AWACSMortgage compliance intelligence from Flightline

FHLB Chicago MPF · Announcement MPF Announcement 2026-64 · Published

MPF Xtra Guidance on Proactive Outreach for Mortgage Insurance Termination

Servicers participating in MPF Xtra may now proactively contact borrowers who potentially qualify to cancel private mortgage insurance based on current property valuations. Lenders must continue providing Form SG-343 to the MPF Provider whenever mortgage insurance coverage is terminated.

InformationalIn effect nowChecks passed· adjusted automaticallyRead the announcement ↗ (opens in a new tab)

Loan impact

Summarized from the announcement · needs review

Applies to: Mortgage loans serviced under the MPF Xtra product with borrower-paid private mortgage insurance.

Addressed to
MPF participating financial institutions (PFIs)From the publisher, not quoted from the text
Investor
MpfFrom the publisher, not quoted from the text
Affected area
Mi termination
Affected documents
Form SG-343 Mortgage Insurance Cancellation Notice
Applicability confidence
Needs review: some rows could not be matched to a quote from the source

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
Proactive borrower contact regarding mortgage insurance cancellationClarifiedNot statedServicers are permitted to proactively reach out to borrowers nearing or meeting loan-to-value thresholds to outline requirements for cancelling mortgage insurance using current property values.

What to do

AWACS interpretation · not source language

What to review: Review the optional guidance permitting servicers to proactively contact MPF Xtra borrowers who may qualify to cancel private mortgage insurance based on current property values.

QC implications

  • Verify that proactive borrower communications regarding mortgage insurance cancellation follow MPF Xtra requirements and that Form SG-343 is submitted to the MPF Provider upon termination.

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.

    • An independent check could not confirm which way a change moves a rule; it is not marked as required

  • 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.