Fannie Mae and Freddie Mac recently announced major changes to loan level price adjustments (LLPAs), GMFS will be adopting these changes to loans funded or purchased after March 31, 2023.

Beginning today January 31st, lock periods of 60 days and longer will be temporarily unavailable for new lock requests to allow time for the installation of these pricing parameters.

Also beginning today, the automatic acceptance of lock extensions and change requests (conventional only) will be temporarily stopped. Each extension and change request will be reviewed by the Lock Desk before acceptance.

IMPORTANT:
If a lock is originally priced off of the (old) LLPA grids and extends past March 31, the (new) LLPA grids will be manually applied by the Lock Desk before acceptance. This will be the case upon every instance of a lock change. The price in the system when doing a change request or extension may not reflect the correct price if the loan was originally locked using the (old) LLPA grid. It is your responsibility to know how changes may affect the pricing of loans in process. GMFS recommends that change of circumstance LEs/CDs go out after the new rate lock information is confirmed by GMFS.

The new LLPAs not only have changes to FICO/LTV buckets, but also different base grids/pricing for loan purpose.

Please see a copy the old and new grids as well as highlighted changes between the two. Click here to view.

The pricing policy outlined above and the new LLPAs will supersede any existing matrices, guidelines, or other materials by GMFS.

We will communicate additional timelines as soon as we are able.