Where to send your PennyMac payment
PennyMac Loan Services accepts payments through three main channels: online through your loan account, by phone, or by mail. The online portal is the fastest route and shows your payment post within one to two business days. If you pay by phone, a representative can process it when ready, though you will need your loan number and bank details ready. Mailed checks take seven to ten business days to reach the processing center and post to your account.
Your monthly statement lists the mailing address for checks, which varies by loan type and region. Do not send payments to a branch office or retail location — PennyMac processes all payments through a centralized lockbox. If you are unsure which address to use, log into your account online or call the customer service number on your statement.
Key Takeaways
- Online payment through your PennyMac account portal is the fastest method and shows confirmation when ready after submission.
- Phone payments require your loan number and bank account information, and a representative can process them while you are on the call.
- Mailed checks should go to the lockbox address on your statement, not to a local branch, and take seven to ten business days to post.
- Set up automatic payments through your account to avoid missing a due date, and you can change or cancel the arrangement anytime.
- PennyMac does not charge a fee for standard online or phone payments, but some third-party payment services may add their own charges.
Paying online through your PennyMac account
Log into your account at the PennyMac website or mobile app using your username and password. If you have not created an account yet, you will need your loan number and the property address associated with the loan. Once logged in, select "Make a Payment" from the main menu.
Enter the amount you want to pay — you can pay the full monthly payment, a partial amount, or extra toward principal. Choose the date you want the payment to post; PennyMac processes payments submitted before 5 p.m. Eastern Time on the same business day. If you submit after 5 p.m. or on a weekend, the payment will process the next business day. Review the confirmation screen, which shows the amount, date, and your account number, then submit.
You will receive a confirmation number when ready. Save or print this number for your records. The payment will appear in your account as "pending" for one to two business days, then post as "paid." If the payment does not post within three business days, contact PennyMac customer service with your confirmation number.
Paying by phone or automatic transfer
Call the customer service number on your statement to pay by phone. A representative will ask for your loan number, the amount you want to pay, and your bank account details (routing number and account number). The payment processes when ready, and the representative will give you a confirmation number before the call ends. Write this number down.
To set up automatic payments, log into your account online and select "Autopay" or "Automatic Payments." Choose the amount (usually your full monthly payment), the day of the month you want it to withdraw, and your bank account. PennyMac will deduct the payment automatically on that date each month. You can change the amount, pause the payment, or cancel it anytime through your account without calling.
Automatic payments are useful if you want to avoid late fees and do not want to remember a due date each month. However, make sure your bank account has enough funds on the scheduled date — if the withdrawal fails, PennyMac may charge a returned-payment fee and report the late payment to credit bureaus.
Mailing a check or money order
Write your loan number on the check or money order. Include a payment coupon if your statement came with one — this helps the processing center match the payment to your account quickly. If you do not have a coupon, write your loan number and property address on a separate piece of paper and include it with the check.
Mail the check to the lockbox address printed on your statement. Do not mail it to a PennyMac office or branch. Use a standard envelope and first-class mail; the payment will take seven to ten business days to arrive and post to your account. If you need the payment to post by a specific date, mail it at least two weeks before your due date to account for mail delays.
Keep a copy of the check or a photo of the front and back for your records. If the payment does not post within ten business days, contact PennyMac with the check number and amount to confirm it was received.
What happens after your payment posts
Once your payment posts, PennyMac applies it first to any late fees or interest owed, then to the principal and interest on your loan. Your account will show the new balance, and your next due date will appear on your statement. If you paid extra toward principal, that amount reduces the total you owe and may shorten the life of your loan.
Your payment history updates within one to two business days of posting. This history is visible in your online account and is reported to credit bureaus monthly. Payments made on or before the due date do not affect your credit score; payments made after the due date may be reported as late.
Fees and payment options to know about
PennyMac does not charge a fee for payments made online, by phone, or by mail. However, if you use a third-party payment service — such as a bill-pay service through your bank or a payment processor that is not PennyMac's official portal — that service may charge its own fee. Always pay through PennyMac's website, app, or phone line to avoid unexpected charges.
If your payment is returned due to insufficient funds, PennyMac will charge a returned-payment fee, usually between $25 and $35 depending on your loan agreement. If your payment is late, PennyMac will charge a late fee, typically 4 to 5 percent of your monthly payment or a flat amount, whichever is greater. Check your loan documents or statement for the exact fee amounts.
If you cannot make a full payment
If you cannot pay the full amount by your due date, contact PennyMac before the due date passes. A representative can discuss options such as a partial payment, a payment plan, or a loan modification. Paying something, even if it is less than the full amount, shows good faith and may prevent a late fee from being reported to credit bureaus.
Do not skip a payment hoping to catch up later — missed payments damage your credit score and can lead to default. PennyMac may also charge late fees, report the missed payment to credit bureaus, and eventually begin foreclosure proceedings if payments remain unpaid for several months. Calling early gives you the best chance of working out an arrangement.
Frequently Asked Questions
How do I know if my payment was received?
Online and phone payments show a confirmation number when ready. For mailed checks, log into your account after seven to ten business days to see if the payment posted. If it does not appear within ten days, call customer service with the check number and amount.
Can I pay someone else's PennyMac loan?
Yes, you can make a payment on someone else's loan if you have their loan number. You do not need to be the borrower. However, PennyMac will not discuss the account details with you unless you are listed as an authorized user or the account holder.
What if I overpay my loan?
If you pay more than you owe, PennyMac will credit the extra amount to your next payment or hold it as a credit on your account. You can request a refund of the overpayment, though it may take one to two weeks to process. Contact customer service to request a refund.
Is there a penalty for paying off my loan early?
Most PennyMac loans do not have a prepayment penalty, meaning you can pay extra toward principal or pay off the entire loan without a fee. Check your loan documents to confirm, as some loans may have restrictions. Paying extra reduces the total interest you pay over the life of the loan.
What time does PennyMac process online payments?
PennyMac processes online payments submitted before 5 p.m. Eastern Time on the same business day. Payments submitted after 5 p.m. or on weekends process the next business day. Holidays may delay processing by one additional day.