MPF Xtra Selling Updates- FNMA SEL-2023-05
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published SEL-2023-05, which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:
- Updated policy for manufactured homes to allow temporary interest rate buydowns for mortgages secured by multi-width manufactured homes.Single-width manufactured homes are not eligible for MPF Xtra.
Effective: This policy change will be implemented in Desktop Underwriter® (DU®) the weekend of August 19, 2023, and loans will be eligible delivery after that date.
- Incorporated additional details regarding acceptable uses for funds obtained from a limited cash-out refinance.
- Clarified when a credit report must generate an inquiry that will appear on future reports (in addition to listing all inquiries made in the previous 90 days). Credit reports used for underwriting must generate an inquiry on future reports, but this is not required for reports used in the post-closing reverification process.
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 Selling Guide chapters, forms, or exhibits noted in the announcements.
- MPF Announcement 2023-53