MPF Xtra Selling Updates – FNMA SEL-2023-08
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published SEL-2023-08, which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:
- Clarified the personal gifts and gifts of equity requirements when the donor is the seller of the property and when the source of the gift is an estate or trust.
- Clarified property eligibility and comparable sales requirements for 3D printed homes.
Updated the policy for using income earned from a trust towards qualifying. Effective: Originators are encouraged to implement these changes immediately but must do so for all loans with application dates on or after November 1, 2023. DU messaging will be updated in a future release to refer lenders to the Selling Guide to confirm how the income must be calculated and documented.
- Removal of closing protection letter requirement for manufactured homes
- Shared appreciation provider requirements
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 2023-77