MPF Announcement Summary 2023-S05

MPF Selling Announcements

Date: July 27, 2023

MPF Xtra^®:

MPF Announcement 2023-53: MPF Xtra Selling Updates- FNMA SEL-2023-05

Pursuant to Fannie Mae SEL-2023-05, announced updates that are applicable to mortgages sold under the MPF Xtra product, including allowing temporary interest rate buydowns for manufactured homes, clarifying the acceptable uses for limited cash-out refinance transactions, and clarifying when a credit report must generate an inquiry that will appear on future reports

MPF Traditional:

MPF Announcement 2023-54: MPF Traditional Selling Update of Limited Review LTV/TLTV

MPF Traditional Selling Guide updated to reflect an increase in the maximum LTV/TLTV ratios for limited reviews for units attached in established projects located outside of Florida, from 80% to 90%.

MPF Announcement 2023-55: MPF Traditional Selling Guide Updates - HO-6 Insurance Requirements

MPF Traditional Selling Guide HO-6 insurance requirements have been updated, changing the coverage requirement from an amount that is at least equal to 20% of the condo unit’s appraised value to an amount, as determined by the insurer, sufficient to repair the condo unit to its condition prior to a loss claim event.