AWACSMortgage compliance intelligence from Flightline

FHLB Chicago MPF · Announcement MPF Announcement 2026-18 · Published

Payoff Reporting Error Correction Deadline for MPF Xtra

Participating financial institutions servicing MPF Xtra mortgages must alert the MPF Service Center no later than the initial business day of the next month to rectify payoff reporting errors. This policy reflects Fannie Mae discontinuing post-cutoff reactivation requests for loans marked as paid in full.

Action requiredNo effective date statedChecks passed· adjusted automaticallyRead the announcement ↗ (opens in a new tab)

Loan impact

Summarized from the announcement · verified

Applies to: This servicing policy applies to residential mortgages delivered under the MPF Xtra program.

Addressed to
MPF participating financial institutions (PFIs)From the publisher, not quoted from the text
Investor
MpfFrom the publisher, not quoted from the text
Applicability confidence
Verified: every row taken from the source text is supported by it; rows marked "from the publisher" are not quoted

Summary by AWACS. FHLB Chicago MPF's guide is proprietary, so AWACS does not reproduce its text. Read the official announcement ↗ (opens in a new tab)

What changed

Summarized from the announcement
RequirementPreviouslyNow
Payoff reporting error correction notification timelineTightenedRequiredNot statedServicers must report payoff reporting discrepancies to the MPF Service Center by the initial business day of the subsequent month.

What to do

AWACS interpretation · not source language

What to review: Review internal servicing workflows to ensure payoff reporting discrepancies for MPF Xtra loans are identified and communicated to the MPF Service Center by the initial business day of the subsequent month.

Servicing

Report payoff reporting discrepancies on MPF Xtra loans to the MPF Service Center by the first business day of the subsequent month.

QC implications

  • Verify that any payoff reporting corrections for MPF Xtra loans were submitted to the MPF Service Center by the initial business day of the following month.

Source and record

Version 1 · archived

Checks

  • Source verified: Passed

    The document ID, link and publication date match the official source.

  • Quotes match the source: Passed

    Every quoted passage appears word for word in the official document.

  • Requirements backed by the source: Passed, adjusted automatically

    Anything marked required is backed by the requirement language and dates in the source.

    • A detail the source does not support was removed or adjusted

  • In scope: Passed

    The document is about residential mortgage lending.

  • Format and labels: Passed

    The record follows the AWACS format and uses its standard labels.