MPF Traditional Selling Guide Updates-Clarifications on subordinations and second homes
Effective Date: Immediately (unless otherwise noted)
In an effort to provide more clarity and in alignment with industry standards, updates have been made to the MPF Traditional Selling Guide. The updates include the following:
- Added requirement that existing subordination agreement be recorded
- Clarified requirement that second homes in condo or PUD projects must be the only unit owned by Borrower in that project.
See MPF Traditional Selling Guide Sections 22.214.171.124, 6.2.2 and 8.2.1 for more details
- MPF Announcement 2023-37