MPF Announcement Summary: 2024-S06

MPF Selling Announcements 

Date: May 9, 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 2024-32:  MPF Traditional – Business Income Updates

 Clarified income calculation requirements for self-employed borrowers and borrowers with less than a 25% interest in a business.

MPF Announcement 2024-33: MPF Traditional – Nontraditional Credit Eligibility

 Expanded the list of nontraditional credit references to account for various examples of housing payments.

MPF Announcement 2024-35: MPF Traditional – Income Policy Updates

 Updated income assessment guidance by incorporating requirements for restricted stock units and updating the nontaxable income policy.

MPF Announcement 2024-36: MPF Traditional Government Loan Limits

Clarified delivery requirements for MPF Traditional Government Loans that exceed conventional conforming limits.

MPF Announcement 2024-37: MPF Traditional Selling Guide Updates – 3D Printed Homes and Unique Property Types

Updates being made to clarify eligibility of certain 3D printed homes and certain unique or nontraditional types of housing.

MPF Announcement 2024-38: MPF Traditional – Manufactured Housing Updates

Updated and clarified manufactured home eligibility and documentation requirements.

MPF Xtra^®

MPF Announcement 2024-34: MPF Xtra Selling Updates – FNMA SEL-2024-02

 Fannie Mae expanded the DU validation service to allow income and employment validation using an asset verification report. 

Upcoming Webinars

Wednesday, May 15th
FHA Underwriting: Credit Guidelines and Borrower Eligibility

MPF National Education is pleased to welcome representatives from HUD for a series of webinars on FHA eligibility and underwriting. In this second webinar of the series, an overview of FHA borrower eligibility requirements and credit guidelines will be discussed. Common FAQs related to these topics will be shared by the presenters.

 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 

Reminders

• In case you missed it Marketing Bulletin 2024-03 – announces new guide format
•  As part of our ongoing efforts to maintain security and access control for eMAQCS®plus, we are reminding you that all individuals must have their own log-in credentials and must have the appropriate access for their roles. PFIs and Servicers are required to contact us promptly whenever a team member with access leaves the organization or moves to a role that does not require access. It is crucial to deactivate their credentials to safeguard sensitive information and systems.  

To obtain or deactivate credentials for eMAQCSplus follow this link https://www.fhlbmpf.com/resources/mpf-quality-control.