COVID-19 Resource Center
COVID-19 Resource Center
As COVID-19 (Coronavirus) continues to affect our country, the PennyMac family is committed to doing the right thing for our customers, and we’ll be here to support you.
Please be safe and take care of yourself and your loved ones.
Browse below or jump ahead for specific answers:
- If I am unable to make my mortgage payment as a result of being affected by COVID-19, what relief or payment solutions are available to me?
If you’re experiencing financial difficulty as a result of COVID-19, we have a solution for you. 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.
Getting set up with a forbearance plan is easy. You have two options:
- What if I'm unsure about my ability to pay my mortgage in the future?
We’re committed to helping all of our customers who are experiencing financial difficulty as a result of COVID-19. When you have a better understanding of your financial situation, we’ll be here to help and the forbearance program will continue to be available.
- What are other resources for information?
The Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched a new mortgage and housing assistance website to ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency: https://www.cfpb.gov/housing
Understanding Forbearance Further
- What is the difference between a forbearance plan and payment deferral?
A forbearance provides temporary relief by reducing or suspending your payments for a brief period of time, depending on your individual situation. Toward the end of your forbearance period, we will reevaluate your situation to determine the best program to help you repay those missed payments.
A payment deferral is an agreement to pay the missed payments at a later time. This may be an option for you at the end of your forbearance period based on your unique circumstances and loan program. However, it may not be the best solution if you need a more permanent payment reduction or have an extended need for forbearance.
- Will there be a lump sum immediately due at the end of my forbearance?
While a lump sum payment is certainly an option, it’s not the only option. If you’re able to resume making full payments, you can opt for a repayment plan and add extra money to your monthly mortgage payments in order to pay off the amount owed from the forbearance period. Or, you can request a payment deferral that’s described above. If you will need a lower monthly payment as well, you can apply for a loan modification, where PennyMac rolls the missed payments back into the mortgage, extends the term of your loan, and may even lower your interest rate, to help you achieve more affordable payments. No matter which option is available to you based on the loan program you have and what you are able to afford, assistance programs will help you repay the missed payments.
Since you and PennyMac don’t know exactly when this particular hardship will end, we don’t know which long-term relief program will best fit your situation. Today, you won’t be expected to know how much you’ll be able to pay when your forbearance plan ends, or when you’ll be ready to resume regular payments. Rest assured, we’ll work with you toward the end of your plan to determine the best program for your situation. The missed payments during the forbearance plan will not be immediately due after your forbearance plan ends if you are unable to repay the full amount of those missed payments.
- What if I need even more time to resume my mortgage payments?
If you still aren’t ready to resume making monthly payments at the end of your forbearance plan, you can request an extension of your plan. If your initial forbearance period is 90 days or less, you can request an extension up to 180 days, and we will automatically extend your plan to 180 days if we do not hear from you. Additional extensions will be available after the 180-day period for continued COVID-19 hardships upon request, up to a maximum of 360 days. You also may request to shorten your plan if you are ready to resume making payments.
- Will there be interest or fees charged for the missed payments?
No additional interest beyond your regular principal and interest payment will accrue, and no fees will be charged for our assistance programs.
- Are most banks deferring payments to the end of the loan?
Actually, the majority of banks are not saying they will defer payments to the end of the loan. Most mortgage loans serviced in the U.S. are part of programs sponsored or insured by the federal government. These include loans owned by Fannie Mae and Freddie Mac, and loans insured or guaranteed by the FHA, VA or USDA. Together, these loans make up more than two-thirds of all mortgage loans in the U.S. today. These government-related agencies do have programs that allow missed payments from forbearance plans to be moved “to the end” of the loan; however, some involve either a new note and second lien against the property in the amount of the missed payments, or an extension of the maturity date of the loan. The programs available are unique to each of these agencies and require a review of individual circumstances to determine which program will best resolve the homeowner’s hardship. For example, many customers require more permanent relief through a loan modification to lower their payments, and others have the ability to make payments through a repayment plan.
Some banks own their own loans, which provides them the ability to solely determine how they address missed payments. However, they also service loans for the federal agencies described above and are limited to offering those agencies’ programs on those loans. With PennyMac, you can feel confident we will offer you the best program available to meet your individual needs.
- How is my credit reporting impacted by my forbearance plan?
Under the federal CARES Act, PennyMac is required to report your loan to the credit bureaus as current on a forbearance plan if your loan was current as of January 31, 2020. We must report your loan as delinquent on a forbearance plan if your loan was past due as of January 31st. However, if you make payments between January 31, 2020 and the time you enter the forbearance plan we will report the more favorable status during the forbearance plan (for example if you were 90 days delinquent on January 31st, you will be reported as 90 days delinquent while on the forbearance plan; however, if in this example you make one monthly payment prior to or during the forbearance, we will adjust the reporting to reflect 60 days past due from the point of payment). If your loan was delinquent as of January 31, 2020 and you bring your account current before or during your forbearance plan, we will then report your account as current on a forbearance plan as of that date you bring your account current.
We encourage you to reach out to the major credit bureaus, such as Equifax or Transunion, to understand how forbearance and post-forbearance programs may impact your credit.
- Can I make full or partial payments during my forbearance plan period?
Yes, you certainly can. Although you’re not required to make full or partial payments during your forbearance plan period, we encourage you to make any payment you can afford because it will reduce the amount you’ll be required to repay later.
- Will I qualify for a refinance if I enter into a forbearance plan?
You may be able to qualify for a refinance once your forbearance plan is completed and either your payments are brought fully current or you are performing on a payment assistance program.
- Why is my forbearance plan 90 days when I thought I can request up to 180 days?
This is a question many homeowners are asking. The CARES Act, which is a federal law enacted to address COVID-19, allows homeowners whose income has been impacted by COVID-19 to request forbearance assistance for “up to” 180 days. The “up to” portion of the Act is important. Forbearance plans are intended to last only as long as you actually have a financial hardship, which could be less than 180 days. So, PennyMac begins your forbearance with a 90-day period to ensure we don’t overestimate the length of your hardship. After 90 days, if you're still having financial difficulties, simply reach out to us and ask for an extension, or we will automatically extend your plan to 180 days if we do not hear from you. Additional extensions will be available after the 180-day period for continued COVID-19 hardships upon request, up to a maximum of 360 days.
We’ll stay in contact with you before your plan ends for an updated understanding of your individual situation and to determine how you can best repay your missed or reduced payments. Keep in mind, it’s crucial to end your forbearance plan as soon as you can start paying your mortgage again. Letting the plan continue will only increase your financial burden down the road, and that may require more permanent relief efforts (such as a loan modification), which could impact your credit.
- How can I quickly access my account?
Sign in anytime, anywhere to access your loan information, make payments or send us a secure message! Just go to PennyMacUSA.com on your phone, tablet or computer, or download our app.
Not registered? Sign up today. Please have your PennyMac loan number, access to your email and mobile phone available.
- What if I have trouble accessing my account online?
Some basic troubleshooting tips to help you log in successfully.
- Check that your username and password are correct. If you forgot your username and password, be sure to reset it
- If you know your password is correct, try restarting your browser or your computer before attempting to log in again.
- Clear your browser’s cache and cookies. For step-by-step instructions, google your browser name along with “clear cache, cookies.”
- Trouble using the mobile app? Be sure you have the most up-to-date version of our iPhone or Android app. If you’re still unable to log in using the correct username and password, please delete the app and reinstall the latest version before trying again.
- How do I make my next payment?
To arrange a one-time payment on the date of your choice, please access your PennyMac account online, on our mobile app, or by calling our automated phone system (800) 777-4001, Monday - Friday 6 a.m. - 6 p.m. PT and Saturday 7 a.m. - 11 a.m. PT.
Important: If you haven’t scheduled a payment with us before, please have your bank routing number and checking or savings account number handy.
Send By MailPennyMac Loan Services, LLC
P.O. Box 30597
Los Angeles, CA 90030-0597
Overnight PaymentsPennyMac Loan Services
Attn: Lockbox Operations POB 30597
20500 Belshaw Ave.
Carson, CA 90746
Future PennyMac Customers
PennyMac is working to assist our new customers as quickly and efficiently as we can. Our licensed loan officers take the time to help each customer find the loan that’s right for their financial needs. If you have a question about your loan terms, email your loan officer directly. If you are unable to reach your loan officer via email, please call: (888) 870-6229, Monday - Friday 6 a.m. to 7 p.m. and Saturday 6 a.m. - 5 p.m. PT.
My m.a.c Team
The best (and fastest) way to speak with a m.a.c team member is to email firstname.lastname@example.org providing the details of your inquiry and they will email or call you back to discuss your question/concern. If you have an emergency, please call (844) 917-3669, Monday - Friday 7 a.m. to 6:00 p.m. PT.
- Will my in-process loan be affected?
PennyMac is committed to ensuring a seamless experience for all of our customers with loans in process. With employees working remotely, you may experience a delayed response in communication.
- What is the best way to check my loan status?
If you have any questions about the status of your loan, the best (and fastest) method to communicate with us will be by emailing the m.a.c team at email@example.com.
- What if I’m interested in refinancing right now?
If you’re interested in applying for a home loan, you can complete an application online using our Mortgage Access Center (m.a.c). A home loan expert will be in touch to help you with your next steps.
- What if I’m ready to buy a new home?
If you’re starting your search for a new home, you first need to get pre-approved. Complete an application online using our Mortgage Access Center (m.a.c) and one of our home loan experts will reach out to walk you through the next steps and get you fully pre-approved.
If you’ve already found a home and are ready for a loan, apply quickly online using our Mortgage Access Center (m.a.c). A home loan expert will be in touch to help you with your next steps.
The PennyMac Team
Ensuring the safety of our employees while continuing to best serve our customers is our #1 priority, and we’re taking all the necessary steps to do so. As a result, we have many employees working remotely with a few remaining in our office locations practicing social distancing. We’ve taken precautionary measures to help maintain a safe and clean work environment for all employees who remain in our offices.
Our Business Continuity Team meets as the situation requires to adjust our operations to comply with national, state and local mandates.
To accommodate our customers, we have implemented extended hours for our Customer Experience team to be able to connect with you to discuss any questions or concerns you may have. Our goal is to provide you with the most up-to-date information, and assist you in understanding the current relief options and how they may apply to you.
Aside from providing mortgage relief to our customers during this crisis, PennyMac is also here to keep you informed. Scammers often like to take advantage of people and industries in vulnerable situations, and this one is no different. Please protect yourself by:
- Validating email offers of financial assistance, medicinal claims, and others claiming to help.
- Using relevant sources like the CDC or WHO to seek answers to your questions.
- Making smart decisions when a friend, relative or charity asks for donations.