New Customer Information | Pennymac (2024)

Welcome to Pennymac

Welcome to PennyMac Loan Services. We are excited to have you as a customer and we look forward to the opportunity to serve you. At Pennymac, our goal is to deliver outstanding customer service by providing accurate information and solutions in a timely and courteous manner. You'll find our highly-trained staff exhibit a high level of knowledge, integrity, and respect as you interact with them.

Managing My Loan

If your loan recently transferred to Pennymac, you will soon receive a welcome package that will provide you with your new Pennymac loan number along with other useful information and instructions.

Register online. Upon registering, you'll be able to access your account information, set up convenient paperless statements and automatic payment reminders, submit your payment and communicate with us via our secure message center. Note: If your loan was recently transferred to Pennymac it can take 14 days for your account information to be available on our system.

We also offer an automated phone system that provides account information and the option to submit your payment over the phone. You can also make payments with the Pennymac Mobile app. Both services are available 24 hours a day, 7 days a week. You can reach us toll free at (800) 777-4001.

Payment Information

If your loan was recently transferred to Pennymac and you haven't yet received a Pennymac payment coupon, please send your payment to PennyMac Loan Services at P.O. Box 30597, Los Angeles CA 90030-0597. Please include your Pennymac loan number on your check if you have it. However, you do not need to have your loan number to make your payment.

If you prefer to make your payments through online banking or another bill payment service, you will need to change the payee information in your payment instructions to Pennymac and reference your Pennymac loan number if you have it. Pennymac's payment address is P.O. Box 30597, Los Angeles CA 90030-0597.

If you had an automatic payment plan set up with your prior servicer, we will send you a notification outlining how this will affect your automatic payment plan. Please watch for correspondence from both Pennymac and your prior servicer.

If you've already sent your upcoming payment to your previous servicer, don't worry — we'll be in regular contact with them to ensure they forward the payment to us.

Your Escrow Account

If your loan was recently transferred to Pennymac and you had an escrow account with your previous servicer, your escrow balances will transfer to us automatically. If your taxes and/or insurance are due, we will make payments to the taxing authority or insurance company by the date the payments are due. You must notify your insurance carrier that your loan has transferred to Pennymac and provide the following address for billing purposes:

Mortgagee Clause:

PennyMac Loan Services, LLC

Its Successors and/or Assigns

P.O. Box 6618

Springfield, OH 45501-6618

For inquiries (including information on where to make your payment) on your optional coverage such as life, disability, or accidental death please contact your prior servicer or your insurance provider directly.

Managing My Application

If you’ve recently applied with Pennymac, you now have access to your loan application 24/7 with My Home By Pennymac. Log in to check your application progress or call The Mortgage Success Team at (844) 917-3669 Monday - Friday 7 a.m. - 5:30 p.m. (PT).

Register online. Upon registering, you’ll be able to access your mortgage application information, upload documents, and receive status updates via email.

The Mortgage Success Team is here to help you:

Monday - Friday 7 a.m. - 5:30 p.m. (PT)

(844) 917-3669

New Customer Information | Pennymac (2)

At Pennymac, your satisfaction is important to us and we look forward to serving you.

BE AWARE OF FORECLOSURE & LOAN SCAMS!

  • Pennymac does not charge fees for a modification or other loss mitigation plans when you are facing a delinquency
  • Pennymac does not accept payments from Money Gram
  • Funds are always payable to Pennymac and not to an individual

Pennymac will work with you to ensure every option possible is explored to retain home ownership. No fees. No strings.

New Customer Information | Pennymac (2024)

FAQs

What is the PennyMac controversy? ›

Overview Of The Cases

These cases involve claims that PennyMac systematically, and unlawfully, underpays its hourly employees despite their extensive overtime and engages in other unlawful conduct.

Is PennyMac easy to get approved for? ›

PennyMac doesn't share the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that PennyMac approved customers who — on average — had a 74% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio under 40%.

How to get rid of PMI PennyMac? ›

How do I delete PMI? PMI on a conventional loan will be terminated automatically when the principal balance is first scheduled to reach 78% of the original value of your home for most mortgage types.

How many times will PennyMac retry payments? ›

If there are insufficient funds in my Financial Institution Account or my Financial Institution refuses to pay amounts to Servicer for any reason, Servicer will attempt to cause my Financial Institution to draft from my Financial Institution Account two (2) times.

What is the lawsuit against PennyMac? ›

Mortgage servicer PennyMac was hit with a proposed class action for allegedly baiting veterans into a payment relief program for VA-backed loans during the Covid-19 pandemic and then hiking their costs.

Who is PennyMac owned by? ›

PennyMac was founded in 2008 with initial investments from BlackRock, HC Partners and the Company's founding management. Currently, approximately 20% of PFSI is owned by HC Partners, and 21% is owned by PFSI's executive officers and directors.

What FICO score does Pennymac use? ›

Currently, Pennymac requires a minimum 620 FICO Score on all government loan programs.

What is the hardest home loan to get? ›

Conventional loans

A conventional loan is any mortgage that's not backed by the federal government. Conventional loans have higher minimum credit score requirements than other loan types — typically 620 — and are harder to qualify for than government-backed mortgages.

What's the best mortgage lender? ›

  • Bank of America. ...
  • Alliant Credit Union. Best for credit union home loans. ...
  • Wells Fargo. Best for conventional loans. ...
  • Veterans United Home Loans. Best for VA loans. ...
  • BMO Bank. Best for specialty loan programs. ...
  • PNC Bank. Best for first-time homebuyers. ...
  • Rocket Mortgage. Best online mortgage. ...
  • SoFi. Best for customer experience.

Will Pennymac let you skip a payment? ›

Mortgage Relief

It's called a short-term forbearance—a plan that provides temporary relief by allowing you to pay reduced, or even no, payments for a brief time, depending on your individual situation, along with protection from late fees and negative credit reporting. Getting set up with a forbearance plan is easy.

Is Pennymac legitimate? ›

Is Pennymac Reputable? Pennymac has an A+ rating and is accredited by the Better Business Bureau.

How many months can you miss a mortgage payment? ›

If you miss one mortgage payment, lenders will often issue you a 15-day grace period to pay without incurring a penalty. If you miss four consecutive mortgage payments (or are 120 days late), most lenders begin the process of foreclosure on your home.

Will mortgage company let you skip one payment? ›

One skipped mortgage payment won't automatically put your home in foreclosure, but it could put you into dangerous territory. Missing even one mortgage payment can put you in breach of your mortgage contract.

How many times can you skip your mortgage payment? ›

First things first: Missing a single mortgage payment will not trigger foreclosure proceedings. Most lenders will not even consider foreclosure until borrowers miss two payments or are 90 days or more in arrears. However, that doesn't mean you can decide not to pay your home loan and expect everything to be fine.

Is Pennymac trustworthy? ›

Pennymac receives a score of 592 out of 1,000 in J.D. Power's 2023 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 601. (A mortgage servicer handles loan payments.) Pennymac receives a customer rating of 4.37 out of 5 on Zillow, as of the date of publication.

What is the Freedom mortgage controversy? ›

In August 2023, the Bureau fined Freedom $1.75 million for paying illegal kickbacks to real estate brokers and agents for mortgage loan referrals, an example of "anticompetitive behavior" and "a clear violation of federal law," Chopra said at the time.

What is the Pennymac preferred stock lawsuit? ›

Plaintiffs allege that PennyMac unlawfully and unfairly replaced the LIBOR-based benchmark rate with the initial fixed rate instead of transitioning to the replacement benchmark under the LIBOR Act and LIBOR Rule, the Secured Overnight Financing Rate (“SOFR”).

Is Pennymac a government backed loan? ›

The company's mortgage production focuses on the origination of first lien and government-backed or guaranteed mortgage loans through three methods: Correspondent Lending. PennyMac acquires newly originated loans from small banks and independent originators.

References

Top Articles
Dave Ramsey's Envelope System Explained: Pros, Cons and Alternatives
Sheperd M. on LinkedIn: Should We Advocate for Real Funds Only in Proprietary Trading Firms?…
English Bulldog Puppies For Sale Under 1000 In Florida
Katie Pavlich Bikini Photos
Gamevault Agent
Pieology Nutrition Calculator Mobile
Toyota Campers For Sale Craigslist
Unlocking the Enigmatic Tonicamille: A Journey from Small Town to Social Media Stardom
Ncaaf Reference
Globe Position Fault Litter Robot
Crusader Kings 3 Workshop
Robert Malone é o inventor da vacina mRNA e está certo sobre vacinação de crianças #boato
Guilford County | NCpedia
Maplestar Kemono
How To Cut Eelgrass Grounded
Pac Man Deviantart
Alexander Funeral Home Gallatin Obituaries
Energy Healing Conference Utah
Geometry Review Quiz 5 Answer Key
Hobby Stores Near Me Now
Icivics The Electoral Process Answer Key
Allybearloves
Bible Gateway passage: Revelation 3 - New Living Translation
Yisd Home Access Center
Pearson Correlation Coefficient
Home
Shadbase Get Out Of Jail
Gina Wilson Angle Addition Postulate
Celina Powell Lil Meech Video: A Controversial Encounter Shakes Social Media - Video Reddit Trend
Walmart Pharmacy Near Me Open
Marquette Gas Prices
A Christmas Horse - Alison Senxation
Ou Football Brainiacs
Access a Shared Resource | Computing for Arts + Sciences
Vera Bradley Factory Outlet Sunbury Products
Pixel Combat Unblocked
Movies - EPIC Theatres
Cvs Sport Physicals
Mercedes W204 Belt Diagram
Mia Malkova Bio, Net Worth, Age & More - Magzica
'Conan Exiles' 3.0 Guide: How To Unlock Spells And Sorcery
Teenbeautyfitness
Where Can I Cash A Huntington National Bank Check
Topos De Bolos Engraçados
Sand Castle Parents Guide
Gregory (Five Nights at Freddy's)
Grand Valley State University Library Hours
Hello – Cornerstone Chapel
Stoughton Commuter Rail Schedule
Nfsd Web Portal
Selly Medaline
Latest Posts
Article information

Author: Saturnina Altenwerth DVM

Last Updated:

Views: 5705

Rating: 4.3 / 5 (64 voted)

Reviews: 95% of readers found this page helpful

Author information

Name: Saturnina Altenwerth DVM

Birthday: 1992-08-21

Address: Apt. 237 662 Haag Mills, East Verenaport, MO 57071-5493

Phone: +331850833384

Job: District Real-Estate Architect

Hobby: Skateboarding, Taxidermy, Air sports, Painting, Knife making, Letterboxing, Inline skating

Introduction: My name is Saturnina Altenwerth DVM, I am a witty, perfect, combative, beautiful, determined, fancy, determined person who loves writing and wants to share my knowledge and understanding with you.