Custody reports provide you with the status of the loans submitted to the document custodian for certification.
Monitor Pre-Certification Process.
MPF Xtra Custody files will require pre-funding certification for all loans purchased by 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 without initial certification. Loans must be purchased by 3:30 CT on the pricing expiration date.
- Loan Certification: MPF expects the loan to be certified not less than 3 business days prior to price expiration. The loan will be on the “Pre Certification Complete" report the day following certification by the MPF Document Custodian.
- Loans Not Certified: Three days prior to price expiration will require the PFI to obtain an extension.
For Pre-Certification status, monitor the Pre-Certification reports found on the eMPF website ("Report" tab under Custody Reports).
- Pre Certification Complete: On the day following certification by the MPF Document Custodian, the loan will be reflected on this report.
- Pre Certification Files Not Received: The MPF Document Custodian has not received the custody file. Check your overnight tracking.
- Pre Certification Document Exceptions: Watch for exceptions, which would require you to make corrections.
Once the loan is on the Pre Certification Complete report, MPF will submit a funding request to Fannie Mae. The MPF loan data will be validated back to the information provided in DU.
Monitor the Pre-Certification Exception Report.
- This report will notify you of any discrepancies between the Batch/ULDD data, aka scheduled information, and the information delivered in the custody file. You must determine which information is correct: the "scheduled information" or the document custody file, and clear all exceptions to receive Pre-Certification status.
- If the information you submitted to MPF at the time you request loan funding is in error, you must email the MPF Custody Department to ask that MPF correct the data.
- If the custody file documents are incorrect, you must request the custody file back from the custodian by emailing the Request for Release of Documents (Form SG340) to MPFReleaseTeam@wellsfargo.com.
- the SG340 form may only be signed by your authorized staff on the "DOA - Requests for Files from Custodian" form.
- The custody file will be returned using PFI’s overnight courier and billed to you.
- Correct/replace the document and return the file to the Custodian via overnight mail.
751 Kasota Avenue
Minneapolis, MN 55414-2842
- Computershare will access a fee of $3.50 per exception for any exceptions they find.
- If a funding request has errors pertaining to the loan amount, first payment date or interest rate, contact the MPF Service Center as these items will impact the loan funding. The MPF Service Center will make the corrections, reverse and refund the loan.
Pre-Certification Custody Fees Charged by the Document Custodian.
- There are two custody invoices which will show the fees charged to you by the Document Custodian for exceptions:
- Exception Fees (initial invoice and a final invoice)
- The initial invoices are posted shortly after month end for your review. You have the opportunity to rebut any fee by contacting the MPF Custody department via email.
- The final billing invoice is posted just prior to the 18th of each month and will reflect the amount that will be charged to your general eAdvantage DDA. Remember to have sufficient funds in this account to cover these costs, as insufficient funds will result in an overdraft fee.
- For New PFIs Only: MPF will not charge exception fees within the first 60 days from receipt of the first collateral file or receipt of the first 100 collateral files (whichever comes first).
Tip Learn more about custody fees.