19-11: End of Partial Government Shutdown
Effective with loans delivered on or after February 4, 2019, PennyMac is removing the temporary guidelines associated with the partial government shutdown.
Effective with this update, all conventional loans must meet standard guidelines per the applicable Agency, including but not limited to:
- Standard VVOE verifying employment dated with10 days of close
- Reserves per the AUS. The additional two months reserves required for impacted borrowers is no longer required
- Fannie Mae loans require a pay stub dated within 30 days of the application date
Effective with this update, PennyMac is reinstating the requirement for a VVOE dated within 10 business days for wage earners, and 120 calendar days for self-employed borrowers.
Please contact your Sales Representative with any questions.