Selling & Delivery
It’s the big day for your borrower!
It’s also an important milestone for your institution, as this is the final step before selling the loan to MPF®. During this stage, we will cover the steps you will need to complete to sell your loan.
How it Works
Proceed with your normal closing procedures.
- Prepare the closing documents.
- The loan will close in your institution’s name.
- MPF does not require any program specific forms.
- Be sure to use only the most current standard Fannie Mae/Freddie Mac uniform instruments.
- Use the Multi-state Fixed Rate Note FNMA/FHLMC 3200.
- Must use 5% late charge after 15 days (OG-12) unless state law says differently.
- MPF prohibits prepayment penalties on the first lien and any subordinate liens for conventional mortgages.
- Use the FNMA/FHLMC state-specific Mortgage or Deed of Trust.
- MOM mortgage or Assignment to MERS
- Use the following FNMA/FHLMC riders if applicable:
- Multiple units require the use of 1-4 Family Rider (FNMA 3170)
- PUD Rider (FNMA 3150)
- Condo Rider (FNMA 3140)
- Second Home Rider (FNMA 3890
Meet all federal and state regulations.
Close with the borrower.