Commitment Cancellation and Pair-Off
A Best Efforts commitment may be cancelled prior to delivering the Mortgage Loan via the Correspondent Portal. Correspondents are encouraged to cancel as soon as such action is deemed necessary.
Commitment Delivery Variance
Best Efforts commitments offer a delivery variance of the lesser of plus or minus (±) ten percent (10%) or plus or minus (±) thirty-five thousand dollars ($35,000) of the original Mor...
Commitment Extension, Roll and Relock
Correspondents are permitted to extend the commitment delivery due date of a Best Efforts commitment for a maximum cumulative term of the lesser of thirty (30) calendar days or the original (or rel...
Mortgage Loan Delivery (Late and Post Delivery Roll)
Pennymac considers a Mortgage Loan delivered when a correspondent has successfully submitted the following documents for the related Mortgage Loan: Appraisal, Automated Underwriting Certificate, an...
Mortgage Loan Rejection, Post Delivery Cancellation and Substitution
If Pennymac rejects or the correspondent cancels a delivered Mortgage Loan allocated to a Bulk, AOT, or DT commitment, the Mortgage Loan will be automatically de-allocated from the associated commi...