MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
On April 8, 2019 Fannie Mae issued Lender Letter LL-2019-04 and on April 10, 2019 issued Servicing Guide Announcement SVC-2019-02 respectively, which cover the below referenced topics that are applicable to loans sold under the MPF Xtra product:
Fannie Mae Lender Letter LL-2019-04
- Implemented a 25 basis point (0.250%) loan-level price adjustment (LLPA) for loans secured by second homes with LTV ratios greater than 85%.
- Expanded requirements for the disbursement of insurance loss proceeds.
- Revised requirements for evaluating property damage after a disaster event for current mortgage loans.
- Updated the Allowable Foreclosure Attorney Fee’s exhibit – including updates for New Hampshire, Maine, and Washington.
- Clarified servicers requirements for attorney fee proration related to milestone billing.
- Consolidated the shared requirements for sellers and servicers related to the use of Mortgage Electronic Registration Systems (MERS®).
- Updated Single Family Credit Portfolio Management (SF CPM) to handle document execution requests and inquiries related to satisfaction and discharges of paid-off mortgage loans and the Limited Power of Attorney (LPOA).
- Clarified servicer’s responsibilities when in applicable jurisdictions, the foreclosure is completed through a process under which title vests FNMA (or the servicer in appropriate cases) by operation of court order and there is no foreclosure sale.
- Updated language in Letter of Authorization for P&I Custodial Account (Form 1013) & Letter of Authorization for T&I Custodial Account (Form 1014) to align with the language for how custodian accounts must be titled.
- Removed all references to Quality Assurance System (QAS) as a part of the transition to Loan Quality Connect (LQC).
Join Us for an Upcoming MPF® Webinar:
Tuesday, April 23: Affordable Lending Options under the MPF Xtra® Product