MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
On December 4, 2019 Fannie Mae issued Selling Guide Announcement SEL-2019-09 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Clarified the policy on calculating monthly real estate tax payments for all purchase and new construction loans. This new process must be implemented on or before March 1, 2020.
- Consolidated the non-applicant accounts policies to apply to both loans underwritten manually or with Desktop Underwriter®.
- Updated the monthly debt obligations guidelines to incorporate the existing Bridge Loans policies.
- Published additional information on titling manufactured homes as real property.
- Included a reminder that sellers/servicers must report fidelity bond and errors and omissions events.
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.