Pricing Improvement for USDA Full Documentation Loans

March 14, 2018
Rodney Ashton

Effective March 14, 2018, CMS will offer a separate LLPAs for FICO scores below 641 for USDA Full Documentation Loans. This should reduce the number of USDA Full Documentation loans that previously failed the QM Fee Limits threshold test.
IMPORTANT NOTE: For loans that are already locked, the pricing and product code will remain unchanged and any rate changes requested will use the rate sheet at time of lock.
Here is a summary of the changes for our Wholesale USDA Full Document Rate Sheets:

FICO Pricing Improvements:

USDA Full Doc Pricing Improvements by Loan Size:

New Program Codes

In addition, the following new full document Program Codes have been developed to support the change:

  • U30F641 – USDA PILOT 30 Year Fixed FICO >= 641
  • UH30F641 – USDA High Balance 30 Year Fixed FICO >= 641

 

LOANS MUST BE LOCKED IN MARCH!

Contact your Account Executive with questions.

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Government Agency Approvals

FHA Non-Supervised Mortgagee Approval #:
24751-0000-5
VA Automatic Lender Approval #:
902324-00-00

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Carrington Mortgage Services LLC
ISAOA/ATIMA
P.O. Box 692408
San Antonio, TX 78269-2408

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This information is provided for your convenience and Carrington Mortgage Services, LLC makes no warranties concerning the accuracy or completeness of any of the information. This is not financial or legal advice and should not be taken as such. This information is for mortgage professionals only and is not intended for distribution to consumers.
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00

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