MPF Announcement 2024-69

MPF Xtra Servicing Updates – FNMA SVC-2024-05 

Effective Date: Immediately (unless otherwise noted)

Pursuant to Fannie Mae SVC-2024-05, the below referenced topics have been updated that are applicable to mortgage loans serviced under the MPF Xtra product:

• having policies and procedures to determine if a mortgage loan is eligible for charge-off prior to advances,
•  evaluating a first lien mortgage loan for charge-off and release of lien.

 Effective: Servicers are encouraged to implement these changes immediately but must comply with these changes by January 1, 2025.

To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcement and any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcements.