MPF Xtra® Training:Retained



Congratulations, you've sold your loan to the MPF® Program!

Now that you have funded your loan, you need to overnight the custody file to the Document Custodian.

Your Responsibilities: Delivering the Custody Package:

  1. Consider timing for pre-funding certification. 

    • 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 and must be purchased by the expiration date. Loans must be certified not less than three days prior to price expiration or an extension will be required. 
      • Deliver the custody folder to the MPF Document Custodian following the post-closing procedures on the day the MPF loan number is assigned. Timing is critical to the process.
      • MPF loan number will be assigned in the Funding Request Confirmation. The assigned loan number must be used on the label of the MPF custody folder.
  2. Prepare the custody file folder. 

    Tip: Use our handy label template!

    • For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian (Computershare), which maintains the safekeeping of your MPF custody file. 
    • Place the custody documents into a legal size, manila file folder.
    • Attach a label to the top right corner of the folder.  
    • The labels must contain the following information:
      label example
    • Your MPF loan number will be on your Funding Request Confirmation.
    • You are responsible for creating labels.
  3. Proof the documents to be included in the custody file folder.

    Note: Do not include this checklist with the document package you send to the Document Custodian.

    Tip: Proof the custody file to avoid excess fees: Learn more about Custody Fees. If using an Assignment, review for accuracy and completeness. Pay special attention to the notary section. 

    • Use the MPF Initial Certification Review Checklist (Exhibit K-X) as a job aid to ensure all documents in the collateral file are executed and delivered to the Custodian in accordance with the requirements of the MPF program. This checklist compares the custody file information to the information submitted to MPF at the time of purchase.
    • If any information within this custody package is inconsistent with the information you submitted to MPF at the time your loan was purchased, you must email and they will correct this information.
    • If you identify a discrepancy impacting the loan amount, first payment date or interest rate, contact the to have the loan reversed and refunded.
  4. Prepare the documents to be included in the custody file folder.

    The custody file must contain the following documents:
    1. Original note (endorsed from your bank to _______ [blank]). (Allonge is acceptable.) See sample.
    2. Original unrecorded assignment or certified copy of the first two pages of the MOM mortgage
      • If the loan is closed with a Mortgage or Deed of Trust, an original assignment of mortgage or deed of trust (based on where the property is located) will be required. The assignment will be completed without the name of the transferee (this will be left blank). The assignment is not recorded; the original document will be included in the custody folder. 
      • If the loan is closed using a MOM mortgage, an assignment is not required. The mortgage loan must be registered with MERS immediately. Use your institution's MERS Org ID as the Originator, Servicer, and Investor.  
    3. If applicable:
      • Certified copy of borrower’s power of attorney
      • Certified copy of trust agreement
      • If third party originated: certified copy of all intervening assignments

    Note: The first page of any copies in the custody folder must be stamped “True and Certified Copy” and initials or signature below the certification.

  5. Deliver the custody file to the document custodian. 

    • The custody file should be shipped upon receipt of the Funding Request Confirmation with a full 7 business days prior to lock expiration.
    • The custody file must be certified no less than 3 days prior to the price expiration date. If you have have the required 3 days, an extension will be needed (4 business days for pre-certification + 3 days for MPF to purchase = 7 business days). 
    • Overnight the file via UPS or FedEx to the following address:

                                     MPF Program
                                     751 Kasota Avenue
                                     Minneapolis, MN 55414-2842

      Tip: To avoid an excess overnight mailing fee, proof the document package using the MPF Initial Certification Review Checklist (Exhibit K-X) prior to delivering the custody package to the Document Custodian.

  6. Retain the original final/trailing documents.

    • As a servicing PFI, the recorded mortgage and final title policy will be retained in the loan file.