MPF Announcement Summary 2023-S04

MPF Servicing Announcements

Date: July 06, 2023

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

MPF Traditional:

MPF Announcement 2023-49: MPF Traditional Inspection Requirements Updates

Updates and clarifications are being made to MPF Traditional inspection requirements to align more closely to industry standards.  Clarifications were added to related to addressing costs and expenses incurred as a result of Servicing Mortgage Loan.  Changes were effective June 1, 2023.

MPF Xtra^®:

MPF Announcement 2023-50: MPF Xtra Servicing Updates

Pursuant to Fannie Mae SVC-2023-03, updates announced that are applicable to mortgages serviced under the MPF Xtra product, including introducing requirements for servicing mortgage loans subject to resale restrictions.

MPF Government MBS:

MPF Announcement 2023-48: MPF Government MBS – 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.

Upcoming Webinars

Monday, July 10^th, MPF University Welcomes Radian: Reviewing Rural Property Appraisals 
Rural property appraisals can be complicated. In this session we combine Fannie Mae guidelines and active group dialogue to simplify this appraisal report.

Thursday, July 13^th, How Well Do You Know MPF Traditional Product Underwriting Guidelines?
This webinar will provide a fun way to test your knowledge of the MPF Traditional underwriting guidelines. There will be quiz questions on various underwriting scenarios as well as some MPF Program trivia.

Thursday, July 20^th, MPF University Welcomes MGIC: Focus on Fixed Income Sources -  
When making an informed underwriting decision, it’s critical to thoroughly evaluate and calculate the borrower’s income. You need to evaluate whether the borrower will be able to make their new mortgage payment AND meet all their other monthly obligations. During this foundational webinar, we’ll focus on evaluating fixed income sources. 

Wednesday, July 26^th, What’s Trending in MPF Program Quality Control?
In this presentation, we will offer insight into some recent and on-going situations encountered by the MPF QC Department. Current examples will be provided along with guidance on how to prevent these exceptions from happening in the future. In addition to covering QC exception trends, the MPF Program requirements for a successful in-house QC review program will be included, along with ideas to improve overall file quality.

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