MPF Announcement 2019-58

MPF Direct Product Origination and Underwriting Updates

Effective Date: November 5, 2019

The Investor for the MPF Direct Product, Redwood Residential Acquisition Corporation, has recently made the following updates which are reflected in Chapter 1.7.6 of the MPF Direct Selling Guide and Exhibit A-D:  

Chapter 1.7.6- Other Requirements

• Added clarification regarding Property Tax Deferrals
• Added information regarding Temporary Authority (effective 11/24/2019)

Exhibit A-D- Mortgage File Documentation Requirements

• Added Universal Loan Identifier (ULI)
• Clarified required documents for Co-Ops
• Added Proof of Loan Officers Temporary Authority (if applicable)