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Consistent with the prepayment review process of the Agencies, Pennymac routinely reviews each Seller’s portfolio of purchased Mortgage Loans to monitor levels of Principal Prepayments.For Mortgage Loans where a curtailment occurs during the Early Payoff period in excess of 30% of the original principal balance, Seller shall promptly reimburse the Purchaser the proportionate amount of the Servicing Release Premium paid by Purchaser on the subject Mortgage Loan.For Mortgage Loans eligible for sale to FNMA or FHLMC and are paid in full within 120 days after the Funding Date of such Mortgage Loan, Seller shall reimburse the Purchaser any premium in excess of par including the SRP (see Freddie Mac Single-Family Seller/Servicer Guide 6303.5 and Fannie Mae Selling Guide C1-1-01).For Mortgage Loans that are not eligible for sale to an Agency or securitization into an Agency MBS, or Mortgage Loans that have not been sold to an Agency or securitized into an Agency MBS, Seller shall promptly reimburse the Purchaser the greater of (i) any premium paid in excess of par or (ii) 150 Basis Points of the Stated Principal Balance. For Mortgage Loans that have been sold to an Agency or securitized into an Agency MBS, Seller shall promptly reimburse the Purchaser the greater of (i) (a) the Servicing Released Premium paid by Purchaser on the subject Mortgage Loan or (b) any related servicing released premium as published or calculated internally by Purchaser, or (ii) fifty (50) Basis Points.Early Payoff PolicyĪn Early Payoff exists when a Mortgage Loan is paid in full or when a curtailment in excess of 30% of the original principal balance occurs within 180 days after the Funding Date of such Mortgage Loan.įor Mortgage Loans that become the subject of an Early Payoff: For non-Agency loans, the Purchaser reserves the right to, in lieu of repurchase, recapture any premium above par, including any SRP, or 100 basis points, whichever is greater.
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The Purchaser reserves the right to, in lieu of repurchase, recapture the SRP, charge an administrative fee and collect from Seller any estimated mortgage servicing liability associated with such Mortgage Loan. (c) Where an Early Payment Default has occurred with respect to the Mortgage Loan ” Per your Loan Purchase Agreement, Article III, Section 3.4, the “Seller shall be obligated to repurchase the affected Mortgage Loan upon the occurrence of one of more of the following circumstances (each, a ‘Repurchase Obligation’) affecting a Mortgage Loan: