18-12: Updates to PennyMac Jumbo Program
Effective Monday, March 5th, 2018 PennyMac will be re-formatting and updating the Jumbo pricing values on the following areas of the Best Effort rate sheet:
- Jumbo Base Pricing
- Jumbo LLPAs
In addition, the attached Jumbo Guidelines and Product Profile have been updated (link below) and will be published to www.gopennymac.com/products. Included is an annotated version of the guideline document with changes in red and notes to help identify the sections that changed.
Jumbo will be offered under both delegated and non-delegated underwriting options to clients who are approved for Jumbo loans. For non-delegated underwriting options or information on how to be approved for Jumbo, please reach out to your Account Executive.
A sample of the updated Best Effort rate sheet(s) will be posted to the PennyMac Portal after 6:00 PM (PT) on Monday, February 26, 2018 with updates highlighted in yellow. Sample rate sheet(s) will be available for download shortly after the standard rate sheet email notification is sent from ‘PennyMac Correspondent Pricing’ <Send email to ["donotreply"].>.
Note: Sample rate sheet(s) posted to the portal after 6 PM (PT) are intended only to communicate the rate sheet changes as described above. Loan program base pricing will reflect as blank. Rate sheets posted the following morning will be effective for new commitments.
Please contact your Sales Representative with any questions.