MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
On July 3, 2019 Fannie Mae issued Selling Guide Announcement SEL-2019-06 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Updated the Selling Guide to incorporate the HomeReady eligibility requirement changes that were recently announced in LL-2019-06. Effective July 20, 2019, the income limit requirements for all HomeReady loans cannot exceed 80% area median income for the property’s location, including properties in low-income census tract.
- Adding clarifications for compliance with Department of Treasury Office of Foreign Assets Control (OFAC) Regulations regarding servicing loans.
- Removed the requirement for a signed IRS 4506-T for any borrower whose income is not being used to qualify for the loan.
- Updated the definition of relocation loans.
- Reminder of Disaster Policies.
- Minor update to the description of retirement income to align with DU.
- Removed outdated references to outdated appraisal forms (Forms 1075,2055,2095) that no longer are options provided by DU.
Revised the general information on project standards to align with existing policies that clarified the streamlined project eligibility review service.
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.