MPF Announcement 2022-47

MPF Traditional Guide Updates for Expedited (Streamline) Refinances and Rate and Term Refinances

Effective Date: October 30th, 2022 (unless otherwise noted)     

Streamline Refinances

Effective October 30th, 2022, in an effort to provide more clarity and certainty as to certain underwriting requirements, Expedited (Streamline) Refinances will no longer be eligible for delivery as MPF Traditional loans. Updates were made throughout the MPF Traditional Selling Guide to reflect this change, including removing Expedited (Streamline) Refinances under Chapter 2.

Rate and Term Refinances

In an effort to provide more clarity and certainty as to certain underwriting requirements, references to “Rate and Term” refinances have been removed for the MPF Traditional Selling Guide.  Refinance loans with only a rate and term change and with no-cash out, continue to be acceptable if they meet applicable “Limited Cash-Out Refinance” requirements of the MPF Guides.

Refer to MPF Traditional Selling Guide - 2.4.2, 2.4.3, 2.6, 2.6.2.1, 2.6.3.2, 2.6.5, 2.6.7, and 2.6.10.