Announcements
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06.02.20
20-37: Update to VVOE Timeline
Effective immediately, for all conventional Fannie Mae and Freddie Mac loans, PennyMac is updating the requirement for a verbal verification of emp...
05.27.20
20-36: PennyMac Announcement #20-23 Rescinded
In announcement #20-23 PennyMac announced that we will not purchase any delegated or nondelegated conventional loan where the appraisal has a Colla...
05.13.20
20-35: Updates to Government LLPAs
PennyMac will make updates to the Government LLPAs effective for all Best Effort commitments taken on or after Friday, May 15, 2020, as follows:
05.13.20
20-34: Hours of Operation for Memorial Day Holiday
Please note the hours of operation for Best Effort and Bulk Commitment Options:
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...