Announcements

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06.24.19

19-37: VA IRRRL Months to Recoup

Previously, PennyMac required all IRRRLs to meet the 36 month fee recoupment, except in transactions where the payment increased due to a term redu...

06.20.19

19-36: FHA ML 2019-08 and Reminder Regarding Illegal Acti...

Effective with case numbers assigned on or after June 17, 2019, PennyMac is aligning with FHA’s updates to Building On Own Land (BOOL).

06.20.19

19-35: Freddie Mac Bulletin 2019-9, 2019-11 and Fannie Ma...

PennyMac is aligning with Freddie Mac’s updates announced in Bulletin 2019-9, 2019-11 and Fannie Mae’s DU Release Notes 10.3 July Update, excluding...

06.18.19

19-34: Disaster Policy Implementation: Flooding in the Mi...

FEMA has recently declared several states in the Midwest as eligible for Individual Assistance, and several governors have issued states of emergen...

06.07.19

19-33: Fannie Mae Lender Letter 2019-06: Updates to DU El...

Effective with new loans submitted to DU on or after July 20, 2019, PennyMac is aligning with the updates announced by Fannie Mae in Lender Letter ...

06.07.19

19-32: Non-Delegated Fee Schedule Update

Effective for Non-Delegated commitments taken on or after Monday, June 10, 2019, the Underwriting Fees will be as follows:

05.24.19

19-31: Overlay Updates

In PennyMac’s continuing effort to align program requirements and market risk, the following overlays are being updated effective immediately.

05.14.19

19-30: Hours of Operation for Memorial Day Holiday

Please note the hours of operation for Best Effort, Bulk, AOT and DT Commitment Options:

05.14.19

19-29: Release of FNMA Single Close Program and Update to...

PennyMac is pleased to announce the release of the Fannie Mae Single Close Construction loan program. Program requirements include:

05.08.19

19-28: VA Handbook Changes and Circular 26-19-09

VA has recently released updates to several chapters of the VA Lender’s Handbook. Effective dates for each chapter can be found in VA Transmittal s...

04.23.19

19-27: Updates to VA Renovation Program Pricing

Effective Tuesday, May 7, 2019, PennyMac will be updating the Best Effort rate sheet to include new base pricing grids for VA Renovation loans. Thi...

04.19.19

19-26: Freddie Mac Bulletin 2019-7 Home Possible and Seco...

PennyMac is aligning with the updates in Freddie Mac Bulletin 2019-7, including but not limited to the following. Effective dates are included below.

04.16.19

19-25: Clarifications to Ginnie Mae Seasoning Requirements

Ginnie Mae recently provided clarification regarding the applicability of seasoning requirements for VA loans.

04.10.19

19-24: Updates to Conventional LLPAs

PennyMac will make updates to the Conventional LLPAs effective for all Best Effort and AOT-DT commitments taken on or after Friday, April 19, 2019,...

04.08.19

19-23: Hours of Operation for Good Friday Holiday

Please note the hours of operation for Best Effort, Bulk, AOT and DT Commitment Options: