Blog of the Mortgage

FNMA is Changing their Pricing October 1st

Alright! August is THE MONTH.
1st, we have the housing Bill. What a mighty Cluster that's going to turn into.
Then we have MI companies Changing the Game again for us as of Monday August 4th...no more 95% in California.
NOW: FNMA.. this gal: she just won't be left out in the rain. She's ready to PARTY!

Print this little 3 pager out for your records here:
New LLPA(risk based pricing) 08-18

Very quietly and without any fanfare (who wants to fan bad news in this market?) FNMA delivered a brand new LLPA grid for us all to wrap our heads around.
Since this will take effect on October 1st of this year be prepared to see your rate sheets adjusted sometime in mid-August to early September.

Bottom Line: we have new hits adding up to .500 in adverse markets BUT there's a Gem in there for your well-qualified borrower's with over 720 FICO AND 90% LTV. .25% fee IMPROVEMENT!
For high LTV high FICO borrowers. How cool is that?

Be sure you prepare your borrower's and especially your Realtor Partners for these changes if Conventional/Conforming is your bag. We do a ton of this business in our Office and I know you would all want to be prepared before you send your loans into us.

I look forward to your continued business and support.