MPF Xtra Selling Guide Updates
Effective Date: immediately (unless otherwise noted)
Fannie Mae recently issued Selling Guide Announcement SEL-2021-02 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Updated power of attorney eligibility and documentation requirements.
- Changes to the following risk factors evaluated by DU® as noted in DU Version 11.0 Release Notes:
- Debt-to-income ratio: The composition of the borrower’s debt will be taken into consideration in addition to the actual ratio itself.
- Self-employment/variable income: Removed self-employment as a risk factor and replaced it with variable income.
- Updated the definition of planned unit development (PUD) in the glossary to achieve alignment throughout the Guide.
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 2021-25