Conforming Loan Limits Increase for 2018:
Effective immediately: WesLend will begin accepting Best Efforts Locks and Loan Submissions on Conventional Loans using the 2018 Conventional Conforming loan limits.
The corresponding 2018 loan limit for a specific county can be found here, FHFA 2018 Conforming Loan Limits.
As per Fannie Mae Lender Letter LL-2017-10, the 2018 loan limits will be applied to Desktop Underwriter (DU) Version 10.0 and Version 10.1 loan casefiles submitted (or resubmitted) on or after the weekend of December 9, 2017. Loans using the new 2018 limits must have close or settlement dates on or after January 1, 2018.
As per Freddie Mac Announcement sent on November 28, 2017, Loan Product Advisor will be updated on December 3, 2017, so that you may begin originating mortgages with these new loan limits. Note: Mortgages with higher original loan amounts eligible under the 2018 loan limits must have Freddie Mac funding or settlement dates on or after January 1, 2018.
Note: At time of this announcement WesLend fully expects FHA/VA/USDA to follow suit with their announcements and will relay that information when it becomes available.
Please contact your Account Executive with any questions.