MPF Government MBS Streamlined Refinance and Cash-Out Refinance Updates
Effective Date: Immediately
New eligibility requirements have been added for cash-out refinance loans and streamlined refinance loans delivered under the MPF Government MBS product, effective immediately. In order for these loan types to be eligible, at least six (6) consecutive monthly payments must have been made on the previous loan at consummation of the refinance loan, and the first payment due date of the refinance loan occurs no earlier than 210 days after the first payment due date of the previous loan. Documentation supporting the payment history on the previous loan must be maintained in the Mortgage Loan File.
These eligibility requirements have been added to MPF Government MBS Selling Guide section 2.5.
- MPF Announcement 2018-5