Staying current on your payments is the best way to protect your credit. If you enter into a loan modification, your credit may be negatively affected. Your loan will be reported as paying under a partial payment plan during the trial period, and as modified after the final modification agreement is signed, notarized and returned. In addition, if you’re behind on your payments when you start your trial, your loan will continue to be reported as “delinquent” until your loan has been permanently modified, even if you’re making your trial payments. Credit scores are determined by a customer’s credit history and are not controlled directly by Pennymac. Our commitment is to accurately report the status of all our customers.

If you've been impacted by a natural disaster or property damage caused by an accident, click here to learn more.

A loan modification may be an option if:

• You are ineligible to refinance.
• You are facing a long-term financial hardship.
• Your monthly mortgage payments are no longer affordable.
• You are behind on your mortgage payments or likely to fall behind soon.
• You have the willingness and ability to make reasonable monthly mortgage payments.

Yes. Lenders perform an escrow analysis to determine the escrow payments prior to establishing a trial period payment, taking into consideration the tax and insurance payments that may come due during the trial period.

A forbearance plan may be an option for you, even if you are currently in foreclosure. Typically, a loan is referred to foreclosure at or around the 120th day of delinquency, unless the loan is being evaluated for a loan modification or other foreclosure prevention program.

A repayment plan may be an option for you, even if you are currently in foreclosure. Successful completion of your repayment plan may help avoid a foreclosure sale while giving you time to bring your loan current.

A modification may be an option for you, even if you are currently in foreclosure. Successful completion of a modification may help avoid a foreclosure sale while giving you time to bring your loan current.

Pennymac offers a number of loan modification options. Click here to learn more about loan modifications.

A repayment or forbearance plan may be a payment assistance option for you. Successful completion of your repayment or forbearance plan may help avoid a foreclosure sale while giving you time to bring your loan current. Please visit our Property Damage & Payment Assistance page here for more details.

You can contact a Pennymac Loan Expert today to speak with a representative who can determine if you pre-qualify for a repayment plan or other home retention option. Please be prepared to provide verbal financial information concerning your current income and expenses.

Yes, a repayment plan can affect your credit. Every plan is unique, so it may be best for you to reach out to your single point of contact to learn how your specific plan may impact your credit. Please note, Pennymac does not control your credit score. We recommend that you contact the credit agencies for information on how the repayment plan may impact your credit.

A repayment plan allows you to catch up on your missed payments over time while continuing to make your current payments. If you qualify for a repayment plan, we can spread your past-due amount over an agreed-upon term and add it to your current monthly mortgage payment in order to bring your loan current. By exploring a repayment plan option, you are working on finding a solution to your temporary hardship, so it does not have long term effects. No further late charges will be assessed on your loan as long as you make your payments on time.

If you’re in foreclosure proceedings or your home has been scheduled for a foreclosure sale, contact 866.545.9070 immediately so we can discuss your available options. You may also want to take advantage of HUD-approved housing counseling services. You can call the Homeownership Preservation Foundation hotline at (888) 995-HOPE to speak with a HUD-approved Housing Counselor in your community. In order to protect your rights under applicable foreclosure law, it’s important that you continue to respond to any foreclosure notices you may receive. We encourage you to contact a lawyer or housing counselor to learn more about the legal consequences of foreclosure.

The purpose of the Trial Period Plan is to show that you’re willing and able to make the modified monthly payments. The trial period lasts a minimum of three months. If you qualify, we’ll send you a Trial Period Plan Notice explaining the terms and amount of your payments. It will be based on our estimate of what your monthly payments would be with a permanently modified loan.

Your Trial Period Plan becomes effective when you make your first trial plan payment. Payments can be made online using the One-Time Payment option on this website. You must make each Trial Period Plan payment in a timely manner, in the amount specified in the notice, in order to receive a permanent modification. If your original loan payment does not include amounts to pay your property taxes and/or homeowners insurance, an escrow account will be created and those amounts will be added to your monthly payment.

If you’re unable to successfully complete the Trial Period Plan to receive a permanent modification of your mortgage, you may need to consider options that involve relocation to a more affordable home. If your home is currently worth less than the amount remaining on your loan, you may be able to either sell your house through a short sale or sign over title to your home to your lender through a deed in lieu of foreclosure. These programs usually include relocation assistance payments to help you move to a more affordable home.

To be approved for a permanent loan modification, you must successfully complete your Trial Period Plan, complete housing counseling if you have been asked to do so and return any additional required documentation in a timely manner. After you’re approved, you’ll receive a letter and Modification Agreement defining the changes to your home loan. You will need to sign the Modification Agreement in front of a notary and return the notarized executed agreement as soon as possible, but no later than the deadline date listed on your documents.

Your modification only becomes permanent after Pennymac receives the executed agreement and verifies accurate signatures and notary. Until then, we strongly encourage you to continue making payments in the same amount you paid during your trial period. Please note: Once your loan is permanently modified, your new monthly payments could be higher than your Trial Period Plan payments.

Depending on the timing, we will try to work with you on another loss mitigation option, which may involve relocating to a more affordable home. Connect with a Pennymac Loan Expert at 866.545.9070.

Please Note: Authorized Third Parties cannot create an online account and we encourage customers to not share their online credentials. If you would like to authorize a third party to call our Customer Service team to obtain access to your account information or to make payments, please follow these steps: Create a copy (PDF format preferred) of your signed written authorization request. Include the following:

• Name of the Third Party you are authorizing
• How long the authorization is for (limited time or life of loan or expires on a certain date)
• Loan Number you are authorizing
• Required handwritten signature with date

Visit the secure Message Center of your online account. Compose and send a message with the authorization request as an attachment.

You can change your online account password at any time by logging into your account. To change your password, visit “Account Settings” and select “Password” from the list. From there, you can change your password. Your new password will then be active the next time you log in.

Log in to your Pennymac account at PENNYMAC.COM or PENNYMAC Mobile and visit “Statements and Documents.” From here, you will find documents such as your Monthly Statement or Year-End Statements. You may also request to view loan documents such as your Note, Mortgage/Deed of Trust or Appraisal by using the request form at the top of the page.

In order to update our records to reflect your recent name change, please follow the below steps:

• Create a legible copy (PDF format preferred) of your Driver’s License or State photo identification.
• Create a copy (PDF format preferred) of a legal document such as a marriage certificate, divorce decree, or name change affidavit, reflecting the reason for the name change.
• Create a copy (PDF format preferred) of your updated homeowner’s policy, reflecting the name change.
• Visit the secure Message Center of your online account.
• Compose and send a message with the appropriate documents as an attachment.

Log into your Pennymac account online and visit our secure Message Center to request a verification of mortgage. If you are a third party requesting a verification of mortgage on behalf of our customer we must have written authorization to release this information to you. Please review the section “How do I authorize someone other than me to discuss my loan information?” for more information.

We accept payoff funds via Wire Transfer, Title Check, Cashiers Check or Money Order. Personal checks are not accepted when paying off a loan. Loan payoff cannot be completed through the Pennymac website or automated phone system. When sending funds by wire transfer, to avoid fraud please use only the wiring instructions provided below. Emails and fax documents can be intercepted and altered resulting in false wiring instructions in order to send funds to a fraudulent account.

Wiring Instructions - Please be certain to reference your loan number on the wire.

Mailing Instructions - Please be certain to reference your loan number with your remittance.

Payoff funds sent by Title Check, Cashiers Check or Money Order should be sent overnight or by regular mail to:

Log into your PENNYMAC.COM account and go to the Payoff Resource Center. There you can request a statement online. You'll receive an email notification as soon as your statement is available to view. Once available, you'll find that the statement includes the information needed for a loan payoff. If you are a third party requesting a payoff demand on behalf of our customer, please use our third party website at servicingpartners.pennymac.com

Pennymac welcomes your feedback! Visit https://www.pennymac.com/contact-us to provide us with any feedback you have.

Pennymac will need proof of your correct Social Security or TIN Number. Please follow the steps below: Visit the secure Message Center. Send a message attaching a copy of one of the following: Social Security Card, W9 or 1003. For TIN updates please attach a copy of one of the following: TIN card, W9, or TIN letter from the IRS.

Notify Pennymac right away if/when your mailing address changes. You can update your mailing address by visiting the Account Settings of your online account and selecting Contact Information. Note: Changing the mailing address will affect where we send your Monthly Billing Statement and other important information that must be mailed to borrowers on the loan.

Please provide instructions for how to apply your payment, otherwise the payment will be applied based on the hierarchy listed on the back of your statement. For example, if your payment is $1,500, and you send $2,000, provide instructions for how you would like the additional $500 applied.

Note: If you are a home banking customer, payment instructions are not received with your payment.

Yes, however, to enroll in Bi-weekly AutoPay, you must be paid one month in advance. We do offer our Monthly AutoPay where you have more flexibility and can achieve the same goal without the need to be paid one month in advance.

Pennymac’s Bi-Weekly AutoPay is a payment plan option that results in a cumulative total of 13 payments within a 12-month period. Each monthly payment is divided in half and drafted every 14 days, and the payment is not applied until the full amount is received. This payment schedule results in two additional drafts or one single full payment by the end of a year. The extra full payment is then applied as a principal reduction.

This service can only be set up by speaking with a Customer Service Representative directly by calling 800.777.4001. Please be sure to have your loan number handy. We’re available:

Mon - Fri: 5 a.m. – 6 p.m. PT
Sat: 7 a.m. – 11 a.m. PT

Yes, Pennymac offers Monthly AutoPay. Pennymac Monthly AutoPay is a convenient payment service that automatically deducts your payments from your bank account once a month on the date of your choosing. This plan allows you to make additional principal payments. Sign in or register at PENNYMAC.COM.

Unfortunately, we are not able to cancel a same-day draft. In order to cancel a Pennymac AutoPay draft, we need the request to be submitted no later than 3 business days prior to the draft date.

If you'd like to update your auto draft please log in and update in your view pending payments section.

Pennymac is set up to receive electronic payments with most large banks and can usually be delivered in 1-2 business days. Some bill pay services (e.g smaller banks and credit unions) 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. Setting up automatic payments through Pennymac's AutoPay service will avoid these delays.

No, as long as your payment is scheduled using "one-time payment" prior to the grace period end date, you will not incur any late fees, even if it falls on a weekend or holiday. All days can be selected as an available effective date, including Sundays and holidays. Your payment may take 2-3 business days to reflect on your bank account.

If your payment is scheduled for a Sunday or holiday, your payment will be applied the next business day with the original effective date. Your payment may take 2-3 business days to reflect on your bank account.

Yes, you have the option to make extra principal payments. You can go to the One-Time Payment section of your PENNYMAC.COM 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. Additional principal can also be included with AutoPay.

If your account does not have enough funds to cover the full payment amount, the payment will not process successfully. We will then reattempt the payment and you may be charged non-sufficient funds (NSF) fees. If funds are still insufficient during the second attempt, the payment will not be processed. If you’re enrolled in AutoPay, and the transaction fails on the second attempt, your AutoPay may be suspended or canceled. If you are experiencing a hardship or anticipate it may become a problem, please contact us to discuss payment assistance options.

Because you have an Adjustable-Rate Mortgage (ARM Loan), your payment will periodically change when interest rates change. Changes in taxes and insurance can also influence payments if you have an escrow account. For more information about escrow accounts, click here. You will receive a notice of adjustment prior to any changes to your payment.

Click here to learn more about your Adjustable Rate Mortgage.

The most common reason for a total payment amount increase is due to an escrow analysis. To learn more about how an escrow analysis can affect your payment, click here.

Additionally, Adjustable-Rate Mortgage (ARM) interest rate adjustments or buydown subsidy changes can also affect your total payment amount. To learn more about buydowns, click here. Additionally, to get more details about possible benefits of an ARM, click here for more information.

Yes! Click here to learn all about our fast and convenient payment options.

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. Your monthly billing statement provides you your grace period and your late fee amount (if you pay after the grace period).

At this time, we do not accept payments made with a credit card; however, we do accept debit card payments (State and loan status restrictions may apply).

You can see how your payment was applied in the 'Loan Activity" section of your PENNYMAC.COM account. Log into your account for full details.

Yes. Please be aware, payment instructions are not provided from your personal bank's bill pay service. Funds received in excess of your mortgage payment will be applied in accordance with the payment hierarchy listed on the back of your statement. Alternatively, we offer Pennymac AutoPay Program. For more information about AutoPay, click here.

Yes, you will need to make your payments until you receive confirmation details of your automatic payment plan, including the starting month.

Funds should clear your bank account within 3 business days from the day your payment processes.

A mortgage recast is when a large payment is made to the principal balance and the loan is amortized over the remaining terms. The result is a lower monthly payment. Recasting does not change the interest rate or any other terms of the loan.

Did you purchase a new home before selling your old home and want to apply the proceeds of the sale to your new Pennymac mortgage? Perhaps you received a large amount of money and want to lower your Pennymac mortgage payment? If this is the case, it sounds like you may want to recast your mortgage. Pennymac can help you with that.

Yes. Pennymac’s fee for a recast is $250, which should be paid with the total principal payment.

Not all loan types are eligible for recast. Government backed loans (Federal Housing Administration (FHA), United States Department of Agriculture (USDA) and Veterans Administration (VA) do not qualify for recast. Conventional loans are eligible for a mortgage recast.

No. The amount paid to principal must be at least $10,000 and in a lump sum payment and must be sent in by certified funds or wire. Please note that for payments NOT received via certified funds or wire, Pennymac will request bank statements and it may delay the overall processing time for the recast. If you are ready to start the recast process, give us a call at 800.777.4001. Click here to see if your loan is eligible before sending in your payment.

The overall process can take anywhere from 3 to 6 weeks.* The principal payment and recast fee must be applied to the loan in order for the process to start. Also, your loan must be current and remain in a current status in order for the recast to be completed.

*Certain conditions may extend the time frame to complete the recast process.

No. A mortgage recast only amortizes the unpaid principal balance over the remaining terms of the loan, which then reduces the monthly payment. If you would like to change the terms of the loan, a refinance may be the way to go. To speak with a Loan Expert about your refinance options, call us at 888.870.6229 or click here.

You can send your lump sum principal payment one of two ways:

Wiring Instructions: Please be certain to reference your loan number on the wire.

Certified Funds - (e.g. cashier’s check and money order)

You can send your lump sum principal payment one of two ways:

Wiring Instructions: Please be certain to reference your loan number on the wire.

Certified Funds - (e.g. cashier’s check and money order)

Your payment will increase in accordance with the terms of your buydown loan. Typical adjustment periods are between 1-3 years. As the buydown subsidy decreases, your monthly principal and interest payment amount will increase. When the subsidy periods end and the buydown reserve funds have been fully utilized, the full mortgage payment will be your responsibility.

If you are experiencing a hardship or anticipate that the payment may become a problem, please contact us to discuss payment assistance options.

Pennymac will send email/mail reminders as the effective dates of your buydown schedules approach. Keep an eye out for communication starting approximately six months before your scheduled payment change. Additionally, you will receive letters which will be reflected on your billing statement that the payment was updated.

PMI will be terminated automatically if/when your loan reaches the midpoint of its amortization schedule (halfway through the life of your loan). For example, on a 30-year loan, the midpoint would occur after 15 years have passed. This may occur for loans with an interest-only period, principal forbearance, or a balloon payment. Keep in mind that you must be current on your monthly mortgage payments for termination to occur.

You are free to change insurance carriers any time you wish. If you do change your insurance carrier, your new insurance carrier is required to send Pennymac the new declaration page (proof of coverage) whether you do or do not have an escrow account. This information can be provided in the following ways:

• Website: http://www.mycoverageinfo.com/pennymac
• Email: pennymac@mycoverageinfo.com
• Mailing Address:
  Attn: PennyMac Loan Services, LLC
  P.O. Box 6618
  Springfield, OH 45501-6618

You may also provide Pennymac with any insurance-related documents, such as proof of insurance, by uploading them through the secure Message Center of your PENNYMAC.COM account.

Please Note: You will also need to provide your new insurance carrier with your loan number and the following mortgagee clause:

Whether you’re enrolled in paperless billing or receive your statements by mail, all your account related correspondence is available online for viewing at PENNYMAC.COM within your personal account. If you are not already enrolled in paperless billing or have not created an online account yet, we encourage you to do so today and take advantage of all the benefits it brings. Click here to begin.

When a disaster strikes your home, your insurance company may issue an insurance claim check, which can also be called loss draft funds. A claim check is meant to cover various costs, including repairs.

If the insurance claim check is sent to us:

• Depending on the loan status and the amount of the insurance funds, we may endorse it and send it to you to complete the repairs; or
• If the total claim is over $40,000, or the account is delinquent, we may instead deposit it and distribute the amount to you incrementally, as repairs are completed, once all required documents have been received.

You can visit www.insuranceclaimcheck.com for more information. You can also call our Loss Draft Department at 866.314.0498 to learn more.

No, your personal bill pay plan through your bank will not automatically adjust with any payment increases or decreases. You will need to change the payment amount with your financial institution directly. We recommend you do this as soon as possible to avoid any timely payment issues.

Pennymac's mortgagee clause is:

No, supplemental tax bills are the responsibility of the homeowner and will not automatically be paid from your escrow account. If you cannot pay your supplemental tax bill(s), contact us and Pennymac will pay on your behalf; however, this will result in an increased monthly payment.

No, condominium and homeowner association (HOA) fees are not included in your monthly mortgage payments. You are responsible for paying condominium/HOA fees directly to your association.

PMI on a conventional loan will be terminated automatically when the principal balance is first scheduled to reach 78% of the original value of your home for most mortgage types. The loan must also be current on the anticipated cancellation date, or it will be terminated after the loan is brought current. Additional requirements regarding the loan may need to be met to determine eligibility.

The Homeowners Protection Act (HPA) gives you the right to request PMI cancellation before the automatic termination date, when the principal balance of your mortgage is scheduled to reach 80% of the original value of your home for most mortgage types, or the date the principal balance actually reaches 80% of the original value. Cancellation may require an appraisal (at your own expense) to confirm your home’s value hasn’t declined since closing; a good payment history and being current on your payments; and certification that there are no junior liens on your home. Some state laws may have additional requirements for cancellation or termination of PMI. You may request this review by initiating the deletion online through our Secure Message Center or by phone with a Customer Service Representative.

For FHA loans, there are a few factors which indicate if you are eligible for early termination of Mortgage Insurance (MI).

If you originated prior to June 2013, please contact us and we will review your options with you. If you originated on or after June 2016, you are not eligible to request early termination of MI. However, if your original LTV was 90% or less, then your MI will be automatically terminated on the 11th year of your mortgage. If your original LTV was greater than 90%, then MI will be required for the life of the loan.

If you have been approved for an exemption, please provide the approval documentation by uploading it through the Secure Message Center of your PENNYMAC.COM account. Create or locate a copy (PDF format preferred) of your property tax exemption document. Compose and send a message with the exemption document as an attachment. Once the documentation is received, we will update your escrow account accordingly.

If your account is escrowed for taxes and you receive a tax bill, you do not need to take any action because Pennymac also receives the information. However, if you receive a delinquent or supplemental tax notice, you will need to send it to Pennymac. Please provide a copy of your delinquent or supplemental tax bill by uploading it through the Secure Message Center of your PENNYMAC.COM account. Create or locate a copy (PDF format preferred) of your document. Compose and send a message with the document as an attachment. Once the documentation is received, we will update your escrow account accordingly.

Once your loan has been paid in full, the escrow/surplus balance (if any) will be refunded by check sent to the mailing address in our system OR sent electronically within approximately 15-20 business days from the date of the payoff transaction. If you are moving, please be sure to provide any change of address at the time of your loan payoff.

If your insurance is escrowed, Pennymac must be identified in your insurance policy as the mortgagee. You will not need to send Pennymac your insurance bill as long as Pennymac is named on the policy. However, if you receive a delinquent insurance bill, provide the policy information on our website at www.mycoverageinfo.com/pennymac or email policy information to pennymac@mycoverageinfo.com.

If Pennymac does not escrow for payment of your insurance, you are responsible for payment of your premium directly to your agent/carrier. Failure to pay these premiums in a timely manner may result in Pennymac purchasing an insurance policy to protect our interest in the property (force-placed/lender-placed insurance), which will increase your monthly payment amount. Force-placed or lender-placed coverage may be more expensive than insurance you would purchase yourself and may not provide the same coverage. If you are not sure whether Pennymac collects escrow for payment of insurance premiums, please visit the Escrow section of this website.

If you have Hazard Insurance coverage, please provide us with the front page of your policy or binder that summarizes coverage, limits, deductibles, and states the current coverage period for your policy or binder. We will also accept a notice showing that an acceptable policy has been reinstated. Please submit your evidence by using one of the below methods:

Provide policy information on our website at www.mycoverageinfo.com/pennymac.

Email policy information to pennymac@mycoverageinfo.com.

Mail a copy of your Hazard Insurance Declaration Page with your loan number to the mortgagee listed below:

Pennymac Loan Services, LLC
ISAOA
P.O BOX 6618
SPRINGFIELD, OH 45501-6618

Fax a copy of your Homeowners Insurance Declaration Page with your loan number to 1-866-235-1215.

You may submit a request through the secure Message Center of your PENNYMAC.COM account. In the request, explain that you would like to set up an escrow account. You will be notified of any documents that you will need to provide to Pennymac to set up your escrow account. You may also contact us here. In addition, you can check if your escrow account has been set up by viewing your account details in the Escrow Center section of your online account.

Lender-placed insurance (sometimes referred to as force-placed insurance) is an insurance policy that is added to your mortgage if there is a lapse in insurance coverage protecting your home. This limited insurance typically comes with a higher cost and does not provide as much coverage as a policy you can obtain on your own. For example, it does not protect against losses to personal property. It is only used to fill any gaps in insurance and maintain the continuous coverage that is required by your home loan agreement. Our goal is to help you take action to avoid lender-placed insurance. Click here to learn more about lender-placed insurance.

If your insurance is canceled, it is important for you to replace the required insurance on your property right away and send proof of insurance to us. (See “How do I avoid or discontinue lender-placed insurance?”) If you do not replace a canceled policy, unfortunately, lender-placed insurance must be purchased on your behalf. (See “What is Lender Placed Insurance” above.)

In order to avoid or remove lender-placed insurance, you must provide Pennymac with proof of insurance (insurance policy declaration page). Here’s how you can provide Pennymac with proof of coverage:

• Log in to our insurance portal at mycoverageinfo.com/pennymac
• Email pennymac@mycoverage.com
• Mail to:
  Pennymac Loan Services LLC
  PO BOX 6618
  Springfield, OH 45501-6618
• Fax to: 866.235.1215
• Call the Insurance Department at 866.318.0208

Pennymac will update your insurance information within 3-5 business days from the time we receive the request and proof of insurance. Once completed, the new insurance information will be displayed in the Escrow section of your online account.

FAIR plans, also known as Fair Access to Insurance Requirements plans, are government-mandated property insurance plans that provide coverage to individuals and businesses who are unable to obtain insurance in the regular market. These plans typically provide basic coverage for properties that are considered high-risk or difficult to insure due to factors such as location, age, or type of construction. If you are turned down or non-renewed by your current insurance company, or are otherwise in need of coverage, you may apply for coverage under the FAIR Plan through an agent or broker licensed to sell FAIR property insurance. You may want to contact your insurance agent/company to understand exactly what is and is not covered under the FAIR plan. For more information related to state-specific FAIR insurance, you may visit: iii.org/article/what-if-i-cant-get-coverage.

It's essential to understand that FAIR plan insurance is generally for individuals or properties that cannot obtain coverage through traditional insurance markets. While these policies can be costly and offer limited coverage, they can be a lifeline for those who have no other options. It is advisable to try to maintain your own homeowner's insurance policy to protect your interests and assets adequately. If you have to carry a FAIR plan, we recommend talking to your insurance agent/company about obtaining supplemental coverage that may not be covered under the FAIR plan.

Year-end IRS Tax Form(s) will be sent on or before January 31st. If you receive your monthly statement by mail, look for your IRS Tax Form(s) in the same envelope. If you receive your monthly statement electronically, your IRS Tax Form(s) will be sent separately. If you receive both your monthly statement and IRS Tax Form(s) electronically, you can view and print these documents from our website at PENNYMAC.COM. Don't forget that opting in for Penny Paperless is the fastest and easiest way to manage important documents online. Please click here for more information.

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Please consult with your tax professional and advise that your Form 1098 information has changed.

Pennymac is only required to report interest paid above $600 to the IRS. If you paid less than $600 in mortgage interest (including points) during the year, you will not receive a Form 1098 from Pennymac.

You will receive a Form 1098 from each lender you paid reportable mortgage interest or points throughout the year for the time they serviced your loan. If you paid interest to another lender prior to coming to Pennymac, you will need to contact that lender regarding your Form 1098.

You may have received your Form 1098 in the same envelope with your January monthly statement (via mail or online). You can access your January statement from your online account at PENNYMAC.COM. There you can easily view, download and print your Form 1098 from the Statements and Documents section. If you are not registered, please visit our website at PENNYMAC.COM to register. If the mortgage is in the name of either a corporation, partnership, trust, estate, association or company (other than a sole proprietor), Pennymac will not send out a Year-End Tax Statement (Form 1098). Interest paid on this loan is not required to be reported with the IRS. If you need additional assistance, please consult your tax advisor.

Monthly billing statements are generated between the 10th and 22nd day of the month prior to the payment due. For example, the monthly billing statement for June will be generated between May 10th and May 22nd. Online PDF versions are usually available within 2-3 days after statement generation, and will be posted to the Document Center section of your PENNYMAC.COM account. If you'd like to stop receiving your billing statement by mail, you can update your preferences to paperless statements by visiting the Account Settings of your PENNYMAC.COM account and by selecting Paperless Preferences.

If it is determined that any information on your Form 1098 has changed or is inaccurate, Pennymac will issue a corrected Form 1098.

IRS Form 1099-INT is filed for all customers who earn $10.00 or more of interest on their escrow balance. Earned interest amounts are deposited to a customer’s escrow account either monthly or annually depending on state requirements. Not all customers will earn interest on escrow.

If your property went through a foreclosure, deed in lieu or short sale process during the year, you will receive a copy of Form 1099-A or 1099-C. Form 1099-A is used to report a loss for completed foreclosures and deeds in lieu of foreclosure. Form 1099-C is used for properties sold in a short sale or for loans where any portion of the debt was forgiven. This may include principal reduction modifications and incentive modification programs.

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Even after a divorce, both of you remain legally responsible for the mortgage debt. You have a few options to consider, such as refinancing, selling the property, or one party assuming the loan. We can help you explore these options and determine the best solution for your situation.

You can become a "Successor in Interest" on the loan. This gives you access to loan information and allows you to make payments. Once you are confirmed as a Successor in Interest, you can apply to assume the loan (which may require credit and income qualification).

It means you have certain rights regarding the loan, but you're not liable for the debt. If you want to take full ownership of the mortgage and be financially liable for the debt, you can apply for an assumption after becoming a Successor in Interest.

Generally, you'll need to provide the divorce decree, the deed showing the property transfer, a copy of your photo ID, and your contact information. Additional documentation may be required. Please contact us for further assistance.

Yes, it's possible. You can explore refinancing or loan assumption (which may require credit and income qualification) options to remove your former spouse from the mortgage. Contact us to discuss the process and requirements.

• Please provide us with a copy of the death certificate as soon as possible.
• If there's a co-borrower on the loan, they remain responsible for it.
• If interest in the property passed to you, you may be eligible to become a "Successor in Interest." This allows you to access loan information, make payments, and potentially assume the loan later (which may require credit and income qualification). Assuming the loan makes you a financially responsible borrower.

If you have been given an ownership interest in a property, or believe you have an ownership interest in the property, you may qualify as a Successor in Interest. With this status, you would have the ability to make payments, and obtain or request information on the loan. If there are no remaining borrowers you also may be entitled to receive billing statements and other legally required notices. Becoming a Successor in Interest does not make you financially responsible for the mortgage loan and the loan does not appear on your credit report.

• Requirements vary by state, but documents you may need to provide generally include:
  • Death certificate
  • Court or probate documents (if applicable)
  • Deed transferring ownership
  • Photo ID
  • Proof of relationship to the deceased borrower
  • Contact information
• We may request additional documentation. Please contact us for further assistance.
• If you're interested in exploring a loan assumption after becoming a Successor in Interest, please contact us to discuss the process and eligibility requirements.