Mortgage Loan Updates

Mortgage Loan Interest Rate Change

An interest rate change to a Mortgage Loan in a Best Efforts commitment will result in a price adjustment equal to the difference between the existing price associated with the original interest rate and the price associated with the actual interest rate, as noted on the effective rate sheet. If the interest rate does not fit within the same coupon or is not an offered interest rate, PennyMac may reject the Mortgage Loan.

Mortgage Loan Program Change

A program change to a Mortgage Loan in a Best Efforts commitment may trigger a worse-of reprice event and is priced accordingly. To qualify for a program change in accordance with this section, no term of the commitment, including the applicable delivery deadline, may change other than the program.

Mortgage Loan Property Change

A property address change to a Mortgage Loan in a Best Efforts commitment is prohibited, except for immaterial changes, such as common typographical errors.

Mortgage Loan Feature Change

An attribute, or loan feature, change to a Mortgage Loan in a Best Efforts commitment may subject the loan to reprice, relock, cancellation, or rejection.