New Feedback Message Provides Conforming Jumbo Mortgage Loan Limit June 2, 2008
On June 15, based on customer feedback, we added a new informational feedback message that will be returned for all conventional, 1-unit property submissions. The new message provides you with the U.S. Department of Housing and Urban Development's (HUD) conforming jumbo loan limit for the property included in the submission. This new message helps you identify the HUD conforming jumbo mortgage loan limit for the county in which the property is located.
The following new informational feedback message will be returned on all conventional, 1-unit property submissions in Loan Prospector:
Message Code
New Feedback Message
LPN VM
$~Loan Limit1~ is the maximum conforming jumbo loan amount allowed for a 1-unit property located in ~HUD County Name1~ County, ~subject property state abbreviation~.
It is important to note that the new HUD conforming jumbo mortgage loan limits apply only to high-cost areas designated by HUD. In most counties, the conforming jumbo loan limit will be the same as Freddie Mac's current 2008 conforming loan limit. If the loan limits are the same, Freddie Mac will consider the loan to be conventional/conforming.
The ability to sell conforming jumbo mortgages to Freddie Mac is available on a limited, negotiated basis to eligible Freddie Mac Seller/Servicers that are approved Guarantor customers.
For those customers eligible to sell conforming jumbo mortgages to Freddie Mac, you will continue to receive a "Purchase Restriction" for conforming jumbo mortgages submitted for assessment in Loan Prospector. In order to deliver these mortgages to Freddie Mac, you must review the mortgage file to ensure the mortgage meets all of our requirements as outlined in your contract.
If you are not eligible to sell conforming jumbo mortgages to Freddie Mac, we recommend you contact a wholesale lender or correspondent that you have a relationship and that is offering conforming jumbo mortgages.
