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