MPF® Traditional Training:Retained

Selling & Delivery


It’s the big day for your borrower!

It’s also an important milestone for your institution, as this is the final step before selling the loan to MPF®. During this stage, we will cover the steps you will need to complete to close your loan.

Your Responsibilities

  1. Proceed with your normal closing procedures.

    • Meet all federal and state regulations.
    • Prepare the closing documents.
      • The loan will close in your institution’s name.
      • MPF does not require any program specific forms.
    • Be sure to use only the most current standard Fannie Mae/Freddie Mac uniform instruments.
      • Use the Multi-state Fixed Rate Note FNMA/FHLMC 3200.
        • Must use 5% late charge after 15 days (OG-12), unless state law says differently. Government loans follow the agency requirements.
        • MPF prohibits prepayment penalties on the first lien and any subordinate liens for conventional and government mortgages.
      • Use the FNMA/FHLMC state-specific Mortgage or Deed of Trust based on state requirements.
        • If you are a MERS member, you may use a MOM mortgage. 
      • Use the following FNMA/FHLMC riders if applicable:
        • Multiple units require the use of 1-4 Family Rider (FNMA 3170)
        • PUD Rider (FNMA 3150)
        • Condo Rider (FNMA 3140) 
        • Second Home Rider (FNMA 3890)
    • Tip: If tax transcripts were not obtained for the underwriting decision, the borrower(s) must sign a 4506C at closing.

  2. Close with the borrower.