The MPF Program Announces MPF Xtra Servicing UpdatesEffective Date: Immediately (Unless Otherwise Noted)
On February 14, 2018 Fannie Mae issued Servicing Guide Announcement SVC-2018-01, which covers the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- First Lien Mortgage Loan Charge-Offs
- REOgram and Non-delegated Workout Submission Changes
- Consolidation of Compliance with Laws and Responsible Lending
- Miscellaneous revisions and clarifications to the following:
- Fannie Mae Cap and Extend Modification
- Requirements for performing property inspections when a borrower is performing on a Trial Period Plan
- Clarification covering the disbursement of insured loss proceeds
- Revisions for establishing an escrow account with a loan modification.
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.