Effective as of July 1, 2025 (the “Effective Date”), PennyMac Corp. (“Assignor”), the Purchaser under your delegated Mortgage Loan Purchase Agreement and all related addenda, amendments, and letter agreements (collectively, the “MLPA”), agrees to assign all of its rights, title and interest in and to the MLPA to PennyMac Loan Services, LLC (“Assignee”). This assignment and assumption is made pursuant to Section 4.8 of your MLPA. Assignee assumes and agrees to perform all express and implied duties, responsibilities, obligations and liabilities of the Assignor under the MLPA, arising on or after the Effective Date. All references to “Purchaser” or “PennyMac” in the MLPA shall be deemed to refer to Assignee as successor in interest to Assignor as of the Effective Date. Assignor acknowledges and agrees that all rights and benefits of the Assignor under the MLPA shall vest in the Assignee on or after the Effective Date. All rights and obligations prior to the Effective Date, including for Mortgage Loans delivered before the Effective Date, shall remain between Assignor and Seller. This announcement shall serve as notice under the MLPA, a new MLPA does not need to be executed.
For all delegated loans with a Purchase Commitment dated on or after July 1, 2025, Seller must:
- Endorse the original Note: “PAY TO THE ORDER OF PENNYMAC LOAN SERVICES, LLC, WITHOUT RECOURSE.”
- Initiate a MERS transfer of beneficial rights and transfer of servicing rights to PennyMac Loan Services, LLC (MERS #1007159) within 24 hours of purchase.
Updates to Pennymac’s quick reference guide will be made to account for the change as the Effective Date approaches.
Please contact your Sales Representative with any questions.