FAQs

Does Pennymac offer a Bi-Weekly AutoPay?

Yes, however, to enroll in Bi-weekly AutoPay, you must be paid one month in advance. We do offer our Monthly AutoPay where you have more flexibility and can achieve the same goal without the need to be paid one month in advance.

Pennymac’s Bi-Weekly AutoPay is a payment plan option that results in a cumulative total of 13 payments within a 12-month period. Each monthly payment is divided in half and drafted every 14 days, and the payment is not applied until the full amount is received. This payment schedule results in two additional drafts or one single full payment by the end of a year. The extra full payment is then applied as a principal reduction.

This service can only be set up by speaking with a Customer Service Representative directly by calling 800.777.4001. Please be sure to have your loan number handy. We’re available:

Mon - Fri: 5 a.m. – 6 p.m. PT
Sat: 7 a.m. – 11 a.m. PT