All files cleared for the CD and submitted to the Closing Department before 12:00pm local time will guarantee the CD to be sent out the next business day.
For Closing Packages, the cut-off times are:
Purchases: 3:00pm local time
Refinances:12:00pm local time
CURRENT UNDERWRITING DATES:
|Jumbo Submitted On||6/29/2016|
|Purchases Submitted On||6/28/2016|
|Refinances Submitted On||6/28/2016|
17 June 2016
Joint Access Letters
PCM no longer requires joint access letters on accounts jointly held by married couples or life/domestic partners when not required by agency or program guidelines. (NOTE: FHA still requires joint access letters for accounts held jointly by a non-borrowing individual regardless of relationship.)
16 June 2016
Home Possible Advantage and MI Changes
Effective July 1, 2016 Freddie Mac will be increasing MI coverage requirements on Home Possible Advantage loans from 18% to 25%. In order to meet delivery deadlines, PCM will require 25% MI coverage amounts on all Home Possible Advantage files closing on or after 15 June 2016.