How to Submit a Payoff Request to PennyMac: A Step-by-Step Guide

Submitting a payoff request to PennyMac is a simple process that can be completed online or through the mail. Whether you are looking to pay off your mortgage in full or requesting a payoff for any other reason, PennyMac makes it easy for borrowers to get the information they need. In this step-by-step guide, we will walk you through the process of submitting a payoff request to PennyMac.

Step 1: Gather the Required Information

Before submitting a payoff request to PennyMac, you will need to gather some essential information. This includes your loan number, the amount you are looking to payoff, and the date when you would like the payoff statement to be effective. You can find your loan number on your monthly statements or on the online portal if you are registered for online account management.

Step 2: Choose Your Method of Submission

PennyMac offers two convenient methods for submitting a payoff request: online or by mail. If you prefer to submit your request online, you can log in to your account on the PennyMac website and navigate to the payoff request section. If you would rather submit your request by mail, you can download a payoff request form from the PennyMac website and mail it to the address provided.

Step 3: Submit Your Payoff Request Online

If you have chosen to submit your payoff request online, you can log in to your PennyMac account and navigate to the payoff request section. Once there, you will be prompted to enter the required information, including your loan number and the payoff amount. You will also have the opportunity to select the effective date of your payoff statement. After submitting your request, you can expect to receive your payoff statement via email within a few business days.

Step 4: Submit Your Payoff Request by Mail

If you have opted to submit your payoff request by mail, you can download the payoff request form from the PennyMac website. Fill out the form with the required information, including your loan number and the amount you wish to payoff. Be sure to also include the effective date for your payoff statement. Once you have completed the form, you can mail it to the address provided on the website.

Step 5: Review Your Payoff Statement

After submitting your payoff request, you will receive a payoff statement from PennyMac. This statement will outline the total amount required to pay off your loan, including any outstanding principal, interest, and fees. Review the statement carefully to ensure that all the information is accurate and up-to-date. If you have any questions or concerns about the payoff amount, contact PennyMac for assistance.

Frequently Asked Questions

How long does it take to receive a payoff statement from PennyMac?

Typically, it takes a few business days to receive your payoff statement from PennyMac after submitting your request. If you need the statement urgently, you can contact PennyMac customer service for expedited processing.

Can I request a payoff amount for a specific future date?

Yes, when submitting your payoff request, you can specify the date when you would like the payoff statement to be effective. This allows you to plan for the payoff of your loan at a future date that is convenient for you.

Is there a fee for requesting a payoff statement from PennyMac?

PennyMac may charge a small fee for processing a payoff request. This fee can vary depending on the specific terms of your loan. Be sure to review your loan agreement or contact PennyMac customer service for information about any applicable fees.

Conclusion

Submitting a payoff request to PennyMac is a straightforward process that can be completed online or by mail. By following the steps outlined in this guide, you can easily obtain a payoff statement for your loan and take the necessary steps to pay off your mortgage. Whether you are ready to pay off your loan in full or simply need a payoff statement for informational purposes, PennyMac makes it simple and convenient for borrowers to get the information they need.

penny mac payoff request
When it comes time to pay off your mortgage, you’ll need to submit a payoff request to your lender. If you have your mortgage with PennyMac, the process is fairly straightforward. Here is a step-by-step guide on how to submit a payoff request to PennyMac.

First, you’ll need to gather some key information before submitting your payoff request. This should include your loan number, the property address, the name of the borrower, and the closing agent’s contact information. It’s also a good idea to check if there are any additional fees or requirements for paying off your loan early.

Next, you’ll want to contact PennyMac to request a payoff statement. You can do this by calling their customer service line or by logging into your online account. Be sure to have your account information on hand to make the process quicker and easier.

Once you have submitted your request, PennyMac will provide you with a payoff statement that outlines the total amount due to pay off your loan. This statement will typically include the remaining principal balance, accrued interest, and any applicable fees. Be sure to carefully review the statement to ensure accuracy.

After reviewing the payoff statement, you can choose how to make your payment. PennyMac typically accepts payment via wire transfer, cashier’s check, or personal check. Be sure to follow their specific instructions for making the payment to ensure it is processed correctly and on time.

Once your payment has been submitted, it’s important to follow up with PennyMac to confirm that they have received and processed it. This will help ensure that your mortgage is paid off in a timely manner and that there are no lingering issues.

After submitting your payment, be sure to request a satisfaction of mortgage letter from PennyMac. This document serves as proof that your mortgage has been paid off in full, which can be important for future real estate transactions or credit reports.

Overall, submitting a payoff request to PennyMac is a relatively straightforward process, but it’s important to carefully follow their specific instructions and timelines to ensure a smooth and successful payoff of your mortgage. penny mac payoff request