Custody Reports

Your Responsibilities

1. Monitor custody reports.

   • Custody reports are updated after noon CT of each day based on the previous day's activity. 
   • Custody reports are available at the eMPF website under the “Report” tab.
     • Certified Loans Report: loans reviewed and accepted by the Document Custodian
     • Loans Funded-Not Reviewed - Initial Certification: loans not received/reviewed by the Document Custodian
     • Initial Document Exceptions: custody package requires correction
     • Loans Funded-Not Reviewed - Final Certification (Gov. only): insurance documentation not received/reviewed by Document Custodian
     • Final Document Exceptions (Gov. only): insurance documentation requires correction

2. Review for exceptions.

   • The  Document Exception report will notify you of any discrepancies between the Loan Presentment report or Batch/ULDD data, a.k.a. scheduled information, and the information delivered in the custody package. You must determine which information is correct: the “scheduled information” or the document custody package, and clear all exceptions to receive the initial certification.
     • If any information within the custody package is inconsistent with the information you submitted to MPF at the time your loan was purchased, you must email the MPF Custody Department at MPFCustody@fhlbc.com to cure any defects.
     • If the custody package is incorrect, you must request the custody package back from the Document Custodian. Complete the Request for Release of Documents (Form SG340). Scan and email the SG340 to MPFReleaseTeam@computershare.com. 
       • The collateral file will be returned using PFI’s overnight courier.
       • Correct/replace the document and return the file to the Custodian via overnight mail.
         Computershare
         MPF Program
         751 Kasota Avenue
         Minneapolis, MN 55414-2842
   • In addition to correcting the data that was incorrect, some corrections will require the funding to be reversed and re-funded. The following data fields impact the loan funding and will require the Service Center reverse and re-fund the loan:
     • Loan amount
     • First payment date
     • Interest rate

3. Review custody reports for fees charged by the Document Custodian.

   • There are two custody invoices which will show the fees charged to you by the Document Custodian:
     • Uncertified Loan Fees (initial invoice and a final invoice)
       • Details fees for custody files not certified within seven (7) calendar days of being purchased by MPF. Loan funding starts the clock.
     • Exception Fees (initial invoice and a final invoice)
       • Shows fees for exceptions found by the Document Custodian
   • The initial invoices are posted shortly after month end for your review. You have the opportunity to rebut any fee by contacting the MPF Custody department via email. 
   • The final billing invoice is posted just prior to the 18th of each month and will reflect the amount that will be charged to your general eAdvantage DDA. Remember to have sufficient funds in this account to cover these costs, as insufficient funds will result in an overdraft fee.
   • For New PFIs Only: MPF will not charge exception fees within the first 60 days from receipt of the first collateral file or receipt of the first 100 collateral files (whichever comes first).

   Tip Learn more about custody fees.