MPF Announcement Summary 2024-S12

MPF Servicing Announcements 

Date: 12/20/2024

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. 

All Products 

MPF Announcement 2024-80: Updates to MPF Program Reporting Requirements

The MPF Program is clarifying the late reporting fee will now also apply to late Monthly Investor Reporting, in addition to late Monthly Accounting Reports, and late or incomplete Delinquent Mortgage and Bankruptcy Status Report. IN addition, late or incomplete Delinquent Mortgage & Bankruptcy Status Reports will no longer be a flat $100 fee and are moving to a tiered fee structure.

MPF Traditional and Xtra

MPF Announcement 2024-79: Updates to Form SG340 – Request for Release of Documents 

The MPF Program is updating Form SG340 - Request for Release of Documents to apply only to MPF Traditional loans, and is creating a new Form SG340-X - Request for Release of Documents to be used for MPF Xtra loans.  In addition, knowledge articles are being published to assist with the completion, and submission or the forms. 

Upcoming Webinars

• Tuesday, January 7^th

MPF Program Eligibility Certification Process Submitting Form OG1

Join a webinar to review the online completion process for the MPF Program's Annual Eligibility Certification. This short session will walk you through the new streamlined process and documentation requirements. As a reminder, certification and any supplemental documentation must be submitted no later than Friday, January 31, 2025.

• Thursday, January 9^th

Focus on Credit and Liabilities

This webinar, we will be covering topics related to credit reports and liabilities. Both common and unique situations will be discussed along with guidance on inquiries, fraud alerts and non-traditional credit. We will provide guidance on liabilities, focusing on what must be considered and situations that allow for the exclusion of certain debt.

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

• The MPF Program’s Annual Eligibility Certification (AEC) process begins on January 1, 2025. Submission of Form OG2 is no longer required for certification. For more details, please refer to MPF Announcement 2024-72.

• Reminder from MPF QC: Ensure that loan files submitted for QC review include all copies of Closing Disclosures, Loan Estimates, Change of Circumstance (if applicable) and documentation of Rate Lock Date.

• The MPF Program has published an updated exhibit T to clarify who the PFIs/Servicers should contact when the MPF Guides say to notify the MPF Provider. For More details, please refer to MPF Announcement 2024-78.