The loan must fund on or prior to the lock expiration date.
- A MPF Xtra mandatory lock must request funds no less than two days prior to price expiration date.
- A MPF Xtra best efforts lock must request funds no less than three days prior to price expiration date.
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 in the morning and fund the loan with MPF the same day).
The loan must be sold to the MPF Provider no later than thirty (30) calendar days after Closing and with the first payment on the Serviced Loan due to SLS.
The borrower’s payment is due the first day of the month following the first full month of interest.
The MPF funding/purchase of the loan starts the clock for delivery.
The custody file must be delivered to and certified by the MPF Document Custodian within 7 calendar days of the loan being purchased by MPF.
When a file is “Certified,” it means the Document Custodian has received the file, reviewed the documents and there are no exceptions. It is recommended that you ship as soon as the loan is funded; if exceptions are found, you may have time for corrections to be made and still meet the 7 day requirement.
Upload the servicing file via eMPF within 7 calendar days of MPF funding.
Mail the original final/trailing documents to CMC Funding's document custodian within 90 days of MPF funding.
Upload the final/trailing documents via eMPF. If you are unable to deliver all final/trailing docs within 90 days, deliver the documents that are available. Deliver the remaining documents as they become available.