MPF Xtra Servicing Guide Updates
Effective Date: Immediately (Unless Otherwise Noted)
On December 26, 2018 Fannie Mae issued Lender Letter LL-2018-06 which cover the below referenced topics that are applicable to loans sold under the MPF Xtra product:
Lender Letter LL-2018-06
This Lender Letter provides temporary guidance on selling and servicing policies that may be impacted by the federal government shutdown that occurred on December 22, 2018.
The Lender Letter provides information about the following topics:
- Borrowers whose employment is directly impacted and the verbal VOE requirement,
- Employment validation through the DU Validation Service,
- Government Verifications: Such as obtaining an IRS Transcript (4506-T) and Social Security Number validation (SSA-89),
- Selling and Servicing loans requiring flood insurance, and
- Offering forbearance for borrowers that are impacted
To gain a full understanding of these topics, Servicers should review the entire Fannie Mae Announcement and Lender Letter plus any applicable Fannie Mae Servicing Guide chapters, forms, or exhibits noted in the announcement.
- MPF Announcement 2019-02