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Montville NJ, November 21, 2008 — FHA, FNMA and FHLMC have all announced the elimination of stimulus-based programs for new, higher loan limits in some form or another. In short, LEAP! Interactive is ready now to accurately qualify and price against all of these announced changes. Read on to learn about the details.

FHA - New 2009 High Cost Loan Limits

FHA has announced new High Cost Loan Limits as a permanent replacement for the 2008 FHA Stimulus products. Some lenders, most notably Countrywide, have rolled out these products and LEAP! is already qualifying and pricing these products under the new loan limits.

The latest LEAP! implementation of FHA loan limits allows for both the old and new loan limits. So for lenders that are slower to migrate to the new 2009 limits, LEAP! will still qualify their products properly against the FHA Stimulus loan limits of 2008. For the lenders who have implemented the new 2009 FHA High Cost loan limits, LEAP! will qualify and price their products against the new loan limits. In either case, LEAP! will provide the most accurate result, supporting the migration path that is proper for each lender. And you don't miss a beat!

New 2009 Agency Loan Limits

As you know, the current Agency Stimulus products are going away. Many lenders no longer accept locks for the stimulus products and all lenders require loans to be locked and delivered by the end of this year, December 31st. To replace the stimulus loan limits, both FNMA and FHLMC are introducing new permanent, products.

FNMA High Balance and FHLMC Super Conforming are both products that provide higher, county specific loan limits. Much like the FHA implementation, lenders are migrating over to these new products and LEAP! is ready now to support the lenders through this trend. So, as lenders like Countrywide and M&T introduce the new products, LEAP! will qualify and price according to the new loan limits. For those lenders still accepting locks under the old Stimulus products, LEAP! can still qualify and price according to the old loan limits.

As always, the flexibility and customization tools available through LEAP! allow you to manage this migration specifically. You can follow the lender rules or simply shutdown the stimulus products and reduce your exposure. The choice is yours.

Your Ready Partner
2008 has been a turbulent year for everyone and LEAP! provides the services you need to weather that storm. Despite the market implosion, Mortgage Pricing Systems continues to see strong growth. Our development of the LEAP! system never ends and our direction is and has always been driven by your needs and suggestions. So, contact us and tell us what's on your mind.

If you have any questions regarding any of the new features mentioned in this newsletter, don't hesitate to call us at 973-890-0234.

About MPS:
Mortgage Pricing Systems develops and maintains product eligibility and loan pricing solutions for small, medium and large mortgage banks. LEAP! encompasses a suite of products which includes LEAP! Interactive, the point-of-sale, online technology that fully integrates into existing client platforms. In addition, other LEAP! products include batch pricing and API solutions. All MPS offerings feature the same robust, rules engine incorporating up-to-the-minute pricing, guideline and adjustment changes, ensuring bankers and investors accurate, actionable and profitable results.

Press Contact:
Tom Lyons
tlyons@mtgpricing.com
(973) 917-3050