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:
In addition, the following new full document Program Codes have been developed to support the change:
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00