MPF Announcement Summary 2024-S08

MPF Servicing Announcements 

Date: 7/17/2024

This document summarizes MPF Servicing Announcements being published on this date. 

PFIs and Servicers must refer to the actual MPF Announcement for the specific requirements and guidance.

MPF Government MBS

MPF Announcement 2024-50: MPF Government MBS – Servicing Quarterly Review Process

Streamlined the Quality Control Servicing Quarterly Review Process for Servicers and clarified Servicer requirements in the Guide.

MPF Xtra^®

MPF Announcement 2024-48: MPF Xtra Advance Notice of Change to Investor Reporting Layout and Processes

Updates to the effective dates of Investor Reporting changes previously communicated.

MPF Announcement 2024-49: MPF Xtra Servicing – Updates to Determining the Flex Modification Terms

Fannie Mae has updated the steps for determining the Fannie Mae Flex Modification terms, in efforts to expand borrower eligibility and provide more equitable payment reduction to eligible borrowers. 

Upcoming Webinars

Thursday, July 18^th    

Understanding Temporary Buydowns

With interest rates remaining high, this has prompted buyers to start considering temporary buydowns. In this 30-minute session, we will help you understand the mechanics of both a 2-1 and 3-2-1 buydown. These options are growing in popularity and it’s important to understand them and how they can benefit your borrowers.

Tuesday, July 23rd  

New Login Requirements for MPF Applications: Overview and Instructions

In the fourth quarter of this year, the Mortgage Partnership Finance® (MPF®) Program will upgrade to a new login experience for MPF applications. This will enhance security and improve how you navigate between eMPF®, the MPF Customer Service Portal, and eMAQCS®plus. This webinar will walk through the steps that users of MPF Program applications must complete before the new login process takes effect. Because webinar space is limited, we are offering four sessions between July and October.

Thursday, July 25^th 

Focus on Credit and Liabilities

In this webinar, we will be covering topics related to credit reports and liabilities. Both common and unique situations will be discussed along with guidance on inquiries, fraud alerts and non-traditional credit. We will provide guidance on liabilities, focusing on what must be considered and situations that allow for the exclusion of certain debt.

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

• As a reminder, pursuant to MPF Announcement 2024-31, all MI cancellation notices or requests must be submitted through eMAQCS®plus using the MI Cancellation Notice (Form SG343).

Servicers who do not have access to eMAQCSplus, may request credentials by visiting the eMAQCSplus Credentials | FHLBMPF, and choosing access to the MPF

Servicing / Default Management - including MI Cancellations. PFIs must have their PFI number available when submitting a request for credentials, as it will be needed to gain access.

Please note, Servicers who already have credentials for MPF Default Management through eMAQCSplus do not need to request new credentials. Servicers are encouraged to visit On-Demand Webinars for a tutorial on the Mortgage Insurance Cancellation Process in eMAQCSplus

• Loans with Affordable Housing Program Funds, including FHLB Funds, must include the amount of the grant into the TLTV calculation for AUS or 1008. Reference MPF Selling Guide 4.4 Affordable Housing Program.