Pennymac relies on the Seller’s representations and warranties that, as of the date a mortgage loan is purchased, hazard insurance has been obtained and the premium for such insurance is paid. *The above policy applies to all insurance policies, including project master insurance. If, on the date of closing, there are less than 60 days to policy expiration, Pennymac requires a 30-day binder or evidence that the policy has been renewed for one year. For refinance loans, Pennymac accepts a current policy as long as on the date of closing, there are 60 days remaining before the policy expires.For purchase transactions, evidence that the first year premium has been paid.A hazard insurance policy that meets the following specifications must be provided by the applicant at closing:
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