Lenders and Real
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Information for Single-Family
Lending and
Real Estate Professionals
Program
Announcement
January 6, 2010
New Interest Rates and Fannie Mae Contract
Interest Rates
Effective January 6, 2010, for new reservations only:
5.00% with 2 Points
5.25% with 1 Point
5.50% with 0 Points
(Inclusive of Origination point)
You cannot cancel and re-reserve a loan to receive a lower rate. The new rates apply to new reservations on the Mitas system made after this announcement on January 6, 2010.
Fannie Mae Contract Update
The Commission is currently in the process of the re-negotiating our contract with Fannie Mae. We are anticipating an increase in the Loan Level Pricing Adjustment (LLPA) from .5625% to 1% on MyCommunityMortgage. 100% of the full Adverse Market fee also applies to bond loans. Currently, the total fees are .8125% and as of 1/9/2010 the total fees are 1.25%. In anticipation of an upcoming change for conventional loans, for reservations made after close of business on 1/8/2010, please prepare your borrowers for this increase when using MyCommunityMortgage. Until the agreement is finalized, if a lesser fee applies, the Master Servicer will refund the difference to the borrower upon loan purchase. As soon as our agreement with Fannie Mae is final, we will send out an announcement and update Appendix III of the House Key manual.