FAQs

Will my personal bill pay automatically adjust if my escrow payment increases?

No, your bank’s bill pay service will not adjust automatically. Because the payment is managed through your personal bank and not Pennymac, you are responsible for updating the amount manually whenever your mortgage payment changes.

Why this is important:

• Full Amount Required: If your payment increases (due to an escrow analysis or other change) and your bill pay sends the old, lower amount, we will be unable to apply it to your monthly installment.
• Risk of Late Fees: Funds that do not cover the full amount due may be held in a “suspense” account until the remaining balance is received, which could result in late fees.

What you should do:

As soon as you receive your Escrow Analysis or payment change notice, log in to your bank’s online portal and update your recurring payment to the new “Total Monthly Payment” amount listed on your statement.