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 (Wells Fargo) 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.
How it Works
Monitor custody reports.
- Custody reports are updated after noon CST of each day by the MPF Provider based on information provided by the Document Custodian, Wells Fargo in Minneapolis.
- Custody reports are available at the eMPF website under the “Report” tab.
Tip: For more information on reports, see our Custody Reports Tip Sheet
Review for exceptions.
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/certified after 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 FHLBDM 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