Pennymac is issuing the following reminders regarding escrow/impound accounts and Ginnie Mae loan data matching:
Escrow/Impound Accounts
Loans with an established escrow/impound account, must include the Initial Escrow Account Disclosure (“IEAD”) in the file. The IEAD shall itemize the estimated taxes, insurance premiums, and other charges that are to be reasonably expected to be paid from the escrow account during the escrow account computation year and the anticipated disbursement dates of those charges. The IEAD shall indicate the cushion amounts which must meet Pennymac Guidelines. For more information, please refer to the Taxes and Insurance > Escrow/Impound Accounts section of the Seller Guide.
GNMA Loan Data Matching
Pennymac requires that the electronic loan data received and relied on from the Seller is consistent with the corresponding active records in the applicable agency’s insurance or guarantee system.
Data discrepancies in the corresponding active records may include, but are not limited to:
- Original Principal Balance (OPB)
- Agency Case Number
- Interest Rate
- Maturity Date
- Property Zip Code
If a Seller makes a correction to any of the fields mentioned above after the Funding Date, the Seller is responsible to communicate the changes to Pennymac.
Please refer to the Pennymac Selling Guide for additional information. Contact your Sales Representative with any questions.