MPF Xtra® Training:Retained

Originating & Underwriting

Processing

Now's the time to complete the processing steps that ensure your borrower and the property meet the MPF requirements.

You will process the MPF loan as you would loans for other secondary market investors. 

Demo: Want to know more? View our Loan Eligibility and Processing Basics webinars.

Your Responsibilities

  1. Run your automated underwriting system (if applicable)

  2. Gather borrower information

  3. Validate the information provided by the borrower

  4. Order an Appraisal

  5. Order the Title search

  6. Order a Life of Loan Flood Certification

    Note: A flood zone determination certificate with life-of-loan coverage must be obtained

  7. For LTVs over 80%: Obtain private mortgage insurance from our list of approved vendors.

    Note: Private Mortgage Insurance (PMI) must be provided by one of the MPF-approved mortgage insurers listed below:
    • Arch Mortgage Insurance Company (formerly CMG Mortgage Insurance Company)
    • Essent Guaranty, Inc.
    • Genworth Mortgage Insurance Corporation and Genworth Residential Mortgage Insurance Corporation of North Carolina
    • Mortgage Guaranty Insurance Corporation (MGIC)
    • National Mortgage Insurance Co.
    • Radian Guaranty Inc.
    • United Guaranty Residential Insurance Company and United Guaranty
    • Mortgage Indemnity Company
  8. If using an Automated Underwriting System (AUS): When loan data is updated and the AUS is submitted for the final time, loan information should match the final supporting documentation.