Loan-level price adjustment
Also called LLPA
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Definition
A loan-level price adjustment, or LLPA, is a GSE pricing adjustment that can change the cost of delivering a conventional loan based on loan and borrower features. It is a GSE pricing mechanism, not a consumer fee line with one national amount.
In plain English
On many conventional loans sold to Fannie Mae, risk features can change the price the GSE pays or the cost the lender builds into the rate. Those adjustments are LLPAs. Current grids change. This page names the mechanism. It does not reprint a matrix.
Technical definition
Fannie Mae’s official LLPA matrix identity page is PRIMARY. Current adjustment values are omitted.
Why it matters
A higher rate on a conventional loan is not always a credit-score story. LLPAs are one GSE pricing layer.
Related terms
Sources reviewed
Loan-Level Price Adjustment Matrix
Source reviewedSeptember 6, 2026
Important note
Define the pricing mechanism. Do not publish current LLPA values.
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