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Pennymac Mortgage Review 2023

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At a glance



Rating: 4.6 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

620 for conventional loans; 580 for FHA loans; 620 for VA loans

Pros and cons

Checkmark Pros

  • Top 10 national lender
  • $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

Close X Cons

  • No brick-and-mortar locations
  • Online information about loan costs limited

Pennymac overview

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.

Pennymac is good for

Borrowers nationwide looking for an experienced lender with a convenient online application process and a dedicated team

Breakdown of Pennymac overall score

  • Affordability: Pennymac’s mortgage rates are in line with Bankrate’s averages, so you might be able to find more competitive options elsewhere. Like many other lenders, it also charges an origination fee.
  • Availability: Pennymac is licensed to lend to borrowers in every state, and it offers a deep bench of loan products for a variety of needs.
  • Borrower experience: Pennymac has earned a reputation as a top lender not only in terms of volume, but also for high marks from borrowers.


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.

Affordability: 5/5

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.

Availability: 4.3/5

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.

Borrower experience: 4.7/5

Pennymac has been in operation since 2008 and since become one of the top 10 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.”

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.

If you have questions about loan options or are looking to begin an application, you can call Pennymac at 888-870-6229 or fill out an online form. The lender’s business hours are Monday through Friday from 5 a.m. to 6 p.m. ET and Saturday from 7 a.m. to 11 a.m. ET.

Refinancing with Pennymac

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.

Alternatives to Pennymac

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Written by

Josephine Nesbit

Josephine Nesbit is a former contributor to Bankrate.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor