MPF Announcement 2022-63

MPF Origination and Underwriting Policy Updates

Effective Date: January 1, 2023

Maximum Original Loan Amount—MPF Traditional Selling Guide Chapter 2.1 & MPF Government MBS Selling Guide Chapter 2.2*

The maximum original loan amounts for conventional mortgages has increased for 2023. 

Number of Units	Contiguous US, DC and Puerto Rico Loan Limits
1	$726,200
2	$929,850
3	$1,123,900
4	$1,396,800

 

Number of Units	Alaska, Hawaii and Virgin Islands
1	$1,089,300
2	$1,394,775
3	$1,685,850
4	$2,095,200

*The maximum total loan limits for MPF Government MBS Mortgage Loans are net of any financed mortgage insurance premium or funding fee as reflected on the Note.

Maximum Original Loan Amount—MPF Xtra Selling Guide Chapter 2.1

Originators must comply with the Fannie Mae Selling Guide regarding loan limits. For additional information, see the enclosed Fannie Mae Lender Letter LL-2022-06.

We have published an updated version of MPF Selling Guide Exhibit N, Conventional High-Cost Area Loan Limits, to reflect the increased loan limits.

The new loan limits are effective for loans with Funding Dates (i.e. the date the MPF Bank deposits funds into the PFI’s account for the Mortgage Loan) on or after January 1, 2023.

If a loan exceeds the 2022 loan limits and has a Funding Date before January 1, 2023, it must be delivered under a high-balance Delivery Commitment. A Delivery Commitment for a loan that meets the 2023 conforming limits may be opened during 2022, provided that the Funding Date for that loan is on or after January 1, 2023. (Ex: A Delivery Commitment with a loan amount of $726,200 may be opened in December 2022 as long as the loan’s Funding Date is on or after January 1, 2023. If that same loan has a Funding Date before January 1, 2023, then it must be delivered under a high-balance Delivery Commitment).