MPF Xtra – Payment Deferral and Other Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published Lender Letter LL-2023-04 which covers the below referenced topics that are applicable to mortgage loans serviced under the MPF Xtra product:
- Expanded eligibility criteria for the payment deferral policy.
- Updated eligibility criteria for the disaster payment deferral to align with the expanded payment deferral policy.
- Updated eligibility criteria exclusions for payment deferral, disaster payment deferral, COVID-19 payment deferral, and Fannie Mae Flex Modification.
Incorporated outreach requirements for mortgage loans near maturity or projected payoff with an outstanding non-interest bearing balance.
- Servicers are required to retain the outreach documentation in their mortgage loan files and must be provided to the MPF Provider upon request.
Effective: Servicers may implement as early as July 1, 2023, but no later than October 1, 2023. This implementation timeline also applies to disaster payment deferral updates and the general policy updates as reflected within this Lender Letter.
NOTE: The applicable MPF Xtra Exhibits will be updated to reflect the expanded eligibility criteria closer the effective date.
To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcement and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcements.
- MPF Announcement 2023-27