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.

What is the class action lawsuit against Pennymac? ›

In a recent class action lawsuit against PennyMac Loan Services, plaintiffs Kendra T. and Andrew B. claim that the residential mortgage servicer may be illegally profiting by charging mortgage borrowers fees for making a mortgage payment by phone, online, or with a debit card.

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.

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 credit score does PennyMac use? ›

Pennymac will accept a FICO score as low as 620 for conventional loans, though the lender says that a conventional loan may be a good fit for a customer with a score of at least 680. You'll generally want to have a debt-to-income ratio no higher than 45% to get a conventional home loan from Pennymac.

Where does PennyMac rank? ›

Pennymac is the second-largest FHA lender by loan volume in the nation — and is rated by Yahoo Finance as the best overall FHA lender. It's also on our list of the best VA loan lenders and you'll find Pennymac in our review of the best lenders for first-time homebuyers.

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.

Can you cancel a payment with PennyMac? ›

I may cancel or revoke a Transfer through Online Payments, by calling PennyMac at 1-800-777-4001, or by contacting the financial institution that holds my Funding Account. PennyMac is not responsible for Transfers that are processed before it has a reasonable opportunity to act on my revocation or cancellation request.

Can I remove PMI from my mortgage without refinancing? ›

Yes. You have the right to ask your servicer to cancel PMI on the date the principal balance of your mortgage is scheduled to fall to 80 percent of the original value of your home. The first date you can make the request should appear on your PMI disclosure form, which you received along with your mortgage.

Why can't I remove my PMI from my mortgage? ›

A lender legally must remove PMI when you reach 78% equity, but only if you're current on your loan payments. Your lender could refuse to remove PMI at 78% PMI if you're behind on your loan payments, or if you request to have it removed early but haven't reached 80% LTV.

Can I call my mortgage company to remove PMI? ›

To request cancellation of PMI, you should contact your loan servicer when the loan balance falls below 80 percent of your home's original value (the contract sales price or the appraised value of your home at the time it was purchased).

Will PennyMac let me 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.

How long before PennyMac foreclosure? ›

If you have received a Notice of Intent to Foreclose or other notices from PennyMac Loan Services, they may or may not own your mortgage loan. However, failing to act when you receive a notice of foreclosure from PennyMac Loan Services immediately may result in a foreclosure in as little as 6 months.

What happens if I double my mortgage payment every month? ›

When you make an extra payment or a payment that's larger than the required payment, you can designate that the extra funds be applied to principal. Because interest is calculated against the principal balance, paying down the principal in less time on your mortgage reduces the interest you'll pay.

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 was Fannie Mae and Freddie Mac scandal? ›

Beginning in the late 1990s, executive pay at Fannie Mae and Freddie Mac became tied almost solely to earnings growth. So in order to trigger maximum bonus payouts for themselves, top management at the firms cooked the books to make it appear the companies were producing enough corporate earnings.

Is PennyMac legit? ›

Pennymac has been in operation since 2008 and since become one of the 15 largest mortgage lenders in the U.S., funding $1 trillion in loans for more than 4 million borrowers. It is an A+ accredited business with the Better Business Bureau, with 4.4 out of five stars based on more than 1,900 customer reviews.

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