MPF Announcement 2023-93

MPF Xtra – Lender Letter LL-2023-08

Effective Date: Immediately (unless otherwise noted)

Fannie Mae published Lender Letter LL-2023-08 announcing representation and warranty enforcement relief for mortgage loans impacted by a COVID-19 forbearance.

MPF Xtra mortgage loans previously or currently in a COVID-19 forbearance may be eligible for relief from enforcement of representations and warranties using the criteria that apply to loans subject to a disaster-related forbearance in Selling Guide A2-3.2-02, Enforcement Relief for Breaches of Certain Representations and Warranties Related to Underwriting and Eligibility.

The Lender Letter provides guidance on various mortgage loan scenarios and eligibility for relief under this temporary policy.

The MPF Program will issue repurchase rescission notices for any MPF Xtra mortgage loans with outstanding repurchase requests that are identified by Fannie Mae as eligible for relief.

Note that Originators are not relieved from the enforcement of breaches of representation and warranties on any loan, including eligible loans, with respect to life-of-loan representations and warranties as outlined in A2-2-07, Life-of-Loan Representations and Warranties.

To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Lender Letter plus any applicable Fannie Mae Selling Guide chapters, forms, or exhibits noted in the announcement.