Where and how to send your Pennymac mortgage payment
Pennymac Financial Services handles mortgage servicing for loans it originates and loans it purchases from other lenders. To pay your Pennymac mortgage, you have three main routes: online through your account portal, by phone, or by mail. The method you choose affects when the payment posts and whether you can set it to repeat automatically.
The fastest way is through the Pennymac online portal at pennymacservicing.com. You log in with your loan number and create a username and password if you don't already have one. From there you can make a one-time payment when ready or set up automatic monthly payments. Payments made online typically post within one business day.
If you prefer to pay by phone, call Pennymac's payment line at 1-866-549-3176. A representative can process your payment over the phone using a bank account or debit card. Phone payments also usually post within one business day. If you mail a check, write your loan number on the check and send it to the address shown on your monthly statement — mailed payments take longer to post, typically five to seven business days depending on mail delivery and processing time.
Key Takeaways
- Pennymac accepts payments online, by phone, or by mail, with online and phone payments posting faster than mailed checks.
- You can set up automatic monthly payments through the online portal so you don't have to remember to pay each month.
- Your monthly statement shows the exact payment amount due, the due date, and the mailing address if you pay by check.
- Late fees and credit reporting begin after your payment is more than 15 days past due, though contacting Pennymac before that date may prevent them.
- If you are having trouble making a payment, Pennymac offers loss mitigation options including loan modification and forbearance.
Setting up automatic payments and payment schedules
Automatic payments remove the risk of forgetting a due date. Through the Pennymac portal, you can authorize Pennymac to withdraw your monthly payment from your bank account on a date you choose — typically the same day each month. Once set up, the payment recurs automatically until you cancel it or pay off the loan.
You can also make extra payments toward principal without setting up automatic withdrawals. Some borrowers pay twice a month, pay extra in months when they have more income, or make a lump-sum payment toward the principal balance. Pennymac applies extra payments to principal by default, which reduces the total interest you pay over the life of the loan and can shorten the loan term.
If your payment amount changes — for example, because your property tax or homeowners insurance changed — your statement will show the new amount before it's due. You don't have to do anything; the new amount straightforward becomes your next payment. If you have an automatic payment set up, you may need to update the amount in your portal or contact Pennymac to adjust it.
Understanding your payment due date and grace periods
Your mortgage payment is due on the date shown on your monthly statement, typically the first of the month or a date you chose when you took out the loan. Pennymac gives a grace period of 15 days after the due date before reporting a late payment to credit bureaus. This means if your payment is due on the 1st, you have until the 15th to pay without a late fee or credit impact.
However, late fees begin accruing after the 15th-day grace period ends. The late fee amount is set in your loan documents and is usually a percentage of your monthly payment — commonly 4 to 5 percent. If you know you will be late, contact Pennymac before the due date to discuss options; sometimes they can work with you to avoid the fee.
If you miss a payment entirely, Pennymac will send you a notice. The exact timing and content of that notice depend on your state's laws, but generally you will receive written notice within 30 days of the missed payment. At this point, you still have time to bring your account current before foreclosure proceedings begin, though the window varies by state.
What happens if you fall behind on payments
If your payment is 30 days late, Pennymac reports the delinquency to the three major credit bureaus: Equifax, Experian, and TransUnion. This appears on your credit report and can lower your credit score. The longer the delinquency, the more severe the impact. A 30-day late payment is less damaging than a 60-day or 90-day late payment, but all of them stay on your report for seven years.
Once you are 120 days behind, Pennymac can begin foreclosure proceedings in most states. The exact timeline and process depend on whether your state is a judicial foreclosure state (requires court involvement) or a non-judicial foreclosure state (does not). Pennymac will send you notices at each stage, and you have the right to respond and contest the foreclosure in court if you choose.
Before foreclosure, Pennymac offers loss mitigation options if you are struggling to pay. These include loan modification (changing the terms of your loan to lower the payment), forbearance (temporarily pausing or reducing payments), and in some cases a short sale or deed in lieu of foreclosure. To explore these options, contact Pennymac's loss mitigation department or ask about them when you call about a missed payment.
Accessing your account and payment history
Your Pennymac account portal shows your current balance, payment history, upcoming due dates, and the breakdown of principal and interest in each payment. You can read statements, view payment confirmations, and update your contact information. If you don't have a portal account yet, you can create one at pennymacservicing.com using your loan number and property address.
Your monthly statement arrives by mail or email, depending on your preference. The statement shows the amount due, the due date, how much of your payment goes to principal versus interest, your current balance, and any escrow account activity (property tax and insurance payments Pennymac makes on your behalf). Keep statements for your records; they serve as proof of payment and are useful for tax purposes if you itemize deductions.
If you need to dispute a payment or believe a payment was not posted correctly, contact Pennymac in writing within 60 days of the error. Send a written dispute to the address on your statement. Pennymac must acknowledge your dispute within 30 days and investigate within 60 days. During the investigation, the disputed amount does not have to be paid, though you must continue paying the undisputed portion of your mortgage.
Payment methods and fees
Pennymac does not charge a fee for payments made through the online portal or by phone using a bank account. If you pay by debit card over the phone, a small processing fee may explore — ask the representative for the exact amount before authorizing the payment. Mailed checks are free, but you bear the cost and delay of mail delivery.
Some third-party payment processors offer to pay your Pennymac mortgage for you, often advertising convenience or rewards. Be cautious with these services. Verify that they are legitimate and understand their fees before using them. Paying directly through Pennymac's portal or by phone is simpler and avoids middleman fees.
If you use an escrow account, Pennymac collects an estimated amount each month for property taxes and homeowners insurance and pays those bills on your behalf. This amount is included in your monthly payment. Once a year, Pennymac conducts an escrow analysis to see if the estimate was accurate. If you overpaid, Pennymac refunds the difference; if you underpaid, your monthly payment increases slightly to make up the shortfall.
Frequently Asked Questions
Can I pay my Pennymac mortgage with a credit card?
Pennymac does not accept credit card payments directly. You can pay by bank account (online or by phone), debit card (by phone only), or check by mail. Some credit card companies offer balance transfer checks that you could mail to Pennymac, but this is not a direct credit card payment and may carry fees from your credit card issuer.
What time of day do online payments post?
Payments made online typically post within one business day, but the exact time depends on when you submit the payment and Pennymac's processing schedule. If you need the payment to post by a specific date, submit it at least one business day before that date. If you are close to the due date, call Pennymac to confirm the payment will post in time to avoid a late fee.
Do I need to contact Pennymac if I pay extra toward principal?
No. Pennymac automatically applies payments above your required monthly amount to principal. You can make extra payments through the portal, by phone, or by mail without notifying anyone. Your next statement will show the reduced balance and the extra payment applied.
What should I do if I can't make my payment this month?
Contact Pennymac before your payment is due. Call 1-866-549-3176 or log into your portal to message them. Explain your situation and ask about forbearance, loan modification, or other options. Acting before you miss a payment gives you more options and may help you avoid late fees and credit damage.
How long does it take to receive a payoff quote from Pennymac?
Payoff quotes are usually available when ready through the online portal or by calling Pennymac. The quote shows the exact amount needed to pay off your loan as of a specific date, including any accrued interest. Payoff amounts are good for a limited time (typically 10 to 15 days), so if you are planning to pay off the loan, request the quote close to when you will actually send the payment.