MPF Xtra Servicing Guide Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published Servicing Guide Announcement SVC-2022-01 which covers the below referenced topics that are applicable to loans serviced under the MPF Xtra product:
- Revised Fannie Mae Short Sale and Fannie Mae Mortgage Release™ (Deed-in-Lieu of Foreclosure) eligibility requirements. Effective: Servicers are encouraged to implement these policy changes immediately, but must do so by May 01, 2022.
- Updated the Allowable Foreclosure Attorney Fees Exhibit and Mortgage Release document preparation expense reimbursement limit.
- Miscellaneous Updates:
- Incorporated the requirements related to performing an escrow analysis when determining eligibility for a disaster payment deferral and Fannie Mae Flex Modification. Effective: Servicers are encouraged to implement these policy changes immediately, but must do so by March 1, 2022.
- Clarified reporting requirements related to anti-laundering.
- Reflected mortgage insurer Genworth Mortgage Insurance Corporation’s name change to Enact Mortgage Insurance Corporation.
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 Announcement plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.