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MPF Xtra: Default-Related Legal Services Reminder
Effective Date: Immediately (unless otherwise noted within)
The MPF Program would like to remind Servicers of their obligations related to default‑related legal services for MPF Xtra mortgage loans, including foreclosure and bankruptcy matters.
Law Firm Management and Oversight Requirements
As a reminder, Servicers must use a Fannie Mae approved attorney on defaulted loans and ensure timely updates by the attorney to the Default Reporting Application (DRA).
Servicers must ensure that all referrals for default-related legal services on MPF Xtra mortgage loans – including loss mitigation, foreclosure, and bankruptcy actions – are made only to law firms selected and retained directly by the Servicer and subject to review by Fannie Mae.
Servicers must submit the Servicer Selection Form (Form 200) and required documentation for each law firm it wishes to retain. The Form 200 must be sent to MPF Provider via email to [email protected] not directly to Fannie Mae. The electronic signature on Form 200 must be executed by an individual authorized under the PFI’s Resolution for the Mortgage Partnership Finance Participating Financial Institution Agreement.
The MPF Provider will continue to monitor Servicers for compliance. Failure to comply with this requirement could lead to compensatory fees and fines.
For additional information refer to the following:
- MPF Xtra Servicing Guide 12.4 – Default Related Legal Services
- A4‑2.2‑01 – Selecting and Retaining Law Firms
- A4-2.2-02 - Law Firm Management and Oversight
- A4-2.2-04 - Law Firm Suspensions, Matter Transfers, and Terminations
- F-2-04 - Firm Minimum Requirements
For questions or assistance, please contact the MPF Service Center by using one of the following options:
- MPF Customer Service Portal
- Email: MPF‑[email protected]
- Phone: (877) 345‑2673