Updates and Clarifications to the AEC, the MPF Government MBS Selling Guide, and the MPF Xtra Selling Guide
Effective Date: Immediately
Due to a recent FHFA decision, PFI’s will no longer be required to maintain a specific CAMELS rating to be eligible to participate in off balance sheets products such as MPF Xtra and MPF Government MBS.
As a result, references to the CAMELS requirements have been removed from the applicable product Guides (see MPF Xtra Selling Guide Chapter 13.1, see MPF Government MBS Selling Guide Chapters 1.2 and 6.1, and see MPF Direct Representations and Warranties) . The CAMELS references have also been removed from the Form OG1 that will be required to be completed in January 2019.
Annual Eligibility Certification
In addition to the above mentioned CAMELS related changes made to the OG1, a question has been added to the OG1 to confirm PFIs’ exemption from the expanded HMDA reporting requirements. See Question 4(c) on FORM OG1.
PFIs not required to report HMDA Data or exempt from the expanded HMDA reporting requirements must answer "YES" to the new questions. However, PFIs not exempt from the expanded HMDA reporting requirements, must answer "NO" to the new question, and must populate the comment box with the PFI’s Legal Entity Identifier (LEI).
The 2018 Form OG1 will still be pre-populated with the PFI/Servicer’s 2017 OG1 (Annual Eligibility Certification) submitted responses. The forms will still be available on January 1, 2019 on the eMPF® website. The deadline remains the same, all PFI’s and Servicers must submit their 2018 forms with any supporting documentation by January 31, 2019. For additional information, please see referenced MPF Announcement 2018-54.
- MPF Announcement 2018-59