MPF Xtra - Investment Properties and Second Homes Temporarily Ineligible
Last Updated on June 21, 2021
Effective July 1, 2021, Investment Properties (Non-Owner Occupied) and Second Homes will become temporarily ineligible under the MPF Xtra product. At this time, it is unknown how long these restrictions will be in place.
This announcement differs from a communication we sent to our Participating Financial Institutions on June 8, regarding investment properties (non-owner occupied) and second homes.
You will be able to originate and sell these types of mortgage products through MPF Xtra if the Delivery Commitment is dated on or before June 30, 2021. We encourage you to review your existing mortgage loan pipeline and execute any Delivery Commitment extensions by June 30.
In addition, you can consider selling Second Home mortgage loans through the MPF Traditional product. We would be happy to help you with that process. Investment Properties are ineligible for the MPF Traditional product.
We understand that this change may be an inconvenience, and we are committed to providing you with up-to-date communication on the MPF Program.
Our Mortgage Product Group is ready to assist you with any questions or concerns you may have.