How to pay your PennyMac loan
PennyMac Loan Services is a mortgage servicer — the company that collects your monthly mortgage payment and manages your loan account. To pay your mortgage through PennyMac, you can use their online portal, set up automatic payments from your bank account, mail a check, or pay by phone. The fastest and most reliable method is through their website or mobile app, where you can see your balance and payment history in real time.
Your payment is due on the date listed in your loan documents, usually the first of the month. If you pay after the grace period (typically 15 days), PennyMac will report the late payment to credit bureaus. Paying on time protects your credit score and keeps your loan in good standing.
Key Takeaways
- You can pay PennyMac through their website, mobile app, automatic bank transfer, phone, or mail — each method reaches them at a different speed.
- Your payment due date is set in your loan documents, and late fees begin after the grace period ends, usually 15 days after the due date.
- Automatic payments from your bank account are the most reliable way to avoid missed payments and late fees.
- PennyMac's customer service number and payment portal are in your monthly statement or loan documents.
Paying online through the PennyMac portal
Log in to your PennyMac account at their website using your loan number and password. If you do not have an account, you can create one by entering your loan number and Social Security number. Once logged in, select "Make a Payment" and choose the amount and payment date you want.
Online payments typically post within one business day. You can schedule payments in advance, which is useful if you want to set a specific date each month. The portal also shows your current balance, interest paid, and payment history, so you can track your loan at any time.
Setting up automatic payments
Automatic payments remove the risk of forgetting a due date. Log into your PennyMac account, go to the payment settings, and select "Enroll in Auto Pay." You will need to provide your bank account number and routing number. PennyMac will withdraw your payment automatically on the date you choose — usually the due date or a few days before.
You can change or cancel automatic payments anytime through your account. If your bank account changes, update it in your PennyMac portal to prevent payment failures. Automatic payments typically post the same day they are withdrawn from your bank.
Paying by phone
Call PennyMac's customer service number, which is on your monthly statement. Have your loan number and bank account information ready. A representative will process your payment over the phone and give you a confirmation number. Phone payments are usually processed the same business day.
Phone payments work if you need to pay quickly or do not have internet access, but they take longer than online payments and you cannot schedule them in advance. There is no fee to pay by phone.
Paying by mail
Write a check payable to PennyMac Loan Services and mail it to the address on your statement. Include your loan number on the check. Mail payments take 5 to 10 business days to reach PennyMac and post to your account, so send your check well before your due date to avoid a late payment.
Keep a copy of your check or take a photo of the front and back for your records. If your payment does not post within two weeks, contact PennyMac to confirm they received it.
What happens if you miss a payment
If your payment is not received by the end of the grace period (usually 15 days after the due date), PennyMac will charge a late fee and report the late payment to credit bureaus. A single late payment can lower your credit score by 100 points or more. After 30 days late, the delinquency appears on your credit report and stays there for seven years.
If you know you will miss a payment, contact PennyMac before the due date. They may be able to work out a payment plan or discuss other options. The sooner you reach out, the more options you have.
Understanding your payment breakdown
Your monthly payment is divided into four parts: principal (the amount borrowed), interest (the cost of borrowing), property taxes, and homeowners insurance. The principal and interest go to PennyMac; the taxes and insurance go into an escrow account that PennyMac manages on your behalf. Your statement shows how much of each payment goes to each part.
Early in your loan, most of your payment goes toward interest. As you pay down the principal, more of each payment goes toward principal. This is normal and expected.
Frequently Asked Questions
Can I pay more than my monthly payment?
Yes. Extra payments go directly toward your principal balance and reduce the total interest you pay over the life of the loan. You can make extra payments anytime through your online account or by contacting PennyMac. There is no penalty for paying early.
What if I want to change my payment due date?
Contact PennyMac customer service to request a due date change. They can usually move your due date to a different day of the month. The change takes effect on your next billing cycle. You may need to make an adjustment payment if you change the date mid-month.
Is there a fee to pay online?
No. PennyMac does not charge a fee for online payments, automatic payments, or phone payments. Mail and third-party payment services may charge their own fees, but PennyMac's methods are free.
What if my payment was rejected?
If an automatic payment fails because of insufficient funds or an invalid account number, PennyMac will notify you. Log into your account, update your bank information, and try again. Contact customer service if the payment fails a second time — they can help troubleshoot the issue.
Can I pay someone else's PennyMac loan?
Yes, but you will need the loan number and the payee address from the statement. You cannot access their online account or set up automatic payments without their permission. If you pay regularly on someone else's loan, contact PennyMac to set up a separate account for those payments.