MPF® Traditional Training:Iowa Bankers Mortgage Corporation


Custody Reports

Custody reports provide you with the status of the loans submitted to the document custodian for certification. 

You are required to have your custody package certified by the Document Custodian (Computershare) within seven (7) calendar days of the loan being purchased by MPF. 

You will find the MPF exception process very different from other investors you work with. MPF does not delay the purchase of your loan due to exceptions. MPF actually purchases the loan before you deliver the custody package to the Document Custodian and the servicing file to IBMC.

Your Responsibilities

  1. Clear all exceptions.

    • If you are notified of an exception, 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 to cure any defects. 
      • If the custody package is incorrect, you must request the document back from the custodian by emailing the Request for Release of Documents (Form SG340) to  
        • The custody file will be returned using PFI’s overnight courier and billed to you.
        • Correct/replace the document and return the file to Custodian via overnight mail.
          MPF Program
          751 Kasota Avenue
          Minneapolis, MN 55414-2842

    • In addition to correcting the data, some corrections will require the funding to be reversed and refunded:
      • Loan amount
      • First payment date
      • Interest rate
  2. Manage custody fees charged by the Document Custodian.

    • There are two custody reports which will show the fees charged to you from the document custodian for correcting exceptions:
      • Uncertified Loan Fees (initial invoice and a final bill)
        • Shows fees for files delivered and not certified by the 7-day requirement
      • Exception Fees (initial invoice and a final bill)
        • Shows fees for exceptions found by the document custodian 
    • These initial billing reports are posted shortly after month end; the final billing report is posted just prior to the 18th of each month and will reflect the amount that will be charged to your FHLB Des Moines account in eAdvantage. 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).

Note: Uncertified loan fees will be assessed after 7 calendar days

Tip Learn more about custody fees