MPF Xtra® Training:Retained

Selling & Delivery

Closing

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

  1. 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

Your Responsibilities

  1. Meet all federal and state regulations.

  2. Close with the borrower.