Loan impact
Summarized from the announcement · needs reviewApplies to: RefiNow refinance transactions secured by units located in condominium or PUD developments.
- ANDPennymac loan
- ANDProperty type: condo or pud
- ANDCredit program is RefiNow
- Addressed to
- Pennymac correspondent sellersFrom the publisher, not quoted from the text
- Investor
- PennymacFrom the publisher, not quoted from the text
- Property types
- Condo, pud
- Affected areas
- Condo projects; Eligibility
- Applicability confidence
- Needs review: some rows could not be matched to a quote from the source
Summary by AWACS. Pennymac Correspondent's guide is proprietary, so AWACS does not reproduce its text. Read the official announcement ↗ (opens in a new tab)
What changed
Summarized from the announcement| Requirement | Previously | Now |
|---|---|---|
| RefiNow condominium project review waiver verificationClarified | Previously: Project review waivers were granted automatically on eligible RefiNow condo transactions. | Lenders must verify specific eligibility criteria before granting a waiver, including checking CPM status and confirming no critical repairs exist. |
| Applies when: All loan-impact conditions above · Type is condo or pud | ||
What to do
AWACS interpretation · not source languageWhat to review: Review the guidance for RefiNow condominium and PUD transactions regarding verification of CPM status and confirmation of no critical repairs prior to granting project review waivers.
QC implications
- Sample RefiNow condominium and PUD loans receiving project review waivers to verify CPM status was checked and the absence of critical repairs was confirmed.
Source and record
Version 1 · archivedChecks
Source verified: Passed
The document ID, link and publication date match the official source.
Quotes match the source: Passed
Every quoted passage appears word for word in the official document.
Requirements backed by the source: Passed, adjusted automatically
Anything marked required is backed by the requirement language and dates in the source.
- A detail the source does not support was removed or adjusted
- An independent check could not confirm which way a change moves a rule; it is not marked as required
In scope: Passed
The document is about residential mortgage lending.
Format and labels: Passed
The record follows the AWACS format and uses its standard labels.
Source
- Correspondent Announcement 26-112 (official) ↗ (opens in a new tab)
- Archived copy, SHA-256 32270ffe85aa…
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