MPF Xtra Servicing Guide Updates
Effective Date: As noted for each topic
On February 12, 2020 Fannie Mae issued Servicing Guide Announcement SVC-2020-01 which covered the below referenced topics that are applicable to loans serviced under the MPF Xtra product:
Prorated attorney fees and foreclosure milestone invoicing: Updated the foreclosure milestone schedule and eliminated prorated fee requirements. (Servicers are encouraged to implement these policy changes immediately, but must do so for invoices law firms submit to servicers on or after June 1, 2020)
Compensating Law Firms for Servicing Functions: Reminder to servicers of their responsibility to compensate law firms for default-related services that are not a part of the allowable foreclosure attorney fee and would otherwise be considered a servicing function included in the servicing fee. (effective immediately)
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 Announcement and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcements.
- MPF Announcement 2020-04