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)
A couple things to keep in mind during training:
- 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 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.
Tip: If you find an MPF closing package within your doc prep system; know this was not created or approved by the MPF Program.
Your interaction with MPF in the loan process will include:
- Providing loan information to MPF via Loan Presentment using one of the two options available to you.
- 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 eMPF.
- 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.
SLS as servicer:
- SLS purchases the servicing and will board the loan onto SLS's servicing system.
- Review the SLS Whole Loan Transfer Servicing Manual for servicing requirements.
- MPF will purchase the asset and SLS will purchase the servicing.
- SLS will make the SRP payment following the review and acceptance of the imaged servicing file.
- SLS will charge the following fees for each serviced mortgage:
- Tax Service Fee: $80
- Loan Boarding Fee: $150
- Government Loan Boarding Fee: $500
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. Choose your MPF product and servicer from above to begin.