Pennymac will update Conventional LLPAs effective for all Best Efforts Commitments taken on or after Wednesday, August 16 2023 as follows:
- Update footnote for ‘2nd Home Additional’ LLPA
- Expanded terms to include 300 months or more.
- Expanded Lock Periods up to 60 days, an increase from 45-days.
- Adjustment will no longer be applicable to properties located in New York state.
Please contact your Sales Representative with any questions.