• MPF 125, MPF 35, MPF Original
  • March 21, 2024

MPF Announcement Summary: 2024-S04

MPF Selling Announcements 

Date: March 21, 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 2024-16: MPF Traditional – Rental Income Updates

Updated requirements for rental income used towards qualifying.

MPF Announcement 2024-17: MPF Traditional – Underwriting the Borrower Clarifications

Revised introduction paragraphs in Chapter 5. Underwriting the Borrower.

MPF Announcement 2024-19: MPF Traditional – Verification of Employment Alternatives

Incorporated verification of employment alternatives.  

MPF Xtra®

MPF Announcement 2024-18: MPF Xtra – HomeReady Product Enhancements

Fannie Mae is temporarily offering a $2,500 LLPA credit for very low-income purchase borrowers (VLIP) that can be used for down payment and closing costs.

MPF Announcement 2024-20: MPF Xtra Selling Updates – FNMA SEL-2024-01

Fannie Mae updated their selling guide with impacts to the following value acceptance + property data offerings, manufactured housing cash-out refinance terms, nontraditional credit, business income, property insurance, and more.

Upcoming Webinars

Wednesday, March 27th

Calculating Rental Property Income

In this webinar, we will walk through the basics of calculating rental income. We'll focus on completing Fannie Mae's Rental Analysis Worksheet(s) using income from both IRS Schedule E and leases. General requirements for investment properties will also be discussed along with the treatment of rental losses and gains.

Tuesday, April 2nd

Condominium Project Eligibility and Review

The MPF Provider presents a webinar on condominium project eligibility under the MPF Program. The differences between a condominium, PUD and detached site condominium are explained, along with the different methods for reviewing projects. Both limited and manual review requirements will be discussed. Learn about what makes a project ineligible and what documentation is necessary for a thorough project review.

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 


As a reminder, in addition to any regulatory obligations, or obligations to government agencies and GSEs, PFIs that are Originating, Selling, and/or Servicing mortgage loans must meet the guidelines set forth in the MPF Program Guide, applicable MPF Product Guides, and any Applicable Agreements including the following obligations:

 Security Incident/ Data Breach

In the event of any security incident/data breach, the PFI or Servicer must immediately, and no later than 48 hours after it is determined that a security incident has occurred, notify the applicable MPF Bank and MPF Provider,  For additional information see MPF Program Guide Section - 6.1.1. Loss of Confidential Information/Security Incident

 Regulatory Compliance and Vendor Management

PFIs and Servicers are required to escalate any instance of non-compliance, including investor or regulatory actions. The same obligation exists as to oversight of their vendors and third parties, including their subservicers. PFIs and Servicers are required to notify the MPF Bank and/or MPF Provider of entry of any court judgement or regulatory order against themselves or against any of their vendors (including subservicers).  For additional information see MPF Program Guide - Section 6.9.1 Vendor Management.

 Compliance with Laws

PFIs and/Servicers must report all instances of penalties (civil or criminal), for non-compliance of legal requirements, enforcement actions, or any other instances of non-compliance related to legal requirements to the MPF Provider and the MPF Bank, as soon as permitted to disclose such instances.  For additional information see MPF Program Guide – Chapter 7 Compliance with Laws.

Office of Foreign Assets Control (OFAC)

Servicers must periodically check Mortgage Loans against the current OFAC SDN List . A Servicer that identifies a valid Borrower match against the OFAC SDN List must notify the MPF Provider within 24 hours of identifying such match.  For additional information see MPF Program Guide - Section 7.3 Department of Treasury Office of Foreign Assets Control (OFAC) Regulations.

 USA PATRIOT Act, AntiMoney Laundering and Bank Secrecy Act

PFIs and Servicers subject to FinCEN AML and BSA regulations must report to the MPF Provider all instances of the following:

• Suspicious activity related to Mortgage Loans; and

• Non-compliance, compliance failures, or sanctions related to applicable AML and BSA regulations.

Servicers not subject to FinCEN AML and BSA regulations must report to the MPF Provider all instances of suspicious activity related to Mortgages Loans it services.

For additional information see MPF Program Guide - Section 7.2 USA PATRIOT Act, Anti‐Money Laundering and Bank Secrecy Act

 Notification of Changes in Eligibility Status

PFI or Servicer must immediately, or as otherwise provided for in the Guides, provide notice to the MPF Bank or MPF Provider, as applicable, regarding any changes relating to information previously relied on in the PFI or Servicer approval process, or submitted on a Form OG1 or Form OG2, including for example, material changes that occur in its or its agents’ principal purpose, activities, manner of originating or acquiring mortgages, ownership, structure, financial condition, business operations, financial conditions, properties, assets, staffing, facilities, fidelity bond or errors and omissions insurance, which changes adversely affect the PFI’s ability to perform its obligations under the Applicable Agreement.

For additional information see MPF Program Guide Section 3.4 Notification of Changes in Eligibility Status


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MPF Service Center

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