MPF Announcement 2026-35

MPF Announcement: 2026-35 Date: May 29, 2026 Alert: Clarification, Policy Update Audience: Compliance/Legal, Program Management, Origination, Quality Control, Servicing, Underwriting Product: MPF Government MBS, MPF Traditional, MPF Xtra®

Effective Date: Immediately (unless otherwise noted within)

MPF Program – Income Verification Update

In efforts to streamline quality control requirements, the following reverification requirements have been updated:

• IRS Tax Transcript Requirements: Updated the reverification policy to require tax transcripts be obtained from the IRS only when tax returns were used to verify income during underwriting, such as for self-employment income.

For additional information refer to the MPF Program Guide Section 8.7.2 Employment and Income, MPF Traditional Selling Guide Section 5.3.6 4506-C and Tax Transcripts, and MPF Xtra Selling Guide Section 5.4 4506-C and Tax Transcripts.

• Reverification of Employment and Income: Clarified the reverification policy to confirm that only the income and employment used to qualify the borrower for the mortgage loan must be reverified. Income and employment not used for qualification purposes are not required to be verified.

For additional information refer to the MPF Program Guide Section 8.7.2 Employment and Income and MPF Traditional Selling Guide Section 5.3.1 General Income Information.

For questions or assistance, please contact the MPF Service Center by using one of the following options:

• MPF Customer Service Portal
• Email: MPF-Help@fhlbc.com
• Phone: 877.345.2673