MPF Announcement 2024-70

MPF Xtra Selling Updates - FNMA SEL-2024-06

Effective Date: Immediately (unless otherwise noted)

Fannie Mae published SEL-2024-06 which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:

• Mitigating subjective statements in appraisal reports:
  • removing, adding and replacing certain terms in appraisal practices policies to mitigate subjective terminology used in appraisal reports
  • adding requirement for lenders to establish policies and procedures to monitor appraisals for prohibited language to mitigate the risk of discriminatory practices and appraisal bias.
    • NOTE: MPF Guides will be updated shortly to reflect this as obligation of PFIs/Servicers

DU Validation Service: automating review of the supplemental asset report when provided to Desktop Underwriter® (DU®) for revalidation of ,  Also see MPF Xtra Selling Guide 10.1.

 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.