MPF Program Weekly Recap - COVID 19 Communications
Effective Date: Immediately
The MPF Program is actively monitoring reports about the potential impact of COVID-19 (coronavirus) on borrowers, PFIs and Servicers. We have communicated various investor updates and temporary policies via MPF Announcements and e-alerts to ensure our PFIs and Servicers receive the most up to date information and enable you to better assist borrowers impacted by COVID-19. This bulletin will provide a summary of the MPF Announcements and e-alerts that the MPF Program published in regards to COVID-19 during the week of April 6, 2020 through April 10, 2020.
- MPF Announcement 2020-15 (April 6, 2020) – temporary policies permitting appraisals accommodations for new construction MPF Traditional Conventional loan borrowers impacted by COVID-19, and removing the order of preference for permissible appraisals announced in MPF Announcement 2020-14, and clarification as to appraisals accommodations for Automated Underwriting Systems.
- MPF Announcement 2020-16 (April 6, 2020) – temporary policies regarding age of documentation, verification of self-employment, market-based assets, powers of attorney, remote online notarization and quality control requirements.
MPF Announcement 2020-17 (April 6, 2020) – clarifying that RWT will not accept new file deliveries for loan purchase requests, but will assess on a case-by-case basis loans with Confirmation and Final Funding Schedule that has not been authorized by the PFI and will fund loans for which a Confirmation and Final Funding Schedule has been authorized by the PFI.
As a reminder:
For MPF Government loans and MPF Government MBS loans PFIs and Servicers should follow policies and guidance issued by the applicable Government Agencies.
For MPF Xtra loans PFIs and Servicers should follow policies and guidance issued by Fannie Mae.
For MPF Direct PFIs and Servicers should follow policies and guidance issued by the product’s investor, Redwood Trust.
The MPF Program and its staff are here to serve our PFIs, and we wish you health and safety in these challenging times. Please contact the MPF Service Center with any questions or concerns (877-FHLB-MPF).
Visit the MPF Website to review and register for upcoming complimentary MPF Webinars.
- MPF Marketing Bulletin - 2020-06