MPF Announcement Summary 2023-S01

MPF Servicing Announcements

Date: May 2, 2023

As recently announced in MPF Marketing Bulletin 2023-04 the MPF Program is implementing a new summary format. This document summarizes multiple MPF Servicing Announcements being published on this date. 

PFIs and Servicers must refer to the actual MPF Announcement for the specific requirements and guidance.

MPF Traditional:

MPF Announcement 2023-25: MPF Traditional Government Loan Modification Update

Updated the permissible modified term eligible for re-delivery for FHA mortgage loans to incorporate the new 40 year loan modification loss mitigation option that was recently established by the FHA. As a reminder, Servicers may repurchase delinquent FHA mortgage loans in compliance with the policies in the MPF Traditional Servicing Guide and resell the modified loan to the MPF Bank.

MPF Announcement 2023-28: MPF Traditional Quality Right Party Contact (QRPC) Requirements Updates

Updates and clarifications are being made to MPF Traditional requirements for contacting borrowers, including guidance on QRPC purpose and timing.  Changes are effective June 1, 2023, but may be implemented earlier. 

MPF Announcement 2023-29: MPF Traditional – Release of Documents Reporting Reminder

Clarified Servicers reporting requirements when a Collateral File has been released to the Servicer for non-liquidation purposes for more than ninety (90) days.

MPF Xtra^® :

MPF Announcement 2023-27: MPF Xtra – Payment Deferral and Other Updates 

Pursuant to Fannie Mae LL-2023-04, updates announced that are applicable to mortgage loans serviced under the MPF Xtra product, including updates to the Payment Deferral and Disaster Payment Deferrals policies, introduction to outreach requirements, and revised eligibility criteria exclusions for certain loss mitigation options.

MPF Announcement 2023-30: MPF Xtra Servicing Updates

Pursuant to Fannie Mae SVC-2023-02, updates related to compliance with requirements and laws, new website references for Disaster Response Network and Know Your Options, and updated Borrower-facing documents in relation to recently announced payment deferral updates.

Upcoming Webinars

Thursday, May 4th, Condominium Project Eligibility and Review - The MPF Provider presents a webinar on condominium project eligibility under the MPF Program. The differences between a condominium, PUD and detached site condominium are explained, along with the different methods for reviewing projects. Both limited and manual review requirements will be discussed. Learn about what makes a project ineligible and what documentation is necessary for a thorough project review.

Monday, May 8th, MPF University Welcomes Radian: Selling in a Purchase Market-  Let our experts teach you how to remain competitive, engage with realtors and close more loans in a purchase market. In this interactive session built for teams, you will learn to:

• Develop opening statements and pitches for attracting referral partners 
• Set yourself apart in a purchase market and open those doors to future business using engagement techniques!

Please visit the following links to register for upcoming webinars and view our on-demand webinar library.

*All webinars begin at 1 p.m. CT

“Mortgage Partnership Finance,” “MPF,” “eMPF,” “MPF Xtra,” and “eMAQCS” are registered trademarks of the Federal Home Loan Bank of Chicago.
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