Announcements - Page 13

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04.21.17

17-14: Updates to Tax Transcript Requirements and Underwr...

Changes are being made to the requirements surrounding Work Number in lieu of Tax Transcripts and 2016 Tax Transcripts timing. Also, a reminder ab...

04.21.17

17-13: Transactions Involving Intra-Family Purchases

PennyMac has seen a recent trend involving intra-family purchases as a means to obtain cash-out for the seller while avoiding cash-out qualificati...

04.04.17

17-12: Update to Conventional LLPA

Effective for all commitments taken on or after Thursday, April 6th, 2017, PennyMac is implementing updates to the Conventional LLPA for Best Effo...

03.27.17

17-11: Changes to Best Effort Price Caps

PennyMac is pleased to announce the removal of price caps on Conventional and Government Best Effort loans, for new commitments taken on or after ...

03.21.17

17-10: Update to SRP Grids

PennyMac will revise SRP grids effective for all commitments taken on or after Monday, April 3, 2017. PennyMac is aligning the SRP grid header to ...

03.08.17

17-09: Freddie Mac Income and Asset Changes in Bulletin 2...

Effective immediately for Freddie Mac loans, PennyMac will align with Freddie Mac’s updates to income and assets as announced in Freddie Mac Bulle...

03.06.17

17-08: Overlay Update VA Joint Loans and FHA Texas (a)(6)

In PennyMac’s continuing effort to ensure guidelines support current lending conditions, the following overlay updates are effective with commitme...

02.27.17

17-07: Good Friday Holiday Hours

Please note the hours of operation for Best Effort, Bulk, AOT and DT Commitment Options:  

02.23.17

17-06: Update to FHA DTI Overlay

In PennyMac’s continuing effort to ensure guidelines support current lending conditions, effective Tuesday, February 28, 2017, PennyMac is updatin...

02.13.17

17-05: Updates to PennyMac’s VA Full Doc and IRRRL Programs

In PennyMac’s continuing effort to ensure guidelines support current lending conditions, effective immediately, PennyMac is updating overlays for ...

02.02.17

17-04: VA Circular 26-17-2: Student Loan Payment Calculation

Effective immediately, PennyMac is aligning with VA’s student loan payment calculation requirement, and Lenders may begin using VA’s updated guide...

01.26.17

17-03: Trailing Documents and Unmatched Data Fee

Mortgage loans purchased by PennyMac require delivery of all trailing documents as they become available but not to exceed 270 days from the purch...

01.18.17

17-02: Changes to Best Efforts Commitment Policy and LLPA...

For new Best Effort commitments taken on or after Thursday, January 19th, 2017, PennyMac will reduce the minimum extension term to one (1) calenda...

01.11.17

17-01: Hours of Operation for Martin Luther King Jr Day a...

Please note the hours of operation for Best Effort, Bulk, AOT and DT Commitment Options:  

12.30.16

16-50: Property Inspection Waiver Fee Discontinued

Effective immediately, PennyMac will discontinue the $75 property inspection waiver (PIW) fee, in conjunction with Fannie Mae's removal of the...