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| A Snapshot for Participating Financial Institutions | Spring 2014 |
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| Keeping Up with Quality Control: Online Assessment for PFIs that Sell Under the MPF Xtra® Product |
PFIs know that ensuring a mortgage meets secondary mortgage market origination and underwriting quality requirements is as important as ever.
The MPF® Program updated its requirements for a PFI’s in-house quality control (QC) program, effective on January 1, 2014. As a result of these updates, we are asking PFIs that sell mortgages under the MPF Xtra product to complete an online course and assessment that focuses on the pre-closing QC review process at the new “MPF University” by April 11, 2014. The appropriate contact at the PFI, described below, can take the assessment twice, and the threshold for passing is 70%.
Who should take the assessment?
An individual who is responsible for your QC functions must complete the course and assessment and certify at the beginning of the course that this is his or her role within your organization. While other employees may complete this course to broaden their knowledge of pre-closing QC, it is the individual who certifies his or her responsibility for your QC functions whose assessment results will represent the overall knowledge of pre-closing QC requirements for the PFI under the MPF Program.
What will you be asked about?
You will be asked to demonstrate his or her knowledge on the following topics:
• General PFI Quality Control Program Requirements
• Pre-Closing Quality Control Review Requirements
• Documenting and Reporting Pre-Closing Quality Control Reviews
Which part of the MPF Origination Guide should I focus on?
Chapter 28 of the Origination Guide has all of the information you would need. For your convenience we’ve added this chapter as supplemental materials to the online course. You can find this at the bottom of the course screen on MPF University.
What is the scoring requirement?
You must score at least 70% on each section’s assessment and can take the assessment twice. A PFI that does not meet the 70% score requirement will be contacted by its MPF Bank to discuss a plan to strengthen the PFI’s understanding of existing policies for complying with pre-closing QC program requirements.
How do I take the assessment?
Here is the link to the new MPF University: http://bu27.academy.allregs.com/login/index.php
Or click the logo below. When you get to the main page, create your new account as instructed in the section titled “Is this your first time here?” After you have created your account, click on the “Available Courses” icon and then select the “MPF Program Pre-Closing Quality control” course.
What if I have questions?
Please contact your MPF Bank with any questions. Please do not contact AllRegs. | |  |
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