MPF Servicing Summary Announcements 2023-S08

MPF Servicing Announcements

Date: September 6, 2023

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

MPF Traditional

MPF Announcement 2023-70: COVID-19 Related Servicing Guidance for MPF Traditional (Conventional) Loans

Updated COVID-19 Related Servicing Guidance for MPF Traditional (Conventional) Loans by adjusting the loan modification interest rate.

MPF Xtra^®

MPF Announcement 2023-68: MPF Xtra Servicing – Lender Letter LL-2023-04 Update

Fannie Mae updated the timing for which the payment deferral, disaster payment deferral, and other related changes will be reflected in the Servicing Guide, from September 2023 to the October 2023 publication.

MPF Announcement 2023-69: MPF Xtra Post Servicing Transfer Obligations

Post transfer obligations of Servicers involved in transfers of servicing of MPF Xtra loans are being updated.

MPF Announcement 2023-71: MPF Xtra Servicing Updates – FNMA SVC-2023-04  

Fannie Mae updated requirements related to evaluating release, or partial release requests and reorganized requirements for insured loss events, which are applicable to mortgages serviced under the MPF Xtra product.

MPF Announcement 2023-72: MPF Xtra Servicing – Lender Letter LL-2023-07

Fannie Mae issued an update to the COVID-19 Payment Deferral and COVID-19 Fannie Mae Flex Modification temporary policies that were previously announced

MPF Announcement 2023-73: MPF Xtra Servicing – Lender Letter LL-2023-03

Fannie Mae announced the upcoming retirement of certain COVID-19 related servicing policy flexibilities.

MPF Government MBS

MPF Announcement 2023-67: MPF Government MBS Servicing – Short Sale Clarification

Clarified short sale approval requirements.

Upcoming Webinars

Thursday, September 7^th, Focus on Credit and Liabilities

In this webinar, we will be covering topics related to credit reports and liabilities. Both common and unique situations will be discussed along with guidance on inquiries, fraud alerts and non-traditional credit reports. We will provide guidance on liabilities, focusing on what must be considered and situations that allow for the exclusion of certain debt.

Thursday, September 13^th, Reviewing Properties with Solar Panels

Properties with solar panels are becoming increasingly common and can have a big impact on mortgage financing. In this 30-minute webinar, we will touch on how these fixtures can impact the mortgage underwriting and approval process.

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

Reminders

Due to the devastating impact of hurricanes and other natural disasters, the MPF Program would like to remind PFIs and Servicers that the MPF Program policies related to originating and servicing of mortgage loans affected by major disasters are included in the product specific MPF Servicing Guides (See MPF Program Guide Section “9.1 Major Disaster Related Policy” for more details).

Please note this reminder is specific to natural disasters only, and is not applicable to MPF loans impacted by COVID-19. For COVID-19 related hardships, PFIs and Servicers should refer to the MPF Program’s COVID-19 related policies and guidance.

As a reminder, in the event that a mortgage property is located in an area affected by a Major Disaster, Servicers must report settlements to the MPF Provider regardless of the claim amount using the Property Insurance Loss Draft Notification form (Form SG342) and include all required supporting documentation.