16-38: Address Change – Hazard and Flood Insurance Mortgagee Clause

16-38: Address Change – Hazard and Flood Insurance Mortgagee Clause

October 06, 2016

Effective immediately, PennyMac’s mortgagee clause has been changed.  These updates are also located in the Quick Reference Guide and Seller Guide on gopennymac.com.

 

Old Mortgagee Clause wording:

New Mortgagee Clause wording:

PennyMac Loan Services, LLC

PennyMac Loan Services, LLC

Its Successors And / Or Assigns

Its Successors and/or Assigns

PO Box 690450

P.O. Box 6618

San Antonio, TX 78269-0450

Springfield, Ohio 45501-6618

 

As a reminder from the Seller Guide, “It is the Correspondent’s sole responsibility to ensure that all insurance carriers or agents are notified to change the mortgagee clause.”  This is crucial as new policy bills, updated coverage information or cancellations need to be received by PennyMac.  Without these insurance updates, coverage lapses may occur causing hardships on borrowers. 

 

Please make every effort to update the insurance carrier or agents with the PennyMac mortgagee clause.  Thanks.

 

Contact your Sales Representative with any questions.