New Borrower Information
Welcome to the many new borrowers joining the PennyMac family. We purchase loans from other lenders and then provide responsive service that addresses all of your home loan needs. Prior to taking over the servicing of your loan, you will receive a welcome package from us that discusses the transition. We are pleased to provide that information, and more, here.
Congratulations!
PennyMac provides a different level of service to our mortgage customers and you will experience this throughout your time with us. We have resources available to assist you; from information on this site to help you learn about loans and your credit to helpful and courteous customer service representatives that are available seven days a week. And not to worry - the transfer of loans is common in the mortgage industry, and does not change the terms of your home loan.
Is this transfer good news?
PennyMac offers a unique approach to managing your home loan. Our goal is to deliver clear, simplified guidance, provide you with outstanding and accessible customer service whether it is over the phone or via email, and exhibit a high degree of openness, integrity, and respect in our communications.
If you currently face or are ever faced with financial challenges, please contact us as soon as possible. We even have information on how we may help you through difficult periods. Our Loan Specialists are experts in assessing the best solution for almost any situation. And the best thing is that we will determine a solution efficiently (often through a single call), help you maintain your credit, and most importantly, keep you in your home.
What do I need to do?
There are four steps that you should follow to ensure that your transition to PennyMac is seamless. If you have any questions about the transition, please contact our team toll free at (866) 545-9070. It's our pleasure to welcome you as a new customer!
4 Steps to a Seamless Transition to Pennymac's Outstanding Service
1
Start sending your loan payments to PennyMac
If you do not receive a billing statement before your due date, you should send this payment and any past due amounts to us at:
PennyMac Loan Services
P.O. Box 30597
Los Angeles, CA 90030-0597
One-Time Online Payment Service:
Sign up for automatic electronic loan payments
An automatic electronic payment, also known as ACH debit, is an easy, efficient way to make your home loan payments through automatic deductions from your designated bank account.
The electronic payment instructions you provided to your former servicer will not transfer. To sign up for this service, fill out this short ACH application.
By phone:
Change your bill payment instructions
If your payments are made by a third party, such as through bill payment by your bank, please notify them of the change in the servicer they should pay in time to make your next payment.
Western Union Quick Collect:
Don't worry if you are set up for tax and insurance escrow
Your escrow balances have been transferred to us from your previous servicer. If you have funds escrowed for taxes and insurance, we will start to make your payments and we will notify your insurance carrier of this change. Not signed up for tax and insurance escrow? Complete this short escrow application.
Payments for optional coverage such as life, disability or accidental death insurance should continue to be made to your insurer.
I want PennyMac to purchase my loan. How can that happen?
We are aggressively looking at purchasing loans from various lenders, but we cannot take individual purchase requests to your lender. Until we purchase your home loan, unfortunately, we cannot assist you with any of your loan service needs. The best advice we can provide you in the event that you are having difficulty making your payments is to ask for your lenderís loan modification department to discuss ways to make your payment more affordable and avoid foreclosure. We have a resource on this site to learn about modifications versus a refinance that you may want to read before you speak with your lender.
