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Fannie Selling Guide Updates; Expanded Income Options

Wednesday, November 4, 2015

Fannie Mae has released another set of changes to its Selling Guide.  The changes are in the following categories:

  • Refund of Loan-Level Price Adjustments
  • Co-op Project Review Policy Update
  • Project Eligibility Review Service for Established Condo Projects
  • Updates to HomeReady loans
  • Incorporation of Earlier Announcement Regarding the Reps and Warranties Framework
  • Delivery of Loans with More than Two Borrowers
  • Miscellaneous Selling Guide Updates

Refund of Loan-Level Price Adjustments

Fannie Mae will begin refunding loan-level price adjustments (LLPAs) on certain mortgages sold as whole loans and repurchased by the lender within 18 months.  The refund will be based on the LLPAs charged at acquisition less a 50 basis point processing fee calculated on the unpaid principle balance at acquisition.  Fannie Mae is also modifying its premium recapture policy for certain whole loans that pay off within 120 days of acquisition.  

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