Loan-Level Price Adjustment Matrix

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This document provides the LLPAs applicable to loans sold to Fannie Mae. LLPAs are assessed based upon certain eligibility or other loan features submitted in

Fannie Mae’s Loan Delivery system, such as credit score, loan purpose, occupancy, number of units, product type, etc. Special feature codes (SFCs) that are

required when delivering loans with these features are listed next to the applicable LLPAs. Not all loans will be eligible for the features or loan-to-value (LTV) ratios

described in this Matrix and unless otherwise noted, FHA, VA, Rural Development (RD) Section 502 Mortgages, and HUD Section 184 Mortgages are excluded

from these LLPAs.

Refer to the Selling Guide, Eligibility Matrix, and your contracts with Fannie Mae to determine loan eligibility.

Pricing Guidelines for LLPAs:

 All LLPAs are calculated based on the acquisition date principal balance and are cumulative. The LLPAs apply to all loans that meet the stated criteria for the

LLPA, unless otherwise noted or excluded.

 LLPAs are based on the gross LTV ratio, with the exception of minimum mortgage insurance LLPAs, which are based on the base (or net) LTV ratio.

 Credit score requirements are based on the “representative” credit score for the mortgage loan as defined in the Selling Guide. Loans delivered without any

credit score will be charged under the lowest credit score range shown in each of the applicable LLPA tables. Loans delivered with more than one borrower,

when one borrower has a credit score and one or more borrowers do not have credit scores, are charged according to the representative credit score

(disregarding the borrower(s) without a credit score).

 All applicable LLPAs for MBS transactions are calculated on the MBS pool issue date based on the pool issue date balance, and will be drafted from the lender’s

account designated for that purpose. All applicable LLPAs for whole loan transactions are calculated on the “Purchase Ready” date (as reflected in Loan Delivery)

based on the unpaid principal balance of the loan and will be deducted from the loan net proceeds.

Note: Up to ten SFCs may be reported at delivery on an individual loan. Certain SFCs may be omitted from the submission in Loan Delivery as they are

“auto-derived” based on the loan data delivered. Refer to the Loan Delivery/ULDD Job Aid

for additional information.

Table of Contents

Purchase Money Loans

Page 2

Limited Cash-out Refinance Loans

Page 3

Cash-out Refinance Loans

Page 4

LLPA Waivers

Page 5

LLPA Credits

Page 6

Minimum Mortgage Insurance Option and High LTV Refinance Loans (*Acquisition of high LTV refinance loans is suspended)

Page 7

Footnotes

Page 8

LLPA Matrix Change Tracking Log

Page 9

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Purchase Money Loans – LLPA by Credit Score/LTV Ratio

Credit Score

LTV Range

Applicable for all loans with terms greater than 15 years

< 30.00%

30.01 –

60.00%

60.01 –

70.00%

70.01 –

75.00%

75.01 –

80.00%

80.01 –

85.00%

85.01 –

90.00%

90.01 –

95.00%

>95.00%

SFC

≥ = 780

0.000%

0.375%

0.250%

0.125%

N/A

760 – 779

0.000%

0.250%

0.625%

0.500%

0.250%

N/A

740 – 759

0.000%

0.125%

0.375%

0.875%

1.000%

0.750%

0.625%

0.500%

N/A

720 – 739

0.000%

0.250%

0.750%

1.250%

1.000%

0.875%

0.750%

N/A

700 – 719

0.000%

0.375%

0.875%

1.375%

1.500%

1.250%

1.125%

0.875%

N/A

680 – 699

0.000%

0.625%

1.125%

1.750%

1.875%

1.500%

1.375%

1.125%

N/A

660 – 679

0.000%

0.750%

1.375%

1.875%

2.125%

1.750%

1.625%

1.250%

N/A

640 - 659

0.000%

1.125%

1.500%

2.250%

2.500%

2.000%

1.875%

1.500%

N/A

≤ 639

1

0.000%

0.125%

1.500%

2.125%

2.750%

2.875%

2.625%

2.250%

1.750%

N/A

Additional LLPAs by Loan Attribute Applicable to Purchase Money Loans

Loan Feature

LTV Range

Applicable for all loans

< 30.00%

30.01 –

60.00%

60.01 –

70.00%

70.01 –

75.00%

75.01 –

80.00%

80.01 –

85.00%

85.01 –

90.00%

90.01 –

95.00%

>95.00% SFC

Adjustable-rate mortgage

0.000%

0.250%

N/A

Condo

2

0.000%

0.125%

0.750%

N/A

Investment property

1.125%

1.625%

2.125%

3.375%

4.125%

N/A

Second home

1.125%

1.625%

2.125%

3.375%

4.125%

N/A

Manufactured home

3

0.500%

235

Two- to four-unit property

0.000%

0.375%

0.625%

N/A

High-balance fixed-rate

0.500%

0.750%

1.000%

808

High-balance ARM

1.250%

1.500%

2.500%

2.750%

808

Subordinate financing

4

0.625%

0.875%

1.125%

1.875%

N/A

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Limited Cash-out Refinances – LLPA by Credit Score/LTV Ratio

Credit Score

LTV Range

Applicable for all loans with terms greater than 15 years

< 30.00%

30.01 –

60.00%

60.01 –

70.00%

70.01 –

75.00%

75.01 –

80.00%

80.01 –

85.00%

85.01 –

90.00%

90.01 –

95.00%

>95.00%

SFC

≥ = 780

0.000%

0.125%

0.500%

0.625%

0.500%

0.375%

007

760 – 779

0.000%

0.125%

0.375%

0.875%

1.000%

0.750%

0.625%

007

740 – 759

0.000%

0.250%

0.750%

1.125%

1.375%

1.125%

1.000%

007

720 – 739

0.000%

0.500%

1.000%

1.625%

1.750%

1.500%

1.250%

007

700 – 719

0.000%

0.625%

1.250%

1.875%

2.125%

1.750%

1.625%

007

680 – 699

0.000%

0.875%

1.625%

2.250%

2.500%

2.125%

1.750%

007

660 – 679

0.000%

0.125 %

1.125%

1.875%

2.500%

3.000%

2.375%

2.125%

007

640 - 659

0.000%

0.250%

1.375%

2.125%

2.875%

3.375%

2.875%

2.500%

007

≤ 639

1

0.000%

0.375%

1.750%

2.500%

3.500%

3.875%

3.625%

2.500%

007

Additional LLPAs by Loan Attribute Applicable to Limited Cash-out Refinances

Loan Feature

LTV Range

Applicable for all loans

< 30.00%

30.01 –

60.00%

60.01 –

70.00%

70.01 –

75.00%

75.01 –

80.00%

80.01 –

85.00%

85.01 –

90.00%

90.01 –

95.00%

>95.00% SFC

Adjustable-rate mortgage

0.000%

0.250%

N/A

Condo

2

0.000%

0.125%

0.750%

N/A

Investment property

1.125%

1.625%

2.125%

3.375%

4.125%

N/A

Second home

1.125%

1.625%

2.125%

3.375%

4.125%

N/A

Manufactured home

3

0.500%

235

Two- to four-unit property

0.000%

0.375%

0.625%

N/A

High balance fixed-rate

0.500%

0.750%

1.000%

808

High-balance ARM

1.250%

1.500%

2.500%

2.750%

808

Subordinate financing

4

0.625%

0.875%

1.125%

1.875%

N/A

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Cash-out Refinance Loans

5

– LLPA by Credit Score/LTV Ratio

Credit Score

LTV Range

Applicable for all loans

< 30.00% 30.01 – 60.00% 60.01 – 70.00% 70.01 – 75.00% 75.01 – 80.00% SFC

≥ = 780

0.375%

0.625%

0.875%

1.375%

003

760 – 779

0.375%

0.875%

1.250%

1.875%

003

740 – 759

0.375%

1.000%

1.625%

2.375%

003

720 – 739

0.375%

0.500%

1.375%

2.000%

2.750%

003

700 – 719

0.375%

0.500%

1.625%

2.625%

3.250%

003

680 – 699

0.375%

0.625%

2.000%

2.875%

3.750%

003

660 – 679

0.375%

0.875%

2.750%

4.000%

4.750%

003

640 - 659

0.375%

1.375%

3.125%

4.625%

5.125%

003

≤ 639

1

0.375%

1.375%

3.375%

4.875%

5.125%

003

Additional LLPAs by Loan Attribute Applicable to Cash-out Refinances

Loan Feature

LTV Range

Applicable for all loans

≤30.00% 30.01-60.00% 60.01-70.00% 70.01-75.00% 75.01-80.00% SFC

Condo

2

0.000%

0.125%

0.750%

N/A

Investment property

1.125%

1.625%

2.125%

3.375%

N/A

Second home

1.125%

1.625%

2.125%

3.375%

N/A

Manufactured home

3

0.500%

235

Two- to four-unit property

0.000%

0.375%

0.625%

N/A

High-balance fixed-rate

1.250%

1.500%

1.750%

808

High-balance ARM

2.000%

2.250%

3.250%

808

Subordinate financing

4

0.625%

0.875%

1.125%

N/A

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LLPA Waivers

All LLPAs will be waived for the following loans

(Exception: LLPAs for Minimum Mortgage Insurance Coverage Option will be charged if applicable)

Product Feature

SFC

HomeReady

®

loans

900

Loans to first-time homebuyers with qualifying income ≤100% area median income (AMI) or 120% AMI in high-cost areas

NA

Loans meeting Duty to Serve requirements

(Purchase and limited cash-out refinances, principal residences with total qualifying income ≤100% AMI)

• Manufactured housing including MH Advantage

®

• Rural housing - loans in high needs rural regions

• Loans to Native Americans on tribal lands

• Loans originated by “small financial institutions”

• Affordable housing preservation loans – loans financing ENERGY STAR

®

certified improvements, loans with

shared equity

874

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LLPA Credits

Credit will be provided for the following loans as described below

Product Feature

LLPA

SFC

Housing counseling (must be a HomeReady loan)

-$500

184

HomeStyle

®

Energy

-$500

375

RefiNow

™

loans

(if an appraisal was obtained for the transaction and the

loan is delivered without a value acceptance offer)

-$500 868

Loans on HomePath

®

properties

(if an appraisal was obtained for the transaction and the

loan is delivered without a value acceptance offer)

-$500 871

HomeReady loans to very low-income purchase

borrowers (defined as ≤ 50% of AMI)*

-$2,500 884 and 900

* For whole loans purchased (“Purchase Ready” status in Loan Delivery) on or after Mar. 1, 2024 to Feb. 28, 2025 and for loans delivered into MBS with issue

dates on or after Mar. 1, 2024 to Feb. 1, 2025.

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Minimum Mortgage Insurance Coverage Option (Not applicable to High LTV Refinance)

Representative Credit

Score

LTV Range

80.01 – 85.00%

6

85.01 – 90.00%

6

90.01 – 95.00%

95.01 – 97.00%

> 740

0.125%

0.375%

0.500%

1.000%

720 – 739

0.125%

0.625%

0.875%

1.250%

700 – 719

0.125%

0.750%

0.875%

1.250%

680 – 699

0.125%

0.750%

0.875%

1.750%

660 – 679

0.750%

1.250%

1.750%

2.125%

640 – 659

1.250%

1.750%

2.000%

2.375%

620 – 639

1.750%

2.000%

2.250%

2.750%

< 620

1

2.000%

2.250%

2.500%

3.000%

High LTV Refinance Loans*

If the sum of all applicable LLPAs exceeds the caps listed below, the excess will be waived at delivery

Occupancy

Units

Low Range

LTV Ratios

Cumulative LLPAs

from Tables 1 – 3

(No LLPA Caps)

Intermediate Range LTV Ratios

Cumulative LLPAs from Tables 1 – 3 up to the

Applicable Cap

High Range LTV Ratios Cumulative

LLPAs from Tables 1 – 3 up to the

Applicable Cap

LTV Range

LLPA Caps

Amortization

Term <=15 yr

LLPA Caps

Amortization

Term >15 yr

LTV Range

LLPA Caps

Amortization

Term <=15 yr

LLPA Caps

Amortization

Term >15 yr

Principal

residence

1 unit 97.01 – 105.00%

105.01 –

115.00%

0.75% 2.00% >115.00% 0% 0.75%

Principal

residence

2 units 85.01 – 90.00%

90.01 –

100.00%

0.75% 2.00% >100.00% 0% 0.75%

Principal

residence

3-4 units 75.01 – 80.00%

80.01 –

90.00%

0.75% 2.00% >90.00% 0% 0.75%

Second

home

1 unit 90.01 – 95.00%

95.01 –

105.00%

2.00% 3.00% >105.00% 1.50% 2.00%

Investment

property

1-4 units 75.01 – 80.00%

80.01 –

90.00%

2.00% 3.00% >90.00% 1.50% 2.00%

*Acquisition of high LTV refinance loans is currently suspended.

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Footnotes:

1

A minimum required credit score of 620 generally applies to all loans delivered to Fannie Mae. See the Selling Guide and the Eligibility Matrix for additional details.

2

Not applicable to co-ops or detached condo units (identified by SFC 588).

3

Not applicable to MH Advantage properties (identified by SFC 859 in conjunction with SFC 235).

4

The subordinate financing LLPA will be charged if the CLTV is greater that the LTV; the undrawn portion of a HELOC is not included in CLTV. Also, if the subordinate financing is a

Community Seconds

®

loan, these LLPAs do not apply (SFC 118).

5

Student loan cash-out refinances (identified by SFC 841) will be charged the LLPAs for limited cash-out refinances.

6

Applies only to fixed-rate loans with amortization terms >20 years, all ARMS, and loans securing manufactured housing with terms ≤ 20 that are not MH Advantage properties.

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LLPA Matrix Change Tracking Log

The information in the table below summarizes major changes only and may not represent a comprehensive description of all changes made to the Matrix. In

addition, the information below is provided as a convenience only, and should not be relied upon for the purposes of obtaining actual LLPA values. Always refer to

the related Announcement or Lender Letter for the explanation and details of the particular change.

Summary of Changes Beginning 01/19/23

Date

Announcement/

Lender Letter

Changes Made

01/19/23

Lender Letter

LL-2023-01

• Introduced a redesigned LLPA Matrix to differentiate pricing by loan purpose.

• Included notable changes to credit score and LTV ratio buckets and a new LLPA related to DTI ratio.

02/01/23

Lender Letter

LL-2022-05

• Removed the requirement for SFC 873 to be delivered with loans for first-time homebuyers with income at or below

applicable AMI.

03/22/23

Lender Letter

LL-2023-01 Reissue

• Extended the effective date for all DTI ratio-based LLPAs to Aug. 1, 2023.

05/03/23

NA

• Deleted the reference and link to the version of this Matrix in effect until May 1, 2023.

• Removed reference to appraisal waivers and replaced with value acceptance offer.

05/17/23

Lender Letter

LL-2023-06

• Removed all DTI ratio-based LLPAs from this Matrix.

01/24/24

Lender Letter

LL-2024-01

• Added HomeReady LLPA credit for very low-income purchase borrowers for loans purchased (“Purchase Ready”

status in Loan Delivery) on or

after Mar. 1, 2024 to Feb. 28, 2025 and for loans delivered into MBS with issue dates

on or after Mar. 1, 2024 to Feb. 1, 2025.

03/20/24

NA

• Added a note about auto-derived SFCs to the intro page of this document.