Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

Pennymac Mortgage Review 2023 | US News

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Pennymac Mortgage Review 2023 | US News

Pennymac has a variety of home loans, including:

  • Adjustable-rate mortgages.
  • Fixed-rate mortgages.
  • Conventional.
  • Jumbo.
  • FHA.
  • Refinancing.
  • U.S. Department of Agriculture.
  • VA.


You can prequalify and apply for a loan from Pennymac online through the lender’s Mortgage Access Center. Applicants can contact the access center team by phone during the application process. In many cases, customers looking to refinance their mortgages will be able to close in 30 to 45 days, according to the lender.

Potential borrowers can get rate quotes or view sample rates on Pennymac’s website. You’ll need to make a down payment of at least 3% to get a conventional loan. Typically, Pennymac charges a $1,100 origination fee on conventional and FHA purchase loans. However, the lender has offered promotions that waive this fee.

Late fees depend on factors including the loan type and state law. There is also a $25 fee for any returned payment or returned checks, depending on any limits imposed by state law.
Pennymac offers conventional fixed-rate mortgages with 15-, 20- and 30-year terms. You can also get an ARM with an initial rate that lasts between three and 10 years.

For preapproved customers, Pennymac has offered discounts on closing costs and/or loan principal amounts worth 0.5% of the principal. The lender has also offered promotions to waive or reduce its origination fee.

Pennymac will accept a FICO score as low as 620 for conventional loans, though the lender says that a conventional loan may be a good fit for a customer with a score of at least 680. You’ll generally want to have a debt-to-income ratio no higher than 45% to get a conventional home loan from Pennymac.

You may be able to get a conventional loan from Pennymac with a credit score as low as 620. You’ll also generally want a debt-to-income ratio no higher than 45% to get a conventional home loan from Pennymac.

Pennymac offers loans in the District of Columbia and every state except New York.

Pennymac has an A+ rating with the Better Business Bureau. It has a rating of 3.6 stars out of 5 on Trustpilot based on more than 1,400 reviews.

The Consumer Financial Protection Bureau received 350 mortgage-related complaints about Pennymac in 2021, primarily related to trouble during the payment process, applying for a mortgage or refinance, or struggling to pay a mortgage.

Pennymac is rated 4.1 stars out of 5 overall by U.S. News, with 4.1 stars for affordability, 4.3 stars for customer service and 4.5 stars for eligibility. The median overall rating for all mortgage lenders rated by U.S. News is 4.2.

You can reach Pennymac’s sales center at 888-870-6229 from 6 a.m. to 7 p.m. Pacific Time Monday through Friday and 6 a.m. to 5 p.m. Saturday. If you have questions about your mortgage account, you can call 800-777-4001 from 5 a.m. to 6 p.m. Monday through Friday and 7 a.m. to 11 a.m. Saturday. You can also reach out to the Mortgage Access Center team at 844-917-3669 from 8 a.m. to 9 p.m. Monday through Friday. If you are having trouble making payments, you can call 866-545-9070.

Pennymac’s wide range of online capabilities gives borrowers the flexibility to prequalify, apply and manage the mortgage-lending process digitally. The Instant Custom Rate Quotes Tool prompts users to input basic information and provides different mortgage options, including rates and potential monthly payments. The lender also offers a home value estimator.

Pennymac has a mobile app that allows borrowers to access mortgage information, make payments, view statements and more.

  • People who are eligible for a VA loan.
  • People who have credit scores of at least 620.
  • People who want online tools to work through the loan process virtually.

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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