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This Lender Letter provides information about the elimination of the adverse market refinance fee that applies to most refinances.

In Aug. of 2020, we announced an adverse market refinance fee in the form of a 50 basis points (0.500%) loan-level price adjustment (LLPA). The fee was effective for loans purchased or securitized beginning Dec. 1, 2020.

Today, the Federal Housing Finance Agency announced the elimination of this fee. As a result, we will no longer assess the LLPA for whole loans purchased on or after Aug. 1, 2021 and for loans delivered into MBS pools with issue dates on or after Aug. 1, 2021. We have updated the Loan-Level Price Adjustment (LLPA) Matrix accordingly.

Document type:

  • Agency Bulletin/Form


Fannie Mae


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