PennyMac issued Announcement 14-54 titled “Clarification Regarding Acceptable Sources for Verification of Assets”.PennyMac clarified the acceptable sources for verification of assets when documentation is needed to verify a borrower has sufficient funds per program requirements. Effective immediately, a verification of assets obtained from a third-party verification vendor is acceptable, if the following requirements are met: acceptable for Conventional loans only, borrower must provide authorization for the lender to use the third-party vendor for purposes of asset verification, complete copy of the verification document must be included in the loan file delivered to PennyMac, information must be requested directly from the third-party verification vendor, and the complete and dated document must be received directly by the lender, and so on.
Read more at http://www.gopennymac.com/announcements/14-54-clarification-regarding-acceptable-sources-for-verification-of-assets