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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 within seven (7) calendar days of the loan being purchased by MPF®. Loans uncertified after thirty (30) days may be subject to repurchase.

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. Once the custody file has been shipped, follow the custody process outlined below. 

How it Works

  1. Monitor custody reports.

  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 custodian. Complete the Request for Release of Documents (Form SG340). Scan and email the SG340 to MPFReleaseTeam@computershare.com. 
        • The custody file will be returned using PFI's overnight courier and billed to you. 
        • 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 the 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.