MPF Announcement 2024-59

MPF Xtra Selling Notice – Implementation date for Reconsideration of Value

Effective Date: Immediately (unless otherwise noted)

Fannie Mae previously issued Selling Guide Announcement SEL-2024-03, developing a framework for Originators to review and respond to a borrower-initiated reconsideration of value (ROV).

In response to industry feedback, Fannie Mae has extended the implementation date by 60 days to provide more time for Originators to develop and deploy the requirements of the ROV policy.

Originators are encouraged to implement the ROV policy immediately but must do so for mortgage loans with applications dated on or after the new effective date of October 31, 2024.

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.