22-15: Agency Second Home and High Balance LLPA Changes
Effective Friday, February 18, 2022, Pennymac is removing the lock term specific Conventional Second Home and High Balance LLPAs for Best Effort Commitments as follows:
- Remove ‘Second Home < 30 Day Lock’ LLPA
- Remove ‘High Balance Mortgage Loans <30 Day Lock Periods’ Grid
- Update ‘Second Home >= 30 Day Lock’ LLPA to ‘Second Home’ LLPA
- Update ‘High Balance Mortgage Loans >= 30 Day Lock Periods’ Grid to ‘High Balance Mortgage Loans’ Grid.
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.