MPF Xtra Selling Guide UpdatesEffective Date: Immediately(unless otherwise noted within)
Fannie Mae recently published Selling Guide Announcement SEL-2022-06, which covers the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Incorporated requirements for Originators/Servicers to comply with all applicable statutes in states that offer Address Confidentiality Programs. Effective immediately: PFIs are encouraged to implement these policy changes but must comply by September 1, 2022.
- PFIs/Servicers must notify the MPF Provider within 24 hours of receiving notification that a Borrower has enrolled in, or has unenrolled in, one of these programs.
- The American Land Title Association (ALTA) released 2021 revisions to their loan policy forms. As a result, revised the required versions of the title insurance ALTA forms. Effective immediately: PFIs may begin using the 2021 version of the ALTA forms but must do so by January 1, 2024.
- Clarified how to calculate the LTV ratio for a loan secured by an existing manufactured home on a purchase transaction.
- Updated the list of approved mortgage insurers and approved mortgage insurance forms.
The MPF Xtra Selling Guide was updated to include the data requirement for a mailing address, if different than the property address. See Section 14.2 – Data to be Submitted.
In addition, Exhibit Q-X: Special Feature Codes was updated to include the Special Feature Code for the Address Confidentiality Program.
- MPF Announcement 2022-33