Payments & billing FAQs

Can I make my payment with a credit card?
At this time, we do not accept payments made with a credit card or debit card.
Can I set up a repeating payment from my bill pay service that will ensure funds are processed in accordance with my intentions?
There are some challenges with Home Banking due to limitations in receiving your payment application intentions. We may be able to provide you more flexibility with your payment application by enrolling in PennyMac's AutoPay Program. Please visit the Automatic Payments page of your online account to set up your program.
Do I have the option to make extra principal payments, and what is the benefit?
Yes, you have the option to make extra principal payments. You can go to the One-Time Payment section of your online account and select Principal Reduction. This will schedule your principal reduction payment on the date you select. Your loan must be current before an additional principal payment will be applied. The benefit of making extra principal payments is that your account will mature sooner resulting in less interest being paid over the life of the loan.
How can I change my bank account number for my PennyMac AutoPay Monthly?
You can change your elections at any time online. To change your bank account number, select Make A Payment from your online account and click on Automatic Payments. On this screen, when you have an active PennyMac Auto Monthly Program, you can select the Make Changes button that will allow you to edit your bank information, your amounts, or even your selected day of the month to draft your payments. Be sure to complete the form and submit it for your requested changes to be processed. At this time, if you are enrolled in PennyMac's AutoPay Bi-Monthly Program, election changes must be managed by contacting our Customer Service Department.
How can I change the draft date on my Automatic Payments?
You can change your elections at any time online. To change your draft date, select Make A Payment from your online account and click on Automatic Payments. On this screen, when you are enrolled in an active PennyMac Auto Monthly Program, you can select the Make Changes button that will allow you to edit your bank information, your amounts, or even your selected day of the month to draft your payments. Be sure to complete the form and submit it for your requested changes to be processed. At this time, if you are enrolled in PennyMac's AutoPay Bi-Monthly Program, election changes must be managed by contacting our Customer Service Department.
How can I confirm that my payment has been scheduled?
You can verify if your payment was successfully submitted by viewing the ‘Pending Payments’ section of your online account. Or log in to the PennyMac Mobile app and choose ‘More’ in the menu and select ‘View Pending Payments’. If you do not see the payment, you may need to schedule another one-time payment.
How can I make a change to my bank account that was entered?
Visit the Make A Payment section of your online account and go to the Pending Payments page. Select the edit link for the payment you would like to make changes to or use the cancel link to cancel the payment all together.
How can I make an online payment?
You can make a One-Time Payment payment in your online account or using our PennyMac Mobile app. You will need your bank routing and account numbers to process this request.
How can I tell if my One-Time Payment was scheduled? How can I cancel a pending payment?
See if your one-time payment was scheduled by visiting the ‘Pending Payments’ section of your online account. Or log in to the PennyMac Mobile app and choose ‘More’ in the menu and select ‘View Pending Payments’. You can also cancel a pending payment if needed.
How do I let PennyMac know I have a question about how my payment was applied?
If you have a question about how a payment is applied, please submit a payment research request through the secure Message Center. Create or locate a copy (PDF format preferred) of any documents that would be helpful to conduct your research. Visit the secure Message center of your online account and send a message with any relevant documents as an attachment.
How does PennyMac apply funds received that are more than my normal monthly mortgage payment?
If you tender funds that are equal to or greater than two full payments, your funds generally will be applied based on the following payment hierarchy (unless your note provides otherwise): Principal and interest payment, Escrow payment (if you have an escrow account for payment of property taxes and hazard insurance), Escrow Advance/Escrow Shortage (if due), Late Charges (if due), Other Fees (if due), and Principal reduction. If you are expecting to send additional funds outside of your normal payment pattern, please contact PennyMac and let us know how you want us to apply those funds.
How long does it take for a scheduled transaction to complete and funds to be cleared/drawn from my bank account?
Funds should clear your bank account within 24-48 hours from the day your payment processes. If there is an issue with the transaction, you will be notified via an email from PennyMac to check the secure Message Center of your online account for the details of what happened.
If I have a draft scheduled for today's date, can I cancel it?
Unfortunately, no. In order to cancel a PennyMac AutoPay draft, PennyMac needs the request to be submitted no later than the prior business day by 8pm Pacific.
If I make a payment today, when will it be applied to my account?
Payments made before 8pm Pacific, Monday through Saturday (excluding certain holidays) will be processed and sent to the receiving bank that same day. Payments made after 8pm Pacific will be applied on the next business day. PennyMac processes payments Monday through Saturday (excluding certain holidays).
If I schedule my draft date to be the last day of my grace period and that falls on a weekend or holiday, will my payment be considered late?
No, if your draft falls on a weekend or holiday it will be applied the next business day without any penalties.
If I sign up today for automatic payments, do I need to make my payment for this month?
Yes, you will still need to make your payment until you receive confirmation of what month your automatic drafts will begin.
Is there a charge to make a payment online?
No, there is not a charge to make a payment online or with the PennyMac Mobile app. The One-Time Payment option is a free, easy to use tool for you to make your monthly payments. You may also wish to consider visiting the Automated Payment section to sign up for automatic monthly payment options.
What bank account types may I use to pay using the One-Time Payment option?
The One-Time Payment feature requires the use of a valid checking or saving account. Other account types are not supported by this service at this time.
What financial institution does PennyMac receive electronic fund transfers from?
This information is available at the following web site: http://www.ebillplace.com/cda/ebillplace/getstarted/banksearch_results.jsp. To provide you the best service possible, PennyMac is regularly working with financial institutions/bill pay services to convert from a physical check to an electronic file. We will update this site with new financial institution names as they become available.
What happens if I click 'Submit' more than once when I am making a mortgage payment? Will there be a duplicate payment?
Clicking on the submit button more than once while using the One-Time Payment feature will not create duplicate submissions. You can also view your pending payments to ensure there have not been any duplicates created accidentally.
What happens if I do not have enough funds to cover my automatic payments?
It is important to make sure you have sufficient funds present in the account from which your automatic payments are being drawn. If your account does not have enough funds to cover the complete payment amount, the payment will not be successfully processed and you may be charged nonsufficient fund (NSF) fees. Also take note, should an NSF event occur enough times, the PennyMac AutoPay Program can be cancelled as a result and you may be required to make future payments with certified funds (e.g. cashier's check, money order, or wire transfer). If you are having problems making your payment or anticipate it may become a problem, please contact us to discuss payment assistance options.
What happens if my draft date falls on a Sunday or holiday?
PennyMac processes payments Monday through Saturday (excluding certain holidays) up to 8pm Pacific. If your scheduled draft date falls outside this schedule, such as a Sunday, Thanksgiving Day, Christmas Day or New Year's Day, it will be applied the next business day.
What is PennyMac AutoPay Monthly?
PennyMac AutoPay Monthly is a service where you can elect to have your payments automatically deducted from your bank account once a month on the date of your choosing.
When I am processing my online bill payment and include a comment in the memo section, does PennyMac receive this information?
Even though there may be a memo section on your home banking template, PennyMac does not receive this information on electronic file transfers. If a check is sent to PennyMac by your bank, the memo section may still not be available or may be incomplete.
When are my payments considered late?
Payments are considered late if they are not received by the due date on your Note. Most Notes require payments to be made on the first day of the month with a 15-day grace period before a late fee will be charged. You can view this information on your monthly statement.
When is the monthly billing statement for my account sent out?
Monthly billing statements are generated between the 10th and 22nd day of the month prior to the payment due. For example, if you are looking for the monthly billing statement for June, it will be generated some time between May 10th and May 22nd. Online PDF versions of your bill are typically available within 2-3 days after that, and will be posted to the Document Center section of this website. If you wish to no longer receive your billing statement via mail, you can update your preferences to enroll in paperless statements by visiting the Account Settings of your online account and selection Paperless Preferences from the list.
Where can I find how my payment was processed?
We encourage you to visit the Loan Activity page of your online account and review how your payment was applied, especially if you submitted an amount that is different from what is expected (total payment due). If we applied your funds in a manner that was not your intention, please contact us through the secure Message Center or visit our Contact Us page so we may correct the application of your funds.
Why does my monthly billing statement indicate that I have two payments due?
Statements that are printed before the receipt of your last payment will reflect your current month's amount due as well as any amount that you are past due. If you mailed your payment after your due date, the statement may reflect that you have two payments due. Please check with your bank to ensure your payment has cleared your account. To verify that PennyMac has received your payment, you may view the Loan Activity page of your online account.
Why is there a delay in receiving my payments from my online banking service?
The timeframe for receiving your payment from your bill pay service depends on the relationship with the payee. PennyMac is set up to receive electronic payments with most large banks. Those payments can usually be delivered in 1-2 business days. Some bill pay services (typically smaller banks and credit unions) will issue paper checks to PennyMac. Those payments are typically delivered by regular mail within 5-7 business days from the date you initiated the transaction.
Will I know in advance how much my payment may change?
PennyMac will send a notice to you regarding the current and new interest rates, the change in your principal and interest payment and the date your new payment is due. At seven to eight months prior to the first rate change, PennyMac will send out an initial notice to you regarding the upcoming change and provide an estimated amount of what the interest rate, principal and interest payment may be at the time of your first change. An additional notice will be sent to you for the actual interest rate and principal and interest payment amount 25 or 60 calendar days before the first scheduled change. This time frame depends on the terms of the Note and the Index availability prior to the change date. After the initial rate change, you will receive notice within two to four months before ongoing rate changes. These notices are only required if the rate change results in a change to your monthly payment.