FAQs

How do I set up an escrow account on my mortgage?

To set up an escrow account, please submit a request through the Message Center after logging in to your secure Pennymac account. Our team will review your request and respond within 2–3 business days.

Requirements for setup:

Before we can establish the account, we require that all current property tax and insurance premiums be paid and completely up to date.

Important note on timing:

If any tax or insurance bill is due within the next 30 days, you must pay that bill directly to your tax authority or insurance carrier first. Once that payment is confirmed and cleared, we can then set up your escrow account to handle your future bills.

What happens next?

Once your account is officially set up, your monthly mortgage payment will increase. This increase reflects the funds needed to build your escrow balance so we can pay your future tax and insurance bills on your behalf.