MPF Xtra Selling Updates – FNMA SEL-2023-07
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published SEL-2023-07, which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:
- Updated the Appraiser Independence Requirements (AIR) and introduced Property Data Collector Independence Requirements (PDCIR).
Effective Date: The PDCIR is effective for mortgage loans with application dates on and after November 1, 2023.
Clarified requirements for Credit Reports to indicate that when the Borrower has an APO, FPO or DPO military address, it does not need to be located within the U.S. to obtain a credit report compatible with Desktop Underwriter® (DU®) loan casefile requirements.
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 2023-63