MPF Xtra Servicing Guide Updates
Effective Date: Immediately (unless otherwise noted)
On December 11, 2019 Fannie Mae issued Servicing Guide Announcement SVC-2019-08 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Introduced a payment shortage tolerance policy.
- Included a reminder that Sellers/servicers must report fidelity bond and errors and omissions events.
- Updated servicing guide to include a reference to the maximum late charge for conventional mortgage loans.
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 Servicing Guide chapters, forms, or exhibits noted in the announcements.