Streamlined Accept: One year personal and business returns.Please note that for a period of time Freddie Mac and PennyMac will allow an individual loan to be documented and underwritten using either current guidelines or the new guidelines however Lenders may not combine requirements from current and new guidelines in the same loan. Please review Freddie Mac Bulletins 2016-19, 2016-23 and Freddie Mac guidelines for complete information. Lenders must follow Freddie Mac’s new income and asset requirements for all Freddie Mac loans delivered on or after June 2, 2017.īelow is a high level summary of some of the key changes. Lenders may deliver loans under the current guidelines until June 1, 2017, and PennyMac must purchase these loans by June 22, 2017. Effective immediately for Freddie Mac loans, PennyMac will align with Freddie Mac’s updates to income and assets as announced in Freddie Mac Bulletins 2016-23.