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  • 1.  PennyMac - has not funded a loan

    Posted 12-19-2024 19:12
    Hello All, 
    The refinance date of disbursement was December 18, 2024, and PennyMac has not sent their wire yet. I'm writing this December 19th at 7:09 pm Eastern Time. How can they hold up their wire? By regulation, aren't they obligated to fund on the day disbursement? Thank you. 
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  • 2.  RE: PennyMac - has not funded a loan

    Posted 12-20-2024 08:02

    Are you sure it's not just human error somewhere (and you need to "yell and scream" until they figure out it didn't go out)?  Only once was I not funded on disbursement day by the lender.  I kept calling and asking about the wire and they kept telling me it had been ordered and should arrive soon.  It took a lot of cage rattling on my end, the day after the wire was due, to finally get to someone at the lender to actually look into it and figure out (at least so they told me) someone had keyed in our account number wrong, either when ordering the wire or when sending it out, and apparently their process for finding out a wire didn't actually go out was less than adequate!

     

    Cyndy

     

     

    Cynthia N. Zook

    Legal Assistant
    Blakinger Thomas, PC
    28 Penn Square, PO Box 1889, Lancaster, PA 17608-1889
    Overnight: 28 Penn Sq., 3rd Fl., Lancaster, PA 17603

    By Appointment: 3314 Lincoln Hwy East, Suite 2, Paradise, PA 17562

    Direct: (717) 509-7235
    Fax: (717) 299-9529

    Email: [email protected]

     

     




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  • 3.  RE: PennyMac - has not funded a loan

    Posted 12-20-2024 08:48
    Thank you for your thought; alas, I wish that it was simply "human error". I've spoken to managers of managers, and they said that they won't send the wire until they review the executed documents. (Again, not a reason to not fund). We overnighted the package so that they would have the docs the day of disbursement in lieu of emailing the entire package. This is costing us money for the payoff because we didn't collect extra per Diem (only until the day after disbursement), and now we are going into the weekend. The borrowers are good friends of mine. (I wish they had listened to me with my recommendations of lenders ��) 



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  • 4.  RE: PennyMac - has not funded a loan

    Posted 12-20-2024 10:18
    Have you reached out to PennyMac? If they discover something during the rescission period they are allowed to decline to fund the loan. Also, the Borrower may have rescinded but not told you. 


    Kim

    Kimberly A. Gilbert-Toelle, Esq.*
    Raber Law Offices, PLLC
    484 Williamsport Pike, PMB #300
    Martinsburg, WV 25404
    681-260-6455
    Fax 304-441-5551
    alt. email: [email protected]  


    *Admitted in West Virginia, Maryland and the District of Columbia only.




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  • 5.  RE: PennyMac - has not funded a loan

    Posted 12-20-2024 11:16
    Your kindness and time in responding is appreciated. I have spoken to manager after manager about the situation. The borrowers are friends of mine; they did not rescind. It is my knowledge that a lender MUST fund on the day of disbursement. PennyMac insists on reviewing the executed documentation before wiring the money which, again, in my opinion and my understanding of the federal regulation is wrong. It is my belief that the lender is obligated to fund on the day of disbursement. The borrowers have paid interest on a loan that has not funded AND it is costing me money for the payoff of the current loan . . . Plus, I'm obligated to record the new mortgage in a timely manner. This is a real mess. 



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  • 6.  RE: PennyMac - has not funded a loan

    Posted 12-23-2024 11:20
    The next option would be to file a complaint with the CFPB and let PennyMac know you are doing so. I assume that the closed loan package was forwarded to PennyMac in accordance with their instructions? If they are going to make disbursement contingent upon review of the documents then it is their obligation to timely review the documents so that they can disburse on time. 


    Kim

    Kimberly A. Gilbert-Toelle, Esq.*
    Raber Law Offices, PLLC
    484 Williamsport Pike, PMB #300
    Martinsburg, WV 25404
    681-260-6455
    Fax 304-441-5551
    alt. email: [email protected]  






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  • 7.  RE: PennyMac - has not funded a loan

    Posted 12-23-2024 11:20
    The Lender may put conditions on their funding which are normally set forth in their Loan Closing Instructions. If their Loan Closing Instructions were not complied with and therefore the executed documents did not get to the proper Department for review and approval, then they can hold up funding. There is no requirement that they make the loan and they have put conditions upon the making of the loan. Therefore they are not obligated to fund the loan until those conditions are met.  


    Kim

    Kimberly A. Gilbert-Toelle, Esq.*
    Raber Law Offices, PLLC
    484 Williamsport Pike, PMB #300
    Martinsburg, WV 25404
    681-260-6455
    Fax 304-441-5551
    alt. email: [email protected]  




    *Admitted in West Virginia, Maryland and the District of Columbia only.




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