Peak Performance Terms & Conditions

Calculations

Peak Performance is a program for Pennymac TPO partners to earn benefits by maintaining specific operational metrics. Peak Performance operational metrics include Lock Pull Through and Submission Pull Through. Lock Pull Through is the percentage of locks that successfully close. Submission Pull Through is the percentage of submissions that successfully close. Both Lock and Submission pull through are calculated each quarter using the previous two quarters. For example, Q2 Qualifying will use Q3 and Q4 pull through data. Monthly status reports will include quarter to date plus the previous quarter’s data. Active loans will be excluded from all pull through operational metric calculations.

Rewards

Rewards are at a Company level. We require the company owner's approval for relock fee waivers and EPO waivers. TPO partners may use their EPO fee waiver only if the partner is not party to the transaction that pays off the loan. Rewards may only be used during the quarter that the partner has a qualifying Peak Performance status. Jumbo AUS and Optima Jumbo (Non-AUS) loans are not eligible for the relock fee waiver benefit or extension benefit. Rate Lock Extension is limited to one extension per loan. Rate lock extensions can only be used with 30 day + lock terms and loans must be in conditional approval or later status to be eligible for Peak Performance lock extensions. EPO’s <90 days from closing or loan purchase date are not eligible for EPO waiver. See your account representative for details.

Other

Pennymac reserves the right to suspend or terminate a participating partner from the program, in its sole and absolute discretion, if partner submissions show evidence of excessive prepayment speeds and/or delinquency rates, or is otherwise suspended or terminated pursuant to our Agreement.

To establish baseline metrics, we will use the submission count from the previous quarter.

Partners will be immediately disqualified if they have an unpaid EPO invoice greater than 90 days.

Eligibility decisions are made by Pennymac at our sole discretion.

More than one benefit cannot be applied on the same loan.

Pennymac reserves the right to change the program and benefits.

Standards and benefits are subject to change at the discretion of Pennymac at any time.

Benefits will be live by the 5th business day after the start of the quarter or alternate date as communicated by Pennymac.

Updated-10/4/24