MPF Selling Summary Announcement 2024-S01

MPF Selling Announcements

Date: January 18, 2024

This document summarizes 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 Traditional

MPF Announcement 2024-03: MPF Traditional Selling – Appraisal Update and/or Completion Alternatives

 Updated the Guide to incorporate alternative methods for verifying completion of construction or repairs.

 MPF Announcement 2024-04: MPF Traditional – Income Updates

 Clarified employment offers or contract policy and self-employment income requirements.

 MPF Announcement 2024-06: MPF Traditional – Title Insurance Clarification

 Clarified that the title insurance must reference its successors and/or assigns, as their interests may appear on the policy.  

MPF Xtra^®

MPF Announcement 2024-05: MPF Xtra Selling Updates – FNMA SEL-2023-11

 Fannie Mae updated their selling guide with impacts to the following self-employment income calculator, verification of employment alternatives, restricted stock income, and non-taxable income, all of which are applicable to mortgages sold under the MPF Xtra product.

Upcoming Webinars

• Thursday, January 25^th Introduction to Borrower Income Analysis

Are you new to understanding borrower income or maybe just want to brush-up on your basic calculation skills? This session will explore some common (and perhaps some not so common) types of income that may be present in loan files. We'll discuss what is needed to document different types of income and cover the methods and tools that can be used to help you accurately make calculations. You will gain a better understanding of what the general guidelines are for certain income types and when you can (and sometimes cannot) consider some forms of income for qualifying purposes.

To register for upcoming webinars and view our on-demand webinar library please visit the following link: https://www.fhlbmpf.com/education/upcoming-webinars

*All webinars begin at 1 p.m. CT