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How to Sign Up for the MPF^® Program

 

To be eligible to participate in the MPF Program, you must be a member of the HLB. If you are not a member and would like more information on how to become a member, please contact a Calling Officer at (212) 441-6700 or an MPF Representative at (212) 441-6710.

 

In addition to being a member you must have experience in originating loans; and you must have the ability to report loan activity under either a Scheduled/Scheduled or Actual/Actual remittance structure.

 

Application Information

To start the process which leads to becoming a Participating Financial Institution ("PFI") in the MPF program, certain documents are needed. This process normally takes just a few days. As soon as the Application, the two Questionnaires along with the applicable requested information are complete, mail them to the attention of Thomas J. Doyle, Vice President, Federal Home Loan Bank of New York, 101 Park Avenue, 5th Floor, New York, NY 10178-0599.

 

Phase 1 - These documents will start the process.

1. Application, Mortgage Operations and Statistics Information
   • Complete the Application for Participating Financial Institution, providing general information on the member's mortgage operations, along with origination and servicing statistics.
   • Complete the Anti-Predatory Lending and In-House Quality Control Questionnaires.
2. Other Documents Required
   • Provide delinquency and foreclosure percentages for all major investors and your own 1-4 family loan portfolio for the last four quarters.
   • Provide the latest Annual Report, 10K, and /or most current Financial Statements
3. Optional Information
   • Complete a Credit Enhancement Request Form (MPF/APP-105) or submit electronic file via e-mail to empf@fhlbc.com for DTS package development. In lieu of completing and submitting the Credit Enhancement Request Form, a member has the option to credit enhance one (1) actual loan that the member intends to sell into MPF using the eMPF website during the MPF training class.

 

Phase 2 - Next, complete and mail all of the Contractual and Executable Documents. The documents may be mailed with the above Application or after the member is approved. The following forms and agreements are available in pdf format. Download the Free Adobe Acrobat Reader to view the pdf documents.

1. Resolution Agreement for MPF Participating Financial Institution
2. Participating Financial Institution Agreement
3. Delegation of Authority
4. Delegation of Authority- Request for Files from Custodian
5. Collateral Release Information Form
6. Agreement for Servicer's Custodial Account P&I
7. Agreement for Servicer's Custodial Account T&I
8. Servicer Information Form
9. Post Closing Information Form

 

Once your institution is approved and has completed the Contractual and Executable Documents, you will be provided with an initial welcome package, which will include an eMPF digital certificate with instructions. This certificate will provide your institution with access to the MPF system. Shortly thereafter, MPF training will be arranged and a training package will be provided which will include instructions for file preparation, delivery requirements, and investor reporting. A contact list for both Wells Fargo Document Custody and Wells Fargo Master Servicing will also be included.

 

Phase 3 - In addition, you will receive a Master Commitment Form for the MPF product of your choice that establishes the maximum dollar amount, the maximum credit enhancement amount, the actual credit enhancement fees and actual first loss position.