Online Payment Terms and Conditions - PennyMac USA

Online Payments Agreement (“Agreement”)

“I”, “me”, “my” or “mine” mean or refer to each and every person signing this Authorization. “PennyMac” means PennyMac Loan Services, LLC, its agents, successors and/or assigns. My “Mortgage Note” means the note that I signed when my mortgage closed and any amendments or modifications thereto.

By utilizing the PennyMac online payment option (“Online Payments”), I authorize PennyMac to initiate a one-time electronic funds transfer (“Transfer”) from my checking or savings account (“Funding Account”), using the information I provide to PennyMac, for the purpose of making a mortgage loan payment on the date and in the amount I specify.

I HEREBY CERTIFY THAT NO AUTHORIZATION OF ANY PARTY OTHER THAN MINE IS NECESSARY TO PROVIDE FOR THE WITHDRAWAL OF FUNDS FROM MY ACCOUNT THAT ARE CONTEMPLATED BY THIS AUTHORIZATION.

In order to utilize Online Payments, I have read and agree to this Agreement, which is applicable in addition to the PennyMac Privacy Policy, Online Services Terms of Use, and any other documents in effect that govern my PennyMac account. PennyMac may amend or change this Agreement from time to time, in its sole discretion.

Using Online Payments.

I understand that banks and ACH operators are entitled to rely on Funding Account and Routing Numbers as given by me and that I will be liable for any losses incurred by any person if I have given a wrong account number for my Funding Account or the wrong Routing Number (encoded on the front my check) for my financial institution that holds my Funding Account, and if as a result the wrong person’s account is debited for my Transfer(s).

I HAVE CHECKED MY ACCOUNT NUMBER AND MY FINANCIAL INSTITUTION’S ROUTING NUMBER WITH EXTRAORDINARY CARE. I AM RESPONSIBLE FOR THEIR ACCURACY.

I understand that PennyMac has the right to enforce my Mortgage and my Mortgage Note under their stated terms and this Agreement in no way modifies my Mortgage Note, my Mortgage or any other documents I signed in connection with my Mortgage loan.

I understand that if my Transfer date falls on a weekend or legal or banking holiday, PennyMac will initiate the applicable transaction on the next business day. This will not change the date of any subsequent Transfer date.

I understand that if I am in default under the terms of my Mortgage Note, PennyMac may cease debiting payments from my Funding Account until such time as I am again current under the terms of my Mortgage Note.

Transfers may be authorized up to sixty (60) calendar days in advance for a regular payment. If I select a future payment date for a Transfer, I may cancel or revoke the authorization at any time up to the prior business days before the scheduled Transfer date. I may cancel or revoke a Transfer through Online Payments, by calling PennyMac at 1-800-777-4001, or by contacting the financial institution that holds my Funding Account. PennyMac is not responsible for Transfers that are processed before it has a reasonable opportunity to act on my revocation or cancellation request.

I understand that I may either print the payment confirmation page displayed after I authorize a Transfer, or record the confirmation number. PennyMac may also transmit confirmation of a Transfer to me via email.

Saved Funding Account Information.

I have the option to save my Funding Account information in Account Access. I must completely exit from or sign out of Account Access in order to prevent unauthorized access to my PennyMac account information and unauthorized use and/or acquisition of any saved information. I agree to keep confidential my Account Access username and password and agree to indemnify and hold PennyMac harmless from any and all damages or harm resulting from unauthorized access to my PennyMac account and/or Funding Account information resulting from my failure to comply with this or any other sections of this Agreement or the Online Services Terms of Use.

Unauthorized Transfers, Errors or Questions.

In case of errors or questions about Transfers made via Online Payments or if I suspect a Transfer has been or may be made without my permission, I will contact PennyMac immediately by phone at 1-800-777-4001, via the Secure Message Center, or in writing at PennyMac Loan Services, LLC, P.O. Box 514387, Los Angeles, CA 90051-4387. I should also contact the financial institution that holds my Funding Account. I am solely responsible for (1) paying my mortgage loan(s) timely, regardless of my method of payment, (2) monitoring my PennyMac account to ensure timely payment, and (3) monitoring my Funding Account to verify that Transfers have been processed and to identify any issues related to Transfers.

Liability for Transfers.

PennyMac is not liable for any loss or damage I may incur if: (1) I do not have enough money in my Funding Account to make a Transfer; (2) circumstances beyond PennyMac’s control, including but not limited to, natural disaster, flood, earthquake, fire, war, act of terrorism, or acts of third parties in violation of federal, state, or international law, render PennyMac unable to effectuate the Transfer despite reasonable precautions under the circumstances; (3) I provide erroneous information to authorize a Transfer; (4) I fail to adequately protect my Funding Account data; or (5) the financial institution that holds my Funding Account fails to effectuate a Transfer, causes errors during a Transfer, or provides PennyMac erroneous information. PENNYMAC IS NOT RESPONSIBLE OR LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, PUNITIVE, OR OTHER DAMAGE RELATED TO MY USE OF ONLINE PAYMENTS.

Applicable Law.

These Terms and Conditions are entered into in the State of California and will be governed by and construed in accordance with the laws of the State of California and the laws of the United States, as applicable, without regard to conflict of law provisions.

Termination, Changes, Assignment, Insufficient Funds.

PennyMac is under no obligation to provide Online Payments and may in its sole discretion and at any time without notice, modify, revoke access to or no longer offer Online Payments. PennyMac reserves the right to assign the obligation to process Transfers to a third party. It is my responsibility to ensure that I have sufficient funds to cover each Transfer. PennyMac reserves the right to collect from me any additional fees, as permitted by law or my promissory note(s), resulting from insufficient funds. PennyMac also has the option in its sole discretion, to terminate my access to Online Payments if any Transfer is returned or reversed due to non-sufficient or insufficient funds, cancellation, stop-payment or any similar designation.