January 2024 Loan Product Advisor Releases
Get ready to kick off a new year with Loan Product Advisor® (LPASM). Make sure you’re prepped with these coming updates to your system so you can continue creating affordable opportunities for your borrowers.
January Loan Product Advisor Releases
- Implementation of new conforming loan limit values for 2024.
- New feedback messages to support tribal area indication for the HeritageOneSM mortgage offering.
Additional Feedback Message Updates Coming Soon
Here’s a preview of additional feedback messages that will be effective in the next few months:
- Loan-to-value (LTV) requirements – Effective January 28, updated messages will provide additional details to our LTV requirements. Review the feedback messages.
- Condominium projects – Effective February 26, you’ll see messages supporting the new condo policy announced in Single-Family Seller/Servicer Guide (Guide) Bulletin 2023-24. These messages will alert you when the condo project in the loan submission has a Not Eligible status and is ineligible for sale to Freddie Mac. Review the feedback messages.
- Cash-out refinance mortgages – Effective March 2024, messages will be provided supporting the restriction of non-occupying borrowers on cash-out refinances, as announced in Guide Bulletin 2023-24.
Reminder: LPA Specification Retirement on March 1, 2024
LPA system-to-system (S2S) specification versions 5.0.06 and 5.1.00 will be retired on March 1, 2024. If you’re still using these versions, make plans to update your systems to support either v5.2.00 or v5.3.00, or you won’t be able to submit new loans to LPA. Contact your Freddie Mac representative for additional guidance.