Examples of MPF Program in a sentence
The MPF Program is not providing accounting or legal advice with respect to the accounting treatment of MPF Program assets and liabilities or with respect to the proper reporting by a PFI to its principal regulator of matters relating to MPF Program assets and liabilities, including, as applicable, a PFI’s Credit Enhancement obligations or the outstanding balance of the loans it sold.
A PFI or Servicer that uses a Custodian other than the MPF Program Custodian must pay all fees charged by that Custodian for the performance of the Custodian's duties in connection with Collateral Files delivered by the PFI or Servicer.
A PFI or Servicer that uses multiple custodians must name a Custodian for each Master Commitment under the MPF Program.
Each PFI and/or Servicer warrants and agrees not to alter, assign, convey, hypothecate, pledge, or in any other way transfer, conditionally or otherwise, it’s interest in a Mortgage Loan delivered under the MPF Program, except as expressly permitted in the Applicable Agreements.
Therefore, the QC plan must include requirements for the monitoring and assessment of the quality of work performed by appraisers used for Mortgage Loans sold under the MPF Program.
The AEC consists of the following documentation: • Annual Eligibility Certification form (Form OG1); • MPF Fidelity and Errors & Omissions Insurance Worksheet (Form OG2); • Any supporting documentation required to be submitted with Form OG1 or Form OG2; • Any action plan required to remediate non-compliance with any MPF Program Requirement; and • Any other documentation requested by the MPF Bank or MPF Provider.
Representations and Warranties (3/28/17)26 In order to sell or service Mortgage Loans under the MPF Program, the PFI or Servicer makes representations and warranties concerning the origination or the Servicing of those Mortgage Loans, which are incorporated into the Applicable Agreements as well as these Guides.
A PFI or Servicer will be considered to meet the eligibility requirements and be in compliance with the MPF Program Requirements if an appropriate waiver of any MPF Program Requirements was granted by its MPF Bank or the MPF Provider, and the terms of that waiver are being met by the PFI or Servicer.
Government Loans To maintain eligibility to sell and/or service Government Loans under the MPF Program, entities must be in compliance with the Guides and all eligibility requirements set forth in their Applicable Agreements, unless a written waiver was granted by the MPF Bank, in addition, to any other requirements established by the applicable Government Agency.
Presumption54 QM Loans with rebuttable presumption are only eligible for the MPF Program if they are sold under the MPF Direct Product.