MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted within)
Fannie Mae recently issued Selling Guide Announcement SEL-2022-01 which covers the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Allowing the use of desktop appraisals for certain purchase transactions. Effective: This enhancement will apply to DU Version 11.0 loan casefiles submitted or resubmitted on or after the weekend of March 19, 2022. Mortgage Loans originated with Desktop Appraisals will be eligible for delivery into MPF Xtra and not eligible for delivery into any other MPF Product.
- Announced Loan-level price adjustment credit for HomePath properties.
- Simplified the documentation requirements for the verification of assets for certain refinance transactions written in DU®. Effective: This enhancement will apply to DU Version 11.0 loan casefiles submitted or resubmitted on or after the weekend of March 19, 2022.
- Clarified reporting requirements related to anti-money laundering Bank Secrecy Act requirements.
- Miscellaneous Updates:
- Updated to use terminology used in Lender Letter LL-2021-16, Confirmation of Conventional Loan Limits for 2022.
- Updated requirements for credit reports, removing the credit report requirement that public records information must be obtained from two sources.
- Updated Comparable sales for new (or recently converted) projects, adding back allowable comparables if there are no closed sales in a new subject project or subdivision.
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 2022-08