Fannie Mae updated the effective date of Lender Letter LL-2020-12: New Adverse Market Refinance Fee (Letter). Per the letter, implementation of the 50 basis point (0.500%) loan-level price adjustment (LLPA) is delayed. The LLPA now applies to whole loans purchased on or after December 1, 2020, and loans delivered into MBS pools with issue dates on or after December 1, 2020 (rather than September 1, 2020). The Letter also provides additional exceptions to the 50 basis point LLPA for loans with an original principal amount of less than $125,000 and certain HomeReady Loans.
Click here to view the Fannie Mae Lender Letter LL-2020-12: https://www.tenaco.com/wp-content/uploads/2020/09/Fannie-Mae-Lender-Letter-LL-2020-12.pdf
