How to Pay Your Pennymac Mortgage and Understand Your Account
Where and how to send your Pennymac payment
Pennymac Financial Services is a mortgage servicer — they collect your monthly payment and manage your loan account, but they may not have originated your mortgage. You can pay Pennymac in three ways: online through their website or mobile app, by phone, or by mail to their payment processing address.
The online portal at pennymac.com is the fastest route. Log in with your loan number and create a username and password if you haven't already. You can set up a one-time payment or schedule recurring payments. Payments made online typically post within one business day if submitted before 5 p.m. Eastern time.
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. By mail, send a check or money order to the address printed on your monthly statement — never send cash. Include your loan number on the check and mail it at least 15 days before your due date to ensure it arrives on time.
Key Takeaways
- Pennymac accepts payments online, by phone, or by mail, and online payments typically post within one business day.
- Your monthly statement shows the exact payment address, due date, and how much principal and interest you owe.
- Late payments are reported to credit bureaus after 30 days and trigger late fees that vary by state and loan type.
- If you fall behind, contact Pennymac within 30 days to discuss forbearance, loan modification, or other options before foreclosure begins.
- Pennymac's online account portal shows your loan balance, payment history, and escrow account details in real time.
Understanding your Pennymac statement and due date
Your monthly statement arrives by mail or email and breaks down exactly what you owe. The statement shows your loan number, the due date (usually the first of the month, but this varies), the total payment amount, and how much goes toward principal, interest, property taxes, homeowners insurance, and mortgage insurance if you have it.
The due date is the last day you can pay without triggering a late fee. Pennymac typically allows a grace period of 10 to 15 days after the due date before reporting the payment as late to credit bureaus, but late fees begin accruing immediately after the due date passes. Check your statement for the exact grace period on your loan.
If you pay online, the payment must be submitted by 5 p.m. Eastern time on the due date to count as on-time. If you pay by mail, Pennymac must receive the payment by the due date — postmark date does not count. This is why mailing at least 15 days early is important.
What happens if you miss a payment or pay late
A payment is considered late the day after the due date passes. Pennymac charges a late fee, which is typically 4 to 5 percent of your monthly payment amount, though the exact percentage depends on your state and loan agreement. This fee is added to your next bill.
After 30 days past due, Pennymac reports the late payment to the three major credit bureaus — Equifax, Experian, and TransUnion. This report stays on your credit report for seven years and lowers your credit score. After 60 days past due, you may receive a formal notice. After 120 days past due, Pennymac can begin foreclosure proceedings, though most servicers attempt to contact you and discuss options before reaching this point.
If you know you cannot make a payment on time, contact Pennymac immediately. Waiting until after the due date passes makes your options more limited. Pennymac offers forbearance (a temporary pause or reduction in payments), loan modification (a change to your loan terms), and in some cases a short sale or deed in lieu of foreclosure.
Pennymac's online account portal and payment history
Log into your Pennymac account online to see your current loan balance, recent payment history, and upcoming due dates. The portal also shows your escrow account — the account Pennymac holds to pay your property taxes and homeowners insurance on your behalf. You can view how much is in escrow and when those funds will be used.
The payment history section lists every payment you have made, the date it posted, and how much went toward principal versus interest. This is useful if you need to verify a payment or dispute a charge. If a payment does not appear within one business day of submission, contact Pennymac to confirm it was received.
The portal also allows you to update your contact information, set up automatic payments, and download tax documents like your 1098 mortgage interest statement. If you cannot access your account online, call Pennymac's customer service at 1-866-549-3176 to request a password reset or account verification.
Automatic payments and ACH transfers from Pennymac
Setting up automatic payments through Pennymac's website removes the risk of forgetting a due date. You provide your bank account number and routing number, and Pennymac withdraws your payment automatically each month on the date you choose. Most borrowers choose the due date or a few days before to ensure the payment posts on time.
Pennymac uses ACH (Automated Clearing House) transfers, which are electronic bank-to-bank transactions. The withdrawal typically takes one to two business days to process, so if you set the payment date for the due date itself, the money may not leave your account until the next day. To be safe, schedule automatic payments for at least two business days before your due date.
You can pause or cancel automatic payments at any time through your online account or by calling Pennymac. If you cancel, you are responsible for making manual payments on time. If you want to change the payment amount or date, update it in your account portal at least five business days before the next scheduled withdrawal.
Escrow accounts and property tax and insurance payments
If your mortgage includes an escrow account, Pennymac collects a portion of your monthly payment and holds it to pay your property taxes and homeowners insurance when they are due. This amount is added to your regular mortgage payment and shown separately on your statement as "escrow" or "impound."
Pennymac conducts an escrow analysis once a year to make sure the account has enough money to cover the coming year's taxes and insurance. If taxes or insurance increase, your monthly escrow payment may go up. If the account has a surplus, Pennymac may lower your payment or send you a refund. You can view your escrow account balance and upcoming disbursements in your online account.
If you disagree with an escrow analysis or believe Pennymac made an error, you can request a review. Contact Pennymac in writing and provide documentation of the actual tax and insurance bills. Pennymac must respond within 45 days.
Refinancing or transferring your loan away from Pennymac
Pennymac services your loan, but you may be able to refinance with a different lender and move your loan away from Pennymac entirely. Refinancing means taking out a new loan to pay off your existing Pennymac mortgage. This can lower your interest rate, shorten your loan term, or change your payment amount.
To refinance, you apply with a new lender — a bank, credit union, or mortgage company. The new lender pays off your Pennymac loan in full, and you begin making payments to the new servicer instead. Refinancing involves a new application, credit check, and closing costs, which typically range from 2 to 5 percent of your loan amount.
You do not have to refinance to leave Pennymac. If your loan is sold to another servicer, you will receive a notice 15 days before the transfer. Your new servicer will provide instructions for where to send future payments. This transfer does not change your loan terms — only who collects your payment.
Frequently Asked Questions
Can I pay my Pennymac mortgage with a credit card?
Pennymac does not accept credit card payments directly through their website or phone line. However, you can use a third-party payment service like Plastiq or your credit card company's bill pay feature to send a check to Pennymac on your behalf. Be aware that these services charge a fee, typically 2 to 3 percent of the payment amount.
What if I want to pay extra toward principal each month?
You can make extra payments toward principal through your online account or by mailing a separate check with a note specifying that the extra amount should go toward principal. Contact Pennymac first to confirm they will apply the extra payment correctly. Some loans have prepayment penalties, though these are rare on mortgages originated after 2010.
How do I know if my payment was received?
Log into your online account within one business day of payment. Your payment should appear in the payment history section. If it does not, call Pennymac at 1-866-549-3176 with your confirmation number or bank statement showing the withdrawal. Do not assume the payment was lost — Pennymac may still be processing it.
What should I do if I cannot afford my Pennymac payment?
Contact Pennymac as soon as you know you will miss a payment. Do not wait until after the due date. Pennymac offers forbearance (a temporary pause or reduction in payments), loan modification (a permanent change to your terms), and other options. Call 1-866-549-3176 and ask to speak with a loss mitigation specialist.
Can Pennymac change my payment amount without my permission?
Pennymac can increase your escrow payment if property taxes or insurance rise, and they must notify you 30 days in advance. They cannot change your principal and interest payment unless you refinance or modify your loan. If your payment increases unexpectedly, review your statement and contact Pennymac to ask why.