MPF Xtra® Training:Specialized Loan Servicing

Servicing Released

Training Overview

This training provides guidance for Participating Financial Institutions through the process of origination, processing, underwriting, selling and post-closing servicing through Specialized Loan Servicing (SLS).

Complete Training to Understand Your Responsibilities:

Please review important program timeframes for these steps.

Note: Register with MERS (if not already a MERS member)

A couple things to keep in mind during training:

  • The training modules are meant to follow a general best practice process flow.
  • You are responsible to originate, process, underwrite and close in your institution’s name; following standard secondary market procedures and the MPF Guides.
  • The MPF Program requires the use of agency (Fannie/Freddie) documents for origination through closing.
  • Review and familiarize yourself with the MPF Guides.

Tip: If you find an MPF closing package within your doc prep system; know this was not created or approved by the MPF Program.

Your interaction with MPF in the loan process will include:

  • Providing loan information to MPF using the automated (batch) submission process. The Fannie Mae 3.0 XML ULDD is the required format. 
  • Pricing and locking the loan using the eMPF website.
  • After disbursing loan proceeds and not less than seven business days prior to price expiration, you will request loan funding using eMPF. If you do not have a full seven days, you will need to purchase an extension. 
  • The custody folder is to be pre-certified by the MPF Document Custodian no less than three business days prior to price expiration. 
    • Monitor the pre-custody reports, making any corrections required, to ensure the loan is certified. If necessary, purchase an extension. 

SLS as servicer:

  • SLS purchases the servicing and will board the loan onto SLS's servicing system. 
  • Review the SLS Whole Loan Transfer Servicing Manual for Xtra for servicing requirements.
  • MPF will do a full net funding including: the loan amount purchased by MPF, service release premium, interim interest, agent fee, LLPAs, tax service fee, Specialized Loan Servicing's boarding fee and escrow deposits.
  • SLS will make the SRP payment following the review and acceptance of the imaged servicing file.
  • SLS will charge the following fees for each serviced mortgage: 
    • Tax Service Fee: $80
    • Loan Boarding Fee: $150

Training Disclaimer: This training section is intended to give a general overview of selling loans into the MPF Program. It is your responsibility to understand and utilize the MPF Guides. If there are any discrepancies between this information and the information in the MPF Guides, the MPF Guides take precedent.