With every appraisal report submitted to Pennymac, the Seller certifies:

  • The appraisal has been conducted by a licensed or certified appraiser. Seller certifies that it has adequate controls to ensure the appraiser is in good standing and licenses/certifications are current.
  • The Seller has thoroughly reviewed the report and has concluded that the property is adequate collateral to support the loan.
  • The report complies with Pennymac, USPAP and agency standards.
  • Any information known to the Seller that could adversely affect value or Marketability was disclosed to the appraiser.
  • The appraiser has adequately supported any assumptions, data, analysis, rationale, and conclusions made or used to determine value and marketability.
  • The information on the report is accurate, consistent, clearly written, and sufficiently documented.
  • Appraiser comments addressing declining property value (if any) are acted upon appropriately.
  • By delivering loans to Pennymac, the Seller represents and warrants that their appraisal process and appraisal reports are in compliance with the all agency and HUD requirements, as well as, all applicable state or federal statutes  in all aspects of ordering, evaluating, disclosures and processing appraisals. Appraisals provided by a third party, such as a mortgage or real estate broker are not acceptable.