Do I need to contact my insurance company about the transfer?
Your insurance company will be notified of your new servicer as a routine part of this transfer. However, we encourage you to confirm with your insurance carrier that they changed the mortgagee clause of your policy to the following: PennyMac Loan Services, LLC, Its Successor and/or assigns P.O. Box 6618, Springfield, Ohio 45501-6618
Do any terms of my loan change when my loan is transferred to a new owner or servicer?
No, the terms of your loan do not change as a result of the transfer.
I currently make my payment through a bill pay service. What do I need to do?
If you are currently making your payments through a bill pay service, we encourage you to sign up for automatic payments through PennyMac AutoPay Monthly or Bi-Weekly programs instead. This ensures that your payments will be received on the day you prefer. If you would rather continue using your bill pay service, please ensure that you have updated the payee information and billing address to our payment processing mailbox as follows: PennyMac Loan Services, LLC, PO Box 30597, Los Angeles, CA 90030-0597
I have my tax and insurance payments currently impounded. Will this continue after the transfer?
Yes, if you currently have an escrow account for the payment of your taxes and/or insurance premiums, PennyMac will continue collecting these funds and making the payments on your behalf.
I have optional insurance products on my mortgage. Will this transfer?
No, if you have been paying premiums for life, disability, accidental death insurance, or other optional mortgage-related products, these policies will not transfer to PennyMac and may be cancelled. Please confirm with your prior servicer on how you can keep your existing policies.
I set up my payment to my previous servicer. Will my payment be forwarded? Will I be charged any late fees for delays during the transfer period?
Yes, your previous servicer will forward any payments received to PennyMac within 60 days after your loan is transferred and we will credit it to your account without a late fee. All payments received by your previous mortgage company during the 60 days following the date of transfer will be treated as on-time payments and will be forwarded to PennyMac to apply to your account. After 60 days, this service may no longer be provided and any payment sent to your prior servicer should be returned to you. If you have questions about where to send your payments, contact us.
What happens when my loan that is currently in the modification process transfers to PennyMac?
We will honor any existing repayment plans, trial modification plans or loan modifications entered into with your prior servicer. Please contact one of PennyMac's specialized modification representatives for more details. If an application is being evaluated by your prior servicer, we will continue that evaluation.