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MPF Traditional Servicing – Natural Disaster Foreclosure Assistance Update
Effective Date: Immediately
The MPF Traditional Servicing Guide has been updated to provide the following policy update and clarification to the requirement Servicer, obtain prior written approval to refer to or continue a foreclosure on a disaster-impacted property.
- Foreclosure Proceedings: Clarified Servicers must submit a request to initiate a foreclosure on a disaster-impacted property within five days after completing the prereferral review and must submit a request to proceed with active foreclosure within two business days upon determining a disaster event has impacted the property. Submissions must be made timely with the required information available at the time of submission and supplemented within one business day after receiving additional required documentation.
For additional information, see Section 8.5.4 Foreclosure Action.
For questions or assistance, please contact the MPF Service Center by using one of the following options:
- MPF Customer Portal
- MPF-Help@fhlbc.com
- 877.345.2673