Paying your mortgage is likely one of your largest monthly bills. And when times get tough, it can be the most stressful too. But making your PennyMac mortgage payment doesn’t have to be complicated or nerve-wracking.
In this article, we’ll walk through everything you need to know to pay your PennyMac mortgage simply and easily each month From setting up automatic payments to understanding late fees, we’ve got you covered on all things PennyMac mortgage payments
How to Set Up Automatic PennyMac Mortgage Payments
The easiest way to ensure your mortgage payment gets in on time every month is to enroll in automatic payments through PennyMac. Here’s a quick 3-step process:
Step 1) Log in to your PennyMac online account or mobile app
Step 2) Navigate to the “Payment” section
Step 3) Select “Auto Pay” and enter your bank account information
Once setup, PennyMac will automatically withdraw your monthly payment on the payment due date each month. It’s that simple!
The benefits of automatic payments include:
- Never forgetting a payment and avoiding late fees
- Saving time by not having to manually make payments
- Giving you peace of mind knowing it’s handled every month
PennyMac also offers the option to set up automatic payments for bi-weekly or semi-monthly payment schedules if you prefer to divide up your monthly payment.
How Much are PennyMac Mortgage Payments?
Your specific monthly mortgage payment amount will depend on a few factors like:
- Your home loan amount
- Interest rate
- Term length (i.e. 15-year or 30-year mortgage)
- Property taxes and insurance
- PMI, HOA fees, etc. if applicable
When you log into your PennyMac account online or in the mobile app, you can view your current statement for the exact monthly payment due.
If you recently purchased your home or refinanced your mortgage, you likely went through underwriting where the lender calculated your specific principal, interest, taxes and insurance to determine the monthly payment.
If you have an adjustable rate mortgage, keep in mind your monthly payments may fluctuate up and down over time as interest rates change.
What Are the Various Payment Methods to Pay PennyMac?
PennyMac offers several flexible mortgage payment options including:
PennyMac Website
Log into your account online 24/7 to make one-time or recurring payments.
Automatic Payments
Set up recurring monthly payments to be withdrawn automatically.
Mobile App
Download the PennyMac app for Apple or Android to pay on the go.
Phone
Call 800-777-4001 to speak with a representative and make a payment.
Send a paper check or money order to:PennyMac Loan ServicesPO Box 660929Dallas, TX 75266-0929
Western Union
Visit any Western Union location in-person to make a cash payment.
Overnight Address
To ensure same-day credit, send your payment via overnight carrier to:PennyMac Loan ServicesAttn: Cash Management6101 Condor DriveMoorpark, CA 93021
This array of payment methods makes it simple to pay your mortgage anywhere, anytime that’s convenient for you.
Pro Tip: Enroll in automatic payments to guarantee your payment is made on time each month and avoid any late fees!
What Happens if You Miss a PennyMac Mortgage Payment?
We all fall behind from time to time. If you happen to miss making your mortgage payment by the due date, here’s an overview of what to expect:
16 Days Past Due
PennyMac will send you a friendly reminder notice indicating you missed your mortgage payment. At this point, no late fees have been assessed yet.
46 Days Past Due
If payment still has not been received, PennyMac issues a Notice of Intent to Foreclose. This serves as an official warning that if the past due amount is not paid, foreclosure proceedings will begin.
76 Days Past Due
PennyMac will report the delinquency to the credit bureaus at this stage, which can severely damage your credit score.
81+ Days Past Due
If the account remains unpaid for over 3 months, the foreclosure process initiates. This leads to additional fees, legal costs and ultimately losing your home if not resolved.
As you can see, it’s critical to get your mortgage back in good standing before it ever gets to the point of foreclosure.
If you’re struggling to make payments, PennyMac has options to help including forbearance plans, modifications, and more. Contact them as soon as possible to discuss alternatives and create a solution.
The takeaway? Don’t let small bumps in the road turn into big problems. Staying current on your monthly mortgage payments avoids headaches and heartaches down the road!
What Are Some Tips for Paying Your Mortgage on Time?
Making your mortgage payment by the due date should be a top priority each month. Here are 7 tips to help ensure on-time payments:
1. Enroll in Automatic Payments
Setting up autopay guarantees the payment is made every month without you having to think about it.
2. Sign Up for Payment Reminders
PennyMac offers email and/or text alerts before a payment is due as a helpful reminder.
3. Mark Your Calendar
Manually add your due dates to your calendar, planner or phone to stay organized.
4. Schedule Recurring Payments
If you pay manually each month, set a recurring payment through your bank.
5. Automate Savings Contributions
Build a savings cushion to cover emergencies that may impact making mortgage payments.
6. Avoid Late Fees
Pay a few days early each month to ensure no late fees if processing is delayed.
7. Communicate with PennyMac
If you anticipate falling behind, call them right away to make alternative arrangements.
Following these practical tips will help you pay your PennyMac mortgage on time, prevent headaches and high-stress, and keep your homeownership on solid ground.
How Much are PennyMac Late Fees?
If your mortgage payment is more than 15 days past due, PennyMac will assess a late fee. This serves as motivation to pay on time and covers additional administrative costs on their end to handle past due accounts.
How much are PennyMac late fees?
First Late Payment: 5% of your monthly mortgage payment or $100, whichever is less
Subsequent Late Payments: 5% of your monthly mortgage payment
For example, if your monthly mortgage payment is $2,000, the late fee would be $100. If your monthly payment is lower than $2,000, the late fee would be 5% of your payment.
You have a little bit of wiggle room, as late fees are assessed starting 16 days past the due date. But it’s still wise to build in buffer and pay earlier each month when possible. This helps avoid cutting it too close to the next cycle’s due date.
Late fees add up quickly, so make every effort to submit payments on time and maintain good standing with PennyMac. This saves money long-term and prevents compounding late payments that can spiral into default or foreclosure.
Can You Pay PennyMac Loans with a Credit Card?
No – PennyMac does not accept credit card payments for mortgage loans. This includes Visa, Mastercard, American Express and Discover cards.
Why not? When lenders process credit card payments, the credit card companies charge a transaction fee. Most mortgage servicers like PennyMac do not want to incur these extra fees.
The good news is PennyMac offers plenty of payment options to choose from including:
- Checking or Savings Account
- Automatic Bank Draft
- Online & Mobile App
- Phone
- Western Union
- Money Order
- Traveler’s Check
- Cashier’s Check
With flexible online payments, phone payments, automatic drafting and more, paying your PennyMac mortgage without a credit card is quick and convenient.
If you really prefer to use a credit card, consider taking out a cash advance and using the funds to pay PennyMac through your bank account or by check. Just keep in mind that credit card cash advances charge interest immediately, so this method should only be used sparingly in a pinch.
Are There Payment Options If You Can’t Afford Your Mortgage?
Hitting hard times and struggling to make ends meet is stressful enough without losing sleep over losing your
FAQ
How do I pay my Pennymac mortgage by phone?
How late can you pay your mortgage with Pennymac?
What is the Pennymac controversy?
Does Pennymac allow you to skip a payment?
How do I pay my PennyMac Loan?
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.
How do I make a payoff request to Pennymac?
To make a payoff request to Pennymac, you can log in to your Pennymac account and go to the **Payoff Resource Center**. From there, you can request a statement online. Once your statement is available
How do I contact PennyMac Loan Services?
You can reach us toll free at (800) 777-4001. 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.
How do I Check my Home by PennyMac Loan application progress?
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.