02.26.15
15-11: Increase to LTV Plus Maximum Loan Amount
Currently, the LTV Plus program is limited to a maximum loan amount of $750,000. Effective Monday, March 2, 2015, PennyMac is pleased to announce...
02.25.15
15-10: Types of Power of Attorney Documents
As a reminder, a power of attorney on Conventional loans using Desktop Underwriting or on Jumbo loans must reference the subject property address ...
02.23.15
15-09: Changes to Government FICO Minimum and VA Loan Am...
Effective with loan commitments taken on or after Wednesday, February 25, 2015 PennyMac is pleased to announce the following changes to government...
02.13.15
15-08: Income, Assets and Property Related to Illegal Ac...
As a reminder, when delivering loans to PennyMac, Lenders rep and warrant that individual loans comply with all applicable laws, including any loc...
02.09.15
15-07: Conforming Condo Project Warranty Documentation
Lenders that sell mortgage loans secured by units in a condo project are expected to have staff that are knowledgeable about and qualified to eval...
01.23.15
15-06: Current Market Value Requirement Retired for FHA ...
Previously, PennyMac required a current market value, as demonstrated by an Automated Value Model (AVM) or drive by appraisal (2055E or 1075), to ...
01.12.15
15-05: Clarification to Announcement 14-63 FHA and VA AR...
This announcement is intended to provide further clarity regarding Announcement 14-63 regarding FHA and VA ARM Look-Back Periods. See the attache...
01.12.15
15-04: Hours of Operation for Martin Luther King Jr Day ...
Please note the hours of operation for Best Effort, Mandatory, Bulk, AOT and DT Commitment Options:
01.09.15
15-03: CSV and PDF File Types to be Removed from Rate Sh...
Currently, PennyMac clients are able to access rate sheets via the “Rate Sheets” menu option on the Correspondent Portal. Each rate sheet is acce...
01.08.15
15-02: New USDA Rural Housing Rule and Handbook
PennyMac has aligned with the updated version of the rule governing USDA Rural Housing loans. In addition to the updated rule, Rural Housing rele...
01.07.15
15-01: FHA Elimination of Post-Payment Interest Charges ...
Currently, FHA allows mortgagees to charge borrowers interest through the end of the month when the mortgage is paid in full prior to the end of th...