MPF Xtra Servicing Guide Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published several servicing updates all issued respectively, which cover the below referenced topics that are applicable to mortgage loans serviced under the MPF Xtra product:
Fannie Mae Servicing Announcement SVC-2021-05:
- Extended the mandatory effective date of the IRS reporting changes that were previously announced in SVC-2021-03, which clarified Servicer’s responsibilities for filing IRS Forms 1099-A and 1099-C. Effective date: Servicers must now implement these policy changes by January 1, 2022.
Fannie Mae Servicing Announcement SVC-2021-06:
- Removed the requirement to conduct the final interior property inspection for a Mortgage Release. Effective date: Servicers are encouraged to implement this policy change immediately but must implement this change by December 1, 2021.
As a reminder, where the Fannie Mae Servicing Guide directs communication to Fannie Mae or to utilize systems that are only available to Fannie Mae Seller/Servicers, Servicers must contact the MPF Provider. Servicers should not communicate with Fannie Mae directly.
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 Servicing Guide chapters, forms, or exhibits noted in the announcements.
- MPF Announcement 2021-66