Effective immediately, the hazard and flood insurance mortgagee clause has been updated for loans sold to PennyMac Correspondent Group. See below for the correct clause to be used going forward:
HAZARD AND FLOOD INSURANCE MORTGAGEE CLAUSE
PennyMac Loan Services, LLC
Its Successors And / Or Assigns
PO Box 690450
San Antonio, TX 78269-0450
The old address will be acceptable for a period of time while clients implement updates to their processes. Both the “Quick Reference Guide” posted in the Reference Guides section of gopennymac.com and the “General Closing Specifications” section of the Seller Guide have been updated to reflect this change.
Please contact your Sales Representative with any questions.