Effective immediately, Pennymac is aligning with the guidance in Mortgagee Letter 2023-01 and also reminds our Correspondents of the importance in complying with the following FHA document requirements to ensure acceptability for FHA mortgage insurance.
FHA has now published instructions to its Single Family Mortgage Model Documents webpage that provide the FHA-specific modifications required for the 2023 GSE Forms now in use by the GSEs. The previous instructions aligned with FHA’s 2015 instructions, which set forth FHA-specific modifications based on the 2001 GSE Forms.
FHA is not discontinuing its acceptance of the 2001 GSE security instrument and note; instead, they will continue to accept either the 2001 or 2023 GSE security instrument or note provided the appropriate FHA instructions are used.
Please contact your Sales Representative with any questions.