Originating & Underwriting
Pricing & Locking a Loan
Determine your borrower's interest rate.
You can refer to the MPF® rate sheets to view rates, terms and lock periods. Benefits of MPF Traditional pricing include:
- No additional points for low loan amount;
- No additional points for second homes;
- No additional points for cash out refinances;
- No loan level price adjustments; and
- No MPF delivery fees.
- Rate sheets are posted between 8:30 AM and 3:30 PM (CST).
- Price the loan using the actual/actual servicing remittance option.
- Pricing is subject to change based on market movement.
Tip: How to read the MPF Price Sheet
Review Specialized Loan Servicing's Servicing Release Premium (SRP) schedule.
- The SRP paid by SLS is based on the SRP fee schedule in effect at the time the loan is locked. The SLS pricing schedule may change intraday.
- SLS pays the SRP following the review and acceptance of the imaged servicing file.
- SLS's SRP schedule can be accessed from the Pricing tab within the eMPF website
Tip: Find out how SRP is calculated
Tip: SRP Schedule- Conforming and Government
Loans can be locked via the eMPF website between 8:30 AM and 3:30 PM (CST).
Demo: Locking a loan within the eMPF website
- Lock Extensions
- Request a lock extension thru the eMPF website on the “Transaction” tab using the delivery commitment screen.
- Extensions can be for one day at a time or for multiple days; an extension cannot exceed a total of 30 calendar days.
- Extension fees will be calculated and quoted to you; you will have 60 seconds to accept or decline the quote. (For quotes not accepted within 60 seconds, simply resubmit.)
- Extension fee will be charged to your general Demand Deposit Account (DDA) within eAdvantage (your institution's banking site with FHLB Des Moines) on the date the extension is accepted.
- You will want to have funds in your general DDA to cover the extension fee.
Demo: Extending a lock within the eMPF website
- Loan Amount Reductions
- Go to the eMPF website and click the “Transaction” tab using the delivery commitment screen and select “Reduction.”
- Reduction fees will be calculated and quoted to you; you will have 60 seconds to accept or decline the quote. For quotes not accepted within 60 seconds, simply resubmit.
- Reduction fees for a pair-off will be charged to your general DDA within eAdvantage, on the date the reduction fee is accepted.
- Once a lock is reduced, the 5% tolerance rule no longer applies and the new tolerance becomes $50.
Demo: Reducing a lock within the eMPF website
Tip: See MPF Traditional Loan Amount Reduction examples
- Pair-off Fees
Pair-offs are used to offset the cost incurred by the investor when closing out all or part of a mandatory delivery commitment when customers are unable to deliver the committed dollar amount. Whole loan prices captured at commitment and again at pair-off are used to determine if a pair-off fee will be due, and the amount of the pair-off.
- Pair-off fees will be charged for loans delivered at less than 95% of the original loan lock.
- Pair-off fees will be calculated and quoted to you; you will have 60 seconds to accept or decline the quote. For quotes not accepted within 60 seconds, simply resubmit.
- Pair-off fees will be charged to your general DDA within eAdvantage, on the date the pair-off fee is accepted.
- These fees are charged at expiration with the benefit of tolerance.
- If the lock is reduced prior to expiration, the fee is charged on the actual amount of the change.
Tip: See MPF Traditional Pair-Off Fee examples
- Over-Delivery / Price Adjustment Fee
Occasionally, a lender will be faced with an extenuating circumstance that may require them to deliver more than the maximum delivery amount. This may occur when a consumer lowers their down payment or when a mortgage is substituted to prevent or reduce a pair-off fee.
- An over-delivery fee (also known as a price adjustment fee) will be charged on loans delivered in excess of 105% of the original loan lock.
- A lock (delivery commitment) can be over-delivered by $100,000 but cannot exceed the maximum loan limits.
- The amount charged to your general DDA account will be based on the last price sheet of the day on the day the loan is purchased by MPF.
Tip: See MPF Traditional Over-Delivery / Price Adjustment Fee examples