MPF Xtra® Product Reminders
In an effort to keep you informed of changes that affect the way you do business under the MPF Xtra product, we have created this webpage to provide information to help you through this transition period.
MPF Xtra Payoff Calculation Reminders
- 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.
MPF Xtra Delinquent Reporting Updates
Effective Date: November 21, 2022
To ensure that loss mitigation efforts for MPF Xtra mortgage loans are processed in accordance to the Investor’s required time frames and guidelines, the MPF Program is implementing an eMAQCS®plus reporting enhancement.
With this enhancement, effective, November 21, 2022, Servicers of MPF Xtra mortgage loans will receive automated email notifications from eMAQCSplus requesting additional information for mortgage loans that are reported as 30+ days delinquent reporting Action Codes 0 (No Action), 12 (Relief Provision), or 20 (Loss Mitigation) on their monthly Exhibit B: Delinquent Mortgage & Bankruptcy Status Report.
The automated email will be sent to the Servicer’s email address registered in eMAQCSplus and will include an attached Excel file that will include basic loan information to help identify the mortgage loan (such as MPF Loan Number, PFI Loan Number, Servicer Number, Cycle Date) and requesting the following additional data points:
- Last outbound contact date
- Quality Right Party Contact (QRPC) (Y/N)
- Borrower solicitation package sent date – if QRPC is achieved
- Borrower solicitation letter sent date – If QRPC is not achieved
- Borrower Response Package Received Date
- Is Borrower Engaged (Y/N)
- Temporary/Permanent Hardship
- Breach letter sent date
- Refer to Foreclosure date
- Property inspection date
- Property Inspection Results
- Any additional Servicer Comments
Servicers must complete the Excel file and submit the response to the MPF Provider by uploading the file to eMAQCSplus within 5 business days. If Servicers do not respond within 5 business days, Servicers will receive a second automated email reminder.
The MPF Xtra Servicing Guide and any applicable exhibits will be updated at a later date to include this additional reporting requirement.
MPF Xtra Account Remittance and Account Reconciliation Process Changes (Shortage/Surplus)
Effective Date: December 5, 2022
The MPF Program recently published MPF Announcement 2022-48, communicating updates to the account remittance and account reconciliation process for MPF Xtra.
In relation to this change, the MPF Program is providing the following additional guidance regarding the effective date of this change:
- On December 5, 2022: PFIs will begin receiving an email confirming the amount that will be debited from the MPF Xtra P&I Custodial Account the next day.
- On December 6, 2022: MPF Xtra P&I custodial accounts will be debited daily based on the Investor reporting activity from the previous day:
- In the event the PFI doesn’t remit sufficient funds the account will be overdrawn. If the account is overdrawn, PFIs are required to fund the account in the same day via wire or same day ACH to clear the overdraft exceptions.
- If a PFI has over remitted funds, the surplus will remain in the account and PFIs are expected to contact the MPF Provider to reconcile or short funds during their next remittance.
Form SG301-X: MPF Xtra Monthly Remittance Recap
To assist PFIs in identifying and addressing shortages or surpluses, the MPF Program has published the updated Form SG301-X: MPF Xtra Monthly Remittance Recap, PFIs may begin utilizing the updated form immediately but are required to do so by December 5, 2022.
For ease of use and to assist with calculations, the MPF Program has also posted an excel version of Form SG301-X: MPF Xtra Monthly Remittance Recap on the MPF Guides webpage.
Example of the updated account remittance and account reconciliation process:
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