How to Pay Your Pennymac Mortgage Online and by Mail
What Pennymac Bill Pay Is and How to Use It
Pennymac Bill Pay is the online payment system run by Pennymac Loan Services, one of the largest mortgage servicers in the United States. If Pennymac services your mortgage—meaning they collect your monthly payment and manage your account—you can use their bill pay portal to make payments from your computer or phone instead of mailing a check. The system lets you schedule payments in advance, see your payment history, and confirm that money reached your account.
You do not have to use Pennymac Bill Pay. You can mail a check, set up an automatic bank transfer, or pay by phone. But the online portal is the fastest way to confirm a payment went through and to avoid late fees if you are paying close to the due date.
Key Takeaways
- Pennymac Bill Pay is free and accessible through your Pennymac online account or by phone at 1-866-549-3176.
- One-time payments usually post within one to two business days; scheduled payments post on the date you choose if you submit them at least one business day early.
- You can pay from a bank account (ACH transfer) or by debit or credit card, though card payments may carry a fee depending on your card issuer.
- If you miss a payment deadline, contact Pennymac immediately—late fees and credit damage begin after 30 days, but options exist before that point.
- Mailed checks take longer to post and create a gap where you cannot confirm receipt, so online or phone payment is safer if you are near the due date.
How to Access Pennymac Bill Pay Online
Log into your Pennymac account at www.pennymacservicing.com. You will need your loan number and password. If you do not have an online account yet, you can create one on the same website by entering your loan number and the property address associated with your mortgage.
Once logged in, look for a "Make a Payment" or "Pay Now" button, usually visible on your account dashboard. Click it to enter the payment amount, the date you want the payment to post, and your payment method. Review the details carefully—Pennymac will show you the exact date the payment will be applied to your account. If you are paying late or catching up on a missed payment, the system will tell you whether the payment covers the full amount due or leaves a balance.
After you submit, Pennymac will send you a confirmation number by email or display it on screen. Save this number. It proves you made the payment and when, which matters if there is ever a dispute about whether money arrived on time.
Payment Methods and How Long Each Takes
Pennymac accepts payments through three methods, and the speed depends on which you choose:
| Payment Method | How It Works | Time to Post | Cost |
|---|---|---|---|
| Bank Account (ACH) | Money transfers directly from your checking or savings account | 1–2 business days | Free |
| Debit or Credit Card | Payment processed through your card network | 1–2 business days | May vary by card issuer; some charge a convenience fee |
| Phone Payment | Call 1-866-549-3176 and provide payment details to a representative | 1–2 business days | Free |
If you schedule a payment for a future date, Pennymac will process it on that date as long as you submit the request at least one business day before. For example, if your payment is due on the 15th and you schedule it on the 14th, it will post on the 15th. If you schedule it on the 15th itself, it may not post until the 16th, which could trigger a late fee.
Mailing a check is also an option, but it is the slowest route. A check can take 5 to 10 business days to arrive and clear, and you have no way to confirm receipt until it shows up in your account history. If you are within a week of the due date, do not mail a check—use online or phone payment instead.
What Happens If You Miss a Payment or Pay Late
Your mortgage payment is due on a specific date each month, usually the first of the month. If the payment does not post by that date, Pennymac will charge a late fee. The amount varies by state and loan type, but it is typically 4 to 5 percent of your monthly payment. Late fees are added to what you owe, so missing one payment can quickly become owing two months' worth of money.
More importantly, Pennymac reports late payments to the credit bureaus after 30 days. A single 30-day late mark can lower your credit score by 100 points or more and will stay on your credit report for seven years. This affects your ability to borrow for a car, refinance your mortgage, or even rent an apartment.
If you realize you will miss a payment, call Pennymac at 1-866-549-3176 before the due date. Explain your situation. Pennymac may offer a loan modification, a forbearance agreement (a temporary pause or reduction in payments), or a repayment plan (spreading missed payments over several months). These options do not erase the missed payment, but they prevent foreclosure and give you time to catch up. The sooner you call, the more options are available.
Automatic Payments vs. One-Time Payments
Pennymac allows you to set up automatic payments, where the same amount is withdrawn from your bank account on the same day each month. This removes the risk of forgetting to pay and ensures your payment posts on time every month. To set up automatic payments, log into your account, find the autopay or recurring payment option, and choose your bank account as the payment source. You can change or cancel automatic payments anytime, though you should do it at least one business day before the payment is scheduled to process.
If you prefer to pay manually each month—perhaps because your income varies or you want to pay extra some months—use one-time payments instead. One-time payments give you full control over the amount and date, but they require you to remember to submit them. Many people use a combination: automatic payments for the regular monthly amount, plus one-time payments when they want to pay extra toward principal.
Do not set up automatic payments and then forget about them. If your bank account does not have enough money on the payment date, the transfer will fail and Pennymac will treat it as a missed payment. Check your account balance the day before autopay is scheduled to process.
Troubleshooting Payment Problems
If you submitted a payment but it has not posted after two business days, log back into your Pennymac account and check your payment history. Look for your payment in the list of recent transactions. If it shows as "pending" or "processing," wait another day. If it shows as "failed" or "rejected," the most common reason is insufficient funds in your bank account or an error in your account number.
If your payment failed, you have two options: correct the problem and resubmit immediately, or call Pennymac at 1-866-549-3176 to ask them to retry the payment. Do not assume the payment will go through on its own—it will not. A failed payment counts as a missed payment after 30 days, so act quickly.
If you paid online but your account still shows a balance due, the payment may not have posted yet. Wait one full business day before calling. If it still has not posted after two business days, call Pennymac with your confirmation number. They can look up the payment in their system and tell you exactly when it will appear in your account.
When to Use Bill Pay vs. Other Payment Methods
Use Pennymac Bill Pay (online or phone) if you are paying within seven days of the due date, if you want to confirm the payment posted before the deadline, or if you want to schedule a payment for a specific future date. The online portal and phone line both give you immediate confirmation and a record you can reference later.
Use automatic payments if your income is stable and you want to remove the risk of forgetting. Set it up once and it runs every month without action from you.
Use mailing a check only if you are paying well in advance (at least two weeks before the due date) and you have no other option. Checks are slow and create a gap where you cannot confirm receipt.
Never rely on a payment method you have not tested before. If you are setting up automatic payments for the first time, make a small test payment first to confirm your bank account information is correct and the payment posts on time.
Frequently Asked Questions
Can I pay my Pennymac mortgage with a credit card?
Yes, Pennymac accepts credit and debit cards through their online portal and phone line. However, your card issuer may charge a convenience fee (typically 2 to 3 percent of the payment amount) for mortgage payments. Check with your card issuer before paying this way, as the fee can add up quickly on a large monthly payment.
What if I want to pay extra toward my principal?
You can make an extra one-time payment anytime through Pennymac Bill Pay. Specify in the payment notes that the extra amount should go toward principal, not toward future payments. Call Pennymac at 1-866-549-3176 if you are unsure whether your extra payment was applied correctly.
Does Pennymac charge a fee to use their bill pay system?
No, Pennymac Bill Pay is free when you pay from a bank account. Card payments may carry a fee from your card issuer, not from Pennymac. Phone payments are also free.
What if my payment is due on a weekend or holiday?
Your due date does not change, but Pennymac will not process payments on weekends or federal holidays. If your due date falls on a Saturday, Sunday, or holiday, submit your payment on the last business day before. For example, if the 1st is a Saturday, pay on Friday the 31st of the previous month.
Can I see my payment history in my Pennymac account?
Yes. Log into your account and look for a "Payment History" or "Transaction History" section. You will see every payment you have made, the date it posted, and the amount. This is useful for confirming a payment went through and for your own record-keeping.