Servicing Retained Training Overview
This training provides guidance for Participating Financial Institutions through the process of origination, underwriting, selling and servicing the loan under the MPF Xtra® program.
Complete Training to Understand Your Responsibilities:
Please review important program timeframes for these steps.
Originating and Underwriting
Selling and Delivery
Important Program Timeframes: MPF loan funding must occur on or before the delivery commitment/lock expiration date. MPF will only purchase a closed loan. The loan must be closed and disbursed before you can request funding/purchase by MPF. (You can close and fund with your borrower on the same day). The MPF funding/purchase of the loan starts clock ticking for delivery. The custody file must be delivered to and certified by the MPF Document Custodian within 7 calendar days of the loan being purchased by MPF. Certified means the Document Custodian has received the file, reviewed the documents and there are no exceptions. (It is recommended that you ship as soon as the loan is funded; if exceptions are found you may have time for corrections to be made and still meet the 7 day requirement.) You as the servicer will retain the servicing file. (You do not deliver the servicing file to MPF.)