New Conventional LLPAs & FNMA Cash-Out Seasoning Requirements
Effective Wednesday, 2/15
Two Important Changes Affecting Submissions 2/15/2023
- New Conventional LLPAs Begin
- FNMA Seasoning Requirement for Cash-Out Refinances Required
New Cash-Out Seasoning Requirement for Submissions on 2/15/2023
- 12 month seasoning requirement for FNMA Cash Out
- FNMA Cash-Out Loans with less than 12 months seasoning are required to fund by 3/31/2023
New LLPAs effective for Submissions on 2/15/2023
- Additional rows/columns for higher FICOs and Lower LTVs
- Full separation of adjustments by loan purpose (Purchase, R&T, and Cash-Out)
- Improvements to lower FICO Purchases, worsening of >75% LTV, >=680 FICO Purchases
- General worsening of rate and term adjustments
- General worsening of Cash-Out adjustments
- Addition of >40% DTI adjustment
- Improvements to multi-unit and <=70% LTV NOO
- Submission before 2/15/2023 must fund by 3/31/2023 or LLPAs will be applied.
For more information, please contact your Account Executive.