MPF Announcement 2019-27

MPF Xtra Selling Guide Updates

Effective Date: Immediately (unless otherwise noted) 

On May 1, 2019 Fannie Mae issued Selling Guide Announcement SEL-2019-04, which cover the below referenced topics that are applicable to loans sold under the MPF Xtra product:

• Updated the Guide to clarify that Texas Section 50(a)(6) loans are not eligible for remote notarization.
• Updated the occupancy types to align with the recent changes to the Loan Level Price Adjustments for Second Homes announced in Lender Letter LL-2019-04.
• Revisions made to Properties Affected by a Disaster section to align with the Desktop Underwriter® (DU®) 10.3 updates.
• Added a reference to high LTV refinance transactions to align with existing DTI policy.
• Reverted an erroneous edit to occupancy requirements for loans with resale restrictions loan and borrower eligibility.

Other topics mentioned in the Fannie Mae announcement do not apply to MPF Xtra. To gain a full understanding of these topics, PFIs should review the entire Fannie Mae Announcements  on the following pages, and any applicable Fannie Mae Selling Guide chapters, forms, or exhibits noted in the announcements.

REFERENCE:

Fannie Mae Selling Guide Announcement SEL-2019-04 

Please note you can access the  MPF Guides and MPF Announcements on our MPF Website.

Join Us for an Upcoming MPF^® Webinar:
Monday, May 6^th:  Radian Presents: Beyond Schedule C
Thursday, May 16^th:  Loan Eligibility and Underwriting for the MPF Traditional Products
Tuesday, May 21^st: Investor Reporting for the MPF Xtra Product