MPF® Traditional Training:Specialized Loan Servicing

Servicing Released

Specialized Loan Servicing Training Overview

This training provides guidance for Participating Financial Institutions through the process of origination, underwriting, selling and releasing servicing to Specialized Loan Servicing (SLS) under the MPF® Traditional program.

Complete Training to Understand Your Responsibilities:

Please review important program timeframes for these steps.

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

  1. Originating and Underwriting

  2. Selling and Delivery

  3. Release Servicing to Specialized Loan Servicing

    • Register and transfer the loan through MERS® (you must be a MERS member.)
    • SLS' Responsibilities:
      • Purchase the servicing rights
      • Apply and process the borrower’s mortgage payments
      • Manage the borrowers’ escrow accounts and provide annual escrow analysis
      • The SRP will be paid to you by SLS; SLS will net the required escrow balance and fees from the SRP. If netting results in a negative SRP, you will be required to wire the necessary funds within 2 business days:
        • Tax Service Fee: $80.00
        • Loan Boarding Fee: $150.00
        • Government Loan Boarding Fee: $500.00