Mortgage Loan Delivery (Late and Post Delivery Roll)

General Loan (File) Delivery

PennyMac considers a Mortgage Loan delivered when a correspondent has successfully submitted the following documents for the related Mortgage Loan: Appraisal, Automated Underwriting Certificate, and copy of the Note.

PennyMac considers an incomplete submission as an Unacceptable File Delivery, and the Mortgage Loan is placed in an Unacceptable File Delivery status. Correspondents must treat this status as a non-delivered Mortgage Loan for the purpose of commitment management. An associated commitment may be subject to extension, roll, or pair-off.

Late Delivery and Post Delivery Roll

Late Delivery

A Mortgage Loan delivered to PennyMac after the delivery due date is considered late.

  • Best Efforts commitments expire end-of-business on the delivery due date. A Mortgage Loan delivered into a Best Efforts commitment after the delivery due date will be subject to the Best Efforts relock policy. Please refer to Commitment Extension, Roll, and Relock.
  • Bulk, AOT and DT commitments expire end-of-business on the delivery due date, and are subject to pair-off if an under-delivery occurs. A Mortgage Loan delivered into an expired mandatory-delivery commitment must be re-allocated to an appropriate commitment.

 

Post Delivery Roll Fee

A Mortgage Loan delivered to PennyMac on or before the commitment delivery due date that cannot be purchased immediately due to defective or missing documentation, incorrect commitment parameters, a correspondent’s warehouse lender restrictions, or any other reason outside of PennyMac’s control, may be subject to a fee in accordance with the following schedule:

Post Delivery Roll Fee

Post Delivery Roll Days

Action

0 - 4

No fee charged

5 - 9

0.125% fee charged

10 - 14

0.250% fee charged

15 - 19

0.375% fee charged

20 - 24

0.500% fee charged

25 - 29

0.625% fee charged

30 or more

Prior to aging 30 days, PennyMac works with correspondents to remedy pending conditions. At 30 days, PennyMac may return the Mortgage Loan to correspondent or allow further aging. If PennyMac allows the Mortgage Loan to age greater than 29 days, Post Delivery Roll fees will accumulate standard charges of 0.125% for each additional 5-day period. If PennyMac rejects the Mortgage Loan, the respective commitment will be subject to standard rejection and pair-off policy.

For Best Efforts and Bulk commitments, Post Delivery Roll Fee Days are defined as the number of calendar days between (a) the later of the date the first pending condition is posted or the commitment delivery due date for the subject Mortgage Loan, and (b) the date on which the documentation satisfying the final pending condition is received.

For Assignment of Trade and Direct Trade commitments, Post Delivery Roll Fee days are defined as the number of calendar days between the date the first pending condition is posted and the date on which the documentation satisfying the final pending condition is received.

Please note conditions are considered received when successfully uploaded Monday through Friday (excluding holidays) prior to 5:30 PM PT. Conditions received after that time or on weekends or holidays will be considered received the following business day. Collateral conditions delivered to the PennyMac custodian are considered received upon completion of custodian review.