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Bulletin #2018-06 New Penn Conventional Product Updates

To all approved New Penn National Correspondent Lenders: Effective with new applications on or after May 18, 2018, the conventional products will be updated in order to better align with Freddie Mac guidelines.

Bulletin #2018-06

May 18, 2018

New Penn Conventional Product Updates

To all approved New Penn National Correspondent Lenders: Effective with new applications on or after May 18, 2018, the conventional products will be updated in order to better align with Freddie Mac guidelines.

The LTV/CLTV/HCLTV for Freddie Mac rate and term refinances of 1-unit investment properties will be increased from 75% to 85%. • Reminder: Loans with eligible secondary financing require a 5% LTV reduction from the maximum LTVs listed in the matrix. The super conforming maximum loan amount of $1,000,000 has also been removed. The current loan limits for high-cost areas will apply. Please reference the product profile in the NPF Lending Library for full details updates
Please reference the product profile in the NPF Lending Library for full details.  Thank you for your business.