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Fannie Increases Fees

LLPAs boosted on some flow programs

December 29, 2008

By MortgageDaily.com staff


Fannie Mae has increased its pricing adjustments on some programs.

The secondary lender will now impose new loan-level pricing adjustments on loans that are purchased on a flow basis with certain risk characteristics, according to announcement 08-38 issued today.

The adjustments apply to mortgages with an interest-only feature, Fannie said. Also impacted are loans secured by condominium and cooperative properties.

In addition, the Washington, D.C.-based firm has updated pricing adjustments for cashout loans, mortgages secured by two-unit properties and loans with subordinate financing. Pricing adjustments were also updated for some combinations of loan-to-value and credit score.

The updated pricing applies to loans purchased on or after April 1, 2009. Loans delivered into mortgage-backed securities with issuance dates on or after April 1, 2009, will also be subject to the new pricing.

"Lenders are reminded that all loan-level pricing adjustments are cumulative, unless otherwise noted," the announcement stated. "Loan-level pricing adjustments and the adverse market delivery charge are incorporated by reference into the selling guide and are binding on lenders as provided by the mortgage selling and servicing contract."

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