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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

PENNYMAC

Finanso.Multilogin™

About PennyMac

PennyMac is one of the major direct lenders in the United States mortgage market, with loans available all over the United States, except in New York. PennyMac loan services include online refinancing, investment management and mortgage origination.

According to Inside Mortgage Finance, the company has over 4 million customers and is the second largest mortgage lender with a servicing portfolio of $510 billion in unpaid principal balance, and the largest aggregator of residential mortgage loans. The company conducts its business relying on web, mobile, and phone services to engage and convey with customers.

The lender offers various types of mortgage (including VA, USDA, FHA and jumbo mortgage loans) and supports equal housing opportunity. After approval, you will get a personal loan officer who guides you throughout the loan process.

All operations are available through PennyMac’s Mortgage Access Center (m.a.c) online portal. Established in 2008, the lender's business head office is in Westlake Village, California.

Pros and cons of PennyMac Mortgage Loans

PennyMac is a huge mortgage market player. Yet, to apply for a loan, you first need to evaluate the advantages and disadvantages of the lender.

Pros

  • Customer Support is available online or by phone.

  • PennyMac provides online tracking and e-signatures. It makes the lender's services easily accessible.

  • The rate quotations are customizable. They depend on your down payment, house valuation, ZIP code, and credit score.

  • PennyMac provides warrants for on-time closings.

  • There are loan discounts for employees of partnered companies.

  • The company can help you reach a concierge for real estate services.

Cons

  • There are no offline offices.

  • The information about the loans is limited.

  • Payments with a credit card are not available.

Terms and conditions of PennyMac

PennyMac financial services provide a variety of loan programs. The loan durations range from 10 to 30 years for fixed-rate mortgages (FRM) and adjustable-rate mortgage loans (ARM). On an Adjustable Rate Mortgage (ARM), the interest rate is calculated by adding the Index + Margin = Your Interest Rate.

PennyMac states to have no minimum mortgage loan amount and a maximum loan amount of $2 million for jumbo loans. For USDA, VA, and FHA, loan restrictions apply according to the government. These limits vary by county.

The USDA loan limit for most US counties in 2022 is $336,500. Most counties in the United States have a baseline VA loan limit of $647,200 in 2022. FHA loan limits range from $420,860 to $970,800.

Mortgage loans vary depending on the state and the company's everyday offer. You can always find out the current loan amount, interest rate, APR, and loan duration on the company's website in the Rates tab. Click View assumptions.

The convenient financial services on the website allow you to learn what PennyMac Loan Services offer. You can choose between "Purchase a home" (if you want to buy real estate) and "Refinance a Home" (if you already have had mortgage loans and want to refinance them). You can view the instant rate based on your data. The financial services do not require registration, and it's an excellent tool to find out how suitable this company is for you and what it can offer to you.

The Adjustable Rate Mortgage interest rate is always lower than the Fixed-rate mortgages (FRM) (at 1-2%). But it's significantly affected by conditions related to the state of the US economy at the time of the bank's revision of the rate.

People who have reached the age of 25 to 75 can get a loan for real estate in the United States. Because there is no citizenship or other restriction for real estate sales, non-US citizens can purchase a property too. Though, the interest rate on a mortgage loan for foreigners is higher than for US citizens.

Funding a loan

Pre-approving

The initial stages in obtaining PennyMac financial services include choosing which type of mortgage is ideal for you, calculating how much you can afford to pay, and getting pre-approval for this loan.

Customers that are pre-approved with PennyMac financial services before locking any PennyMac purchase loan may receive 0.50% off total closing expenses and/or principal curtailment, subject to investor guidelines. PennyMac's $1,100 origination cost can be eliminated for all conventional and FHA purchase loans, and the origination fee is lowered by $1,100 for VA purchase loans. Jumbo, refinancing, third-party, and in-process loans are not included. Offers change regularly and are limited in time. You can always find the latest information on the website when applying. Keep in mind that information rates and pricing are subject to change without prior notice at the sole discretion of PennyMac.

The general steps after pre-approving

Apply for residential mortgage loans. Here you choose the type of loan that suits you most: conventional loans, ARM loans, Jumbo loans, VA, FHA, or USDA loans. You will also have to send a pack of necessary documents to your lender.

After approval (typically 45-60 business days), all papers must be completed and funding criteria satisfied before funds are issued.

Depending on where you live, you may enter into an agreement a few business days before closing.

After all mortgage documentation is finished and approved, the lender releases funds to the closing agent (the title or escrow company).

What is PennyMac Investment Management?

With PennyMac Mortgage Investment Trust, you can not only get a mortgage but also invest in it profitably.

Most of the company's credit-sensitive assets are credit risk transfer investments related to loans procured through its correspondent production and provided to Fannie Mae. PennyMac Mortgage Investment Trust focuses its investments on mortgage-related assets that the business creates through industry-leading correspondent production activities, including mortgage servicing rights (MSRs).

PennyMac Mortgage Investment Trust regularly holds meetings with investors. All information about recent events and financial reports is available on the company website.

FAQ

Who owns PennyMac?

PennyMac Financial Services conducts business through two divisions: PNMAC Capital Management, LLC and PennyMac Loan Services, LLC. The latter maintains the PennyMac Mortgage Investment Trust (the investment management segment). PennyMac Financial Services, Inc. is licensed by the Department of Financial Protection and Innovation.

What type of loan PennyMac offer?

The lender offers the following mortgage loans:

  • Conventional loans

  • Jumbo loans

  • Rate-and-term, cash-out, and streamline refinancing

  • Adjustable-rate

  • Home equity line of credit (HELOC)

  • Home equity loan

  • Property investment management

  • Flex-term

  • USDA

  • FHA

  • VA

  • Fixed-rate

What credit scores PennyMac approves?

PennyMac's conventional and VA loans cause a credit score of at least 620, but jumbo loans require a higher credit score, typically over 700. USDA loans require 640, FHA loans - 580.

How much money can you borrow from PennyMac?

You can figure it out using the loan calculator on the website. The standard rule for the mortgage market is 2x to 2.5x your gross income for a mortgage. Principal, insurance, taxes, and interest are the four components of most monthly mortgage payments (collectively known as PITI).

Company documents

Privacy Policy
Terms and Conditions
Legal

As a company, we are guided by our core values of being Accountable, Reliable and Ethical and have an unwavering commitment to creating long-term relationships with our borrowers, partners and stakeholders.

© PennyMac Loan Services, LLC

Financial products

PENNYMAC
Home loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $647,200
Rate
i

Effective interest rate on the product

up to 6.68%
Term
i

Loan term for the financial product

10-30 years

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Caliber Home Loans
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to $300.000
Rate
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Effective interest rate on the product

up to 4%
Term
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Loan term for the financial product

up to 30 years

Calculate loan payments in PENNYMAC

PENNYMAC calculator will allow you to calculate an approximate payment schedule for the loan

PENNYMAC calculator
Interest rates are given in accordance with the rates of the PENNYMAC in Washington, D.C. as of 03.10.2022
Loan amount
i

Enter the desired loan amount

USD
USD
420800 $
647200 $
Loan term
i

Specify the loan term for the calculation

years
months
10
30
State

What to focus on before applying for a loan with PENNYMAC

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between PENNYMAC and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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