April’s release for Loan Product Advisor® (LPASM) supports the newly published LPA system-to-system specification, version 5.4.00. We’ve made enhancements to promote industry consistency, help you identify representation and warranty relief eligibility easier and faster, have a better user experience with improved functionality and more.

Get more details about these enhancements below, and make sure you have plans to update your systems to leverage these new features.

April LPA Release

  • Version 5.4.00 Feedback Response Updates
    • New “Partial” value in the Representation & Warranty Relief section to notify you when portions of the income and/or assets are eligible for rep and warranty relief.
    • Updated shield colors to make “Eligible” and “Not Eligible” more prominent in the Assessment Summary and Representation & Warranty Relief sections to help you understand your results faster.
    • New Date Initial Submission field added based on your requests. 
    • New ARM Qualifying Rate field to display the interest rate used to calculate the adjustable-rate mortgage (ARM) that qualifies the borrower.
    • Updated display of the maximum conforming limit to include conventional loans. 
    • Removal of Borrower Alias Name on all PDF versions to improve consistent view across feedback results.
  • Version 5.4.00 Request File Updates
    • New requirement for distribution of lender or non-originating lender grant amounts reported by the borrower as assets. 
    • New ability to deliver the total amount of any lender-paid closing costs to promote industry consistency. 
    • New enumeration added to capture situations where a closing or settlement agent pays costs related to the transaction, based on your requests. 
    • Limitation of certain data point requirements to conventional loans only to promote industry consistency. 
    • Updates to align with the Federal Housing Administration (FHA) loan requirements specified in the Developer’s Guide for Total Scorecard, v4.07, November 28, 2023.
    • Update to limit military affiliation identification to Department of Veteran Affairs (VA) loans only and to correspond data points and values to each Uniform Residential Loan Application (URLA) response to promote industry consistency.

See full details in the April release notes and check out the full list of feedback messages effective in April.