FAQs

My loan was just transferred to Pennymac. What are my next steps? I sent my payment to my previous servicer. What should I do? Do I need to contact my insurance company about my loan transfer? I currently make my payment through a bill pay service. Can I continue to use this service with Pennymac? My loan is currently in the modification process. What will happen with my modification after the loan transfer to Pennymac? How long does the mortgage application and closing process typically take?

Mortgage Relief & Assistance

Will my credit be affected by accepting a trial period payment plan or a loan modification? My property has been damaged due to a natural disaster. What should I do? What are the basic eligibility requirements for a loan modification? Will Pennymac perform an escrow analysis when completing a loan modification? My loan is currently in foreclosure. What happens next? How do I apply for a loan modification? Can I get payment assistance as a result of a natural disaster or property damage? Am I eligible for a repayment plan? Will a repayment plan affect my credit? What is a repayment plan, and how can it help my current situation? What should I do if my loan is scheduled for foreclosure? What is a trial modification or trial plan? What happens if I don't successfully complete the trial plan? I've made all my payments during the trial period; what happens next? What if I do not qualify for a loan modification?

My Account

How do I authorize someone else to discuss my loan information? How do I change my password? How can I get a copy of my loan documents? What should I do if I have a name change? How do I order a Verification of Mortgage (VOM)? How do I send payoff funds? How can I request a payoff statement? How can I send correspondence or provide feedback to Pennymac about my customer experience? My Social Security OR TIN Number is incorrect in the system. How can I get it updated? How do I update my mailing address? How can I report suspicious and fraudulent activity?

Payments & Billing

If I send a payment that's more than my monthly mortgage payment, how will Pennymac apply the funds? Does Pennymac offer a Bi-Weekly AutoPay? Does Pennymac offer recurring payments? On your Pennymac AutoPay plans, can I cancel a draft payment that's scheduled for today? Why was the mortgage payment from my online bill pay service delayed? If I schedule a one-time payment for the last day of my grace period, what happens if the payment lands on a weekend or a holiday? Will my payment be considered late? What if my Pennymac AutoPay draft date falls on a Sunday or holiday? Can I make extra principal payments? What happens if I do not have enough funds to cover my payments? I have an Adjustable Rate Mortgage. Why did my payment increase? Why did my payment increase? Can I make a payment online? When are my payments considered late? Can I make my payment with a credit card or debit card? Where can I see how my payment was applied? Can I set up a recurring monthly payment from my personal bank's bill pay service? If I sign up for automatic payments today, do I need to make my payment due this month? How long does it take for funds to be drawn from my bank account after a payment is processed? What is a mortgage recast? Is there a fee for the mortgage recast? Are all loan types eligible for mortgage recast? Can I do a mortgage recast with any principal payment amount? How long does it take to recast my mortgage and lower my monthly payment? Can I adjust the terms of my loan as part of the mortgage recast? How do I send the required funds to finalize my Mortgage Recast? How do I make a lump sum principal-only payment (Not for Recast)? How do I put my mortgage in forbearance?

Buydown

Will my payment increase with my buydown loan? What happens if I can't make my increased payment on my buydown loan? How will I be notified of a payment increase on my buydown loan?

Taxes & Insurance

What if I want to change insurance carriers? Where can I locate my escrow payment change notification letter (escrow analysis statement)? What is the insurance claim check process? Will my personal bill pay automatically adjust if my escrow payment increases? What mortgagee clause should I provide to my insurance carrier? Will Pennymac pay my supplemental tax bill? Will Pennymac pay for Condominium/HOA fees? How do I delete PMI? How do I delete MIP? I qualify for homestead exemption. How do I make this change to my account? Do I need to send Pennymac my property tax bills? I have paid my loan in full. When will I receive my escrow or surplus balance? Where should I send my insurance bill? Where can I send my proof of insurance? How do I set up an escrow account on my mortgage? What is lender-placed insurance? What do I need to do if my insurance is canceled? How do I avoid or discontinue lender-placed insurance? What is a FAIR insurance plan? Are there disadvantages to a FAIR insurance plan? What is the difference between PMI and MIP? When and how will I receive my Year-End Tax Statements (Form 1098)? What happens if my escrow account has a shortage or surplus at the end of the year? Can I waive my escrow and pay my own property taxes and insurance?

Monthly & Year-end Statements

When will my year-end statement be available? Why can't I see my statement when I click on the PDF in my Statements tab? I received a corrected Form 1098, but have already filed my taxes. What should I do? Why didn't I receive a Form 1098? I misplaced my Form 1098. Where can I locate it? When is my monthly billing statement sent? Why did I receive a Corrected Form 1098? Why did I receive a Form 1099-INT? Why did I receive a Form 1099?

Technical Support

What if I have trouble accessing my account online?

Divorce & Your Mortgage

Both my former spouse and I are on the mortgage. What happens now?

I was awarded the house in the divorce, but I'm not on the mortgage. What can I do? How do I become a Successor in Interest? I'm already on the mortgage, but I want to remove my former spouse. Is that possible?

Death of a Borrower

A borrower on the loan has passed away. What are the next steps? What is a Successor in Interest? How do I become a Successor in Interest?

Scenarios for Assumption

What is required for an FHA Exempt Transfer due to Divorce? What is required for an FHA Exempt Transfer due to Death? What is required for an FHA Third-Party Purchase? How does an Exempt Transfer work for VA Loans in a Divorce? What is required for a VA Exempt Transfer due to Death? What is required for a VA Exempt Transfer to a Non-Borrower (Spouse, Child, or Parent)? What is required for a VA Third-Party Purchase? What are the requirements for a USDA Exempt Transfer due to Death (Parent or Child only)? What are the requirements for a Fannie Mae Exempt Transfer due to Death (where the Estate remains on the loan)? How do I process a Conventional Qualified Assumption due to Divorce?

Both my former spouse and I are on the mortgage. What happens now?

Navigating a home loan during a major life change like a divorce can feel overwhelming, but we are here to help guide you through it.

Important Note:

It is very common to assume that a divorce decree or a Quitclaim Deed automatically removes a former spouse from the mortgage. However, legal ownership and financial responsibility are separate. Until the loan is officially altered or paid off, both parties remain equally responsible for the payments.

To remove one party from the mortgage, you generally have three options:

Refinance the loan: The person keeping the home applies for a new loan solely in their name to pay off the existing joint mortgage. (This requires qualifying for the new loan based on a single income).
Loan Assumption: One person takes over the existing loan and its current terms. Please note: This option is dependent on your specific loan type (such as FHA or VA) and investor guidelines.
Sell the home: Both parties agree to sell the property, using the proceeds to pay off the remaining mortgage balance.

Let’s look at your specific situation:

Every scenario is unique. Please contact us so we can review your specific loan type and help you evaluate which choice is right for you.

FAQs

Both my former spouse and I are on the mortgage. What happens now?

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