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Pennymac is a well-known, national mortgage lender with a convenient online application process, among other benefits. In light of higher mortgage rates, the lender launched a home equity loan product that allows homeowners to take a lump sum from their equity. It consistently receives below-average customer satisfaction ratings, however.
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Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans, 580 for FHA loans, 620 for VA loans
Nationwide availability
All U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
NMLS: 35953
4.0
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Nationwide Availability
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.
Large lender with national presence
$1,000 off closing costs if preapproved (not applicable to jumbo loans or refinancing)
Concierge real estate services with up to $5,000 in rewards
No branch locations
Below-average customer service score
Pennymac is a well-known, national mortgage lender with a convenient online application process, among other benefits. In light of higher mortgage rates, the lender launched a home equity loan product that allows homeowners to take a lump sum from their equity. It consistently receives below-average customer satisfaction ratings, however.
Pennymac’s loan offers were comparable to Bankrate’s average rates at the time of this review. 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.
Pennymac is a national mortgage lender that does business with borrowers in all 50 states. Its loan offerings include conventional and government-backed 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.
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 more than 1,900 customer reviews. On Trustpilot, the lender has a rating of 2.3 out of five stars, considered “Poor.” Pennymac ranked below average in J.D. Power’s customer satisfaction study in 2021, 2022 and 2023. 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 mortgage with Pennymac online or by phone at 888-870-6229. Here are some tips to prepare for the process:
Pennymac offers both rate-and-term and cash-out refinancing options.
NMLS: 35953
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