MPF Announcement 2019-22
MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
On April 3, 2019 Fannie Mae issued Selling Guide Announcement SEL-2019-03 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Updates to the HomeReady policies to include the following:
- Implementing a limit on multiple financed properties.
- Clarifying the policy surrounding Boarder Income.
- Clarifying mortgage insurance coverage requirements for HomeReady loans combined with HomeStyle loans.
- Transitioning the Self Report Process from being completed via email to submitted through Loan Quality Connect.
- Updated the Uniform Underwriting and Transmittal Summary (Form 1008) deadline to applications dated on or after February 1, 2020.
- Added a definition to the Fannie Mae glossary for the term “State”.
Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcement and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.
REFERENCE
Fannie Mae Issued Selling Announcement SEL 2019-03
Please note you can access the MPF Guides and MPF Announcements on our MPF Website.
Join Us for an Upcoming MPF® Webinar:
Thursday, April 11: Radian Presents: Blueprint for Taking a Quality Loan Application
Wednesday, April 17: MGIC Presents: Business Tax Return Analysis
Tuesday, April 23: Affordable Lending Options under the MPF Xtra® Product
