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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 Linda Hanze, Senior Mortgage Operations Compliance Specialist, 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 with Instructions – Mortgage Operations and Statistics Information
   • Complete the Application for Participating Financial Institutions, providing general information on the member's mortgage operations, along with origination and servicing information.
2. In-House Quality Control Questionnaire
   • PFI approved members are required to have an In-house quality control program in place. Complete the In-House Quality Control Questionnaire. See the above mentioned application instructions for more details on this questionnaire.
3. Anti-Predatory Lending (APL) and Responsible Lending Questionnaire
   • PFI approved members are required to adhere to APL laws and the NY Bank’s APL and Responsible Lending policies. Complete the APL and Responsible Lending Questionnaire. See the above mentioned application instructions for more details on this questionnaire.
4. Resolution Agreement for MPF Participating Financial Institution
   • This is a one page form requiring your institution’s board of directors approval for the participation of the MPF Program. Complete the Resolution Agreement for MPF Participating Financial Institution.
5. Anti-Predatory Lending (APL) Policy and Practices Acknowledgement
   • The acknowledgment mentions some of the prohibited practices that are ineligible for the MPF Program. Complete the Anti-Predatory Lending (APL) Policy and Practices Acknowledgement. See the above mentioned application instructions under the APL Policy Questionnaire for more details on this form.
6. Other Documents Required
   • Provide delinquency and foreclosure percentages for all major investors if applicable and your own institution’s 1-4 family loan portfolio for the last four quarters. Complete the Delinquency Rate Analysis Worksheet.
   • Provide your institution’s mortgage department’s organizational chart.
   • Provide bios or resumes for at least three key individuals, that may cover the Mortgage Originations, Servicing, Secondary Market and Investor Reporting areas.
   • Provide evidence of your Mortgage Holders Errors and Omissions Insurance Coverage. Complete the Fidelity and Errors & Omissions Insurance Worksheet and see the Guide and Instructions for more details.
7. Optional Forms
   • Complete the Loan Presentment Request Form or submit electronic file via e-mail to empf@fhlbc.com for DTS package development. In lieu of completing and submitting the Loan Presentment Request Form, a member is required to credit enhance one (1) actual loan that the member may sell into MPF using the eMPF website during the on-site 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
   (If already completed during the above Phase I application process disregard)
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 eMPF User IDs and passwords along with instructions for activation to the system. Note that this activation process has a limited amount of days before it expires, so you are advised to process activation immediately so your institution will have access to the eMPF system for training and future transactions. In addition to this package, you will receive some instructions and contact information for both the Wells Fargo's Document Custody and Wells Fargo Master Servicing departments.

 

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.

 

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.