MPF® Traditional Training:Specialized Loan Servicing


Quality Control

Now it's time to ensure your mortgage production continues to operate at a high level.

This step reviews the requirement for your Quality Control (QC) program for mortgage loans originated and serviced for MPF. For more detailed information, wee the MPF Program Guide, Chapter 8 and our on-demand Quality Control webinar. 

This step outlines the guides for a Quality Control (QC) program for Mortgage Loans originated and serviced under the MPF® Program. (Refer to MPF Guide Chapter 8.) You must perform the QC duties in compliance with the MPF Guide.

There are 2 types of Sample Selections needed:

  • Pre-Closing
  • Post-Closing

Demo: View our MPF Quality Control webinar.

Your Responsibilities:

  1. Randomly select loans for quality control audit that meet the requirements of the MPF Guide.

    • The MPF Guide states the sample size must be no less than 10 percent. Choose either:
      • 10% of your residential 1-4 family mortgage production;
      • 10% of your secondary market 1-4 family mortgage production;
      • or 10% of all your MPF loans
    • Two types of reviews are required:
      • Random - full file review (based on the 10% rule)
      • Targeted - review one element of the loan file (these are in addition to the 10% rule)
    • A review appraisal will be required on 10% of the loans selected for QC Audit.
      • A desk review must be completed by someone experienced in analyzing residential mortgage appraisals for the remaining loans.
    • Each loan selected for post-closing review must have a new tri-merged credit report. 
  2. Meet the requirements of the MPF Guide for both pre and post-closing reviews.

SLS's Responsibilities:

  1. Conduct Servicing audit

  2. Conduct Early Payment Default audits

  3. Share any high level concerns.

MPF Program QC Reviews:

In addition to your internal QC, any mortgage loan delivered under the MPF Program is subject to a QC review.

  • The MPF Program will use a third party (Covius Real Estate Services, LLC) to select loans and conduct QC reviews.
  • When a loan is selected for review, you will receive an email request for the loan file(s) for electronic delvery using the eMAQCS Plus website.
  • Follow the delivery instructions and meet the required time frames of providing loan file(s) to Covius.
  • Visit the Welcome Center for valuable information on MPF QC processes, as well as resources and information featuring custody, servicing, investor accounting, and default management.