MPF Announcement 2025-02

MPF Xtra Selling Updates - FNMA SEL-2024-08

Effective Date: Immediately (unless otherwise noted)

Fannie Mae published SEL-2024-08 which covers the below referenced topics that are applicable to mortgage loans sold under the MPF Xtra product:

• Limited cash-out refinances:
  • Adding additional exceptions to the Borrower Ownership requirement.  
    
• Time adjustments in appraisals:
  • Encouraging the use of home price indices and other market data to support overall value accuracy. 
• Miscellaneous update:
  • Remote online notarization - updated the list of states to include Maine for remote online notarization.

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.

If you have any questions, please contact the MPF Service Center via email MPF-Help@fhlbc.com or phone (877- 345-2673).