Trailing Documents

Overview

Mortgage loans purchased by PennyMac require delivery of all trailing documents as they become available but not to exceed 270 days from the purchase date.

Trailing Documents

Trailing documents must include, but are not limited to:

  • Original recorded mortgage and any applicable riders or addendums;
  • Original recorded assignment of mortgage as required pursuant to this Delivery chapter and all original recorded intervening assignments, if any;
  • Original final title insurance policy and any required waivers, attorney’s opinion, and/or applicable endorsements;
  • Original recorded CEMA Agreement;
  • Original recorded Gap Mortgage and any applicable riders or addendums;
  • Certified copy of the recorded power of attorney, if any. Any Jumbo loan delivered to PennyMac will require a recorded copy of the power of attorney containing the county recorder’s stamp.


Document Delivery

Documents must be shipped with a Transmittal Form, and placed in the order listed on the Transmittal. All trailing documentation must indicate the PennyMac loan number in the upper right hand corner.

Forward all final documentation to:

Deutsche Bank National Trust Company
Attn: Team PennyMac/Correspondent Final Documents 
1761 E. Saint Andrews Place
Santa Ana, CA 92705

Outstanding Trailing Documents / Right to Require Repurchase

PennyMac has the right to:

  • Charge/collect from the Correspondent a fee of $100, per trailing document, where they have been outstanding for more than 270 days from the purchase date.  Additionally, for each incremental 90 day interval the document remains outstanding (e.g. 360 days, 450 days) PennyMac will charge/collect from the Correspondent a fee of $100, per trailing document, per 90 day interval period, and/or;
  • Mandate the Correspondent to repurchase mortgage loans with any trailing document outstanding 270 days from the purchase date.