MPF Program Weekly Recap - COVID 19 Communication
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 13, 2020 through April 17, 2020.
MPF Announcement 2020-19 (April 13, 2020)- communicated the passage of the provisions that apply only to the following MPF products: MPF Traditional (Government), MPF Government MBS, and MPF Xtra. This announcement also implemented the CARES Act credit reporting and evictions provisions to the MPF Traditional (Conventional) product, but not the forbearance plan provisions, and provided updated temporary policies permitting electronic signature on loss mitigation plans agreement for MPF Traditional (Conventional) loans.
MPF Announcement 2020-20 (April 17, 2020)- MPF Announcement 2020-18 (April 13, 2020)- communicated temporary policies related to the origination and servicing of MPF Xtra loans published in Fannie Mae Lender Letters LL-2020-03 and LL-2020-04.
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).
- MPF Marketing Bulletin-2020-07