MPF Xtra Servicing Guide UpdatesEffective Date: Immediately (unless otherwise noted)
On July 10, 2019 Fannie Mae issued Servicing Guide Announcement SVC-2019-05 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Removed the requirement that to be eligible for an escrow waiver, a mortgage loan must be aged a minimum of 24 months from loan origination or from the completion of a repayment plan.
- Provided additional clarifications for Servicers to ensure compliance with Department of Treasury Office of Foreign Assets Control (OFAC) Regulations.
Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcements on the following pages, and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcements.