Bulletin W13-128 - Update, LPMI Matrix

Topic included in Bulletin W13-128:

• LPMI matrix has been updated
• Updates include:
  • Added, requirement for all projects to meet Fannie Mae requirements
  • Added, overlay for maximum concentration in Condo Project to 30%
  • Updated, Condo Hotels are ineligible collateral
  • Updated,  Minimum Borrower Investment requirements in the grid and in the Income/Asset section to reflect the following:
    • Conforming amounts with DU Approval/Eligible required 3% of borrower’s own funds
    • Conforming loans amounts with LP Accept require 5% of borrower’s own funds
  • High Balance loans require 5% of borrower’s own funds regardless of DU or LP
  • Updated State Specific section of Texas refinance transactions, a copy of the Note for the existing lien is required to confirm the pay-off is not a Section 50(a)(6)
  • Added, Non-Arm’s Length transactions are not eligible
  • Added, Non-Traditional credit is not eligible
• Update matrix has been published on the Intranet and the website has been updated
• Updates are effective immediately

Download: Bulletin - W13-128 (PDF)