AWACSMortgage compliance intelligence from Flightline

FHLB Chicago MPF · MPF Announcement 2026-71 · Published

Disaster Foreclosure Approval Timelines for MPF Traditional Servicing

Servicers must adhere to specific timeframes when seeking approval to begin or proceed with foreclosure on disaster-damaged properties. Requests must be filed within designated time limits following review or disaster discovery, and any subsequent records must follow within one business day.

Action requiredIn effect nowAll checks passedRead the announcement ↗ (opens in a new tab)

Loan impact

Summarized from the announcement · verified

Applies to: Mortgages serviced under MPF Traditional secured by properties situated in disaster areas.

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
ForeclosureGuide Section 8.5.4
Affected documents
Foreclosure approval submission; supplementary disaster documentation
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 · Section 8.5.4
RequirementPreviouslyNow
Deadlines for requesting prior approval and submitting documentation for disaster-related foreclosuresTightenedRequiredNot statedServicers must request permission to initiate foreclosure within five days of finishing prereferral review, request permission to advance active foreclosure within two business days of discovering disaster damage, and forward any required supplemental records within one business day of receiving them.

What to do

AWACS interpretation · not source language

What to review: Review servicing procedures immediately to ensure prior approval requests and supplemental documentation for disaster-damaged properties adhere to the mandatory submission deadlines.

Servicing

Submit requests to initiate foreclosure within five days of completing prereferral review, request approval to advance active foreclosures within two business days of identifying disaster damage, and provide any supplemental records within one business day of receipt.

QC implications

  • Sample disaster-affected loan files to verify that foreclosure initiation requests were submitted within five days of finishing prereferral review.
  • Verify that approval requests to proceed with active foreclosures were submitted within two business days of discovering disaster damage and that supplemental records were sent within one business day.

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

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

  • 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.