Important Program Timeframes - MPF Traditional Released to SLS
The loan must fund on or prior to the lock expiration date.
Provide borrower with the Notice of Servicing Transfer (Exhibit 4 of the Specialized Loan Servicing Whole Loan Transfer Servicing Manual) or equivalent document at closing or as required by RESPA and other applicable laws. This document must include an accurate effective servicing transfer date.
- Effective Date of Servicing Transfer is equal to the date the first payment is due to SLS.
- For Loans Purchased On or Before the 12th
- Serviced loans purchased on or before the 12th calendar day of the month will have a first payment due to SLS on the 1st day of the next month. For example:
- Funding Date: August 9
- 1st Borrower Payment Date Due to SLS: September 1
- Effective Servicing Transfer Date: September 1
- For Loans Purchased After the 12th
- Serviced loans purchased after the 12th calendar day of the month will have a first payment due to SLS on the 1st day of the month after the next month. For example:
- Funding Date: August 22
- 1st Borrower Payment Date Due to SLS: October 1
- Effective Servicing Transfer Date: October 1
The custody file must be delivered to and certified by the MPF Document Custodian within 7 calendar days of being purchased by MPF. It is recommended the file be shipped immediately to allow time for you to make corrections (if any) within the required 7 calendar day timeframe.
Upload the servicing file to SLS within 7 calendar days of MPF funding.
Mail the original final/trailing documents to SLS within 90 days of MPF funding.