Servicing Transfer Notices
The Correspondent must inform the applicable borrowers and vendors of the sale of the mortgage loan. The notification must be sent after the loan has been funded by PennyMac.
PennyMac follows all federal, state and local laws as applied to borrowers in the transfer of servicing.
Lender must comply with current federal, state and local laws and regulations specific to the transfer of servicing.
The lender is required to notify the borrower in writing at least 15 days before the servicing of the loan is transferred to PennyMac. The notice must include the following information:
- The effective date of the transfer, the date the lender servicer will stop accepting payments and the date PennyMac will begin accepting them.
- The name, address, and toll-free telephone number for PennyMac.
- Information that tells whether the borrower can continue any optional insurance, such as mortgage life or disability insurance, and what action, if any, the borrower must take to maintain coverage.
- A statement that the transfer of servicing does not affect any term or condition of the mortgage documents other than the terms directly related to the servicing of the loan.
Borrowers will remit payments to:
PennyMac Loan Services LLC P.O. Box 30597 800-777-4001
Once the mortgage loan is set up on the PennyMac servicing system, borrowers will receive monthly billing statements directing them to send future payments to the payment processing center.
Note: Customer correspondence should not be included with payments.
All mortgage loan sale notifications must be sent by the Correspondent no later than 15 days prior to the Transfer Date.
Such notifications must advise the vendor of the assignment of the servicing duties to the related mortgage loan and instruct the vendor to deliver all future notices, tax bills, insurance statements and related correspondence to the PennyMac addresses below:
|PennyMac Loan Services, LLC Its successors and/ or assigns as their interest may appear |
Loan Number _____________
c/o First American Real Estate Tax Service
Attn: Rashad Moore DFW5-4
1 First Prior Way
Westlake, TX 76262
Hazard and Flood Insurer
|PennyMac Loan Services, LLC |
Its Successors And /Or Assigns