On February 15, 2023, Gateway Correspondent Lending announced how we would be implementing the new Fannie Mae and Freddie Mac LLPA Updates that become effective with deliveries to the agencies on and after May 1, 2023. Effective today, February 21, 2023, Gateway is amending our implementation of these new LLPA’s. The new LLPA’s will be phased into our pricing as follows:
Feb 15th – 60 Day locks and greater will be priced using the new May 1st LLPA grids.
March 3rd – 45 Day locks and greater will be priced using the new May 1st LLPA grids.
March 17th – 30 Day locks and greater will be priced using the new May 1st LLPA grids.
April 1st – New LLPA Grids are effective for all lock terms.
*Note: The Gateway rate sheet will reflect the appropriate LLPA grid
For complete details of the LLPA changes, please refer to the Agency Announcements linked below:
Please direct any questions to your Regional Sales Manager