Post-Closing

Consider the timing for pre-funding certification. 

• MPF Xtra Custody files require pre-funding certification for all loans purchased by Fannie via MPF.
• The custody file must be reviewed and certified by the MPF Document Custodian before the loan will be purchased i.e. Pre-funding Certification.
• You must allow not less than 7 business days for the certification and purchase of the loan (4 days for the MPF Custodian to complete the review and certify the loan with an additional 3 days for purchase by MPF).
• The loan must be purchased by MPF no later than 3:30 CT on the expiration date.
• Loans must be certified not less than three days prior to price expiration or an extension will be required. 
• MPF loan numbers are assigned on the Funding Request Confirmation. 
• The assigned MPF loan number must be used on the label of the MPF custody folder.

Prepare the custody file folder. 

• For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian for pre-funding certification. 
• Place the custody documents into a legal size, manila file folder.
• Attach a label to the top right corner of the folder. 
• Labels must contain the following information:
  
• The MPF loan number will be assigned on the Funding Request Confirmation.
• You are responsible for creating labels. 

Tip: Use our handy label template!

Proof the documents to be included in the custody file folder.

• Use the MPF Initial Certification Review Checklist (Exhibit K-X) as a job aid to ensure all documents in the collateral file are accurate and executed in accordance with the requirements of the MPF program. The checklist compares the custody file information to the information submitted to MPF at the time of the funding request.
• If any information within this custody package is inconsistent with the information you submitted to MPF, email the MPF Custody Department asking them to make the needed corrections..
• If the custody documents themselves are incorrect, you will need to correct them. 
• If you identify a discrepancy regarding the loan amount, first payment date or interest rate, contact the MPF Service Center to have the loan reversed and refunded. 

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. 

Prepare the documents to be included in the custody file folder.

1. Original Note must be endorsed without recourse to the “Federal Home Loan Bank of Chicago”.
2. Certified copy of the MOM Mortgage or the Assignment to MERS (the originals are sent for recording). 
   • If the loan is closed using a MOM Mortgage, an assignment is not required. 
   • If the loan is closed with a Mortgage or Deed of Trust,  a certified copy of the Assignment of Mortgage or Deed of Trust (based on where the property is located) to MERS is required. The Assignment must contain the 18 digit MERS Mortgage Identification Number (MIN) and the MERS phone number (1-888-679-6377). For additional MERS Assignment information, see the SLS Whole Loan Servicing Transfer Manual for MPF Xtra.
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" with initials or signature below the certification.

Register and transfer the loan through MERS (you must be a MERS member).

• Within 5 days of the servicing transfer date to SLS, you must update MERS online with the following information:
  • Originator = PFI's MERS Org ID #
  • Investor = Specialized Loan Servicing. MERS Org ID #1003225
  • Servicer = Specialized Loan Servicing MERS Org ID #1003225
  • Questions regarding the servicing transfer to MERS, contact SLS at ServicingOversight@Computershare.com or 855.722.2136.

Deliver the custody file folder. 

• The custody file should be shipped after the receipt of the Funding Request Confirmation. Be sure to have not less than 7 business days prior to lock expiration (4 business days for pre-certification + 3 days for MPF to purchase = 7 business days).  
• The custody file must be certified in no less than 3 days prior to the price expiration date. 
• Monitor the Pre-Certification Custody Report (see the Custody Process tab). If the MPF Document Custodian sited any exceptions, you may need a price extension to allow you sufficient time to make the corrections, have the loan pre-certified, and still have the required 3 days for purchase by MPF.

• Overnight the file via UPS or FedEx to the following address:

                                 Computershare- MPF Program
                                 751 Kasota Avenue
                                 Minneapolis, MN 55414-2842

Prior to upload, notify third-party service providers of a change in servicer. 

• For any serviced loan requiring Private Mortgage Insurance (PMI), you must make required insurance disbursements on loans prior to the effective servicing transfer date.
• Fifteen days prior to the effective of the service transfer date, you must notify third party providers of a change in servicer or if the mortgagee clause is not in the name of the Specialized Loan Servicing, change letters must be prepared.
  • Homeowner’s or Hazard Insurance/Flood Insurance (SLS Exhibit 7/8).
  • Private Mortgage Insurance (SLS Exhibit 9).
  • Life of Loan Flood Certification - You must notify the flood determination company of the change of servicer.
  • The Tax Bill Information sheet must be delivered for each serviced loan, regardless of whether or not an escrow account is established. You are responsible for the accuracy of this form. Any tax bills received after the sale should be forwarded in accordance with the SLS Whole Loan Servicing Transfer Manual.
• Copies of the change letters will be a part of the loan package upload to eMPF for delivery to SLS. 

Deliver the Servicing File using the “Upload” utility at the eMPF website.

• The upload must occur within 7 calendar days of the actual MPF Funding. 
• Use the Mortgage Loan File Checklist (SLS Exhibit 3) to insure SLS receives the documents they require.
  • Save all documents into one .PDF file.
  • Within the eMPF website, select "Upload" found in the activity header.
  • In the Document Upload section, select "Servicing Transfer".
  • Browse for the correct loan number (the loan number used in the loan data you provided via the eMPF website.
  • Click "Browse" to select the saved .PDF of the servicing file, then "Submit".
  • When the loan file has been successfully uploaded, the current date will appear under the "Servicing Doc" column.
  • MPF will then securely transferred the file to SLS for review.
• Keep original physical file for your record retention and quality control requirements.

Specialized Loan Servicing receives and reviews the servicing package.

• SLS will review each mortgage file for complete documentation and to confirm the file meets the terms of the SLS manual.
• SLS will notify the PFI via email of any deficiencies to be cured.
  • Deficiencies determined by SLS to be critical must be cured within 1 business day.
  • Non-critical deficiencies must be cured within 7 business days.
• Procedures for when deficiencies are not cured in the required time frames can be found in the SLS Whole Loan Servicing Transfer (Xtra) Manual 5.2.

Delivery of final/trailing documents is a two-step process.

• Upload copies of the final/trailing documents to the MPF Provider through the PFI Document Upload Utility within the eMPF website. MPF will securely deliver the package to SLS.
  • Scan final documents into one .PDF file.
  • Within the eMPF website, select "Upload" found in the activity header.
  • In the Document Upload section, select "Servicing Transfer".
  • Browse for the correct loan number (the loan number used in the loan date you provided via the eMPF website).
  • Under the "Final Doc Upload" browser, click "Browse" to select the saved .PDF of the servicing file, then "Submit".
  • When the Recorded/Final Documents have been successfully uploaded, the current date will appear under the "Final Doc" column.

• Provide the original final/trailing documents to Specialized Loan Services within 90 days of the MPF funding date (keep copies for the PFI's file).
  • Use the Recorded/Final Documents Checklist (SLS Exhibit 4).
  • Attach Exhibit 4 to the final documents submitted for each serviced mortgage.
  • Final documents may include: 
    • Original Security Document (i.e. recorded Mortgage, recorded MOM or recorded Deed of Trust)
    • Recorded assignment (if MOM Mortgage was used, there will be no assignment of mortgage)
    • Title policy (for Iowa properties, in lieu of a Title Policy, you may have a Final Title Opinion or Iowa Title Guaranty as permitted by the Guides)
    • Questions related to shipping the final/trailing documents can be directed to SLS’s Document Control team at MSRshipping@Computershare.com.

  • Overnight the original documents to SLS’s document custodian:

    • Computershare Document Custody
      Attn: SLS Loans
      751 Kasota Ave.
      Minneapolis, MN 55414