PennyMac Loan Services, LLC
PennyMac is a leading national mortgage lender and servicer. Our goal is to provide you with innovative mortgage solutions to make it easier for you to purchase, refinance, or simply remain in your home.
Since our founding in 2008 by a team of mortgage industry veterans, we've sought to restore Americans' trust in home ownership by improving the quality and consistency of the mortgage experience. We're a full-service lender with a breadth of loan options for everyone from first-time home buyers to those seeking jumbo, FHA, or VA loans.
PennyMac has also been a leading provider of help to underwater homeowners. We're a major participant in the Home Affordable Refinance Program (HARP), the government program created in 2009 to assist underwater homeowners in refinancing their mortgages.
Fast, easy, and good support from the PennyMac team.
By: Holly B
Overall experience was exceptionally fast and did not take much time at all. Everyone on the loan team kept me informed throughout the process and all were professional and answered all questions promptly. Highly recommend financing through PennyMac.
By: MICHAEL S
My only suggestion is to make a scale of the loan status as it progresses. I want to know where I am at in the process as it goes along.
By: Teresa B
Nick Haggan is a mortgage loan saint. He was awesome from beginning to end. I am very happy.
By: Sydney W
Despite the number of applications they are processing right now, this refi went thru fairly painlessly and the PennyMac team (Nicholas in particular) was very good the whole process. They didn't ask for a lot of unnecessary documents like other lenders have asked for. Their communication was good during the whole process. Refi's are taking longer these days understandably but PennyMac seems to be much better than the other lenders I have checked in with about Refi's.
By: James P
Founded in 2008, California-based PennyMac Loan Services was the eighth-largest mortgage servicer and fourth-largest loan originator in the U.S. in 2017, according to the company’s annual report. PennyMac made more than $5 billion in loans that year.
PennyMac Loan Services specializes in mortgage loan origination in 49 states (New York is the exception), Guam, Puerto Rico, the Virgin Islands and the District of Columbia. The customer service hours posted on the website for the sales center are for the Pacific time zone. Its six sales offices are in California, Hawaii, Nevada and Texas.
The company’s website is easy to navigate and explains different mortgage options so they can be easily understood. There are many calculator options, including one that determines the financial value of paying discount points. For deeper information about mortgages and buying a home, the company’s blog discusses topics including housing market predictions, questions to ask a real estate agent and risky mortgage types.
To get a mortgage with PennyMac and work with its underwriting team, a borrower needs a credit score of 620 or higher on a loan for one of the following property types:
PennyMac has a variety of options for homebuyers and homeowners.
PennyMac has a special partnership called the Home Loan Affinity Program that allows employers and associations to offer mortgage discounts to their employees and members. When a company or organization partners with PennyMac to become a program participant, PennyMac creates a branded portal to allow the partner’s employees or members to apply for loans and save money on both fees and interest rates. The partner will also receive co-branded marketing materials, access to lunch-and-learn workshops and help from a PennyMac representative to manage the program.
As a direct mortgage lender with few branches, PennyMac makes it relatively easy to handle most of the mortgage application process online. Borrowers also have the option to call and talk to a licensed loan officer when getting a quote and applying.
How to apply. When applying online, borrowers can use the mortgage access center (called m.a.c). Through this system, they can complete their application, view a personalized dashboard, see loan status and upload documents requested by the lender. Alternatively, borrowers can apply by phone.
Disclosure process. After the application is submitted, PennyMac will send disclosure documents via the m.a.c. system, email or mail. The form can be sent back or uploaded through the m.a.c. system.
Submitting loan for approval. PennyMac’s underwriters will then review all the information submitted and determine whether they need additional information. During the underwriting process, PennyMac underwriters will order the appraisal.
Final approval. After the underwriting team verifies all the financial information submitted and ensures it meets its requirements for borrowers and the loan is approved, it’s time to begin coordinating the closing.
Closing. Depending on the requirements of your state, closing may take place in your home, in an escrow office or at a title company. The closing can be arranged at a time and place that is convenient for you. Some of the forms you’ll be given at closing include the promissory note, deed of trust and notice of right to cancel.
After applying, borrowers are assigned a m.a.c. team that is available to answer any questions borrowers have during the process. If additional information is required, borrowers are notified through the m.a.c. system. After the loan is approved, a loan processor will be available to discuss the final terms and arrange the closing.
PennyMac has a lot going for it when it comes to working with the right borrowers. Some of the advantages of working with PennyMac include:
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.