MPF Announcement Summary 2023-S02

MPF Selling Announcements

Date: June 13, 2023

As recently announced in MPF Marketing Bulletin 2023-04 the MPF Program is implementing a new summary format. This document summarizes multiple MPF Selling 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 2023-36: MPF Traditional Updates to Accept Alternative Documentation for Tax Return Extensions

Updates to the MPF Traditional Selling Guide to permit alternative documentation for IRS Form 4868 as evidence the Borrower has filed an extension for the prior year’s tax returns.

MPF Announcement 2023-37: MPF Traditional Selling Guide Updates-Clarifications on subordinations and second homes

Updates have been made to the Traditional Selling Guide to provide clarity around the requirements for existing subordinate finances and for condos or PUDs as second homes.

MPF Announcement 2023-38: MPF Traditional – Right of First Refusal/Resale Restrictions

Updates made to the MPF Traditional Guide pertaining to right of first refusal and resale restrictions during possible default.

MPF Announcement  2023-39: MPF Traditional Mortgage Insurance Updates

Updates have been made to the MPF Traditional Selling Guide to clarify the mortgage insurance requirements for mortgage loans underwritten with automated underwriting system.

MPF Announcement 2023-40: MPF Traditional Updates to List of Ineligible Transactions, Products or Attributes

Updates have been made to the MPF Traditional Selling Guide regarding the ineligibility of agricultural properties and shared equity transactions.

MPF Announcement 2023-41: MPF Traditional Final Certification Clarification

Updates have been made to the MPF Traditional Selling Guide to clarify PFIs responsibilities while a government mortgage loan is pending receipt of the loan guaranty or mortgage insurance certificate from the applicable Government Agency.

MPF Xtra^® :

MPF Announcement 2023-42: MPF Xtra Selling Updates - Fannie Mae SEL 2023-04

Pursuant to Fannie Mae SEL-2023-04, updates announced that are applicable to mortgage sold under the MPF Xtra product, including updates to shared appreciation requirements, clarifications to eligibility requirements for subordinate liens, and updated alternative tax filing documentation

MPF Government MBS:

MPF Announcement 2023-35: MPF Government MBS Custodian – Document Shipping Update

Effective immediately, PFIs delivering documents to the MPF Government MBS Custodian, Deutsche Bank National Trust Company (DBNTC), must include the department name on the shipping label.

MPF Announcement 2023-43: MPF Government MBS Selling Guide Updates

Updates to MPF Government MBS Selling Guide including guidance regarding mortgage loans that are modified prior to delivery and requirements for mortgage loans that are re-amortized due principal curtailments

Upcoming Webinars

Thursday, June 22^nd, The Custody Process for the MPF Traditional and MPF Xtra Products - The MPF Provider presents a webinar designed to furnish your staff with increased understanding of the processes involved in the delivery of custodial documents

Thursday, June 29^th, How Well Do You Know MPF Xtra/Fannie Mae Underwriting Guidelines? This webinar will provide a fun way to test your knowledge of the MPF Xtra product underwriting guidelines. There will be quiz questions on various underwriting scenarios as well as some MPF Program trivia.

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