Product Hatching Ideas

MI Project-Add option to choose minimum MIP with LLPA adjustment

We need something in Mortech that identifies this as a LLPA adjustment when the loan officer is using 16% versus 30% MI.

Todd A Schultz | National Mortgage Banking
Managing Director

Jeff is correct in that Fannie does not allow us to input MI coverage percent at the time of lock. Based off of the limited information which is required on Fannie's lock portal, we are only given base pricing. All adjustments are applied at time of loan delivery, which should include this one if applicable according to email below from Peter. As for Mortech, I attempted to do a pricing scenario to see if I would get different LLPA's by inputting the different MI coverage percentages, but it defaults to N/A and it's a non-editable field. It should be an adjustment that the loan officer. Hope this helps!

Natalie Arshakian
Lock Desk Manager

Not to belabor the issue but how is the price hit programmed into Mortech for table 4. This is the option for Minimum MIP of 16% versus 30%? Chris, Jeff told Bridget that there ws not an option for this when locking a loan with FNMA so how do we address. Per our rep below, we are allowed to deliver these to FNMA.

Todd A Schultz | National Mortgage Banking
Managing Director

Yes, that should be eligible for sale to us. DU does not tie to the master agreements. For example, DU doesn't know you have a bifurcation variance for Chase.

I believe our system should determine the LLPA to charge based on the loan delivery data, which should tell us the amount of MI. You should be able to deliver the loan against an ordinary cash commitment.
Since that message references the LLPAs, I have attached the updated grid.

We you guys able to update Optimal Blue (I believe) with the new LLPAs?

If you have time, I would also appreciate hearing your thoughts about the execution difference between Chase bifurcation and Capital Markets Cooperative co-issue. I noticed your deliveries have trended bifurcation recently.

Peter Flynn
Customer Account Mgr II - CE, Customer Engagement
Fannie Mae
202-752-1241 (direct)

Hi Peter,

Are we allowed to deliver to FNMA at a 16% vs 30% MI level or is that specific to our selling contract? See below.

Todd A Schultz | National Mortgage Banking
Managing Director

See item #10. Is the LLPA automatically in our PrivateBank mandatory price if we get MI at 16% vs 30%?

Bridget Swan| National Mortgage Banking
Senior Mortgage Banker NMLS ID# 426159

  • Lori Rezac
  • May 8 2017
  • Moved to Prioritzation
  • Attach files