GNMA Loan Data Matching

Overview

FHA, VA and USDA Mortgage Loans purchased by PennyMac require that the electronic loan data received and relied on from the Seller is consistent with the corresponding active records in the applicable agency’s insurance or guarantee system.

Data discrepancies in the corresponding active records may include, but are not limited to:

  • Original Principal Balance (OPB)
  • Agency Case Number
  • Interest Rate
  • Maturity Date
  • Property Zip Code

Unmatched Data Fee

A Mortgage Loan delivered to PennyMac that subsequently gets reported by GNMA as an unmatched data exception and requires research by PennyMac may be subject to a research fee of up to $500 per loan (“Unmatched Data Fee”).  This fee will apply regardless of whether or not the Seller must continue to engage directly with the applicable agency for corrections.   

For example, FHA loans insured with a different loan amount compared to the Mortgage Note will require the originator to engage with HUD directly. The originator will need to submit an MIC Correction form to HUD in order to update the Mortgage Insurance Certificate and FHA Connection. The same issues apply to VA & RHS loans requiring the originator to work with the Guarantor to revise the insuring certificate.

The Unmatched Data Fee is independent of any other monetary adjustments the Correspondent may be required to make in order to cure the data discrepancy.  Monetary adjustments may include, but are not limited to, principal curtailments on the loan.  If the data discrepancy results in an attribute or loan feature change to a Mortgage Loan, the Seller may also have an indemnification obligation or Repurchase Obligation related to the Mortgage Loan.