Agency LLPA Waivers
Newrez LLC "Newrez" Approved Correspondent Clients please note that effective immediately, Newrez is pleased to announce the alignment with Freddie Mac and Fannie Mae to eliminate specific Loan Level Price Adjustments for qualifying borrowers.
As we work toward automating the process on the client portal, Newrez will implement a manual process for Best Efforts locks (BE).
Step One: Correspondent Clients should register or lock the loan on the client portal.
Step Two: Client to contact (phone or email) the Registration Desk and advise Newrez that the loan/borrower meets eligibility requirements.
Step Three: The pricing desk will adjust and confirm for the applicable LLPA credit. An updated confirm will be posted to the client portal.
Note: The loan must meet the eligibility requirements at the time the loan is purchased in order for the improved pricing to be applicable
The following loan programs or loan characteristics are currently eligible for these LLPA waivers:
- HomeReady and Home Possible (Announcement 2022-81 Released November 7, 2022)
- First Time Home-Buyer with total qualifying income at or below 100% of the applicable Area Median Income (AMI), or 120% AMI in designated High-Cost Areas
- Manufactured Housing total qualifying income at or below 100% of the AMI or 120% AMI in designated High Cost Areas, Primary Residence and Purchase or Limited Cash-Out Refinance transactions.
Agency LLPA Waivers on bulk loan delivery and additional duty to serve loans will be coming soon. An additional announcement will be forthcoming once systems are in place for best efforts and bulk delivery.