FAQs

Will my credit be affected by accepting a trial period payment plan or a loan modification?

Staying current on your payments is the best way to protect your credit. If you enter into a loan modification, your credit may be negatively affected. Your loan will be reported as paying under a partial payment plan during the trial period, and as modified after the final modification agreement is signed, notarized and returned. In addition, if you’re behind on your payments when you start your trial, your loan will continue to be reported as “delinquent” until your loan has been permanently modified, even if you’re making your trial payments. Credit scores are determined by a customer’s credit history and are not controlled directly by Pennymac. Our commitment is to accurately report the status of all our customers.