The MPF Program Announces Clarifications to MPF Program Policies, Government MBS Servicing Guide and the MPF GlossaryEffective Date: Immediately
Clarifications Applicable to All Products
Business Continuity / Disaster Recovery
Specified that PFIs and Servicers are responsible for having and ensuring third-party vendors have adequate business continuity and disaster recovery procedures in place. See MPF Program Guide sections 4.2.4 and 6.9.1.
Office of Foreign Assets Control (OFAC)
Modified the language to indicate that Servicers are responsible for periodically checking Mortgage Loans against OFAC’s Specifically Designated Nationals (SDN) List and notifying the MPF Bank and MPF Provider immediately if any match is identified.
Clarified the definition of MPF Program Requirements to specifically reference selling and servicing requirements in the Guides.
MPF Government MBS Clarifications
Unreimbursed Servicing Expenses
Clarified the circumstances when the Servicer is responsible for Unreimbursed Servicing Expenses. See MPF Program Guide section 2.8 and MPF Government MBS Servicing Guide section 8.3.6.
Updated the language to reflect the current policy, which requires the Servicer to notify the Master Servicer if there is a change in the occupancy of the Mortgaged Property. See MPF Government MBS Servicing Guide section 1.6.12.
- MPF Announcement 2018-23