Real Estate Taxes

With respect to mortgage loans sold to Pennymac, the following tax payment guidelines apply:

The Correspondent is responsible for all tax payments that are due within 30 days of the closing of the mortgage loan and any other payments due prior to purchase.
At purchase, Pennymac will withhold the entire initial escrow deposit regardless of a tax payment made on behalf of the borrower.
If the Correspondent pays a tax bill subsequent to the closing of a mortgage loan, the Correspondent should submit an escrow refund request through the Tools section of the P3 portal and send evidence that a tax bill was paid. A refund will be processed upon receipt of acceptable proof of payment.
A copy of the front and back of the check used to pay the bill and payment history showing the Correspondent’s remittance is acceptable evidence of payment.
All tax penalties incurred by Pennymac arising from the delinquent payment of real estate taxes prior to the purchase date of the mortgage loan are the responsibility of the Correspondent.
Evidence of current or new tax information must be submitted with the closed loan package.
Pennymac charges a Tax Service Fee on each loan purchased, government and conventional