Commitment Confirmation

Overview

Sellers may retrieve commitment confirmation letters for all Best Efforts commitments via PennyMac’s Seller website (Seller Portal).

Each Seller designates at least one individual as an administrator of the Seller Portal (Seller Admin). The Seller Admin is responsible for maintaining an accurate list of assigned individuals designated with the Authorized Trader role in the Admin Center in the Seller Portal. The Seller Admin may also select the Commitment Notification preference in the Admin Center for additional individuals, in order to receive a read-only version of each commitment confirmation at time of publication by PennyMac.

PennyMac will execute commitments only with individuals designated as an Authorized Trader and will identify such person at commitment lock. Upon publication, PennyMac will email a specialized version of the Mandatory commitment confirmation, requiring a response (accept or dispute) to the commitment terms. The Authorized Trader must respond by the later of 2:00 p.m. Pacific Time on the commitment date, or thirty (30) minutes after the commitment lock date/time.

If PennyMac issues multiple commitment confirmations, the latest confirmation governs, provided that such commitment confirmation is correct in all material respects.

Sellers must promptly contact PennyMac if commitment confirmation terms appear inaccurate or if an event occurs rendering the Seller’s satisfaction of its obligation under a commitment unlikely. PennyMac will consider reasonable requests, but reserves the right to hold Seller to accepted commitment terms.