What PennyMac Bill Pay Is and How It Works
PennyMac Financial Services is a mortgage lender and servicer that handles loan payments for borrowers. If PennyMac services your mortgage — meaning they collect your monthly payment — you can pay through their online portal, by phone, by mail, or through automatic bank transfers. The method you choose affects when your payment posts, whether you pay a fee, and how much control you have over the exact payment date.
PennyMac does not charge a fee to make a payment through their official channels. However, third-party payment processors or your bank may charge their own fees if you use them as an intermediary. The safest route is to pay directly through PennyMac's system or mail a check to the address on your statement.
Key Takeaways
- PennyMac's online portal and phone line are free, but payments made through third-party bill pay services may carry fees depending on your bank.
- Online and phone payments typically post within one to two business days, while mailed checks can take seven to ten business days to reach the servicer.
- Setting up automatic payments (autopay) removes the need to remember your due date and can help you avoid late fees if you miss a manual payment.
- Your loan account number and the correct mailing address from your statement are required for any payment method to reach the right account.
- Late payments reported to credit bureaus after 30 days past due, so paying even a few days late can affect your credit score.
Paying Online Through PennyMac's Portal
The fastest and most direct way to pay PennyMac is through their online loan servicing portal. You create an account using your loan number and personal information, then log in to view your balance, due date, and payment history. From there you can make a one-time payment or set up automatic monthly payments.
Online payments typically post to your account within one to two business days. If you are paying close to your due date, this timing matters — a payment made on the due date itself may not post until after the due date has passed, which can trigger a late fee even though you paid on time. Check your statement or contact PennyMac to confirm their cutoff time for same-day posting.
To access the portal, visit PennyMac's website and look for a "Login" or "Loan Servicing" link. You will need your loan number (found on your statement) and the property address or last four digits of your Social Security number to set up your account.
Paying by Phone or Automatic Bank Transfer
You can call PennyMac's customer service line to make a payment over the phone using a debit card, credit card, or bank account. Phone payments are processed the same day you call, though posting to your account takes one to two business days. The phone number is on your monthly statement.
Automatic payments (autopay) pull money directly from your bank account on a date you choose — usually a few days before your due date. Once set up, autopay removes the risk of forgetting to pay and helps you avoid late fees. You can pause or cancel autopay at any time through the online portal or by calling PennyMac, though you should do this well before your next due date to avoid a missed payment.
If you set up autopay, keep enough money in your checking account on the scheduled payment date. If the payment fails due to insufficient funds, PennyMac may charge a returned-payment fee and report the missed payment to credit bureaus.
Paying by Mail
Mailing a check is still a valid payment method, though it is the slowest. Write your loan number on the check, place it in an envelope with a copy of your payment coupon (if you receive one), and mail it to the address printed on your statement. Do not mail to a general company address — use only the payment address listed on your bill.
Mailed checks typically take seven to ten business days to arrive and post. If you mail a payment close to your due date, it may arrive after the due date has passed, triggering a late fee. To avoid this, mail your payment at least two weeks before the due date. Keep a record of the check number and mailing date in case you need to prove you paid on time.
If your check is lost in the mail, PennyMac will not know you sent it. For this reason, consider paying online or by phone if you are near your due date, or use certified mail if you must mail a check close to the deadline.
What Happens If You Miss a Payment or Pay Late
A payment is considered late if it is not received by PennyMac by the due date shown on your statement. Most mortgage loans have a grace period of 10 to 15 days after the due date before a late fee is charged, but the late fee is not the only consequence. After 30 days past due, PennyMac reports the missed payment to the three major credit bureaus (Equifax, Experian, and TransUnion), which damages your credit score.
If you miss a payment, contact PennyMac as soon as possible. Explain your situation and ask whether they offer a forbearance plan (a temporary pause or reduction in payments) or a loan modification. The sooner you reach out, the more options may be available. Waiting until you are 60 or 90 days behind makes it harder to avoid foreclosure.
If you are struggling to make your mortgage payment, PennyMac has a loss mitigation department that handles hardship requests. You can reach them through the main customer service line or through your online account.
Fees and Costs Associated with PennyMac Payments
PennyMac itself does not charge a fee for payments made through their official channels — the online portal, phone line, or mail. However, if you use a third-party bill pay service (such as your bank's bill pay feature or a payment processor), that service may charge a fee. Check with your bank before using their bill pay system to send money to PennyMac.
Late fees vary by loan and state but typically range from 4 to 5 percent of your monthly payment amount. A returned-payment fee (charged if a check bounces or an autopay attempt fails due to insufficient funds) is usually $25 to $35. These fees are added to your loan balance, which means you pay interest on them as well.
If you fall behind on payments, PennyMac may also charge attorney fees and court costs if they file for foreclosure. These costs can add thousands of dollars to what you owe. Staying current on your payment is far cheaper than dealing with late fees and legal action.
Updating Your Payment Information and Account Details
If your bank account changes, your address changes, or you want to switch payment methods, update your information through the online portal or by calling PennyMac. If you are on autopay and your bank account closes or is replaced, your next scheduled payment will fail unless you update it first.
If you receive a notice that your payment was not processed, do not assume the problem is solved. Call PennyMac to confirm the payment was received and posted to your account. A failed payment can trigger a late fee and credit report damage even if you thought you paid.
Frequently Asked Questions
Can I pay my PennyMac mortgage with a credit card?
PennyMac does not accept credit card payments directly through their portal or phone line. However, some credit card companies offer the option to pay bills using your credit card through their own bill pay system. Be aware that this may incur a cash advance fee or other charges from your credit card issuer, and it does not reduce your mortgage debt — it only moves the debt to your credit card.
What is the difference between my due date and my grace period?
Your due date is the date by which your payment must be received. Your grace period is the number of days after the due date during which you can pay without a late fee — typically 10 to 15 days. If you pay on day 20 after the due date, you are past the grace period and will owe a late fee, even though you eventually paid.
How do I know if my payment posted to my account?
Log into your PennyMac online account and check your payment history and current balance. You can also call customer service to confirm. Do not assume a payment posted just because you sent it — always verify through your account or a phone call.
What should I do if I cannot afford my mortgage payment this month?
Contact PennyMac's loss mitigation department before you miss a payment. They may be able to offer a forbearance plan (temporary pause), a loan modification (change to your loan terms), or a repayment plan. The sooner you reach out, the more options are available to you.
Can I change my autopay date if it does not work with my paycheck schedule?
Yes. Log into your online account and adjust the autopay date, or call PennyMac to make the change. Make sure you change it at least a few days before the current scheduled date so the system has time to process the change.