| MPF Xtra® Product News |
The MPF Program recently announced two important developments regarding the MPF Xtra product:
1. New servicing released option available
2. Key date extended for Uniform Loan Delivery Dataset
New Servicing Released Option Available
The MPF Program is partnering with Prospect Mortgage to offer the servicing released option to PFIs interested in realizing the value of their servicing rights upfront for loans sold under the MPF Xtra product. This flexibility allows you to take advantage of current, favorable market conditions and meet your balance sheet needs without the expense of the infrastructure to service the loans you originate. As an approved PFI, there is no need for a separate approval from Prospect Mortgage; you are eligible to begin selling your MPF Xtra product loan servicing today. For more information, click here.
Key Date Extended for Uniform Loan Delivery Dataset
The Federal Housing Finance Agency has extended the implementation date for the Uniform Loan Delivery Dataset (ULDD) portion of the Uniform Mortgage Data Program (UMDP) project to July 23, 2012. On January 30, the MPF Program implemented a system enhancement that accepts loan data in the new XML/ULDD format. PFIs have the option either to deliver an XML file or manually input Loan Presentments until XML data delivery is required at a later date. For the revised schedule of all key dates, click here.
We expect that the final requirements for UMDP will be implemented in 2012 and should ultimately result in a more efficient method of delivering loan data as part of your overall funding and delivery process. We will continue to provide updates through webinars, reminders, and PFI Advisories to help promote a smooth transition. For more information about UMDP updates, click here.
Contact your MPF Bank representative or the MPF Xtra Service Center at 888-362-0011 with any questions about the new servicing released option or the key dates for the UMDP project. | |
