Commitment Management

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...

Mortgage Loan Updates

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 ra...