MPF Xtra® Training:Retained

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

  1. Allow sufficient time for pre-funding certification requirements.

    • MPF Xtra Custody files will require pre-funding certification for all loans funded to MPF. This means immediately upon requesting funds and receipt of the “Funding Request Confirmation”, the custody package must be submitted to the MPF Document Custodian. The file will be reviewed and must receive initial certification not less than three business days prior to the price expiration date. The loan will not be purchased by MPF without initial certification.  
      • When closing an MPF Xtra loan, the closing needs to be timed so that the MPF funding is requested no less than seven business days prior to price expiration date.
      • If you are unable to close the loan and allow the seven business days for the funding request, it will be necessary to obtain an extension using the Transaction Tab in eMPF. 
  2. 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.
      • If tax transcripts were not obtained for the underwriting decision, the borrower(s) must sign a 4506C at closing.
    • 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.