MPF Xtra Servicing Reminders
Effective Date: Immediately (unless otherwise noted within)
Servicers are reminded of the following accounting and reporting responsibilities:
- Curtailments – Servicers must deposit all curtailments received into the P&I Custodial Account with the MPF Provider by 2:00pm Central Time the next business day following the Servicer’s receipt of the funds.
- Liquidation Proceeds – Servicers must deposit all payoff funds or Liquidation Proceeds, including the funds from a short sale and the disposition of an REO property (sale and primary mortgage insurance proceeds), into the P&I Custodial Account with the MPF Provider by 2:00pm Central Time the next Business Day following the Servicer’s receipt of the funds.
- Reporting Removal Transactions – All removal transactions (payoffs, foreclosures, short sales, deeds-in-lieu of Foreclosure, and third party sales) must be included on the daily investor report and reported to the Master Servicer by 12:00pm (Noon) ET the next Business Day after the activity has occurred.
- Late Reporting Fees – Each occurrence of a late or incomplete Monthly Accounting Report will be subject to a late reporting fee in accordance to the MPF Xtra Servicing Guide.
For additional information refer to MPF Xtra Servicing Guide Chapter 2.10 – Prepayments and Chapter 2.14 –Reporting Requirements.
Please contact the MPF Service Center with any questions or assistance regarding reporting (877-FHLB-MPF).
- MPF Announcement 2023-81