FAQs

Does Pennymac offer a Bi-Weekly AutoPay?

Yes, Pennymac offers a Bi-Weekly AutoPay plan. However, enrollment requires that your loan be paid one month in advance prior to starting.

A Simpler Alternative: Monthly AutoPay Most customers prefer our free Monthly AutoPay because it allows you to achieve the exact same financial benefit—paying off your loan faster—without needing to be paid ahead. To get the same result as a bi-weekly schedule, simply:

• Add 1/12th of your payment amount to your recurring monthly draft, OR
• Make one extra full payment per year.

You can set this up instantly through your Pennymac account.

If You Still Prefer Bi-Weekly AutoPay:

• Frequency: Funds are drafted every two weeks (26 times per year).
• 3-Draft Months: In two months of the year, there will be three drafts instead of two.
• Requirement: You must have your loan paid ahead by one full month before the first draft.

To enroll in the official Bi-Weekly plan, please call us at 800.777.4001 to speak with a representative.