MPF Program Guide Updates
Effective Date: Immediately (unless otherwise noted within)
The MPF Program has made the following updates and clarifications:
Clarified the requirements for utilizing vendors or third-parties in connection with the performance of any of the obligations under the Guides or the Applicable Agreements. PFIs and Servicers must ensure all Guide requirements as to those relationships are complied with and must ensure wherever provided for in any product specific Guide, that the proper notifications and/or approvals of the MPF Provider, MPF Bank, or Investor are obtained prior to use of such vendor or third party.
See Section 6.9.1 Vendor Management of the MPF Program Guide.
Security Instruments and Notes
Added specificity to the Guides to support that unless otherwise required by an MPF product specific Guide, PFIs must use the most recent version of the applicable Fannie Mae and Freddie Mac Uniform Instruments for all legal documents such as security instruments, notes, riders and addenda in connection with all conventional Mortgage Loans.
For Government Mortgage Loans, forms specified by the applicable Government Agency must be used.
See Section 6.12.1 Security Instruments and Notes of the MPF Program Guide and Section 10.2.1 Uniform Instruments and Notes of the MPF Traditional Selling Guide.
Representations and Warranties
Clarified that representations and warranties are not only limited to matters of which the PFI has knowledge of, the action or inaction (including misrepresentation or fraud) of the Borrower, or a third party, as well as the action or inaction (including misrepresentation or fraud) of the PFI will constitute the PFIs breach of warranty.
See Section 4.2.1 Representations and Warranties of the MPF Program Guide.
Form SG403: Exception Clearing Report
Removed the missing loan tab from the form. As a reminder, all loan level data is expected to be reported on a MPF Xtra daily or MPF Traditional monthly file uploaded to Servicer Connect via the required formats of Excel, ASCII text, or LAR 96 – no other format is acceptable unless advised by the Master Servicer.
Exhibit T: MPF Directory Updates
The MPF Program has made the following updates to the MPF Directory (Exhibit T):
- Updated the address for the MPF Program Custodian.
- Updated the phone number for the Federal Home Loan Bank of Des Moines.
- MPF Announcement 2022-21