COVID-19 Resource Center
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We all hit rough patches.
If you’re struggling to pay your mortgage due to COVID-19, there may be immediate help available.
Don’t stress. Take action.
Contact us today or talk to a HUD‑approved housing counselor for free advice on what to do next.
- If I am unable to make my mortgage payments as a result of being affected by COVID-19, what mortgage relief or payment solutions are available to me?
If you’re experiencing financial difficulty and are unable to make your monthly payments as a result of COVID-19, we have a solution for you. It’s called forbearance—a plan that provides temporary relief by allowing you to stop making mortgage payments for the plan period, without late fees. Getting set up on a forbearance plan is easy… Click here to go to the headline banner at the top of the Loan Information page in your PennyMac Account.
- What if I'm unsure about my ability to pay my mortgage in the future?
We’re committed to helping all of our customers who are experiencing financial difficulty as a result of COVID-19. When you have a better understanding of your financial situation, we’ll be here to help and the forbearance program will continue to be available.
- What are other resources for information?
You can find HUD certified approved housing counseling agencies in your area, who can communicate with you in English and other languages, by calling the US Department of Housing and Urban Development at 800-569-4287 or visit www.hud.gov/counseling. The Consumer Financial Protection Bureau (CFPB), Federal Housing Finance Agency (FHFA), and the Department of Housing and Urban Development (HUD) launched a new mortgage and housing assistance website to ensure homeowners and renters have the most up to date and accurate housing assistance information during the COVID-19 national emergency: https://www.cfpb.gov/housing.
Understanding Forbearance Further
- What is the difference between a forbearance plan and other payment assistance programs?
A forbearance plan generally provides temporary relief by allowing you to make reduced payments, or even no payments, for the plan period, depending on your individual situation (although you can still make payments during forbearance, if you choose). As you near the end of your plan, we’ll work with you to determine the best program for for your unique circumstances to help you repay any missed payments.
Other payment assistance programs (also known as “loss mitigation”) are available after forbearance, and the types of programs available usually depend on the owner or insurer of your loan. They generally include a repayment plan (a short-term plan to repay missed payments while also making regular payments), payment deferral (missed payments are “deferred” to the end of your loan, do not accrue further interest, and are repaid when you pay off your loan, but deferrals are not available for all loans), partial claim (for FHA/USDA loans only, like a deferral but FHA/USDA receives a second lien against the home to secure the deferred balance), or a loan modification (missed payments are added to your loan balance to bring your loan current, and permanent changes may be made to your loan terms for more affordable monthly payments – click here for more information about loan modifications).
- Will there be a lump sum immediately due at the end of my forbearance?
No. While a lump sum payment is certainly an option, it’s not the only option, and it won’t be required.
- What if I need more time to resume my mortgage payments? Can I extend my forbearance plan?
If you aren’t ready to resume making monthly payments at the end of your forbearance plan because of a COVID-19 hardship, you can request an extension of your plan. If your initial forbearance period is 90 days or less, you can request an extension up to 180 days. If we don’t hear from you, don’t worry, we’ll automatically extend your plan to 180 days. Additional extensions will be available upon request after the 180-day period for continued COVID-19 hardships.
- What if I have reached the end of my forbearance plan and am no longer eligible for extensions, but I'm still experiencing a COVID-19 hardship and am not ready to resume making payments?
If you have reached the maximum time frame for forbearance as allowed by the owner or insurer of your loan but are still experiencing a COVID-19 hardship, there are a number of options available that may assist you. We encourage you to contact us as soon as possible at 866-545-9070.
- Will there be interest or fees charged for missed payments during forbearance?
No additional interest beyond your regular principal and interest payment will accrue, no late fees will be charged during your forbearance plan, and no fees will be charged for our assistance programs.
- How long can I stay on a forbearance plan?
Under the federal CARES Act, the maximum length of a COVID-19 forbearance plan is 360 days. However, some federal agencies (e.g., FHA, VA and USDA) have extended their forbearance protections beyond the 360 days, and other owners, insurers and lenders for which PennyMac services loans may do the same. Federal and state laws also continue to develop to address impacts of the COVID-19 pandemic on struggling homeowners. It is important to check in with us monthly so you’re aware of the continued options available for your loan.
- Are most banks deferring payments to the end of the loan?
Actually, the majority of banks are not saying they will defer payments to the end of the loan. Most mortgage loans serviced in the U.S. are part of programs sponsored or insured by the federal government. These include loans owned by Fannie Mae and Freddie Mac, and loans insured or guaranteed by the FHA, VA or USDA. Together, these loans make up more than two-thirds of all mortgage loans in the U.S. today. These government-related agencies do have programs that allow missed payments from forbearance plans to be moved “to the end” of the loan; however, some involve either a new note and second lien against the property in the amount of the missed payments, or an extension of the maturity date of the loan. The programs available are unique to each of these agencies and require a review of individual circumstances to determine which program will best resolve the homeowner’s hardship. For example, many customers require more permanent relief through a loan modification to lower their payments, and others have the ability to make payments through a repayment plan.
Some banks own their own loans, which provides them the ability to solely determine how they address missed payments. However, they also service loans for the federal agencies described above and are limited to offering those agencies’ programs on those loans. With PennyMac, you can feel confident we will offer you the best program available to meet your individual needs.
- How is my credit reporting impacted by my forbearance plan?
Under the federal CARES Act, PennyMac is required to report your loan to the credit bureaus as current on a forbearance plan if your loan was current as of January 31, 2020. Your loan must be reported as delinquent on a forbearance plan if your loan was past due as of January 31, 2020. If your loan was delinquent as of January 31, 2020 and you bring your account current before or during your forbearance plan, we will then report your account as current on a forbearance plan as of the date you bring your account current.
During the month after your forbearance plan ends, if we are actively working with you on a new assistance program, we’ll suppress any negative reporting on your account to the major credit bureaus (Equifax, Experian and Transunion) for that month. We encourage you to contact the credit bureaus directly to understand how forbearance and post-forbearance programs may impact your credit.
Also, keep in mind that we are required to report your total loan balance to the credit bureaus each month. Your total loan balance includes your unpaid principal balance, any deferred balance for missed payments (see payment deferral above), and any negative escrow balance.
- Can I end my forbearance plan early if I am ready to resume making monthly payments?
Yes, and we encourage you to do so. This way, you’ll have fewer missed payments to repay when your forbearance plan ends. Just reach out to us and we’ll work with you to find the right post-forbearance program to get your loan back on track.
- Will I qualify for a refinance of my loan if I enter into a forbearance plan?
Depending on the owner or insurer of your loan, you may qualify for a refinance if either:
- you are on a forbearance plan and continued to make your monthly payments during the plan and your account is current.
- you have made timely consecutive payments after completing a forbearance plan, including on a payment assistance program.
- Why is my forbearance plan 90 days?
The CARES Act, a federal law enacted in March 2020 to address COVID-19, allows homeowners who have been impacted by COVID-19 to request forbearance assistance for “up to” 180 days. Forbearance plans are intended to last only as long as you have a financial hardship, which could be less than 180 days. PennyMac begins forbearance with a 90-day plan to ensure we don’t overestimate the length of your hardship.
After 90 days, if you’re still having financial difficulties, simply reach out to us and ask for an extension. If we don’t hear from you, don’t worry, we’ll automatically extend your plan to 180 days. Additional extensions will be available upon request after the 180-day period for continued COVID-19 hardships.
- Once I am ready to end my forbearance and resume making payments, what options will be available to me?
When you complete your forbearance plan, you’ll have a number of options available to you. If you missed payments but are able to repay them right away, perhaps to qualify for a refinance of your loan, you can do that and resume making your normal monthly payments. Otherwise, we have a number of payment assistance options available after forbearance. Depending on availability based on the owner or insurer of your loan, those programs may include a repayment plan, payment deferral, partial claim/mortgage recovery advance or loan modification. (See the FAQ above entitled, "What is the difference between a forbearance plan and other payment assistance programs?" for more information about each of these programs.) We encourage you to reach out to us as you approach the end of your forbearance plan so we can work with you to find the best program for your unique circumstance to help you repay any missed payments.
- Can I make full or partial payments during my COVID-19 forbearance plan period?
Yes. While making payments during your COVID-19 forbearance plan is not required, we encourage you to make any payments you can afford because they’ll reduce the amount that you must repay later. You can also cancel your plan at any time.
- How can I quickly access my account?
Sign in anytime, anywhere to access your loan information, make payments or send us a secure message! Just go to PennyMac.com on your phone, tablet or computer, or download our app.
Not registered? Sign up today. Please have your PennyMac loan number, access to your email and mobile phone available.
- What if I have trouble accessing my account online?
Some basic troubleshooting tips to help you log in successfully.
- Check that your username and password are correct. If you forgot your username and password, be sure to reset it
- If you know your password is correct, try restarting your browser or your computer before attempting to log in again.
- Clear your browser’s cache and cookies. For step-by-step instructions, google your browser name along with “clear cache, cookies.”
- Trouble using the mobile app? Be sure you have the most up-to-date version of our iPhone or Android app. If you’re still unable to log in using the correct username and password, please delete the app and reinstall the latest version before trying again.
- How do I make my next payment?
Important: If you haven’t scheduled a payment with us before, please have your bank routing number and checking or savings account number handy.
Future PennyMac Customers
PennyMac is working to assist our new customers as quickly and efficiently as we can. Our licensed loan officers take the time to help each customer find the loan that’s right for their financial needs. If you have a question about your loan terms, email your loan officer directly. If you are unable to reach your loan officer via email, please call: (888) 870-6229, Monday - Friday 6 a.m. to 7 p.m. and Saturday 6 a.m. - 5 p.m. PT.
My m.a.c Team
The best (and fastest) way to speak with a m.a.c team member is to email firstname.lastname@example.org providing the details of your inquiry and they will email or call you back to discuss your question/concern. If you have an emergency, please call (844) 917-3669, Monday - Friday 7 a.m. to 6:00 p.m. PT.
- Will my in-process loan be affected?
PennyMac is committed to ensuring a seamless experience for all of our customers with loans in process. With employees working remotely, you may experience a delayed response in communication.
- What is the best way to check my loan status?
If you have any questions about the status of your loan, the best (and fastest) method to communicate with us will be by emailing the m.a.c team at email@example.com.
- What if I’m interested in refinancing right now?
If you’re interested in applying for a home loan, you can complete an application online using our Mortgage Access Center (m.a.c). A home loan expert will be in touch to help you with your next steps.
- What if I’m ready to buy a new home?
If you’re starting your search for a new home, you first need to get pre-approved. Complete an application online using our Mortgage Access Center (m.a.c) and one of our home loan experts will reach out to walk you through the next steps and get you fully pre-approved.
If you’ve already found a home and are ready for a loan, apply quickly online using our Mortgage Access Center (m.a.c). A home loan expert will be in touch to help you with your next steps.
The PennyMac Team
Ensuring the safety of our employees while continuing to best serve our customers is our #1 priority, and we’re taking all the necessary steps to do so. As a result, we have many employees working remotely with some remaining in our office locations practicing social distancing. We’ve taken precautionary measures to help maintain a safe and clean work environment for all employees who remain in our offices. Our Business Continuity Team meets as the situation requires to adjust our operations to comply with national, state and local mandates.
To accommodate our customers, we have implemented extended hours for our Customer Experience team to be able to connect with you to discuss any questions or concerns you may have. Our goal is to provide you with the most up-to-date information, and assist you in understanding the current relief options and how they may apply to you.
Be Aware of COVID-19 Fraud
PennyMac is also here to keep you informed. Scammers often like to take advantage of people and industries in vulnerable situations, and this pandemic is no different, so please protect yourself by:
- validating email offers of financial assistance, medicinal claims, and others claiming to help;
- using relevant sources like the CDC or WHO to seek answers to your questions; and
- making smart decisions when a friend, relative or charity asks for donations.