Bulletin W13-128 – Update, LPMI Matrix

October 8, 2013Bulletins

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)

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