Updating Loan Prospector® to Support the Increase in Loan Limits for Super Conforming MortgagesApril 15, 2009
In our April 10 Single-Family Advisory e-mail, Freddie Mac announced an increase to our maximum loan limits for super conforming mortgages in certain high-cost areas as permitted under the American Recovery and Reinvestment Act of 2009 (ARRA). This temporary increase is intended to provide lenders with much-needed liquidity in the highest cost areas of the country, while also lowering mortgage financing costs for borrowers located in these areas.
On April 16, Loan Prospector® will be updated to reflect the higher ARRA loan limits, as outlined in our April 10 Single-Family Advisory e-mail. Loan Prospector will be updated in a phased approach to support the super conforming credit requirement updates previewed in our April 10 Single-Family Advisory e-mail, beginning in late May with the revised LTV/TLTV/HTLTV ratio requirements. These changes will also be included in an upcoming Single-Family Seller/Servicer Guide (Guide) Bulletin. Until Loan Prospector is updated with the revised credit requirements, you must do a manual review of the mortgage file to ensure that the mortgage meets these requirements.
For More Information
- Review the April 10 Single-Family Advisory e-mail.
- View the maximum loan limits in designated high-cost areas.
- Review our super conforming mortgage requirements.