MPF Announcement 2024-46

MPF Xtra Selling Updates – FNMA SEL-2024-04

Effective Date: Immediately (unless otherwise noted)

Fannie Mae published SEL-2024-04 which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:

• Builder standby commitment fees: In an effort to identify loans with a reduced interest rate due to a standby commitment, lenders are required to use Special Feature Code (SFC 887) upon delivery of the loan.
  

• Closing costs definition: Updated glossary definition of closing costs to include items related to the real estate and financing transactions.
  

• HomeReady® housing counseling LLPA credit: Expanded timeframes for completion of counseling and eliminating Form 1017.
  

Other topics mentioned in the Fannie Mae announcement do not apply. To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcement and any applicable Fannie Mae Selling Guide chapters, forms, or exhibits noted in the announcements.