MPF Direct Selling Guide UpdatesEffective Date: April 16, 2018
The investor for the MPF Direct product, Redwood Residential Acquisition Corporation (RRAC), has created a new entity to own mortgage assets secured by real property in the state of New York (RRAC-NY Holdings, Inc).
As a result, effective April 16, 2018, mortgage loans secured by property located in the state of New York will continue to be purchased by the Federal Home Loan Bank of Chicago, with the asset concurrently going to RRAC and the servicing to RRAC-NY Holdings, Inc. No changes are being made that impact properties located outside the state of New York.
PFIs are required to ensure the appropriate MERS Investor and MERS Servicer identification codes are used for these loans. The applicable MERS organization identification numbers are located under Chapter 1.7.5 of the MPF Direct Selling Guide.
- MPF Announcement 2018-28