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Conventional Updates - 10/29/18

Effective with new registrations and pipeline loans on Monday, October 29, 2018, New Penn Financial is making certain updates where applicable to our Conventional, HomeReady®, Home Possible®, DURP and LPOA guidelines as noted below.

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Home Possible Updates - 10/29/18

Freddie Mac Seller/Servicer Guide Bulletin 2018-13 contained multiple updates to the Home Possible® and Home Possible Advantage® products which go into effect on October 29, 2018.

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Home Possible Very Low Income Program (VLIP) Launch

New Penn is committed to providing affordable lending solutions to help make homeownership a reality for low-income borrowers and is pleased to announce the launch of the Home Possible® Very Low Income program (VLIP).

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CDA Fee Announcement

In accordance with investor requirements, New Penn is updating Correspondent Loan Programs to add Collateral Desktop Analysis (CDA) fee of $150.00 to all Jumbo and Smart Loan Non-Delegated Products.

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Hurricane Michael Update - 10/25/18

FEMA has now issued an incident period end date for Hurricane Michael in Florida, but not yet in Georgia.

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USDA Updates

Fiscal Year (FY) 2019 funding for Rural Development’s Single Family Housing Guaranteed Loan Program is now available.

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