Yeah, it was pretty fast.
You have to understand that PennyMac buys these loans in bulk, paying somewhere around 30 cents on the dollar. So, if your offer is 50% of what is owed, they still make money. A no-brainer for them.
BTW, my deal started with Citi Mortgage and then the loan was sold to PennyMac.
bethany said:
Thanks Ricky. One month from first contacting them to approval? I've never worked with a bank like this one - one that seems to focus on bad loans. Had one offer, pannymac counter offered. The couple walked. Just submitted another offer matching pennymacs counter. Wondering how long before I might hear anything.
My experience with PennyMac was pretty much the same as Ricky's. But, this will depend on the Investor. PennyMac services on behalf of others, and ther Servicer will follow the specific Investor's guidelines. Pennymac was started by ex-Countrywide people in anticipating of massive sales of distressed assets. But, I suspect that most of their money is being made on Servicing, not returns on purchased loans.
It was 35 days from submit to approve. I have done only one PennyMac short sale.
They reduced the commission to 5%, per investor guidelines, btw.
we already have an approved amount from them. the first buyers walked. we sent in a contract matching what pennymac wanted. i'm wondering how long until we hear. did yours take 35 days from the very beginning? Was there any going back and forth on the offer in those 35 days?
Thanks!
Michael Schneider said:
It was 35 days from submit to approve. I have done only one PennyMac short sale.
They reduced the commission to 5%, per investor guidelines, btw.
Bethany,
Yes, 35 days, from start to approval, first and only buyer. Yes, there was quite a bit of "back and forth". If you are sending in a new contract from a different buyer relatively soon after "buyer walked", then they may approve quickly, and they have the appraisal, title and valuation work done.
And, I should have added that they cut the commission to 5%, but did approved other "optional" fees that were very helpful in completing the deal.
Overall, my one experience with PennyMac was very good.
Does anyone have copies of the paperwork that are required or can we use a generic information form?
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