Agency LLPA Waivers on Bulk Transactions
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 on bulk transactions. In order to receive the waiver, the bulk bid tape must include an LLPA Waiver flag of Y.
|
Field Name |
Acceptable Value |
Effective Date |
|
LLPA Waiver Eligible |
Y, N, Null |
Immediately |
The following loan programs or loan characteristics are currently eligible for these LLPA waivers:
- HomeReady and Home Possible (Announcement 2022-81 Released 11/07/22)
- 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 with total qualifying income at or below 100% of the AMI, Primary Residence and Purchase or Limited Cash-Out Refinance transactions.
- High Needs Rural property with total qualifying income at or below 100% of the AMI, Primary Residence and Purchase or Limited Cash-Out Refinance
- Rural Tract property originated by Small Financial Institution with total qualifying income at or below 100% of the AMI Areas, Primary Residence and Purchase or Limited Cash-Out Refinance.