Fannie Mae issued Lender Letter LL-2022-05, waiving loan-level price adjustments (LLPAs) for HomeReady loans, loans for first-time homebuyers with income at or below applicable area median income limits, loans meeting Duty to Serve requirements, and HFA Preferred loans. The waiver only applies if all requirements for the waiver are met (including the delivery of the applicable special feature code). In addition, Fannie Mae updated the LLPAs for cash-out refinances. The waived LLPAs apply to whole loans purchased on or after December 1, 2022, and loans delivered into MBS pools with issue dates on or after December 1, 2022. The updated LLPAs for cash-out refinances apply to whole loans purchased on or after February 1, 2023 and loans delivered into MBS pools with issue dates on or after February 1, 2023.
Click to view the Fannie Mae Lender Letter LL-2022-05: https://www.tenaco.com/wp-content/uploads/2022/11/Fannie-Mae-Lender-Letter-LL-2022-05-11-04-22.pdf
