MPF Xtra Selling Guide Updates
Effective Date: Immediately (unless otherwise noted)
Fannie Mae issued Selling Guide Announcement SEL-2020-07 which covered the below referenced topics that are applicable to loans sold under the MPF Xtra product:
- Updated requirements related to the use of retirement, government annuity, and pension income.
- Updated the documentation requirements when a Borrower is selling a personal asset.
- Simplified the eligibility requirements for community land trusts.
- Updated the Earthquake insurance requirements for earthquake insurance in Puerto Rico and Guam.
- Replaced references to the IRS Form 4506-T with 4506-C.
- Added references to the redesigned Form 1003.
- Clarified the treatment of pro-rated tax credits in underwriting.
PFIs should note that the MPF Program is not accepting Single-width manufactured homes at this time.
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 Announcement and any applicable Fannie Mae Selling Guide chapters, forms, or exhibits noted in the announcements.
- MPF Announcement 2021-02