MPF Announcement 2025-67
MPF Quality Control – eMAQCS®plus System Enhancements
Effective Date: September 8, 2025
Effective September 8, 2025, the MPF Quality Control (QC) process within the eMAQCSplus system will be enhanced to improve transparency and efficiency. These updates include revised severity level classifications, a streamlined process flow for exception handling, clearer status definitions, and improved communication tools within the platform.
- Severity 3 - Material Issue: exceptions that affect eligibility of the loan, that may make the loan subject to repurchase.
- Severity 2 - Non-Material Issue: exceptions that don't affect eligibility of the loan.
- Severity 1 - No Issue: typically Severity 3 or Severity 2 exceptions that have been reclassified (See below for details).
A more detailed description of each severity level can be found in the MPF Program Guide, Section 8.1 MPF Bank’s Quality Control Review.
Exceptions initially classified as Severity 3 – Material Issue may be reclassified based on the documentation or explanation provided by the PFI during the QC review process:
- if the exception is fully resolved with acceptable documentation or an explanation acceptable to the MPF Bank/Investor, it will be reclassified as Severity 1 – No Issue.
- if the exception is waived or accepted by the investor (e.g., via a side letter), it will be downgraded to Severity 2 – Non-Material Issue.
Any Severity 3 Exception that cannot be resolved or for which the supporting documentation provided by PFI is deemed insufficient by the MPF Bank/Investor, will remain at Severity 3 – Material Issue and the loan will be subject to repurchase.
- Active – Indicates that an exception has been identified and is awaiting response or action from the PFI. PFIs should prioritize addressing exceptions in this status. Once a comment is submitted by the PFI, the status will update to Active-Pending.
- Active-Pending- Indicates the response to an exception is under review. If the response is determined to be insufficient, the status will revert to Active. Otherwise, it will transition to one of the final resolution statuses listed below.
- Cancelled – Indicates the exception has been invalidated during the rebuttal process and is no longer considered applicable.
- Satisfied – Indicates the documentation or explanation provided by the PFI has successfully resolved the exception.
- Waived – Indicates the exception is acknowledged as valid; however, the MPF Bank/investor has elected to waive it or downgrade its severity to a non-material level or no issue. (Severity 1 or 2).
- Comments can be added and responded to in real time by all parties involved.
- Each comment is archived and fully retrievable, ensuring transparency.
- Statuses will automatically update from Active to Active-Pending once a comment is submitted, signaling that exception is under review.
These enhancements are designed to streamline collaboration, reduce turnaround times, and ensure that all stakeholders have a clear, documented view of exception resolution progress.
Training materials for the QC eMAQCSplus enhancements are available on our On-Demand Webinars webpage under the Miscellaneous category. In addition, an updated eMAQCSplus PFI User Manual is available.
GENERAL QC REMINDERS
- MPF QC Documentation Worksheet Form OG4 - MPF QC Documentation Checklist is required to be used and uploaded with mortgage files to eMAQCSplus
- To obtain eMAQCSplus log-in credentials or to update email contacts, click here eMAQCSplus
- If someone in your organization has changed roles or is no longer with the institution and does not need access to eMAQCSplus, please contact the MPF Customer Service Portal to have their access deactivated.
- MPF Customer Service Portal
- MPF-Help@fhlbc.com
- Phone: (877) 345-2673
- References:
- MPF Announcement 2025-67
