Pennymac can accept loan files delivered by image.
- Pennymac does not require lenders to conform to any particular indexing scheme and there is no fee for this service.
- All documents, except for collateral documents (which are required to be delivered as original documents), may be delivered to Pennymac via image.
- When lenders agree to deliver loan files to Pennymac by image, they warrant to Pennymac that they will hold the original loan documents and make them available to Pennymac upon request within a reasonable time frame.
- Delivery of a complete, imaged loan file in purchasable condition meets the delivery requirements under the commitment policy.
Image Types Accepted
Currently, Pennymac can accept files in the format of single-page TIF, multi-page TIF, single-page PDF and multi-page PDF. Pennymac can accept images only at this time and cannot accept imbedded metadata from ‘electronic documents’.
Original Documents Required
Separate and in addition to the delivery of the loan file via Image, the lender must supply the following original documents: Original Note and Original Allonge (if applicable).
All other documents may be delivered via image. The file will then undergo Pennymac’s standard review and any discrepancies will be pointed out to the lender via the Pend status.