FAQs

I have paid my loan in full. When will I receive my escrow or surplus balance?

If your loan was recently paid off, any remaining funds in your escrow account will be promptly refunded to you.

When to expect your refund check:

• Pennymac’s Standard: We typically process and mail your escrow refund within 13 calendar days following the date your loan is officially paid off.
• The Legal Maximum: By law, the Real Estate Settlement Procedures Act (RESPA) requires us to process this refund no later than 20 business days after receiving your payoff.

Important note to update your mailing address:

Because your loan is paid off, this refund is usually sent as a physical check. If you are moving, please be sure to provide your new forwarding address at the time of your loan payoff so your check does not get sent to your old home.