• MPF 125, MPF 35, MPF Government MBS, MPF Original, MPF Xtra
  • April 17, 2024

MPF Announcement 2024-21

MPF Program – E&O Clarifications

Effective Date: Immediately (unless otherwise noted within)

The MPF Program Guide has made the following updates and clarifications regarding E&O:

  • Specified that PFIs and Servicers must have a mortgage related E&O insurance policy in effect at all times.
  •  Clarified that the MPF Program does not require E&O coverage in excess of the following:
    • $10 million if the Base* consists of residential 1-4 family properties only, or 
    • $30 million if the Base consists of residential 1-4 family properties and multifamily properties.

*The Base is defined as the total portfolio of all first-lien 1-4 single family and multi-family residential mortgage loans (MPF Program loans and non-MPF Program loans) serviced by the PFI for itself and others. This includes mortgage loans serviced on the PFI’s behalf by a sub-servicer or designated an affiliate servicer.

 For additional information see MPF Program Guide Section 6.5.2 E&O Coverage and 6.6 Coverage Amounts.

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