Delivery Requirements for Mortgage Loans

Credit File

Pennymac can accept loan files delivered as an image via Pennymac’s correspondent website ( 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), must 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.

Collateral Package shall be delivered to:

Deutsche Bank National Trust Company
Attn: Team Pennymac/Correspondent
1761 E. Saint Andrew Place
Santa Ana, CA 92705

Note: Collateral package must include:

  • The original Mortgage Note
  • Bailment Letter

Credit Package upload should include the following critical documents in the imaged package:

  • Copy of the original Mortgage Note with intervening endorsements, endorsed “Pay to the order of PennyMac Corp., without recourse.”
  • Copy of the original Mortgage/Deed of Trust, and any riders as indicated on the Mortgage/Deed of Trust. Deed of Trust copy must be stamped as a certified true copy of the original and include a signature along with the name of the company making the certification.
  • Copy of the original Title Insurance Policy or if the original policy has not been issued, the Preliminary Title Commitment to issue the same.
  • Copy of the Power of Attorney, if used to execute Note or Mortgage/Deed of Trust. Power of Attorney copy must be stamped as a certified true copy of the original and include a signature along with the name of the company making the certification.
  • Copy of the Private Mortgage Insurance Certificate, if required by program guidelines.
  • Evidence of adherence to all applicable local, state and federal regulations as well as compliance with all FNMA, FHLMC, FHA, VA and USDA specific disclosures and forms.
  • Credit Package upload must NOT contain any password protections or security permissions that will prevent Pennymac from opening or extracting documents.

Note: If the security instrument is a MERS Originated Mortgage (MOM) document, these specific requirements may be waived on the Deed of Trust copy.

Please refer to the Trailing Documents section of the PNMAC Sellers Guide for requirements relating to the delivery of all final closing documents.

Purchasable Form

The Commitment Policy of the Sellers Guide details the potential penalties associated with delivering files which are not in purchasable form, as well as details surrounding the Commitment Expiration.

  • A delivered file is considered to be in purchasable form if it meets all product and program parameters, federal, state and local laws and regulations, industry standards and Pennymac—specific documentation requirements. In addition, the loan must be funded through a Pennymac approved warehouse lender, as identified in this Guide, to be considered in purchasable form.
  • Loans will be reviewed by Pennymac in a timely manner after receipt and the Correspondent will be notified of any issues which impact Pennymac’s ability to purchase the loan through notification of a pend status and specific pend conditions.
  • Deficiencies may include, but are not limited to, any issues which impair our ability to service or sell the mortgage loan.

Delinquent Loans

At the time of purchase, loans must be current. Pennymac will not purchase any loan which has one or more payment which has been 30 days late.

Non-US Licensing

Pennymac does not buy loans in Guam, Puerto Rico or the Virgin Islands.

File Stacking and Delivery Transmittal Form

There is no specific required stacking order for loans to be delivered to Pennymac. Files are expected to be organized and neatly arranged in a manner which supports the lender’s operation.


  • For all files submitted to Pennymac for funding, the appraisal must include color pictures of the subject property and comparable properties.
  • For files delivered to Pennymac in hard copy form, the Appraisal included with the file must contain these color pictures.
  • For lenders delivering with imaged files, the lender must retain a color (PDF) format copy of the appraisal and be prepared to provide it to Pennymac either pre- or post-funding upon request by Pennymac.
  • All loans submitted to Pennymac must be in full compliance with the Home Valuation Code of Conduct, as amended from time to time and as adopted by FNMA, FHLMC, GNMA, FHA, or other agencies. There shall be no influence on or attempt to influence the development, reporting, result, or review of the appraisal for any loan.

Seasoned Loans

Pennymac requires all loans to be delivered on or before 45 days past the Note date (i.e., Note date to file delivered date), with the exception of the following: 

  • FNMA Single Close loans, the conversion date or modification date will apply instead of the Note date.
  • For VA Renovation loans, the completion date on the 1004D/442 will apply instead of the Note date.

Loans aged greater than 45 days may be eligible for exception subject to a comprehensive explanation of the circumstances for the seasoning as well as full Pennymac review and approval. In addition, the following schedule of adjustments will apply to any seasoned loan approved for purchase. Note the maximum number of days for a Conventional ARM loan is 120 days.

Seasoned Loans



0 - 45


46 to 70


71 to 95


96 to 120



TBD at delivery

Loans Rejected by Prior Investor

Regardless of seasoning, Pennymac restricts loans previously rejected by a different investor. Exceptions may be considered on a case-by-case basis for loans that meet all Pennymac and investor guidelines, subject to evidence of rejection reason and last stipulation sheet from the previous investor. Exceptions are subject to complete analysis which may result in longer time to review.