How to Pay Your Pennymac Loan Services Mortgage
Where to send your Pennymac payment and how it gets processed
Pennymac Loan Services is a mortgage servicer — the company that collects your monthly payment, manages your escrow account, and handles customer service for your loan. When you pay Pennymac, your payment goes into a processing system that credits your loan account, applies funds to principal and interest, and updates your account status. The method you choose (online, mail, phone, or automatic transfer) determines how fast the payment reaches them and when it shows on your account.
Pennymac does not own your loan; they manage it on behalf of the investor who does. That separation matters because it means you cannot refinance or modify your loan through Pennymac alone — but you can always pay them, and they are required by law to credit your payment correctly and on time.
Key Takeaways
- Pennymac accepts payments online through their website, by phone, by mail to their lockbox address, or through automatic bank transfers (ACH).
- Online and phone payments typically post within one business day; mailed checks can take 5 to 7 business days depending on mail and processing time.
- Your payment is due on the first of the month, and Pennymac charges a late fee if it arrives after the 15th (the grace period varies slightly by loan type).
- Automatic payments (ACH) are the fastest and most reliable way to avoid late fees, because the money leaves your bank on a date you control.
- If you fall behind, contact Pennymac immediately — they are required to discuss forbearance, loan modification, and other options before foreclosure can begin.
Online and phone payment methods
Log into your Pennymac account at pennymacservicing.com to pay online. You will need your loan number and online banking credentials. The website lets you make a one-time payment or set up automatic monthly transfers. Online payments typically post within one business day, though Pennymac's system may show a processing delay of a few hours before the payment appears in your account history.
To pay by phone, call Pennymac's customer service line at 1-866-549-3176. A representative will take your payment information over the phone. Phone payments are processed the same day and usually post by the next business day. Pennymac does not charge a fee for online or phone payments made directly through their system, though some third-party payment platforms may add a convenience fee.
Both methods require you to have your loan number ready and a valid payment method (debit card, credit card, or bank account). If you use a credit card, check whether your card issuer charges a cash advance fee, because some do treat mortgage payments that way.
Mailing a check or money order
If you prefer to mail a payment, send it to the lockbox address shown on your monthly statement. The address changes based on your loan type and region, so always check your statement rather than using an old address. Include your loan number on the check or money order so the payment is credited to the correct account.
Mailed payments take longer to post because they must travel through the postal system, arrive at the lockbox, be sorted, and be entered into Pennymac's system. A check mailed on the 10th of the month may not post until the 15th or later, depending on mail delivery and processing volume. If your due date is the 1st and you mail on the 10th, your payment will likely arrive after the grace period ends, and you may be charged a late fee even though you mailed it on time.
To avoid this, mail payments at least 7 to 10 days before your due date. Keep a copy of the check or take a photo of it before mailing. If you need proof that you sent the payment, the cancelled check from your bank is your best evidence.
Automatic payments (ACH transfers)
Automatic payments are transfers from your bank account to Pennymac on a date you choose each month. You set this up through your Pennymac online account or by calling customer service. Once active, the money leaves your bank on the date you select and posts to your loan account within one business day. Automatic payments eliminate the risk of late fees caused by mail delays or forgotten due dates.
To set up automatic payments, log into your Pennymac account, go to the payment section, and select "Automatic Payment" or "Recurring Payment." You will enter your bank routing number and account number. Pennymac will debit your account on the date you choose — typically the 1st of the month or a few days before, depending on your preference. You can change or cancel the automatic payment at any time through your online account.
Automatic payments are free and are the fastest, most reliable way to pay. If your bank account has insufficient funds on the payment date, the transfer will fail and you may incur both a bank fee and a late fee from Pennymac. To prevent this, make sure your account has enough money at least one day before the automatic payment date.
Understanding due dates, grace periods, and late fees
Your mortgage payment is due on the first of the month. Pennymac allows a grace period — usually until the 15th of the month — before charging a late fee. This means a payment that arrives on the 14th is on time; a payment that arrives on the 16th is late. The exact grace period depends on your loan documents, so check your promissory note or call Pennymac to confirm your specific grace period.
If your payment arrives after the grace period, Pennymac will charge a late fee. The amount varies by loan but is typically 4% to 5% of your monthly payment or a flat fee set in your loan documents. A late fee is added to your loan balance and increases the amount you owe. Late payments also damage your credit score and are reported to credit bureaus after 30 days of non-payment.
If you know you will be late, contact Pennymac before the due date. They may be able to defer the payment, adjust your due date, or discuss other options. Waiting until after you are late makes it harder to avoid the fee.
What to do if your payment is rejected or fails
If an automatic payment fails because your bank account has insufficient funds, Pennymac will attempt to reprocess it, but it may not go through. You will receive a notice from Pennymac and your bank. Contact Pennymac immediately to make a manual payment for the full amount due, including any failed payment fees your bank charged.
If you made a payment online or by phone and it did not post within two business days, log into your account to check the status. Pennymac's system shows whether the payment is pending, processing, or posted. If it shows as pending for more than 48 hours, call customer service to confirm it was received. Keep a record of the confirmation number or receipt you received when you made the payment.
If a payment was lost in the mail, you have no proof it was sent unless you can show a cancelled check from your bank. For this reason, mailed payments are riskier than online or automatic methods. If you suspect a mailed payment was lost, contact Pennymac and ask them to search their records by the date you mailed it and the amount. If they cannot find it, make a new payment immediately to avoid a late fee.
Escrow, property taxes, and insurance included in your payment
Your monthly payment to Pennymac may include more than just principal and interest. If you have an escrow account, Pennymac collects money each month for property taxes and homeowners insurance. This money is held in escrow and paid to the tax assessor and insurance company on your behalf when bills are due. Your monthly statement breaks down how much of your payment goes to principal, interest, and escrow.
Pennymac is required by law to conduct an annual escrow analysis to make sure they are collecting the right amount. If taxes or insurance increase, your monthly payment may go up. If they decrease, your payment may go down or you may receive a refund. Pennymac will notify you in writing if your payment is changing and explain the reason.
If you pay property taxes or insurance yourself instead of through escrow, you still owe Pennymac for the portion of your payment that would have gone to escrow. Do not skip that part of your payment thinking you are paying the bills separately — you must pay both Pennymac and the tax assessor and insurance company.
What happens if you fall behind on payments
If you miss a payment or pay late, Pennymac will send you a notice. After 30 days of non-payment, the late payment is reported to credit bureaus. After 90 days, Pennymac may begin the process of loss mitigation — offering options like forbearance, loan modification, or a repayment plan. You have the right to request these options, and Pennymac is required by federal law to consider them before starting foreclosure.
Forbearance temporarily reduces or pauses your payment for a set period (usually 3 to 12 months) while you recover financially. At the end of forbearance, you resume regular payments, and the paused amount is added back to your loan balance or spread over the remaining loan term. Loan modification changes the terms of your loan — extending the term, lowering the interest rate, or capitalizing arrears — to make the payment affordable long-term.
Contact Pennymac as soon as you know you cannot make a payment. The sooner you reach out, the more options you have. Waiting until foreclosure begins limits your choices and damages your credit severely.
Frequently Asked Questions
Can I pay my Pennymac loan with a credit card?
Pennymac does not accept credit card payments directly through their website or phone line. However, some third-party payment platforms allow you to pay your mortgage with a credit card and then send the money to Pennymac. These platforms charge a fee (usually 2% to 3% of the payment) for this service. Check whether your credit card rewards justify the fee before using this method.
What if I pay extra toward principal?
You can pay more than your monthly payment, and the extra goes toward principal. Make a note on your check or in the payment memo that the extra is for principal, not escrow or other fees. Paying extra principal reduces the total interest you pay over the life of the loan and builds equity faster. Contact Pennymac to confirm they applied the extra payment correctly.
Do I need to pay Pennymac if my loan is being sold?
Yes, keep paying Pennymac until they notify you in writing that your loan has been transferred to a new servicer. Even if you know your loan is being sold, Pennymac is still the servicer collecting payments until the transfer is complete. After the transfer, you will receive instructions from the new servicer on where to send future payments. Do not stop paying or send payments to the new servicer before you receive official notice.
What if I want to pay off my loan early?
You can pay off your entire loan balance at any time without penalty (unless your loan has a prepayment penalty, which is rare on mortgages). Contact Pennymac and ask for a payoff quote — the exact amount needed to close the loan as of a specific date. The payoff includes principal, interest through that date, and any escrow balance. Once you pay the payoff amount, your loan is closed and you own the home free and clear.
How do I change my payment due date?
Contact Pennymac customer service to request a due date change. They may be able to move your due date to a different day of the month if it aligns better with your income or budget. Some servicers charge a small fee for this change, and some do it for free. Ask about any fees before requesting the change, and confirm the new due date in writing.