Whole-loan sellers at the Federal National Mortgage Association are being provided with benefits previously limited to mortgage-backed securities clients.
Expanded whole-loan committing grids
are being implemented by the Washington-based secondary lender, according to a notice issued on Tuesday.
The change is being made in response to lender feedback and will give whole-loan sellers market transparency that was previously reserved for just MBS execution.
Available to all sellers through Pricing & Execution – Whole Loan,
the grids will be implemented on Feb. 2.
Initially, the expanded grids will include 15- and 30-year mortgages up to $85,000, $110,000, $125,000, $150,000 and $175,000.
Fannie noted that the grids will be activated for all PE-WL users, though they can be disabled for organizations that need extra time to update their systems.
Commitments can be executed for up to 60 days.
All commitment parameters must be met at delivery. If the loan amount is outside the range as stated on the commitment, it will fail loan delivery.
A demo-only testing environment is available until Jan. 29.
Demo requests, as well requests to disable the enhanced grids, can be made to [email protected].
Live production testing is available on Jan. 24 and Jan. 30
where users can utilize login IDs and passwords to review the enhanced committing grids.
