MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae recently issued Selling Guide Announcement SEL-2021-01 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Clarified the requirements for verifying secondary employment and seasonal income as follows:
- Clarified that while a Borrower may have different employers, they may not have any gap in employment greater than one month in the most recent 12-month period, unless the secondary employment is considered seasonal income.
- Removed the requirement to confirm with the seasonal employer, that the Borrower is likely to be rehired the next season and to confirm if the work is in the same job (or same line of work) as the previous two years.
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 Selling Guide chapters, forms, or exhibits noted in the announcements.
- MPF Announcement 2021-12