22-08: Agency Second Home and High Balance LLPA Changes
Effective Monday January 24th, 2022, Pennymac is updating our Conventional LLPAs for Best Effort commitments 45 days and longer, as follows:
- Update Second Home <60 Day Lock LLPA to Second Home <45 Day Lock and Second Home >= 60 Day Lock LLPA to Second Home >= 45 Day Lock
- Update High Balance Mortgage Loans < 60 Day Lock Periods Grid to High Balance Mortgage Loans < 45 Day Lock Periods and High Balance Mortgage Loans >= 60 Day Lock Periods Grid to High Balance Mortgage Loans >= 45 Day Lock Periods
Lock extensions and relocks will be subject to the new LLPAs if the loan is delivered after March 7, 2022 and purchased after March 17, 2022, and the new fee was not included previously. The LLPA may not be reflected in the price until after the lock extension or relock has been completed.
Please contact your Sales Representative with any questions.