MPF Servicing Summary Announcement: 2024-S11
MPF Servicing Announcements
Date: 10/18/2024
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 Traditional
MPF Announcement 2024-66: MPF Traditional Servicing – Monthly Reports
Updated to incorporate guidance regarding monthly reports issued by the MPF Provider.
MPF Announcement 2024-67: MPF Traditional Servicing – Loan Modification Corrections
Updated the Guide to incorporate guidance on how to correct a loan modification that was completed incorrectly.
MPF Government MBS and MPF Traditional
MPF Announcement 2024-65: MPF Government Loans – Veterans Affairs Servicing Purchase (VASP) Program
Updated Guide to incorporate guidance regarding Servicers obligation to comply with VASP.
MPF Xtra®
MPF Announcement 2024-68: MPF Xtra Servicing – Lender Letter 2024-02 (Update) to Determining the Flex Modification Terms
Fannie Mae published an update to Lender Letter 2024-02 to determining the Flex Modification Terms.
MPF Announcement 2024-69: MPF Xtra Servicing Updates – FNMA SVC-2024-05
Fannie Mae has updated the policies and procedures regarding first lien mortgages and charge off prior to advances.
Upcoming Webinars
Wednesday, October 23rd
MPF University Welcomes MGIC: Focus on Variable Income Sources
Evaluating variable income can be challenging due to its fluctuating nature. Plus, you have to understand all the Agency guidelines for analyzing variable income. Learn how to analyze income trends along with other factors so you can make the best underwriting decisions when calculating variable income.
Tuesday, October 29th
This is the perfect session for any mortgage professional looking to build their knowledge of the most common asset types used to qualify your borrowers.
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
- Exhibit T- MPF Directory has been updated with the MPF Banks most up to date Contact Information.
- As a reminder, pursuant to MPF Announcement 2024-51, the MPF Program has incorporated the eligibility of MPF Traditional Government loss mitigation options. Servicers must comply with the requirements outlined in Chapter 9 of the MPF Traditional Servicing Guide, including submitting the Form SG354: Workout Worksheet with the required supporting documentation via eMAQCS®plus. Any Form SG354 submitted by any other means will not be reviewed by MPF Provider or the MPF Bank.
Servicers who do not have access to eMAQCSplus, can click HERE to obtain eMAQCSplus system login credentials.
For additional guidance on how to submit the Form SG354, Servicers are encouraged to access the following training located on the On-Demand Webinars page:
- References:
- MPF Servicing Announcement Summary S11
