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