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MPF Xtra loans must be pre-certified prior to being purchased by MPF.
When determining your lock expiration date, allow an additional 10 calendar days for the pre-certification process.
Loans must be locked between the hours of 8:30 AM to 3:30 PM (CT).
MPF must purchase the loan on or prior to the lock expiration date.
PFI must request MPF funding not less than 10 calendar days prior to lock expiration.
Upon requesting MPF funding, PFI must deliver the custody file to the MPF Document Custodian. (Make sure there is a full 10 calendar days for the pre-certification process.)
Once Custody certification MPF will request funds from Fannie Mae. Fannie Mae will validate the information provided to MPF against Desktop Underwriter information.
All information must agree. PFI will be notified of any discrepancies. Any delays in funding could require a lock extension.
MPF will fund the loan.
PFI will retain the original mortgage file.
PFI will retain original trailing/final documents in the mortgage file.