To Our Borrowers

PennyMac Statement on President Obama's Homeowner Affordability and Stability Plan

On February 18th, 2009 President Obama released the initial details of the Homeowner Affordability and Stability Plan followed on April 28th by updates to the Making Home Affordable Program. PennyMac Loan Services, LLC (PennyMac), as a specialized loan servicer, welcomes the release of the Plan as well as the structure and standardization that it provides to the residential mortgage industry. Many of our customers, as well as other Americans, have been affected dramatically by the economic downturn and require assistance to continue to meet their mortgage obligations. PennyMac has worked and will continue to work with our borrowers to place them into the most appropriate modification program available, based on their individual circumstances. In fact, the programs we offer today, for both first and second mortgages, are very similar to those contained in the President's Plan and can assist customers without delay. Our work keeping borrowers in their homes through customized modifications continues uninterrupted by the announcement of the Plan.

PennyMac, along with other servicers, is prepared to act on the President's Plan when final guidelines are released by the U.S. Treasury Department. Many specifics still need to be developed and the applicability to each of our customers needs to be assessed. We look forward to seeing these specifics and acting on them in the near future. However, in the interim, we encourage our borrowers to contact us immediately if they have difficulty in meeting their obligations.

PennyMac borrowers who would like to speak with a representative about their unique financial situation are encouraged to call us toll free at (866) 545-9070.

Consumers wishing to read about the President's Plan may click here to visit The White House blog. For details on the April 28, 2009 update to the plan including the new Second Lien Program click here.