MPF Xtra® Training:Specialized Loan Servicing

Servicing Released

Specialized Loan Servicing Training Overview

This training provides guidance for Participating Financial Institutions through the process of origination, 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)

  1. Originating and Underwriting

  2. Selling and Delivery

  3. Transfer Servicing to Specialized Loan Servicing

    • Register and transfer the loan through MERS® (you must be a MERS member)
    • SLS' Responsibilities:
      • Purchase the servicing rights
      • Apply and process the borrower’s mortgage payments
      • Manage the borrowers’ escrow accounts and provide annual escrow analysis
      • The SRP will be paid to you by SLS; SLS will net the required escrow balance and fees from the SRP. If netting results in a negative SRP, you will be required to wire the necessary funds within 2 business days:
        • Tax Service Fee: $80.00
        • Loan Boarding Fee: $150.00