MPF Announcement 2019-16

MPF Xtra Selling Guide Updates

Effective Date: Immediately (Unless Otherwise Noted)

On December 4, 2018 Fannie Mae issued Selling Guide Announcement SEL-2018-09 and on February 6, 2019 issued Selling Guide Announcement SEL-2019-01 respectively, which cover the below referenced topics that are applicable to loans sold under the MPF Xtra product:

Fannie Mae Selling Announcement SEL-2018-09

• Updates to the self- Employment income calculation and evaluation policy
• Updates to the Treatment of Commission Income and Unreimbursed Business Expenses
• Added Kroll Bond Rating Agency as an acceptable rating agency
• Clarifications made to the Flood Insurance Requirements
• Appraisal Waiver Policy for Disasters
• DU Version 10.3 Release Notes Related Updates
• General Property Eligibility Clarification
• Aligning Guides with Fannie Mae Selling Announcement SEL-2018-05 Regarding Eligibility of Manufactured Homes with Resale Restrictions
• List of Contacts:
  • New Loan Quality Center Mailbox
  • Fannie Mae Change of Address

Fannie Mae Selling Announcement SEL-2019-01

• Transitioning from Quality Assurance System (QAS) to Loan Quality Connect.

Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. 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.

REFERENCE

Fannie Mae Selling Announcement SEL-2018-09

Fannie Mae Selling Announcement SEL-2019-01