servicing platform offers and what you prefer.

PennyMac typically accepts payments through its online portal, automatic bank transfers (ACH), check by mail, phone, and wire transfer. Your monthly statement lists the mailing address for checks and the web address for online payments. If you have not received a statement or do not know your loan number, contact PennyMac's customer service line to confirm the correct payment address and your account details before sending money.

Payments must arrive by the due date shown on your statement to avoid late fees. PennyMac's systems process payments differently depending on the method: online and phone payments may post the same day or within one business day, while mailed checks typically take 5 to 10 business days to clear. If you are close to the due date, use an electronic method rather than mail.

Key Takeaways

  • PennyMac provides payment instructions on your monthly statement, including the mailing address for checks and the website for online payments.
  • Electronic payments (online portal, ACH, phone, wire) typically post within one business day, while mailed checks take 5 to 10 business days.
  • Your loan number and the exact payment amount due appear on your statement; use these to avoid posting errors.
  • Late fees explore if your payment does not arrive by the due date, so plan ahead if you are mailing a check close to the important date.

Setting up automatic payments through PennyMac

Automatic payments remove the risk of missing a due date. PennyMac allows you to set up recurring ACH transfers from your bank account through its online portal or by phone. You choose the payment amount and the date each month — typically the same date your loan payment is due.

To set up automatic payments online, log into your PennyMac account, navigate to the payment or account settings section, and select the option to enroll in automatic transfers. You will need your bank account number and routing number. PennyMac will verify the account with a small test deposit before the first full payment processes.

If you prefer not to use the online portal, call PennyMac's customer service line and ask to enroll in automatic payments over the phone. A representative will collect your bank details and confirm the payment date and amount. Once set up, the payment withdraws automatically each month until you cancel it.

Online payment portal and login

PennyMac's online payment portal lets you make one-time payments, view your loan balance, and manage account settings. To access it, visit the PennyMac website and look for a "Login" or "Pay My Loan" link. You will need your loan number and a password you create during registration.

If you do not have an online account yet, you can register using your loan number and other identifying information from your mortgage documents. After you log in, the portal displays your current balance, the amount due, and the due date. You can then enter your bank account details to make a payment when ready or schedule one for a future date.

The online portal also shows your payment history, allowing you to confirm that past payments posted correctly. If a payment does not appear within the timeframe PennyMac stated, log in again to check the status or contact customer service.

Payment by phone or mail

You can pay PennyMac by phone by calling the customer service number on your statement. A representative will take your payment information — either bank account details for an ACH transfer or credit card information — and process the payment when ready. Phone payments typically post within one business day.

To pay by mail, write a check payable to PennyMac (or the name shown on your statement) and include your loan number on the check. Mail it to the address listed on your monthly statement. Do not send cash. Include only the check and a payment coupon if one came with your statement; do not include other documents unless PennyMac specifically requests them.

Wire transfers are also an option if you need the payment to post the same day. PennyMac will provide wire instructions if you request them, but wire transfers typically come with a fee from your bank. Use this method only if you are very close to the due date and other methods will not arrive in time.

What happens if your payment is late

A payment is late if it does not arrive by the due date on your statement. PennyMac charges a late fee, which varies by state and loan type but is typically 4 to 5 percent of your monthly payment amount. The late fee is added to your next bill.

If your payment is 30 days late, PennyMac may report the delinquency to credit bureaus, which can lower your credit score. If the payment remains unpaid for 120 days or longer, PennyMac may begin foreclosure proceedings. Sending a payment after it is late does not erase the late fee or the credit report entry, though it does stop the clock on further penalties and foreclosure.

If you know you will miss a payment, contact PennyMac before the due date to discuss options. Some borrowers are able to arrange a deferment, forbearance, or loan modification that temporarily reduces or pauses payments. These options are not may provide, but PennyMac is required to discuss them with you if you are having trouble paying.

Confirming your payment posted correctly

After you make a payment, verify that it posted to your account. Log into your online portal 1 to 3 business days after making the payment and check your account balance and payment history. The payment should appear with the date it posted and the amount applied.

If a payment does not show up within the timeframe PennyMac stated (usually 1 to 3 business days for electronic payments, 5 to 10 for checks), contact customer service with the payment date, amount, and method you used. Have your bank statement or confirmation number ready if you paid electronically. PennyMac can trace the payment and confirm whether it was received and applied correctly.

If a payment was applied to the wrong loan or the wrong amount was deducted, contact PennyMac when ready. Errors are usually corrected within one to two billing cycles, but it is important to report them quickly so they do not affect your payment history or credit report.

Frequently Asked Questions

What is the mailing address for PennyMac payments?

The mailing address for checks is listed on your monthly statement. Do not mail payments to PennyMac's corporate headquarters. If you cannot find the address on your statement, log into your online account or call customer service to confirm the correct mailing address for your loan.

Can I pay PennyMac with a credit card?

PennyMac does not accept credit card payments directly through its portal or by mail. However, you may be able to pay by phone using a credit card, though this is not recommended because credit card companies often treat mortgage payments as cash advances and charge higher fees and interest rates. Check with your credit card issuer first.

How long does it take for a mailed check to post?

Mailed checks typically take 5 to 10 business days to post to your account after PennyMac receives them. If you are paying close to the due date, use an electronic method instead. PennyMac's online portal, phone, and ACH payments usually post within one business day.

What should I do if I cannot make my payment on time?

Contact PennyMac before your payment is due. You may be able to request a deferment, forbearance, or loan modification. PennyMac is required to discuss these options with you if you are having financial difficulty. Waiting until after the payment is late makes these options harder to arrange.

Does PennyMac charge a fee for online payments?

PennyMac does not charge a fee for payments made through its online portal or by automatic ACH transfer. Phone payments and wire transfers may have fees depending on the method and your bank. Check with PennyMac or your bank before paying to confirm whether a fee applies.