Conventional Refinance Pricing Update

August 13, 2020rashtonBulletin

Overview

Due to current market conditions, Fannie Mae and Freddie Mac announced that effective September 1, 2020, they will begin charging an additional 50-basis point Loan Level Pricing Adjustment (LLPA) for all conventional refinance transactions (rate/term and cash-out).

Starting August 13, 2020 Carrington Mortgage Services, LLC (CMS) will update our pricing to discontinue the debt-to-income (DTI) overlay on all cash-out refinance transactions and add the 50-basis point LLPA for all refinance transactions (rate/term and cash-out) as referred to in the paragraph above. Please refer to the CMS Rate Sheets for additional pricing information.

Please note: The LLPA is in ADDITION to any other price adjustments that are otherwise applicable. For loans that are already locked, the pricing will remain unchanged and any rate changes requested will use the rate sheet pricing in effect at the time of lock.