MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
On October 2, 2019 Fannie Mae issued Selling Guide Announcement SEL-2019-08 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Clarified the Fannie Mae Eligibility Matrix.
- Updated the homeownership education requirements for HomeReady loans and first-time homebuyers. The revised requirements will apply to new loan casefiles submitted to DU or manually underwritten on or after December 7, 2019.
- Waived charge for the Framework homeownership education training course, effective October 23rd, 2019.
- Revised the employment offers and contracts policy to be based on the documentation the Seller can provide, versus the timing of the Borrower’s start date of employment.
- Implemented new requirements for determining when rental income can be used for qualifying purposes.
- Updated the monthly debt obligations policy for alimony/child support/separate maintenance payments to align with an existing policy.
The MPF Xtra Selling Guide template has been updated, with this update any typos/formatting issues have been corrected. Please note the contents of the MPF Xtra Selling Guide have not changed.
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 Selling Guide chapters, forms, or exhibits noted in the announcements.