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.
- MPF Announcement 2024-05