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.
I was having a horrible experience with a local lender and did not even think about attempting to refinance with Penny Mac. On a whim I reached out to Penny Mac and I cannot say enough great things about both Mr. Nicholas Hagan and Mr. Gevork Dzhabroyan. I am in the military and have been extremely busy. Penny Mac simplified my refinance paperwork and I was able to close under 3 weeks. Totally amazed and it is due to the efforts of Mr. Dzhabroyan and Mr. Hagen. Sincerely thank you!
By: JASON K
Called PennyMac to see if I could get a lower interest rate on my VA loan. Got a call ack within a few minutes and found out I could indeed get a better rate. Started loan application then and it did not take long before I was just awaiting approval. After approval, working with the mac team was easy and in no time the notary was at my door to close. Best refinance I have ever done. Saved the most money also, which was the whole point. I would highly recommend PennyMac.
By: Dale W
My loan was started by one person then handed off many times. I don't feel the person that took the orginal app. asked questions that would have helped me regarding fees exc... Also my loan person that I started with was either fired or qui*.And my loan got ignored. I do like that I always pay the same company, it doesn't change.
By: ROBYN J
Nicholas, is an exceptional representative for the PennyMac company. Communication was very clear which made the process smooth and quite simple. His customer service makes me look forward in doing future business with PennyMac. He does stand by his word. Thanks again
By: Troy W
My refinance was so easy! The PennyMac Team kept me in the loop of every step and called just to let me know things were still going as expected. This process was Great thanks to Nathan! He was very informative and answered all of my questions clearly!
By: SAMANTHA T
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.