MPF Xtra Servicing Guide Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published Servicing Guide Announcement SVC-2021-09 which cover the below referenced topics that are applicable to loans serviced under the MPF Xtra product:
- Consolidated and streamlined property insurance requirements that are shared by the Selling and Servicing Guides.
- Updated various Borrower facing forms, including:
- Inform the Borrower that mortgage assistance programs may be available;
- Ensure consistent reference to Borrower resources such as CFPB, HUD, and Fannie Mae’s Know Your Options™website;
- Clarified the forbearance plan term associated with a Suspended Payment Forbearance Plan Offer; and
- Reduced the number of loan modification agreements to be executed and returned by the Borrower.
Effective: Servicers are encouraged to begin using these Guide documents immediately, but must do so by Mar. 1, 2022
Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. To gain a full understanding of these topics, Servicers should review the entire Fannie Mae Lender Letters plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.
- MPF Announcement 2022-01