MPF Announcement 2019-19

MPF Xtra Selling Guide Updates

Effective Date: Immediately (Unless Otherwise Noted)

On March 6, 2018 Fannie Mae issued Selling Guide Announcement SEL-2019-02 and which cover the below referenced topics that are applicable to loans sold under the MPF Xtra product:

Fannie Mae Selling Announcement SEL-2019-02

• Updated eligibility requirements for manually underwritten loans to match recent DU Version 10.3 adjustments
• Clarified the lender’s responsibilities in the proper review of leasehold estates
• Consolidated shared requirements for sellers and servicers related to the use of Mortgage Electronic Registration Systems (MERS)
• Updated the provision that a principal residence includes a property owned by parents or legal guardians of a “physically handicapped or developmentally disabled” adult child, even if they do not occupy the property, to remove the terms “physically” or “developmentally,” clarifying the policy as inclusive of all disabilities.

To gain a full understanding of these topics, Servicers should review the entire Fannie Mae Announcement and Lender Letter plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.

REFERENCE:
Fannie Mae Selling Announcement SEL-2019-02