Mortgage Relief
- 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 and negative credit reporting.
Getting set up with a forbearance plan is easy. You have two options:
- Recommended: Log into your account and fill out our brief survey: Log in now
- Call (800) 777-4001 and follow the prompts for our automated system.
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 programs will continue to be available.
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 repay those missed payments.
A payment deferral is an agreement to pay the past due amounts at a different time. This may be an option for you at the end of your forbearance period based on your unique circ*mstances 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.
While a lump sum payment is certainly an option, it’s not the only option. Once 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 look into a loan modification, whereby Pennymac rolls the balance back into the mortgage. No matter which option you choose, assistance programs will allow you to repay the missed payments over time.
Since you and Pennymac don’t know exactly when this particular hardship will end, we don’t know which long-term relief option 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.
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 for another three months. Extensions will be available through a maximum 12-month forbearance term upon a showing of continued hardship.
For homeowners who require more permanent payment reductions, loan modification programs are available that may extend the term of your loan and/or reduce your interest rate to lower your payments. Modification programs do require proof of reduced income. All assistance programs will allow you to repay the missed payments over time.
No additional interest beyond your regular principal and interest payment will accrue, and no fees will be charged for our assistance programs.
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, they 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 circ*mstances 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. We encourage you to work with us. You can feel confident we will offer you the best program available to meet your individual needs.
If your account was current prior to January 31, 2020, Pennymac will continue to report your loan as current to the various credit agencies during the forbearance plan. If your account was delinquent prior to January 31, Pennymac will continue to maintain the delinquent status reporting to the credit bureaus during the forbearance plan unless you bring your account current during the plan period, at which time Pennymac will report your account as current.
Yes, you certainly can. Although you’re not required to make full or partial payments during your forbearance plan period, we appreciate any payment you can afford because it will reduce the amount you’ll be required to repay later.
You will not be able to qualify for a refinance until your plan is completed and your payments are brought fully current.
Account Access
- 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 PENNYMAC.com on your phone, tablet or computer, or download our app.
Log in | iPhone App | Android App
Not registered? Sign up today. Please have your Pennymac loan number, access to your email and mobile phone available.
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.
As you may have experienced, our call volume is extremely high right now given the numerous questions from customers about their mortgage and our response to COVID-19.
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 Mail
PennyMac Loan Services, LLC
P.O. Box 30597
Los Angeles, CA 90030-0597Overnight Payments
PennyMac Loan Services
Attn: Lockbox Operations POB 30597
20500 Belshaw Ave.
Carson, CA 90746As a result of self and mandatory COVID-19 (coronavirus) quarantines and recent market changes, we are experiencing an extremely high call volume as customers check on their home loans and call about a new mortgage.
Before you commit to holding on the phone, please read through our COVID-19 Resources FAQs, and our general FAQs, for answers to commonly asked mortgage and financial questions. Other online solutions:
Log Into My Account | Check Rates | Mortgage Calculators | Check Home Value
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 mymacteam@pnmac.com 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.
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 mymacteam@pnmac.com.
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.
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. We appreciate your patience as we work through the high call volume. 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.
- Are you open for business?
Yes, we’re still here for you and conducting business as usual. As a result of quarantines throughout the U.S., many of our team members are working remotely, though some remain in our offices.
As a result of self and mandatory COVID-19 (coronavirus) quarantines and recent market changes, we are experiencing an extremely high call volume as customers check on their home loans and call about a new mortgage.
Before you commit to holding on the phone, please read through our COVID-19 Resources FAQs, and our general FAQs, for answers to commonly asked mortgage and financial questions. Other online solutions:
Log Into My Account | Check Rates | Mortgage Calculators | Check Home Value
