MPF Xtra Servicing Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published SVC-2023-03, which covers the below referenced topics that are applicable to mortgage loans serviced under the MPF Xtra product:
Resale Restrictions or Shared Equity Provisions: Introduced and clarified requirements for servicing mortgage loans subject to resale restrictions or shared equity provisions.
Note: The updates in the announcement regarding shared equity mortgage loans do not apply to MPF Xtra, the MPF Program does not accept shared equity transactions at this time.
Effective: Servicers are encouraged to comply with these requirements immediately but must do so by September 1, 2023.
Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. 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 2023-50