MPF® Traditional Training:Retained



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:

  1. 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:
      label example

    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.
    • 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 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.

  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:
        • Certified copy of borrower’s power of attorney
        • Certified copy of trust agreement
        • If third party originated: certified copy of all intervening assignments

        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:

                                     MPF Program
                                     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.

  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. 
  6. For Government Loans Only