MPF® Traditional Training:Retained

Servicing

Post-Closing

Congratulations, you've sold your loan to MPF®!

Now that you have funded your loan, you need to overnight the custody file to the document custodian.

Your Responsibilities - Delivering the Custody Package:

  1. Prepare the custody file folder. 

    • For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian (Wells Fargo), which maintains the safekeeping of your MPF custody file.
    • Place the custody documents into a legal size, manila file folder.
    • You must attach a label to the top right corner of the folder. 
    • The labels must contain the following information:
      label example
    • For New PFIs Only: MPF Provider will provide the first set of file labels. You are responsible for creating labels after those are depleted.

    Tip: Use our handy label template!

  2. Proof the documents to be included in the custody file folder.

    • Use the MPF Initial Certification Review Checklist (Exhibit K) as a job aid to ensure all documents in the collateral file are executed and delivered to the Custodian in accordance with the requirements of the MPF program. This checklist compares the custody file information to the information submitted to MPF at the time of purchase.

      Note: Do not include this checklist with the document package you send to Wells Fargo.

    • If any information within this custody package is inconsistent with the information you submitted to MPF at the time your loan was purchased, you must email MPFCustody@fhlbc.com and they will correct this information.
    • If you identify a discrepancy impacting the loan amount, first payment date or interest rate, contact the MPF Service Center to have the loan reversed and refunded. 

    Tip: Proof the custody file to eliminate excess fees: Learn more about Custody Fees.

  3. Prepare the documents to be included in the custody file folder.

    • The custody file must contain the following documents:
      • Original note (endorsed from your bank to _______ [blank]). See sample.
      • Original unrecorded assignment or certified copy of the first two/three pages of the MOM mortgage.
        • If the loan is closed with a Mortgage or Deed of Trust, an original assignment of mortgage or deed of trust (based on where the property is located) is required. The assignment will be completed without the name of the transferee (this will be left blank). The assignment is not recorded; the original will be included in the custody folder.
        • If the loan is closed using a MOM Mortgage, an assignment is not required. Register the mortgage loan with MERS immediately as follows:
          • Originator = PFI's MERS Org  ID #
          • Investor = FHLB Chicago as MPF MERS Org ID #1000491
          • Servicer = PFI's MERS Org ID #
      • If applicable:

        Note: The first page of any copies in the custody folder must be stamped “True and Certified Copy” and initials or signature below the certification.

  4. Ship the custody folder. 

    • The custody file must be shipped to the document custodian and certified within 7 calendar days of MPF Funding.
    • Overnight the file via UPS or FedEx to the following address:

                                     Wells Fargo Bank, NA
                                     MPF Program
                                     751 Kasota Avenue
                                     Minneapolis, MN 55414-2842

      Tip: To avoid an excess overnight mailing fee, proof the document package using the MPF Initial Certification Review Checklist (Exhibit K) prior to delivering the custody package to the document custodian.

  5. Retain the original final/trailing documents.

    • As a servicing PFI, the recorded mortgage and final title policy will be retained in the loan file.