With the Income You Need to Buy a Median-Priced Home rising, you may need to Learn About Adjustable Rate Mortgages to preserve affordability.

With the Income You Need to Buy a Median-Priced Home rising, you may need to Learn About Adjustable Rate Mortgages to preserve affordability.

PennyMac Mortgage Review 2022

Established 2008

3043 Townsgate Rd, Suite 200, Westlake Village, CA 91361

NMLS #35953


PennyMac is a mortgage lender that combines competitive rates, the flexibility to check rates online before applying, get an instant quote after answering a few additional questions, and a full range of online options to complete your mortgage process.

Good Fit For:

Customers who want to preview their rates online before completing their application and appreciate the possibility of their loan remaining with their original lender.


  • Wide-range of products and terms, including VA & FHA loans
  • Ranked highest in customer satisfaction for Primary Mortgage Origination by J.D. Power for 11 straight years, 2010 through 2020.
  • They typically service the majority of loans they originate
  • Customers can review Purchase & Refinance rates on the website before applying
  • Offers an online experience for signatures and document upload supported by Loan Officers available over the phone.

Things to keep in mind:

  • No Home Equity or HELOC products
  • No physical retail locations


Purchase Options

  • Conventional
  • FHA
  • VA
  • Jumbo Loan
  • Investor (non-owner-occupied)

Refinance Options

  • Rate and Term
  • Cash-out Refinance
  • FHA Streamline

Customer Experience

PennyMac is a California-based mortgage lender established in 2010 and of the largest mortgage lenders in the U.S. They service a large number of the loans they originate rather than selling them.

PennyMac provides their rates for both Refinance and New Home Purchase products on their site so you can compare them to other lenders. If you want a quote more specifically tailored for you, they offer a custom rate tool that asks you to provide some additional information about your needs. Rates will vary among customers based on several factors such as credit history, type of mortgage, and home location.

PennyMac offers an online platform for much of their application process, though many consumers opt to utilize their call center to speak to one of their licensed Loan Officers. They also allow you to schedule a time for one of their representatives to call you. They state that their standard loan origination fee is $1,100, which is a little higher than some other lenders out there, but they also waive their lender fee on new home purchase mortgages. They provide a number of articles to help customers understand the mortgage process and the products available to them.


  • Reviewer
  • A+
  • [ 4.1/ 5]
  • [ 4.5/ 5]
  • [ 4.3/ 5]
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