Selling & Delivery
It's time to sell your loan and reap the rewards of the MPF® Program.
Now that you've closed with the borrower, you will need to initiate the funding request using the eMPF website.
MPF Purchases the Asset.
- MPF will only purchase a closed loan. This means the loan must be closed and disbursed before you can request funding/purchase by MPF (i.e., you can close with your borrower and request funding by MPF on the same day).
- Your loan funding request must occur not less than 7 business days prior to the lock expiration date.
- The custody file will be reviewed by the MPF Document Custodian and must receive pre-funding certification with in the first four days; the next three days allow for Fannie Mae data verification and purchase.
- The loan will not be purchased without pre-funding certification (4 business days for pre-funding certification + 3 business days for MPF to purchase = 7 business days).
- Your loan must be purchased by MPF on or before 3:30 PM on the price expiration date.
Prior to Beginning the Funding Process
- You may need to purchase an extension to have the required 7 business days prior to expiration as required (4 business days for pre-funding certification + 3 business days for MPF to purchase = 7 business days).
- Prior to the actual funding request, the batch file should have been submitted to confirm the batch file is complete and can therefore be successfully uploaded when requesting funding by MPF.
- MPF Xtra 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.
- Verify the loan data submitted in the 3.0 ULDD upload is consistent with the documentation in the loan file, UCPD and Desktop Underwriter (DU); if not, correct in your LOS and resubmit the batch/data.
- All loans delivered under the MPF Xtra product will require a successful submission of the UCD XML file prior to making a loan funding request.
- The delivery commitment number (found on your DC Request Confirmation) should have been entered in your Loan Origination System (LOS), so that it is included in the batch upload.
Funding Request Process
- The eMPF website will not permit any funding requests to be made with DC expiration dates that are less than 7 business days to the expiration date.
- Export the Fannie Mae 3.0 ULDD file from your LOS system; this file must be in an XML format for upload to eMPF.
- Using the eMPF website to request funding, select the "Transaction" tab and then “Batch”. When completing the batch screen, choose the batch type "LPR and Funding Request".
- This process can be used to fund single or multiple loans.
- Upon successfully submitting the “LPR and Funding Request”, the system will automatically move you to the batch report screen.
- Open the batch; in the lower section you will see the PFI loan number, borrowers name, and the status will say "Funding Requested". The MPF loan number will be found on the "Excel Batch Detail Report- LPR and Fund" and must be used on the label of the custody file folder.
- The Successful Batch report provides more detail (basically reflects the data you uploaded in the batch). Not all funding information (LLPA, interim interest) will show as the loan has not been purchased.
- The custody file can now be shipped to the MPF Document Custodian. See "Post-Closing" tab for instruction.
- MPF reports must be monitored to ensure there are no issues that may delay the pre-funding certification and require an extension. See "Custody Reports" tab for instruction.
- The Document Custodian will notify MPF when the custody file is pre-certified. MPF will initiate the actual funding request with Fannie Mae.
- Fannie Mae will validate that the funding request ULDD file to their Fannie DU file, which need to match. You will be contacted if any inconsistencies are found.
Tip: See how loan funding is calculated.
Submit funding request via the eMPF website between 8:30 AM - 3:30 PM CT.
- Request funds not less than 7 business days prior to the lock expiration date.
- Request an extension if necessary.
- Once the Batch is successfully submitted, review the Batch Detail Report- LPR and Fund to ensure the batch was successful and obtain the MPF loan number.
- The post-closing process can begin. See post-closing instructions training tab.
- Between the funding person and the post-closer, the Custody Reports must be monitored. See "Custody Reports" tab for instruction.
View Demo Video
Note: The Funding Request confirmation will not include the SRP, interim interest, or LLPAs.
Receive funds from the MPF Program.