MPF® Traditional Training:Newrez

Training Courses  
Servicing Released

Training Overview

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This training provides guidance for Participating Financial Institutions (PFIs) through the process of origination, processing, underwriting, closing, selling, delivery, and releasing servicing to Newrez under the MPF® Traditional program.

Complete Training to Understand Your Responsibilities:

Keep in mind:

  • The training modules are meant to follow a general best practice process flow.
  • You are responsible to originate, process, underwrite and close in your institution’s name; following standard secondary market procedures, Newrez Whole Loan Servicing Transfer Manual, and the MPF Guides.
  • The MPF Program requires the use of agency (Fannie/Freddie) documents for origination through closing.
  • Review and familiarize yourself with the MPF Guides.
  • Review important program timeframes. 

Tip: There are several MPF Websites available to you.  

Tip: If you find an MPF closing package within your doc prep system; know this was not created or approved by the MPF Program.

Note: Register with MERS® (if not already a MERS member)

Your interaction with MPF in the loan process includes:

  • Providing loan information to MPF via Loan Presentment using one of the two options available to you. This process provides you with your credit enhancement (risk score).
  • Pricing and locking the loan using the eMPF website.
  • After disbursing loan proceeds and prior to price expiration, you will sell MPF the loan using the eMPF website. 
  • The custody folder is to be delivered to and certified by the MPF Document Custodian within seven calendar days of purchase by MPF.
  • You will monitor the custody reports to be sure the loan is certified, making corrections as necessary.

Newrez as servicer:

  • Review the Newrez Whole Loan Servicing Transfer Manual.
  • Newrez' minimum loan term is 10 years.
  • MPF will purchase the asset and Newrez will purchase the servicing. 
  • Newrez will purchase MPF loans with not more than two payments applied. 
  • PFI will image and upload the service file to the eMPF website (see Post-Closing tab).
  • Newrez will pay the SRP following the review and acceptance of the imaged servicing file.
  • Newrez purchases the servicing and will board the loan onto Newrez's servicing system.
  • Newrez will charge fees for each serviced mortgage and net them from the SRP: 
    • Tax Service Fee: $85.00
    • Loan Boarding Fee: $120.00
    • Government Loan Boarding Fee: $500.00
    • When escrows are waived, there will be an SRP adjustment. 

Training Disclaimer: This training section is intended to give a general overview of selling loans into the MPF Program. It is your responsibility to understand and utilize the MPF Guides. If there are any discrepancies between this information and the information in the MPF Guides, the MPF Guides take precedent.