MPF Xtra Servicing Guide Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae recently published Servicing Guide Announcement 2022-07, which covers the below referenced topics that are applicable to loans serviced under the MPF Xtra product:
- Mortgage insurance termination property valuations: Updated the fee amounts Servicers must charge for a broker price opinion or restricted appraisal of a one-unit property in connection with a Borrower-initiated mortgage insurance termination request. Effective: These changes are effective for property valuations ordered beginning February 1, 2023.
- Full reinstatement by mortgage assistance funds: Removed the requirement that a Servicer must cancel an active mortgage loan modification Trial Period Plan when mortgage assistance funds fully reinstate the mortgage loan. Instead, Servicers must:
- contact the MPF Provider immediately, upon application of mortgage assistance funds that fully reinstate the mortgage loan during an active mortgage loan modification Trial Period Plan, by emailing the MPF Provider representative who assisted with processing the loan modification and
- upload supporting documentation via eMAQCS®plus to confirm receipt of the funds, such as a copy of the payment history showing receipt of the funds and any awards letter from the entity that provided the funds
Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. To gain a full understanding of these topics, Servicers should review the entire Fannie Mae Lender Letters plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.
- MPF Announcement 2022-53