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 between the closing of the mortgage loan and the purchase of the mortgage loan by PennyMac.
- 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 send evidence that a tax bill was paid to