Seller Eligibility

Correspondent must underwrite and close all loans delivered to PennyMac for purchase. Correspondent may use an approved underwriting service provider to underwrite loans delivered to PennyMac for p...

The requirements stated below, unless waived by PennyMac at its sole and absolute discretion, must be met by lenders in order to be eligible for participation in the PennyMac Correspondent Program.

Per your Loan Purchase Agreement, Article III, Section 3.4, the “Seller shall be obligated to repurchase the affected Mortgage Loan upon the occurrence of one of more of the following circumstances...

Any Correspondent approved for participation in the PennyMac Correspondent Program must continue to meet the eligibility requirements herein to maintain its eligibility and approval to participate.

As of the date of the Agreement and as of each Funding Date, the Seller makes each of the following Representations, Warranties and Covenants the Seller (i) is duly organized, validly existing and ...