COVID-19 Resource Center
COVID-19 Resource Center
At PennyMac, we’re committed to doing what’s right for our customers, employees, business partners, and the communities we serve.
As a valued client, we want to provide you with helpful information to share with your customers. Please pass these details along as you see fit:
PennyMac Customer FAQs
- If I am unable to make my mortgage payments as a result of being affected by COVID-19, what mortgage relief or payment solutions are available to me?
If you’re experiencing financial difficulty and are unable to make your monthly payments as a result of COVID-19, we have a solution for you. It’s called forbearance—a plan that provides temporary relief by allowing you to stop making mortgage payments for the plan period, without late fees. Getting set up on a forbearance plan is easy… Click here to go to the headline banner at the top of the Loan Information page in your PennyMac Account.
- What are other resources for information?
Understanding Forbearance Further
- What is the difference between a forbearance plan and payment deferral?
A forbearance plan generally provides temporary relief by allowing you to make reduced payments, or even no payments, for the plan period, depending on your individual situation (although you can still make payments during forbearance, if you choose). As you near the end of your plan, we’ll work with you to determine the best program for for your unique circumstances to help you repay any missed payments.
Other payment assistance programs (also known as “loss mitigation”) are available after forbearance, and the types of programs available usually depend on the owner or insurer of your loan. They generally include a repayment plan (a short-term plan to repay missed payments while also making regular payments), payment deferral (missed payments are “deferred” to the end of your loan, do not accrue further interest, and are repaid when you pay off your loan, but deferrals are not available for all loans), partial claim (for FHA/USDA loans only, like a deferral but FHA/USDA receives a second lien against the home to secure the deferred balance), or a loan modification (missed payments are added to your loan balance to bring your loan current, and permanent changes may be made to your loan terms for more affordable monthly payments – click here for more information about loan modifications).
- Will there be a lump sum immediately due at the end of my forbearance?
No. While a lump sum payment is certainly an option, it’s not the only option, and it won’t be required.
- What if I need more time to resume my mortgage payments? Can I extend my forbearance plan?
If you aren’t ready to resume making monthly payments at the end of your forbearance plan because of a COVID-19 hardship, you can request an extension of your plan. If your initial forbearance period is 90 days or less, you can request an extension up to 180 days. If we don’t hear from you, don’t worry, we’ll automatically extend your plan to 180 days. Additional extensions will be available upon request after the 180-day period for continued COVID-19 hardships.
- Will there be interest or fees charged for missed payments during forbearance?
No additional interest beyond your regular principal and interest payment will accrue, no late fees will be charged during your forbearance plan, and no fees will be charged for our assistance programs.
- How long can I stay on a forbearance plan?
Under the federal CARES Act, the maximum length of a COVID-19 forbearance plan is 360 days. However, some federal agencies (e.g., FHA, VA and USDA) have extended their forbearance protections beyond the 360 days, and other owners, insurers and lenders for which PennyMac services loans may do the same. Federal and state laws also continue to develop to address impacts of the COVID-19 pandemic on struggling homeowners. It is important to check in with us monthly so you’re aware of the continued options available for your loan.
- Are most banks deferring payments to the end of the loan?
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, some 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 circumstances 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. With PennyMac, you can feel confident we will offer you the best program available to meet your individual needs.
- How is my credit reporting impacted by my forbearance plan?
Under the federal CARES Act, PennyMac is required to report your loan to the credit bureaus as current on a forbearance plan if your loan was current as of January 31, 2020. Your loan must be reported as delinquent on a forbearance plan if your loan was past due as of January 31, 2020. If your loan was delinquent as of January 31, 2020 and you bring your account current before or during your forbearance plan, we will then report your account as current on a forbearance plan as of the date you bring your account current.
During the month after your forbearance plan ends, if we are actively working with you on a new assistance program, we’ll suppress any negative reporting on your account to the major credit bureaus (Equifax, Experian and Transunion) for that month. We encourage you to contact the credit bureaus directly to understand how forbearance and post-forbearance programs may impact your credit.
Also, keep in mind that we are required to report your total loan balance to the credit bureaus each month. Your total loan balance includes your unpaid principal balance, any deferred balance for missed payments (see payment deferral above), and any negative escrow balance.
- Can I end my forbearance plan early if I am ready to resume making monthly payments?
Yes, and we encourage you to do so. This way, you’ll have fewer missed payments to repay when your forbearance plan ends. Just reach out to us and we’ll work with you to find the right post-forbearance program to get your loan back on track.
- Will I qualify for a refinance of my loan if I enter into a forbearance plan?
Depending on the owner or insurer of your loan, you may qualify for a refinance if either:
- you are on a forbearance plan and continued to make your monthly payments during the plan and your account is current.
- you have made timely consecutive payments after completing a forbearance plan, including on a payment assistance program.
- Once I am ready to end my forbearance and resume making payments, what options will be available to me?
When you complete your forbearance plan, you’ll have a number of options available to you. If you missed payments but are able to repay them right away, perhaps to qualify for a refinance of your loan, you can do that and resume making your normal monthly payments. Otherwise, we have a number of payment assistance options available after forbearance. Depending on availability based on the owner or insurer of your loan, those programs may include a repayment plan, payment deferral, partial claim/mortgage recovery advance or loan modification. (See the FAQ above entitled, "What is the difference between a forbearance plan and other payment assistance programs?" for more information about each of these programs.) We encourage you to reach out to us as you approach the end of your forbearance plan so we can work with you to find the best program for your unique circumstance to help you repay any missed payments.
- Can I make full or partial payments during my COVID-19 forbearance plan period?
Yes. While making payments during your COVID-19 forbearance plan is not required, we encourage you to make any payments you can afford because they’ll reduce the amount that you must repay later. You can also cancel your plan at any time.
- 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 PennyMacUSA.com on your phone, tablet or computer, or download our app.
Not registered? Sign up today. Please have your PennyMac loan number, access to your email and mobile phone available.
- What if I have trouble accessing my account online?
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.
- How do I make my next payment?
As you may have experienced, our call volume is extremely high right now given the numerous questions our customers have regarding their mortgage as a result of COVID-19.
To arrange a one-time payment in three easy steps 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 MailPennyMac Loan Services, LLC
P.O. Box 30597
Los Angeles, CA 90030-0597
Overnight PaymentsPennyMac Loan Services
Attn: Lockbox Operations POB 30597
20500 Belshaw Ave.
Carson, CA 90746
- Why can’t I get through on the phone?
As a result of self and mandatory COVID-19 (the 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, please read through our COVID-19 Resources FAQs, and our general FAQs, for answers to commonly asked mortgage and financial questions.
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.
- 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.
- MBA Resources for Coronavirus (COVID-19)
- CFPB - CARES Act Mortgage Forbearance: What You Need to Know