Product and underwriting exceptions are a departure from Pennymac established credit policy. These exceptions convey an additional level of risk and, therefore, require careful review and consideration. Pennymac approval is required. Exceptions may only be requested on loans that have closed and meet conforming or government investor guidelines.
Exceptions may have pricing implications. If applicable, pricing impact will be communicated at the time of exception request approval.
Sellers must not lock a loan that does not meet Pennymac guidelines until they have requested and received an exception approval from Pennymac, in writing. Loans locked with inaccurate data may result in a pair off fee if Pennymac is unable to purchase the loan.
Exception Request Process
An exception request may be submitted on either an open or closed loan transaction. To initiate the review process, the Seller must complete and submit the Credit Exception Request Form, which is located on gopennymac.com in the "Non-Delegated Resources" sub-section of the "Tools & Resources" tab. Pennymac will provide a decision, in writing. The exception approval must be included in the credit file when the loan is delivered for purchase.