• MPF 125, MPF 35
  • April 13, 2023

MPF Announcement 2023-23

MPF Traditional Selling Guide Updates-Cash-out refinance seasoning requirement updates.

MPF Traditional Selling Guide Updates

Effective Date: Immediately (unless otherwise noted)

Updates have been made to the MPF Traditional Selling Guide regarding the eligibility requirements for cash-out refinances. The updated Guides will require that any existing first mortgage being paid off through the cash-out refinance, on or after May 1, 2023 be at least 12 months old as measured from the note date of the existing loan to the note date of the new loan. For additional guidance, refer to the MPF Traditional Selling Guide  

PFIs are to maintain all documentation used in the origination in the mortgage file AND if the loan is picked for a QC review, they will be required to provide reliable documentation utilized during underwriting to establish the 12 months seasoning requirements of the loans being refinanced.

Effective: PFIs are encouraged to implement these changes immediately but must do so for all cash-out refinance transactions with note dates on or after May 1, 2023.

Cash-out refinance seasoning requirement updates. 

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