What do I use to seal exterior PVC pipe thru concrete foundation

I've come across another leak in my foundation right at the point where the septic system PVC waste pipe exits the foundation. Fortunately it is only about 2 feet below grade on the exterior and I've decided this is where I'll do the repair.
Water seepage only occurs during a VERY heavy rain. But every time it happens the insulation gets soaked in the interior of the basement. When I removed the insulation from this spot, it appears the builder used some kind of cement to patch both interior and exterior surfaces around the pipe.
Is there one de facto standard as far as sealing all pipe openings in foundations?
I don't understand why the builder didn'tt use some type of plastic roofing mastic/cement to seal this damn thing better. It looks very half-ass to me. You would think there would be some kind of plumbing code governing this type of thing.
BTW, can someone please explain the difference between portland cement and masony cement. Also , what does it mean when portland cement is classified as Type I and/or Type II?
thanks
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This may sound like a big job, but it is what I would do. Dig down to where it enters the house, clean it up real good around where it enters. Quickcrete makes a mix that mixes up kinda like a putty. Can get it at lowes. Apply it around the pipe real good and let it set up for a day. Then I would get some foundation waterproofing and brush it on real thick. Might also want to clean your gutters if they are over flowing in that area. Good Luck!

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We always used hydraulic cement. Combined with good backfill and drains, I don't recall any problems.

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