MPF Announcement 2024-12

MPF Xtra Servicing Updates – FNMA SVC-2024-01 

Effective Date: Immediately (unless otherwise noted)

Pursuant to Fannie Mae SVC-2024-01, the below referenced topics have been updated that are applicable to mortgage loans serviced under the MPF Xtra product:

• Clarified Servicer responsibilities related to monitoring and verification of property insurance coverage.
• Miscellaneous updates: 
  • Incorporated previously issued temporary policies related to servicing mortgage loans requiring flood insurance in the event of a lapse of the National Flood Insurance Program.
  •  Updated the list of states where remote online notarizations are permissible.

To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcement and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcements.