Selling & Delivery
It's time to reap the rewards of selling your mortgage through the MPF® Program.
Now that you've closed and disbursed, you will need to sell the loan to MPF. Loan funding is a two-step process:
1. MPF purchases the Loan.
- Your loan will be purchased by MPF the same day you request funds via the eMPF website.
- Funding is an overnight transaction; even though the loan funds the same day, the funds will show in your eAdvantage account on the following day. eAdvantage is your banking website with Federal Home Loan Bank of Des Moines.
- You can access the loan proceeds on the day you request funds by contacting the FHLB Des Moines MFS Wire Department.
2. SLS purchases the servicing.
- The Servicing Released Premium (SRP) will be paid to you by SLS.
- Once the servicing file is reviewed and accepted, SLS will issue a funding memo to the designated funding person.
- During the MPF application process, your institution completed the “Selling PFI Information Sheet”, which provided a Funding contact person and account information where the SRP will be deposited.
- The funding contact person must review and approve the funding memo (do not change the subject line). Approval means the PFI agrees with the SRP calculation. Once approved, the funds will be deposited/sent via ACH to the designated account, usually within two business days.
Submit funding request via the eMPF website between 8:30 AM - 3:30 PM CT.
Important Reminder: You must use the same method to fund as you used for loan presentment (i.e., if you used automated submission for loan presentment, you must use automated submission to fund).
Automated (Batch) Submission:
Utilizes the Fannie Mae 3.0 ULDD (can be used to fund single or multiple loans)
View Video Demo
Manual input of data fields (can be used to fund a single loan only)
View Video Demo
You will receive a "Transaction Confirmation and Loan Funding Activity Report" via email on the day you request funds.
Receive funds from MPF.
- MPF credits your DDA account in eAdvantage on the date you request funding via the eMPF website. Because this is an overnight transaction, the activity will not show in your eAdvantage DDA until the following day..
- You or your accounting staff will need to move loan funds from eAdvantage to your own internal accounts via ACH or wire transfer. Types of activity you will see in your eAdvantage DDA account include:
- Loan fundings
- Credit enhancement fees
- Extension fees
- Pair-off fees
- Over-delivery/Price adjustment fees
- Custody fees
Tip: Find out how SRP is calculated.
Tip: SLS will make the SRP payment following the review and acceptance of the imaged servicing file. See Step 8 for additional details.