Announcements - Page 4

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05.08.20

20-33: Additional Updates to PennyMac’s Cash-Out Forbeara...

Effective with loans purchased on or after May 8, 2020, PennyMac is removing the repurchase requirement for Conventional Cash-Out refinances that e...

05.07.20

20-32: Updates to Forbearance Policies, Fannie Mae’s Upda...

PennyMac is amending announcement #20-26 titled Loans in Early Forbearance. Effective immediately, a conventional purchase or rate and term loan th...

05.05.20

20-31: Updates to Conventional Cashout LLPAs

Effective with commitments on or after May 4, 2020, PennyMac is temporarily suspending new commitments for purchase of all Non-Delegated convention...

05.03.20

20-30: Non-Delegated Conventional Cash-Out Suspended

Effective with commitments on or after May 4, 2020, PennyMac is temporarily suspending new commitments for purchase of all Non-Delegated convention...

04.29.20

20-29: Suspension of the Enterprise Paid Mortgage Insuran...

Effective with locks on or after April 29, 2020, PennyMac is temporarily pausing the Enterprise Paid Mortgage Insurance (EPMI) program. All other m...

04.28.20

20-28: Updates to Conventional Cashout LLPAs

Due to changes in the market, PennyMac will make adjustments to the updated values in the Conventional ‘FICO/LTV LLPAs Cashout Refinance’ grid effe...

04.27.20

20-27: Updates to LLPA Grids for Best Effort Rate Sheets

Effective Wednesday, April 29th, 2020, PennyMac will be updating values to the Conventional FICO/LTV LLPAs Cashout Refinance grid. Effective Monday...

04.23.20

20-26: Loans in Early Forbearance

Effective with loans purchased on or after April 23, 2020, PennyMac is announcing the following updates regarding loans that enter forbearance afte...

04.21.20

20-25: Updates to Government LLPAs

PennyMac will make updates to the Government LLPAs effective for all Best Effort commitments taken on or after Monday, April 27, 2020, as follows:

04.17.20

20-24: Interior Access, Update to Renovation Programs, Fa...

As the COVID-19 pandemic progresses, many states are enacting stay at home or shelter in place requirements, which can impact mortgage lending. Pen...

04.15.20

20-23: Appraisals with CU Score 5

Due to an increase in appraisals with significant issues, effective with deliveries on or after April 24, 2020 PennyMac will not purchase any deleg...

04.03.20

20-22: Loans in Forbearance

The COVID-19 epidemic has caused unprecedented disruption to the lives and incomes of many current and prospective mortgage borrowers throughout th...

04.03.20

20-21: Hours of Operation for Good Friday Holiday

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

04.02.20

20-20: Fannie Mae Update to Lender Letters 2020-03 and 20...

PennyMac is aligning with Fannie Mae’s updated announced in the revised Lender Letter 2020-03 and 2020-04 dated March 31, 2020, and the updates ann...

03.31.20

20-19: Updates to Low LTV Special

Effective Wednesday, April 1st, 2020, PennyMac will be updating the values for the Low LTV Special pay-up on the ‘Conv LLPA’ page of the Best Effor...