10/28/2020
The Federal Housing Finance Agency (FHFA) announced a delay to the implementation date of the Adverse Market Refinance Fee until December 1, 2020. Exempt from the fee are HomeReady, Home Possible, Fannie Mae Single Close with Special Feature Code 151, and refinance transactions with loan balances less than or equal to $125,000. In order to align with FHFA’s announcement, PennyMac will be including the fee as follows:
For Bulk and Bulk-AOT:
| Lock Period | Effective Date for Refinance LLPA |
|---|---|
| 1 day | November 12, 2020 |
| 2 days | November 10, 2020 |
| 3 to 7 days | November 9, 2020 |
| 8 to 11 days | November 2, 2020 |
| 12 to 16 days | October 29, 2020 |
| 17 days and longer | October 26, 2020 |
For Best Efforts:
| Lock Period | Effective Date for Refinance LLPA |
|---|---|
| 75 days | August 31, 2020 |
| 60 days | September 11, 2020 |
| 45 days | September 25, 2020 |
| 30 days | October 9, 2020 |
| 15 days and less | October 26, 2020 |
- Best Effort lock extensions and relocks will be subject to the new Adverse Market Refinance Fee if the loan is delivered after November 9, 2020 and purchased after November 20, 2020, and the fee was not included previously. The 50 basis point fee may not be reflected in the price until after the lock extension or relock has been completed.
Please contact your Sales Representative with any questions.