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 20, 2020 through April 24, 2020.
- MPF Announcement 2020-22 (April 21, 2020) – communicated reminder that the MPF Program only accepts loans that are current on Funding Date (i.e., the date the loan is sold into the Program) and that loans for which borrowers are granted relief due to COVID-19 related circumstances after Funding Date are not exempt from the Early Payment Default provisions of the MPF Guides.
MPF Announcement 2020-23 (April 23, 2020) – consolidated all servicing related temporary guidance for COVID-19 related accommodations for MPF Traditional (Conventional) loans.
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- 2020-08