MPF Servicing Updates
Effective Date: March 2, 2020
Contact for Serviced Loans
As a reminder, the recently published MPF Marketing Bulletin 2020-01 advised that, effective Monday March 2, 2020, PFIs/Servicers should contact the MPF Service Center, 877-FHLB-MPF or MPF-Help@fhlbc.com, rather than Wells Fargo regarding all general servicing matters, including but not limited to the following:
- Rescission Notices
- Servicemember’s Civil Relief Act (SCRA) Reporting
- Property Insurance Losses
- Uninsured Disaster or Vandalism Losses
- Notice of Title Insurance Claims
- Assumptions and Unauthorized Transfers
- Partial Property Releases
- Major Disaster Assistance
- General questions regarding defaulted loans
Preparing for Transition
Delinquent Mortgage Reports (Exhibit B)
As further reminder, MPF Marketing Bulletin 2020-01 provided details on the new process for submitting monthly Delinquent Mortgage Reports (Exhibit B). Effective April 2020, all monthly delinquency reports (Exhibit B) must be submitted to the MPF Program via eMAQCS® Plus, and will no longer be reported to Wells Fargo.
This change only applies to the Delinquent Mortgage Report (Exhibit B), all other monthly accounting and investor reporting activity must continue to be reported to Wells Fargo.
MPF Marketing Bulletin 2020-01 provided details on how to request appropriate credentials for accessing eMAQCS Plus, which will be required as of April 1, 2020 to submit the Delinquent Mortgage Report (Exhibit B) and various MPF Servicing Guide delinquency Forms. Please note, credentials will be sent to registered users closer to the implementation date of April 1, 2020.
The format requirements of the Delinquent Mortgage Report (Exhibit B) will remain the same. Because eMAQCS Plus will reject any Delinquent Mortgage Report (Exhibit B) that does not meet the exact format requirements as provided in the applicable MPF Servicing Guide, Servicers are encouraged to review the MPF Guide requirements carefully to ensure their reports meet all the format requirements. For any questions regarding the format requirements, please contact the MPF Service Center.
Updated MPF Guides will be published shortly, reflecting the above mentioned communication and reporting changes.
While preparing for this transition have you done the following:
- Requested the appropriate credentials for eMAQCS Plus?
Please note: If you are already an eMAQCS user your login information will remain the same, however, you will need to request access to the Default system only. Access to the Default system will not be granted prior to April 1st.
- Have you attended one of the eMAQCS Plus webinars? If not, please click one of the dates below to register:
- Wednesday, March 4th - Introduction to eMAQCS® Plus
- Thursday, March 12th -Introduction to eMAQCS® Plus
- Does your Delinquent Mortgage Report (Exhibit B) meet the formatting requirements as required within in the MPF Servicing Guides?
If you have any questions regarding the transition please call the MPF Service Center.
MPF Program Guide & MPF Glossary Updates
The MPF Program Guide and the MPF Glossary have been clarified for consistency and to update any typos/formatting issues. Please note the changes were non-substantive.