MPF Program definition

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 multiple custodians must name a Custodian for each Master Commitment under the MPF Program.

• 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.

• 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.

• 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.

• Mortgage Loan Delivery (12/22/16)29‌ By selling a Mortgage Loan under the MPF Program the PFI warrants and represents the following for each Mortgage Loan, as of the Funding Date: • The terms, conditions, and requirements stated in the Applicable Agreements have been fully satisfied; • The Mortgage Loan meets all MPF Program Requirements in the Guides; • The PFI does not have knowledge, of any proceedings pending for condemnation of all or any portion of the Mortgaged Property.

• 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.

• Status as a Contract (3/28/17)3‌ The Guides supplement the obligations and requirements for participating in the MPF Program set forth in any Applicable Agreement, and all of their terms are incorporated by reference into, and constitute a part of, each Applicable Agreement.

• The PFI must follow all Applicable Laws, MPF Program requirements and MPF Direct product eligibility guidelines for QM loans with rebuttable presumption.

• The MPF Bank or MPF Provider may require the PFI or Servicer to cease using a vendor for Mortgage Loans sold or serviced under the MPF Program and may exercise any remedy under the Applicable Agreement or Guides, including requiring the repurchase of Mortgage Loans affected by the vendor causing the PFI or Servicer to breach or fail to fulfill Origination Obligations, Servicing Responsibilities or to ensure their compliance with any Applicable Laws.