MPF Xtra Selling and Servicing Guide Clarifications
Effective Date: Immediately (unless otherwise noted)
The MPF Program is announcing the following clarifications to MPF Xtra requirements:
MPF Xtra Selling and Servicing Guide Introductions
Updated the introductions to the MPF Xtra Servicing & Selling Guides to ensure consistency with all MPF Guides.
MPF Xtra Selling Guide
Ineligible Transactions, Products, or Mortgage Loan Attributes
The following items have been added to MPF Xtra Selling Guide 2.3.4 – Ineligible Transactions, Products, or Mortgage Loan Attributes:
- single-width manufactured homes, and
- Freddie Mac Home Possible Mortgage Loans*
*As a reminder, Fannie Mae no longer accepts mortgage loans underwritten with LPA.
Removed all post-funding certification references, since all MPF Xtra mortgage loans are subject to pre-funding certification in accordance to MPF Xtra Selling Guide – 15.3 Initial Certification Review.
MPF Xtra Servicing Guide
Re-Amortization and Note Modification
Added specificity regarding the minimum requirements to complete a re-amortization and note modification. See MPF Xtra Servicing Guide 2.10.1 – Re-amortization and Note Modification.
Property Inspections- Vacant or Abandoned Property
Clarified that the Servicer is responsible for complying with all Applicable Laws when a Mortgage Property is determined to be vacant or abandoned, these actions may include, but are not limited to, registering the property with the municipality or securing the property in a specified manner. See MPF Xtra Servicing Guide section 8.1.1 – Property Inspections.
IRS Reporting Requirements
Servicers filing an IRS Form 1099-A/C must comply with the requirements in the Fannie Mae Servicing Guide Chapter F-1-23: Reporting to Third Parties, which includes listing Fannie Mae’s name, followed by the Servicer’s address, and Fannie Mae’s federal tax identification as well as the Servicer’s loan number and the MPF loan number for identification purposes. See MPF Xtra Servicing Guide 10.9 – IRS Reporting Requirements.
Exhibit A-X: 2022 MPF Xtra Investor Reporting Calendar
Updated the mandatory effective date for the LAR 96. As previously communicated, in MPF Announcement 2022-11, the MPF Program is transitioning to the LAR 96 and will be communicating a mandatory implementation date at a later date. In the meantime, Servicers are encouraged to begin using and/or testing the LAR 96.
- MPF Announcement 2022-36