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Pennymac
Pennymac appeals to borrowers looking for an experienced lender with a convenient online application process and nationwide presence. However, consistently below-average customer satisfaction is a concern.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; home equity loan; investment property
Min. credit score required
620 for conventional loans, 580 for FHA loans, 620 for VA loans
Nationwide availability
Available in all U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
Pennymac
4.6
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; home equity loan; investment property
Nationwide Availability
Available in all U.S. states
Min. credit score required
620 for conventional loans, 580 for FHA loans, 620 for VA loans
Pennymac is a publicly traded direct mortgage lender and servicer offering a range of loan options, including low-down payment loans and refinancing. Although there are sales office locations, you can only apply for a loan with this lender online or by phone. Once preapproved, you’ll be matched with a loan officer who serves as your point of contact through the underwriting and closing process, which currently averages 36 days for purchases. The lender also features special offers periodically, and can help borrowers facing hardship or those who are ineligible to refinance with a loan modification. The lender is headquartered in Westlake Village, California, and was founded in 2008.
Large lender with national presence
$1,000 off closing costs if preapproved (not applicable to jumbo loans or refinancing)
Can connect you with concierge real estate services for up to $5,000 in rewards
No brick-and-mortar locations
Online information about loan costs limited
Below-average customer service score
Pennymac appeals to borrowers looking for an experienced lender with a convenient online application process and nationwide presence. However, consistently below-average customer satisfaction is a concern.
To determine Pennymac’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:
Affordability differs from lender to lender, so comparing costs is key. Pennymac’s loan offers are comparable to Bankrate’s average rates. The lender displays daily APRs on its website, where you can also supply your contact information to get a custom quote. Its lender fees include an origination fee, rate-lock fee and other closing costs.
This factor can make the overall mortgage application process smoother or more challenging. Pennymac is a national mortgage lender that does business with borrowers in all 50 states. Its loan offerings include conventional and government-insured loans (FHA, VA and USDA), as well as home equity loans and refinances. The lender requires a minimum credit score of 620 for a conventional loan or VA loan, but as low as 580 for an FHA loan.
Know what to expect when you work with a specific lender. Pennymac has been in operation since 2008 and since become one of the 15 largest mortgage lenders in the U.S., funding $1 trillion in loans for more than 4 million borrowers. It is an A+ accredited business with the Better Business Bureau, with 4.4 out of five stars based on over 2,000 customer reviews. On Trustpilot, the lender has a rating of 3.1 out of five stars, considered “Average.” According to J.D. Power, Pennymac ranked below average in customer satisfaction in 2021 and 2022. Pennymac typically turns approvals around in three to five business days and currently averages 36 days to close on purchase loans. The typical borrower can expect to close within 30 to 45 days, according to the lender. Using the lender’s m.a.c portal, you can get prequalified or preapproved, complete your purchase or refinance application, upload documents and check on the status of your loan. You can also e-sign documents and disclosures through this system.
You can apply for a purchase loan or a refinance at Pennymac’s website, on its toll-free phone number 888-870-6229 or in person at one of the lender’s branch locations. Here are some tips to prepare for the process:
Pennymac offers all types of refinancing: rate-and-term, cash-out and streamline refinancing (including USDA streamlined assist). As with a home purchase, you can start the refinance application process online.
Pennymac
Rating: 4.6 stars out of 5
4.6
Bankrate Score
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Loans offered Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing; home equity loan; investment property |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans |
Loans offered Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term |
Min. credit score required 620 for conventional loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans |
Min. credit score required 620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans |
Down payment 3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans |
Down payment 3.5% for FHA loans |
Down payment 3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans |
Nationwide availability Available in all U.S. states |
Nationwide availability Available in all U.S. states |
Nationwide availability All U.S. states |
1.0
1 ratings
This lender has 1 reviews.
0% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?