15-59: TRID Delivery Requirements Reminder
Based on trends seen from recent deliveries of loans closed under TRID, PennyMac has drafted this reminder highlighting specific delivery requirements to help ensure loans are purchased in a timely manner.
Please note PennyMac’s purchase requirements do not constitute legal advice. It is important to consult with legal counsel regarding compliance with applicable regulatory and statutory requirements.
Please ensure that the following are included in the delivered loan documents:
- All Loan Estimates provided to the borrower(s);
- All Closing Disclosures provided to the borrower(s);
- Evidence of receipt of the disclosures; for Encompass and Empower users, the disclosure tracking screen is very useful;
- Change in circumstance documentation, if applicable;
If any of the above documents are missing from delivered loan files, it will likely result in a request to provide the documentation prior to purchase. These stipulations create delays in the processing and ultimately the purchase of your loans.
Other TRID implementation resources, such as examples of the Loan Estimate and Closing Disclosure, are available at the CFPB’s Website.
CFPB Webinars provide helpful but unofficial guidance on numerous TRID implementation topics.
If you have any questions or need clarification on PennyMac’s purchase requirements related to TRID compliance not answered in the resources above, please email your inquiry toSend email to ["pcgcompliancepolicy"]..