Reminders for MPF Government MBS Servicers
The MPF Program would like to remind PFIs who are servicing MPF Government MBS loans of important requirements specific to this product.
PFIs servicing MPF Government MBS loans must:
- contact the MPF Service Center for additional direction regarding repurchase(s) of MPF Government MBS loans. PFIs may only request repurchase for MPF Government MBS loans where no payment has been made for three (3) consecutive months. PFIs are required to ensure they provide certain notices to the MPF Provider and contact the MPF Provider to obtain approval prior to submitting Action Code 65 (repurchase).
- pass through an Action Code when the loan is liquidated. An Action Code of 60 indicates that the loan was paid-in-full by the borrower and the note has been satisfied.
- request the collateral be returned by the custodian within five (5) calendar days of liquidating the loan.
- submit the SG340M to the MPF Program Custodian which certifies the reason for the return.
Please review the MPF Government MBS Servicing Guide for more information on servicing your MPF Government MBS loans or contact the MPF Service Center with any questions.
- MPF Marketing Bulletin - 2020-13