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What’s New? Changes to Fannie Mae Pricing, Underwriting Policies, Desktop Underwriter (DU), and Products August 21, 2008

Pricing

Jumbo- Conforming Mortgages

New LLPAs tied to expanded eligibility, including elimination of jumbo-conforming– specific LLPAs for certain loans (as detailed in Announcement 08-11) (see Jumbo- Conforming Mortgages in the Products section) Price new jumbo-conforming loans flat to conforming for portfolio asset acquisition through 2008 (part of our Keys to Recovery™ initiatives)

EA and MCM

Pricing changes related to Desktop Underwriter® (DU®) Version 7.0: Expanded Approval® (EA): New pricing structure MyCommunityMortgage® (MCM®): New pricing See DU, EA, and MCM sections for details

Product

All

Change

  • Update the Adverse Market Delivery Charge

All

New Flow Business Pricing Requirements: New LLPAs will apply to mortgage loans with various combinations of risk characteristics:

  • A range of LTV/credit score combinations

  • Cash-out refinances with certain LTV/credit score combinations

Adjust from 0.25% to 0.50%

Update the loan-level price adjustments (LLPAs) for loans with certain risk

characteristics:

LLPA credits for certain mortgage loans with LTV ratios over 85% and representative credit scores of 720 and greater Decreased LLPAs for certain loans with LTV ratios over 85% and representative credit scores of 620 and greater Increased LLPAs for certain loans with LTV ratios from 75.01 to 85%

Effective Date(s)*

Source Doc(s)/ Reference

November 1, 2008

Selling Guide (Announcement 08-18R) LLPA Matrix and AMDC Information

June 1, 2008

Selling Guide (Announcement 08-08) LLPA Matrix and AMDC Information

June 1, 2008

Selling Guide (Announcement 08-04)

LLPA Matrix and AMDC Information

July 1, 2008 (delivery date)

Selling Guide (Announcement 08-11)

LLPA Matrix and AMDC Information

All

  • Two-to-four unit properties

These pricing adjustments will increase prices for some attributes, while decreasing prices for others.

Adverse Market Delivery Charge of 0.25% on ALL mortgages delivered to Fannie Mae under standard or negotiated terms; includes long-term standby commitments, whole loan structured transactions, government loans, recourse loans, subprime loans, and reverse mortgages; charge calculated as .0025 times the unpaid principal balance at delivery

March 1, 2008

Selling Guide (Announcement 07-21)

LLPA Matrix and AMDC Information

© Fannie Mae 2008

  • What’s New? Changes to Fannie Mae Pricing, Underwriting Policies, Desktop Underwriter, and Products

  • August 21, 2008

  • Page 1 of 7

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