MPF® Traditional Training:Colonial Savings

Originating & Underwriting

Pricing & Locking a Loan

Determine your borrower's interest rate.

You can refer to the MPF rate sheets to view rates, terms and lock periods. Benefits of MPF Traditional pricing include:

  • No additional points for low loan amount; 
  • No additional points for second homes; 
  • No additional points for cash out refinances;
  • No loan level price adjustments; and
  • No MPF delivery fees.

Your Responsibilities

  1. Access pricing at the eMPF website.

    • Rate sheets are posted between 8:30 AM and 3:30 PM (CST).
    • Price the loan using the actual/actual servicing remittance option.
    • Pricing is subject to change based on market movement. 

    Tip: How to read the MPF Price Sheet

  2. Review Colonial's Servicing Release Premium (SRP) schedule.

    • The SRP paid by Colonial is based on the SRP fee schedule in effect on the day the loan was locked.
    • Colonial pays the SRP once a month for all loans boarded in the previous month.
      • The SRP will be paid by the fifth business day of the month.
    • Each month Colonial will provide a loan level detail report to support SRP payments.
    • Colonial's SRP schedule can be accessed from the MPF homepage under Products and Servicing Released Alternatives. 

    Tip: Find out how SRP is calculated

  3. Loans can be locked via the eMPF website between 8:30 AM and 3:30 PM (CST).

  • With MPF mandatory delivery, you won’t lock a specific borrower or property address; you will only lock a dollar amount, term, interest rate and lock period.
  • What you’ll need:
    • Master Commitment Number
    • Delivery Amount ($)
    • Product (Choose 15, 20 or 30 year pricing as the product type)
    • Commitment Term/Expiration Date
    • Note Rate (%)
  • Once your lock is submitted and confirmed within eMPF, you will be emailed a lock confirmation. It is recommended you print the confirmation for the loan file. Additionally, within the DC confirmation screen, you have the option to email the confirmation to someone else in your institution, provided they are on the dropdown list.
  • Learn more about MPF Traditional Locks and Tolerances.

Demo: Locking a loan within the eMPF website

Demo: Locking a loan within the eMPF websiteplay video


  • Lock Extensions
    • Request a lock extension thru the eMPF website on the “Transaction” tab using the delivery commitment screen.
      • Extensions can be for one day at a time or for multiple days; an extension cannot exceed a total of 30 calendar days.
      • Extension fees will be calculated and quoted to you; you will have 60 seconds to accept or decline the quote. (For quotes not accepted within 60 seconds, simply resubmit.)
      • Extension fee will be charged to your general Demand Deposit Account (DDA) within eAdvantage (your institution's banking site with FHLB Des Moines) on the date the extension is accepted.
      • You will want to have funds in your general DDA to cover the extension fee.

Demo: Extending a lock within the eMPF website

Demo: Extending a lock within the eMPF websiteplay video


  • Loan Amount Reductions
    • Go to the eMPF website and click the “Transaction” tab using the delivery commitment screen and select “Reduction.”
    • Reduction fees for a pair-off will be calculated and quoted to you; you will have 60 seconds to accept or decline the quote. For quotes not accepted within 60 seconds, simply resubmit.
    • Reduction fees will be charged to your general DDA within eAdvantage, on the date the reduction fee is accepted.
    • Once a lock is reduced, the 5% tolerance rule no longer applies and the new tolerance becomes $50.

Demo: Reducing a lock within the eMPF website

Demo: Reducing a lock within the eMPF websiteplay video

Tip: See MPF Traditional Loan Amount Reduction examples

  • Pair-off Fees
    Pair-offs are used to offset the cost incurred by the investor when closing out all or part of a mandatory delivery commitment when customers are unable to deliver the committed dollar amount. Whole loan prices captured at commitment and again at pair-off are used to determine if a pair-off fee will be due, and the amount of the pair-off.
    • Pair-off fees will be charged for loans delivered at less than 95% of the original loan lock.
    • Pair-off fees will be calculated and quoted to you; you will have 60 seconds to accept or decline the quote. For quotes not accepted within 60 seconds, simply resubmit.
    • Pair-off fees will be charged to your general DDA within eAdvantage, on the date the pair-off fee is accepted.
    • These fees are charged at expiration with the benefit of tolerance.
    • If the lock is reduced prior to expiration, the fee is charged on the actual amount of the change.

Tip: See MPF Traditional Pair-Off Fee examples

  • Over-Delivery / Price Adjustment Fee
    Occasionally, a lender will be faced with an extenuating circumstance that may require them to deliver more than the maximum delivery amount. This may occur when a consumer lowers their down payment or when a mortgage is substituted to prevent or reduce a pair-off fee.
    • An over-delivery fee (also known as a price adjustment fee) will be charged on loans delivered in excess of 105% of the original loan lock.
    • A lock (delivery commitment) can be over-delivered by $100,000 but cannot exceed the maximum loan limits.
    • The amount charged to your general DDA account will be based on the last price sheet of the day on the day the loan is purchased by MPF.

Tip: See MPF Traditional Over-Delivery / Price Adjustment Fee examples