22-28: TBD Locks
*Applies to Correspondent Delegated Clients only*
In today’s market Borrowers are looking for a way to lock in a rate while they continue their search for the perfect home. Pennymac Correspondent Group accepts TBD locks to help you better accommodate your clients in this situation.
- Purchase transactions only.
- 60, 75, or 90 day lock terms.
- Enter TBD in the Address field when locking the loan.
- Address is updated by emailing the Lock Desk at CorrespondentBest@pennymac.com
- All standard lock policies apply.
Effective Friday, April 15, 2022 our Conventional and Government LLPA tabs will reflect a new ‘TBD Non Delivery Fee’ LLPA of -0.50. This fee will only be billed if the loan is not delivered to Pennymac.
Please contact your Sales Representative with any questions.