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GSE News | Fannie/Freddie Share Statistics
Fannie, Freddie and FHLB news. Coverage of government sponsored enterprise regulation, operations and litigation.

Fannie Updates Prices

Loan Level Price Adjustment matrix released

Feb. 27, 2008

By Mortgage Daily staff

Fannie Mae has issued pricing updates that are effective next week.

The Washington, D.C.-based secondary lender outlined updated pricing in a new Loan-Level Price Adjustment Matrix and Adverse Market Delivery Charge schedule effective on loans purchased beginning March 1. The LLPAs are deducted from the purchase proceeds.

Fannie has imposed an adverse market delivery charge of 0.25 percent on all loans.

Some LLPAs are based on a combination of loan features and loan-to-value. For instance, adjustable-rate mortgage require an adjustment of 0.25 percent when the LTV exceeds 90 percent and no adjustment for LTVs at or below 90 percent.

Loans with 40 year terms will require an 0.125 percent adjustment, while cashout refinance adjustments will range from 0 to 0.75 percent, Fannie said. Investment property adjustments range from 1.50 percent to 2.50 percent and adjustments for manufactured homes are 0.50 percent.

Credit scores below 620 will generally require a 2.00 percent adjustment, scores between 620 and 639 will require a 1.75 percent adjustment, and scores between 640 and 659 will be adjusted by 1.25 percent, according to the matrix. Credit scores below 680 will be adjusted by 0.75 percent.

In most cases, mortgages with subordinate financing will require an 0.25 percent adjustment -- except interest-only loans with credit scores under 720, which will require 0.50 percent, Fannie said. A 1.00 percent adjustment will be required on all MyCommunityMortgage loans, though fees will be adjusted down 0.20 percent if the LTV falls below 97 percent.

On Flexible Mortgages, Fannie noted adjustments range from 0.50 percent to 1.75 percent -- depending on the LTV. Flexible Mortgages with non-Community second mortgages will require a 1.50 percent adjustment.

Expanded Approval loan adjustments range from 0.25 percent to 1.50 percent, depending on program features, the form indicated. The adjustment for EA-I loans with an MBS-only option is 1.50 percent, while an EA-II adjustment is 2.75 percent and an EA-III adjustment is 4.00 percent.

Freddie Boosts Delivery Fees (Feb. 22)
Freddie Mac advised its approved sellers and servicers of further fee increases and tighter guidelines.

Fannie Mae profile

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