MPF Xtra Selling Updates – FNMA SEL-2023-09
Effective Date: Immediately (unless otherwise noted)
Fannie Mae published SEL-2023-09, which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:
- Clarified documentation requirements for rental income used towards qualifying.
- Updated requirements for use of self-employment to allow less than 24-month history of self-employment and one year of personal and business tax returns
- Revised manufactured housing policy by no longer requiring both the HUD Data Plate and the HUD Certification Label information be provided in the appraisal report, only one of the two will be required.
- Clarified Value acceptance + property data policy to state that property data collection must be obtained and submitted to the Property Data API prior to the Note date.
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 2023-94