GMFS will adopt the new LLPA adjustments for new locks with lock periods of 45 days and longer beginning tomorrow, February 9th. Lock periods of 60 days and longer are once again available. Lock periods of 30 days or less will continue to reflect the existing (old) conventional LLPAs.

On March 1, GMFS will adopt the new LLPA adjustments for new locks of all lock periods.

Due to the time it takes to record modifications, all One Time Close lock periods will be priced off of the new LLPAs beginning February 9th. Currently locked OTC loans will be re-priced off of the new grids if extended past March 15th.

IMPORTANT:
If a lock is originally priced off of the (old) LLPA grids and extends past March 31, the (new) LLPA grids will be manually applied by the Lock Desk before acceptance. This will be the case upon every instance of a lock change. The price in the system when doing a change request or extension may not reflect the correct price if the loan was originally locked using the (old) LLPA grid. It is your responsibility to know how changes may affect the pricing of loans in process. GMFS recommends that change of circumstance LEs/CDs go out after the new rate lock information is confirmed by GMFS.

The new LLPAs not only have changes to FICO/LTV buckets, but also an adjustment for debt to income ratios above 40, as well as different base grids/pricing for loan purpose.

Please see a copy the old and new grids as well as highlighted changes between the two. Click here to view.

The pricing policy outlined above and the new LLPAs will supersede any existing matrices, guidelines, or other materials by GMFS.