MPF Update for Institutions Impacted by Midwest Flooding
posted on Friday, April 12, 2019 in Business News
In light of recent flooding, the Federal Home Loan Bank of Des Moines would like to remind Servicers to review section 4.6 of the MPF® Traditional Servicing Guide which covers Property Damage and Loss Procedures. This includes but is not limited to confirming the state of any damage through property inspections and informing the master servicer of any loss within 5 business days by filing a form SG342 (Property Insurance Loss Draft Notification).
In addition section 8.7 covers guidance for offering default assistance to borrowers impacted by disasters in FEMA Declared Disaster areas. If you have questions or concerns or feel your MPF servicing portfolio has been materially impacted by the flooding, we encourage you to reach out to FHLB Des Moines.
Servicers of MPF Xtra or MPF Government MBS should review the MPF Xtra Servicing Guide and the MPF Government MBS guides as well as Fannie Mae or relevant Government Agency guidance respectively.
Contact the FHLB Des Moines Mortgage Products Group with questions.
“MPF” is a registered trademark of the Federal Home Loan Bank of Chicago.