LendingPros - Wholesale Lending for Mortgage Brokers

New Conventional LLPAs & FNMA Cash-Out Seasoning Requirement

Effective 2/15, Wednesday

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.

Skip to content