Upcoming eMPF Enhancements
Effective Date: March 1, 2021
In the spirit of MPF Program Excellence, we are happy to announce upcoming system enhancements to eMPF® that will make it easier for Participating Financial Institutions (PFIs) to perform MPF Xtra® Delivery Commitment Transactions. In addition to the enhancements, there will also be two new pricing options for the MPF Xtra product, as well as increases to the maximum commitment period for certain MPF Xtra pricing options. The enhancements and other updates are scheduled to be available on Monday, March 1, 2021. Details for the upcoming enhancements are provided below.
Webinars: MPF National Education is hosting webinars on February 22, 2021 and March 2, 2021 to provide a preview of the new functionality. Please click here to register for the webinars.
Available March 1st:
MPF Xtra Delivery Commitment Extensions
(Mandatory and Best Efforts)
- PFIs will have the ability to perform MPF Xtra Delivery Commitment Extensions (for both Mandatory and Best Efforts commitment types) directly through eMPF and will no longer be required to call the MPF Service Center for these types of transactions.
- Extensions can be performed by clicking the “Extend” button located within the “Existing Delivery Commitment” section on the Delivery Commitment screen within eMPF (See screenshot below).
MPF Xtra Delivery Commitment Reductions (Mandatory Only)
- PFIs will also have the ability to perform MPF Xtra Delivery Commitment Reductions (Mandatory commitments only) directly through eMPF and will no longer be required to call the MPF Service Center for these types of transactions. This enhancement applies to both partial and full Mandatory Delivery Commitment Reductions; amounts less than or equal to the remaining balance of a Delivery Commitment will be able to be reduced within the eMPF website.
- Reductions can be performed by clicking the “Reduce” button located within the “Existing Delivery Commitment” section on the Delivery Commitment screen within eMPF (See screenshot below).
PFIs will still be required to call the MPF Service Center for Best Efforts Delivery Commitment Modifications (Reductions, Over-Deliveries, Product Changes, etc.) and Mandatory Over-Delivery transactions.
New Pricing Options for MPF Xtra
- PFIs will have an opportunity to take advantage of a new “Fixed 30 Yr 225K Max Ln Amt” & “Fixed 15 Yr 200k Max Ln Amt” pricing options under the MPF Xtra Product for both Mandatory and Best Efforts Delivery Commitments. While the existing Fixed 30 Year and Fixed 15 Year pricing schedules will continue to be available, the additional pricing schedules may provide pricing advantages for loans below the loan amount of $225,000.00 and $200,000.00, respectively.
- Please note that the new pricing options are only available for the MPF Xtra Product.
Maximum Commitment Term Increases for MPF Xtra
- All “Max” Commitment Terms will now be 90 days for all MPF Xtra Subproducts.
- Previously, the Low Loan Balance Subproducts (Fixed 30 Yr 200K Max Ln Amt for example) had a “Max” Commitment Term of 60 days.
MPF Xtra Error Handling Enhancements
- Enhancements to the MPF Xtra error handling process and Delivery Commitment Messaging are being put in place to more effectively capture Minimum Amortization Term errors for MPF Xtra Loan Funding Request submissions. This will reduce the need for data corrections to occur following a successful MPF Xtra Loan Funding Request.
- MPF Marketing Bulletin 2021-03