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Announcement # C2018-01 Correspondent Lender Guide Updates

Announcement # C2018-01

Correspondent Lender Guide Updates

August 20, 2018

The Correspondent Lender Guide has been updated with changes to the following topics – click on the topic to view the update in the Lender Guide:

  1. Lower Net Worth Requirements

Lowered to $1,000,000 for Jumbo/Dream Big Products

  1. Hours of Operations

8-8 eastern time LSS support

  1. File Delivery Deadlines

Expanded to lineup with lock changes

  1. Overnight Rate Protection

Lock cutoff has been removed

  1. Lock Extensions

Please see lender guide

  1. Re lock policy

Please see lender guide

  1. **ADDRESS CHANGE**Trailing/Post Funding Documents Address Change

Trailing docs/post funding docs and document transmittal, should be sent to:

New Penn Financial, LLC, Attn: Trailing Docs

4000 W Brown Deer, Milwaukee, WI 53209

  1. Correspondent Division now offering SMART LOAN SERIES

Addition of Non-Agency/Non-QM SMART loan products.

    9.   Early Payment Event of Default and Remedies

SMART LOAN SERIES Loan Program Changes to EPD/EPO

Please refer to the New Penn Financial National Correspondent Division Product Matrices for specific product details.