MPF Announcement 2022-44

MPF Program Major Disaster Policy Reminder

Effective Date: Immediately (unless otherwise noted)

Due to the devastating impact of hurricanes and other natural disasters, the MPF Program would like to remind PFIs and Servicers that the MPF Program policies related to delivery and servicing of mortgage loans affected by major disasters are included in the product specific MPF Selling/ Servicing Guides. Please note this reminder is specific to natural disasters only, and is not applicable to MPF loans impacted by COVID-19.  For COVID-19 related hardships, PFIs and Servicers should refer to the MPF Program’s COVID-19 related policies and guidance.

For MPF Program natural disaster guidance, see:

MPF Program Guide:

• Chapter 9 - MPF Program Major Disaster Related Policy
  

MPF Traditional Selling Guide:

• Chapter 2.6.2.2.1 Limited Cash-Out Refinance for Disaster Impacted Properties
• Chapter 7.15. Properties Located in Major Declared Disaster Areas

MPF Xtra Selling Guide:

• Chapter 2.3.3 Eligible Transaction Types
• Chapter 6 Property Requirements

MPF Government MBS Selling Guide:

• Chapter 2.1.4 Properties Impacted by a Major Disaster

MPF Traditional Servicing Guide:

• Chapter 4.6.6 Major Disasters
• Chapter 4.6.7 Uninsured Disaster or Vandalism Losses
• Chapter 8.2 Delinquent Government Loans
• Chapter 8.7 Major Disaster Assistance
• Chapter 8.7.1 Statement of Policy
• Chapter 8.7.2 Offering Assistance to the Borrower
• Chapter 8.7.3.1 Government Loans
• Chapter 8.7.4 Foreclosure Action
• Chapter 8.7.5 Insurance Proceeds

MPF Xtra Servicing Guide:

• Chapter 8.5 Natural Disasters

MPF Government MBS Servicing Guide:

• Chapter 4.6.6 Major Disasters
• Chapter 4.6.7 Uninsured Disaster or Vandalism Losses
• Chapter 8.7 Major Disaster Assistance
• Chapter 8.7.1 Statement of Policy
• Chapter 8.7.2 Offering Assistance to the Borrower
• Chapter 8.7.4 Foreclosure Assistance

In addition, PFIs and Servicers originating, delivering or servicing:

• MPF Traditional Government loans must follow the disaster relief policies and guidance issued by the applicable Government Agencies.
• MPF Government MBS loans must follow the disaster relief policies and guidance issued by the applicable Government Agencies and Ginnie Mae.
• MPF Xtra loans must follow the disaster relief policies and guidance issued by Fannie Mae.