• MPF Xtra
  • June 3, 2020

MPF Announcement 2020-35

MPF Xtra Servicing Updates

Effective: Immediately (unless otherwise noted)

On May 27, 2020 Fannie Mae issued updates to Lender Letter LL-2020-05 and Lender Letter LL-2020-07, respectively, which communicated updates to temporary policies previously announced, to enable servicers to better assist borrowers impacted by COVID-19. The policies in the Lender Letters are effective immediately and are effective until Fannie Mae provides further notice, unless otherwise stated.

Updates to Fannie Mae Lender Letter LL-2020-05- Payment Deferral

  • Incorporated operational requirements related to reporting and completing a payment deferral.
  • Provided the process for obtaining servicer reimbursement for expenses upon the successful execution of a payment deferral.

Updates to Fannie Mae Lender Letter LL-2020-07- COVID-19 Payment Deferral

  • Incorporated operational requirements related to reporting and completing a COVID-19 payment deferral.
  • Provided the process for obtaining servicer reimbursement for expenses upon the successful execution of a COVID-19 payment deferral.

As a reminder, all expense reimbursement requests must be submitted to the MPF Provider.

PFIs and Servicers originating, delivering or servicing:

  • MPF Traditional (Conventional) loans must follow the policies and guidance recently issued by the MPF Program. Please visit the MPF Website to view recently published MPF Announcements.
  • MPF Government loans and MPF Government MBS loans, must follow policies and guidance issued by the applicable Government Agencies.
  • MPF Direct loans, must follow policies and guidance issued by the product’s investor, Redwood Trust.

To gain a full understanding of these topics, Servicers should review the entire Fannie Mae Lender Letter plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.

 


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