Announcements

17-17: Rural Housing Procedural Notices 494 and 495: Net Tangible Benefit and Hazard Insurance Deductible Updates

  • April 26, 2017

Effective immediately, PennyMac is aligning with Rural Housing’s update to NTB definition and policy regarding hazard insurance deductibles.

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17-16: FHLMC Bulletin 2017-2 and Bulletin 2017-3: Various Updates

  • April 26, 2017

PennyMac is aligning with the updates announced in Freddie Mac Bulletin 2017-2 and 2017-3.

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17-15: Hours of Operation for Memorial Day Holiday 2017

  • April 21, 2017

Please note the hours of operation for Best Effort,  Bulk,  AOT and DT Commitment Options for the Memorial Day Holiday 2017.

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17-14: Updates to Tax Transcript Requirements and Underwriting Help NPPI Reminder

  • April 21, 2017

Changes are being made to the requirements surrounding Work Number in lieu of Tax Transcripts and 2016 Tax Transcripts timing. Also, a reminder about emails containing NPPI sent to Underwriting Help. 

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17-13: Transactions Involving Intra-Family Purchases

  • April 21, 2017

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

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17-12: Update to Conventional LLPA

  • April 04, 2017

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

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17-11: Changes to Best Effort Price Caps

  • March 27, 2017

PennyMac is pleased to announce the removal of price caps on Conventional and Government Best Effort loans, for new commitments taken on or after Monday, April 3, 2017.

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17-10: Update to SRP Grids

  • March 21, 2017

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 reflect the conforming standard balance loan limits, as announced by Fann...

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17-09: Freddie Mac Income and Asset Changes in Bulletin 2016-19 and 2016-23

  • March 08, 2017

Effective immediately for Freddie Mac loans, PennyMac will align with Freddie Mac’s updates to income and assets as announced in Freddie Mac Bulletins 2016-19 and 2016-23.  Lenders may deliver loans under the...

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

  • March 06, 2017

In PennyMac’s continuing effort to ensure guidelines support current lending conditions, the following overlay updates are effective with commitments taken on or after March 10, 2017.

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