Master Servicer
ServicerConnect setup process is required for all those who service MPF Mortgage Loans. If you are using a subservicer, send an email to ServicerConnect@computershare.com and provide your PFI Number informing them of the name of your subservicer. Subservicers do not need to complete steps 3-5 in the ServicerConnect Setup Process below.
Upcoming MPF Xtra Product Enhancements
The MPF® Program would like to provide additional details on the previously announced MPF Xtra product modifications (MPF Announcement 2022-48) regarding changes to the investor reporting processes and systems for MPF Xtra Mortgage Loans.
- Investor Reporting Changes
- The MPF Program Master Servicer, Computershare, will send PFIs an automated e-mail (daily) notifying PFIs of the next day’s anticipated remittance/draft amount. This e-mail will include the remittance balance based on the data the PFI has submitted through their daily investor reporting
- Loan Level Data File Format Updates
- Effective: The MPF Program is currently accepting the Fannie Mae Expanded Loan Activity Report (LAR 96) although not yet required. To begin using the LAR 96, Servicers must notify the Master Servicer at least 15 days before submitting their first LAR 96 file, by submitting the MPF Xtra Reporting Change Notification (Form SG370-X). The MPF Program is communicating with Fannie Mae regularly and will provide further details at a later date.
- Updates to the P&I remittance cash reconciliation for A/A mortgage loans
- MPF Xtra accounts will now 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. This new process allows Servicers to resolve reporting activity in real time and make reconciling cash more efficient.
- To help avoid Overdrafts, MPF recommends that you fund the full amount for the reporting activity that you have reported for the day. Once the iTAR and daily remittance reminder emails are received, you can reconcile your remittance against them and remit any shortages at that point.
- In order to help avoid Overdrafts, It is highly recommended for all Servicers to reconcile accounts daily based on reporting activity. Cash deposited should = Cash expected. When those amounts are different they must be resolved immediately.
Please visit our new MPF Xtra Product Enhancements webpage to stay up to date on the latest communications and trainings.
ServicerConnect Setup Process
1. Visit https://www.servicerconnect.com
2. Register online and create an individual User ID and Password. View the ServicerConnect’s User Manual for detailed instructions on how to register, login, and upload files.
3. Choose a file layout for loan level data delivery (Exhibit C ASCII version or Exhibit D Excel version or Exhibit D-X LAR 96 File Layout). If needed, contact your servicing system core provider for assistance in the creation of the file layout.
4. Once you’ve completed your file layout:
a. Create a test file and include TEST in file name.
b. Upload the TEST file to ServicerConnect
c. Email Computershare Limited (ServicerConnect@computershare.com)
i. Advise Computershare Limited that you have uploaded your TEST file and when you will begin reporting
ii. As part of the test process, Computershare Limited will provide you an assigned File Name via email. File Names are up to 8 digits consisting of alpha-numeric characters (ex: C1234567).
iii. Email Computershare Limited if response is not received within 2 business days.
5. The Quick Reference Guide, provided below, demonstrates how to accurately name your data files(s) to ensure a successful upload to ServicerConnect.
Saving Data Files for Submission
MPF Traditional
Exception Clearing Report (Form SG403)
- Data File Name = ECR_FileName_MMYYYY
- MMYYYY (represents month/year of upload)
Monthly Summary and Remittance Recap (Form SG300)
- Data File Name = PFI#_SG300_MMYYYY
- MMYYYY (represents month/year of upload)
Exception Clearing Report (Form SG403)
- Data File Name = ECR_FileName_MMDDYYYY
- MMDDYYYY (represents day of upload)
Monthly Summary and Remittance Recap (Form SG300)
- Data File Name = PFI#_SG300_MMYYYY
- MMYYYY (represents month/year of upload)
MPF Xtra Monthly Remittance Recap
(Form SG301-X)
- Data File Name = PFI#_SG301_MMYYYY
- MMYYYY (represents month/year of upload)
Exception Clearing Report (Form SG403)
- Data File Name = ECR_FileName_MMYYYY
- MMYYYY (represents month/year of upload)
Monthly Summary and Remittance Recap (Form SG300)
- Data File Name = PFI#_SG300_MMYYYY
- MMYYYY (represents month/year of upload)
Reporting to the MPF Program Master Servicer
PFI
Submits Mortgage Loan Transaction Journal, SG300 and for MPF Xtra SG301X
Master Servicer
Reviews reports and issues Initial Turn Around Report (iTAR)
PFI
Submits Electronic Clearing Report (ECR) - SG403
Master Servicer
Issues Final Turn Around Report (fTAR)
PFI
Completes reconciliation to Remittance Summary (fTAR)
Resources
MPF Traditional Investor Reporting Overview
Master Servicer Investor Reporting Contacts
MPF Traditional Investor Reporting – Turnaround Report (TAR)
MPF Xtra Investor Reporting – Turnaround Report (TAR)