MPF Selling Summary Announcements 2023-S09

MPF Selling Announcements 

Date: September 20, 2023

This document contains multiple MPF Selling Announcements being published on this date. 

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

MPF Xtra^®

MPF Announcement 2023-76: MPF Xtra Selling – Delivery Commitment Clarifications

Clarified delivery commitment guidance to reflect the current process for extending or reducing commitments, pricing adjustments, and acceptable loan term eligible for best efforts and mandatory delivery commitments.

MPF Announcement 2023-77: MPF Xtra Selling Updates – FNMA SEL-2023-08

Fannie Mae updated personal gifts and gifts of equity requirements, clarified 3D printed homes eligibility and updated trust income policy, these updates are applicable to mortgages sold under the MPF Xtra product.

MPF Traditional

MPF Announcement 2023-74: MPF Traditional Occupancy Restriction Clarifications

MPF Traditional Selling Guide update clarifying occupancy restriction requirements.

MPF Announcement 2023-75: MPF Traditional Selling – Principal Curtailments

Incorporated guidance regarding permissible principal curtailments prior to mortgage loan delivery.

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.