22-43: Loan Eligibility in New York and CEMA Refinances


Effective immediately, Pennymac is pleased to announce that Conventional Conforming, Jumbo, FHA and VA loans secured by properties in New York are now available for Non-Delegated clients. Our Delegated Correspondents are already eligible to deliver loans secured by properties in NY and CEMA Refinances.

The following requirements apply on conventional loans requiring mortgage insurance:

  • To determine if MI is required on a purchase transaction, base the LTV calculator on the Appraised Value only instead of the lower of the Appraised Value or Sales Price
  • When MI is required based on the above calculation, determine the level of MI required by using the standard LTV calculation (lower of Appraised Value or Sales Price)

In addition, Consolidation, Extension and Modification Agreement (CEMA) loans are also now allowed subject to meeting the following criteria:

  • Refinance transactions only (Cash Out and Rate & Term)
  • 1-4 unit properties
  • eMortgages are ineligible
  • Lost Note Affidavits (LNAs) are not allowed for prior or current Notes.

Please see the applicable loan program product profile for complete details.

Please contact your Sales Representative with any questions.