No, the terms of your loan do not change as a result of the transfer.

Typically when a home is purchased and there's a change in ownership, property taxes are reassessed by the tax collector and a supplemental tax bill is issued. The supplemental tax bill is a one-time tax, and is sent to you directly, not Pennymac.

Supplemental tax bills are the responsibility of the homeowner and will not automatically be paid from your escrow account. If you cannot pay your supplemental tax bill(s), Pennymac will pay on your behalf; however, this will result in an increased monthly payment.

It could take some time for you to receive a supplemental tax bill, so keep an eye out for it in the mail.

If you are currently making your payments through a bill pay service, we encourage you to sign up for AutoPay through Pennymac AutoPay Monthly or Bi-Weekly programs instead. This ensures that your payments will be received on the day you prefer. If you would rather continue using your bill pay service, please ensure that you have updated the payee information and billing address to our payment processing mailbox as follows: PennyMac Loan Services, LLC, PO Box 30597, Los Angeles, CA 90030-0597

Yes, if you currently have an escrow account for the payment of your taxes and/or insurance premiums, Pennymac will continue collecting these funds and making the payments on your behalf.

We will honor any existing repayment plans, trial modification plans or loan modifications entered into with your prior servicer. Please contact one of Pennymac’s specialized modification representatives for more details. If an application is being evaluated by your prior servicer, we will continue that evaluation.