Correspondents may retrieve commitment confirmation letters for all Best Efforts and Bulk commitments via PennyMac’s correspondent website (Correspondent Portal).
Commitment confirmation letters for all Bulk, and Bulk commitments are distributed via email to correspondent associates previously setup to receive commitment notification.
Each correspondent designates at least one individual as an administrator of the Correspondent Portal (Correspondent Admin). The Correspondent Admin is responsible for maintaining an accurate list of assigned individuals designated with the Authorized Trader role in the Admin Center in the Correspondent Portal. The Correspondent 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.
Correspondents must promptly contact PennyMac if commitment confirmation terms appear inaccurate or if an event occurs rendering the correspondent’s satisfaction of its obligation under a commitment unlikely. PennyMac will consider reasonable requests, but reserves the right to hold correspondents to accepted commitment terms.