Real Estate Taxes
With respect to mortgage loans sold to PennyMac, the following tax payment guidelines apply:
- The Seller is responsible for all tax payments that are due between the closing of the mortgage loan and the purchase of the mortgage loan by PennyMac.
- At purchase, PennyMac will withhold the entire initial escrow deposit regardless of a tax payment made on behalf of the borrower.
- If the Seller pays a tax bill subsequent to the closing of a mortgage loan, the Seller should send evidence that a tax bill was paid to Send email to ["CorrespondentPostClosing"].. A refund will be processed upon receipt of acceptable proof of payment.
- A copy of the front and back of the check used to pay the bill and payment history showing the Seller’s remittance is acceptable evidence of payment.
- All tax penalties incurred by PennyMac arising from the delinquent payment of real estate taxes prior to the purchase date of the mortgage loan are the responsibility of the Seller.
- Evidence of current or new tax information must be submitted with the closed loan package.
- PennyMac charges a Tax Service Fee on each loan purchased, government and conventional.