MPF Announcement 2024-80

Updates to MPF Program Reporting Requirements 

Effective Date: Immediately (unless otherwise noted within)

The MPF Program is updating and clarifying some of its reporting requirements, including late reporting fees, including the following in all the product specific Servicing Guide:

• All products:
  • Servicers must use proper name conventions when submitting Monthly Accounting reports See the Master Servicer page in the Welcome Center. Master Servicer (fhlbmpf.com).
  • Clarifying the late reporting fee will now also apply to late Monthly Investor Reporting, in addition to late Monthly Accounting Reports, and late or incomplete Delinquent Mortgage & Bankruptcy Status Report.
  • Late or incomplete Delinquent Mortgage & Bankruptcy Status Reports will no longer be a flat

    $100 fee and are moving to a tiered fee structure

• MPF Xtra:
  • Clarifying Servicer must report repurchase removals on the last activity days and include the amounts in Form SG300 and Form SG301-X.
  • Clarifying Mortgage Loans without activity for the month must be reported to the Master Servicer by 12:00 pm (Noon) ET on the 22nd Calendar Day of the month.
  • Clarifying the late reporting fee will now also apply to late Investor Reporting in addition to late Monthly Accounting Reports and late or incomplete Delinquent Mortgage & Bankruptcy Status Reports.
  • Late or incomplete Delinquent Mortgage & Bankruptcy Status Reports will no longer be a flat $100 fee and are moving to a tiered fee structure.
    
• MPF Government MBS:
  • Removed obligation to submit Form SG301
  • Clarifying the late reporting fee will now also apply to late Monthly Investor Reporting, in addition to late Monthly Accounting Reports, and late or incomplete Delinquent Mortgage & Bankruptcy Status Report.
  • Late or incomplete Delinquent Mortgage & Bankruptcy Status Reports will no longer be a flat $100 fee and are moving to a tiered fee structure
    

See MPF Traditional Servicing Guide sections 2.13.1 Monthly Accounting Reports and 2.13.3 Late Reporting Fee; MPF Xtra Servicing Guide sections 2.14.2 Monthly Accounting Reports and 2.14.4 Late Reporting Fee; MPF Government MBS Servicing Guide 2.13.1 Monthly Accounting Reports and 2.13.3  Late Reporting Fee.

The following forms have also been updated:

• SG301-X:
  • Clarified name convention requirements
• SG300:
  • Added instruction page

Please contact the MPF Service Center by using one of the following options for any questions or for assistance:

•  MPF Customer Service Portal
• Email: MPF-Help@fhlbc.com
• Phone: (877) 345-2673