PennyMac Financial Services said Thursday that it has become the first large mortgage servicer to implement the U.S. Department of Veterans Affairs‘ (VA) new loss-mitigation waterfall, including the VA Partial Claim option, nearly four months before the agency’s Nov. 28 implementation deadline.

The rollout comes days after the VA finalized updates to its loss-mitigation and partial-claim policies, implementing provisions of the 2025 VA Home Loan Program Reform Act. The law established a permanent partial claim option after the wind-down of the Veterans Affairs Servicing Purchase (VASP) program left the agency without a long-term foreclosure prevention alternative for details ⇒

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