MPF Announcements 2024-05

MPF Xtra Selling Updates – FNMA SEL-2023-11

Effective Date: Immediately (unless otherwise noted)

Fannie Mae published SEL-2023-11 which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:

• Introduced a new Income Calculator tool created to assist Originators in accurately determining the monthly qualifying income for self-employed borrowers.
• Incorporated alternative options to meet verbal verification of employment requirements.
• Added requirements when considering restricted stock units and restricted stock as eligible income to be eligible.
• Added an exception to allow Originators to gross-up certain nontaxable income without providing additional documentation.
• Revised requirements for use of attorney title opinion letters to permit Originators to obtain either a title insurance policy or, in limited circumstances, an attorney title opinion letter.

Other topics mentioned in the Fannie Mae announcement do not apply. 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.