Announcements - Page 6
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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...
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...
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...
20-21: Hours of Operation for Good Friday Holiday
Please note the hours of operation for Best Effort and Bulk Commitment Options:
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...
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...
20-18: Updates to Government Loans Due to Covid-19
Effective immediately, for all VA transactions requiring an appraisal, PennyMac is aligning with the appraisal and other flexibilities offered by V...
20-17: Updates to Government LLPAs
PennyMac will make updates to the Government FICO LLPAs effective for all Best Effort commitments taken on or after Monday, March 30, 2020.
20-16: Revised Updates to Government LLPAs
PennyMac has revised the updates to the Government LLPAs effective for all Best Effort commitments taken on or after Friday, March 27, 2020. New va...
20-15: Suspension of Tax Transcript Overlay
Effective immediately, PennyMac is temporarily suspending the PennyMac requirement for tax transcripts. Note that USDA transactions require tax tra...
20-14: Updates to Government LLPAs
PennyMac will make updates to the Government LLPAs effective for all Best Effort commitments taken on or after Friday, March 27, 2020, as follows...
20-13: Bulk AOT Suspended
Given the current market condition and extreme market volatility, PennyMac will be suspending the Bulk AOT delivery method effective immediately.
20-12: PennyMac COVID-19 Response
PennyMac understands that current conditions are providing unique challenges to the loan origination process. As such, PennyMac is announcing the f...
20-11: LIBOR ARMs Suspended
Effective with locks on or after March 21, 2020, PennyMac is temporarily suspending the purchase of all LIBOR ARM loans including Conventional Stan...
20-10: Correspondent Pricing Email Contacts
Due to increased volume and resulting call traffic, we would like to encourage clients to use the following email address contacts to ensure effici...