MPF Announcement 2024-65
MPF Government Loans – Veterans Affairs Servicing Purchase (VASP) Program
Effective Date: Immediately (unless otherwise noted)
The MPF Program has updated the MPF Traditional Servicing Guide and MPF Government MBS Servicing Guide to incorporate reminders regarding Servicers obligation to comply with VASP as communicated in MPF Announcement 2024-52:
MPF Government MBS Servicing Guide
- 8.5.2 Government MBS Mortgage Loan Modifications – Clarified that if an MPF Government MBS Mortgage Loan is subject to a loan modification pursuant to the VASP loss mitigation option, prior to making any modifications to comply with VA requirements, the Servicer must repurchase the Mortgage Loan pursuant to Section 1.6 Repurchase.
MPF Traditional Servicing Guide
- 9.1.2 Government Loans – Clarified that if an MPF Traditional Government mortgage loan is subject to the VASP loss mitigation option, the Servicer must:
- comply with VA requirements when modifying the mortgage loan and the Servicer must notify the MPF Provider of the loan modification by submitting the Form SG354: Workout Worksheet with the required supporting documentation via eMAQCSplus, and
- once the VA mortgage loan is eligible for repurchase by the VA pursuant to VASP, the Servicer shall be permitted to repurchase the Mortgage Loan in accordance with the requirements of the MPF Traditional Servicing Guide.
- References:
- MPF Announcement 2024-65
