Announcements

12-21: Clarification to Tax Transcript Policy

  • April 05, 2012


 To: All Correspondent Sellers
 From: Mike Quinn, Managing DirectorTax transcripts are required for each borrower whose income is utilized as a source of
 repayment. The mo...

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12-20: Reminder -- FHA Miscellaneous Underwriting Issues and MIP Changes

  • April 05, 2012

Announcement 12-20To: All Correspondent Sellers
 From: Mike Quinn, Managing Director
 ML 2012-03In accordance with Mortgagee Letter (ML) 2012-03, PennyMac updates requirements<...

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12-19: Removal of 75 and 90 day Best Effort lock options

  • April 03, 2012

To: All Correspondent Sellers
 From: Mike Quinn, Managing DirectorEffective Monday, April 9, 2012, PennyMac will remove the ability to lock a 75 or 90 day
 Best Effort com...

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12-18: Reminder-Gross Monthly Rent Requirement for Agency Loans

  • March 29, 2012


 To: All Correspondent SellersFrom: Mike Quinn, Managing DirectorIn accordance with Fannie Mae* requirements, the gross monthly rent for each unit must be
 documented for all inves...

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12-17: Update to FHA Streamline Refinance Product Profile

  • March 29, 2012

To: All Correspondent Sellers
 From: Mike Quinn, Managing DirectorPennyMac is pleased to announce that our FHA Streamline Refinance Product Profile has
 been updated to allow for Credit Quali...

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12-16: Clarification of Announcement 12-10 - Collateral Package Delivery

  • March 23, 2012

Announcement 12-16To: All Correspondent Sellers
 From: Mike Quinn, Managing Director       Requirements
 With this communication, PennyMac is clarifyin...

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12-15: FHA Streamline Refinance Launch

  • March 15, 2012

Announcement 12-15To: All Correspondent Sellers
 From: Mike Quinn, Managing DirectorEffective March 15th, 2012 PennyMac is pleased to announce the launch of the FHA Streamline Refinance
 ...

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12-14: Seller guide changes regarding loan delivery procedures

  • March 14, 2012

Announcement 12-14To: All Correspondent Sellers
 From: Mike Quinn, Managing DirectorEndorsements
 Currently, all loans sold to PennyMac require the note to be endorsed from Seller to
...

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12-13: Elimination of the Government Price Adjustment for Cashout Refinance mortgages.

  • March 08, 2012

Announcement 12-13To:   All Correspondent Sellers
 From: Mike Quinn, Managing DirectorEffective Tuesday, March 13, 2012, PennyMac will eliminate the Government Price Adjustme...

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12-12: Removal of Certain Overlays for Agency and FHA Loans

  • March 08, 2012

Announcement 12-12To: All Correspondent Sellers
 From: Mike Quinn, Managing DirectorEffective immediately, PennyMac is pleased to announce the removal of the following overlays:
 Agency ...

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