MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae recently issued Selling Guide Announcement SEL-2021-10 which covered the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:
- Updated the verification of employment requirements for military Borrower’s by expanding the Leave and Earnings Statement (LES) from being dated within 30 or 31 days to 120 calendar days.
- Clarified that military base pay and entitlements must be documented with the Borrower’s recent LES.
- Updated the principal curtailment policy to permit the delivery of loans that were previously modified due to the application of a principal curtailment and recast of the principal balance over the remaining loan term prior to delivery.
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 2021-85