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:
- Lower Net Worth Requirements
Lowered to $1,000,000 for Jumbo/Dream Big Products
- Hours of Operations
- File Delivery Deadlines
Expanded to lineup with lock changes
- Overnight Rate Protection
Lock cutoff has been removed
- Lock Extensions
- Re lock policy
- **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
- 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.