Congratulations, you've sold your loan to MPF®!
Now that you have purchased your loan, you need to overnight the custody file to the Document Custodian. MPF purchase starts the clock ticking for delivery. You now have seven calendar days to have the MPF Document Custodian review and certify the custody file.
Your Responsibilities - Delivering the Custody Package:
Prepare the custody file folder.
- For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian (Computershare), 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.
- You are responsible for creating labels.
- The labels must contain the following information:
Tip: Use our handy label template!
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.
- 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.
Note: Do not include the Initial Certification Review Checklist with the document package you send to the Document Custodian.
Tip: Proof the custody file to avoid excess fees: Learn more about Custody Fees.
Prepare the documents to be included in the custody file folder.
- The custody file must contain the following documents:
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:
751 Kasota Avenue
Minneapolis, MN 55414-2842
Tip: The original government insurance certificate must be shipped to the Document Custodian for “final certification”. See MPF Guide Exhibit L.
Retain the original final/trailing documents.
- As a servicing PFI, the recorded mortgage and final title policy will be retained in the loan file.
For Government Loans Only: