The MMU in this case is unaware completely of what a process is. The operating system, which keeps tracks of processes, generates a page table for each process, as you say, as they are created. The process for context switching is as follows:
The operating system tells the MMU to use page table located at physical address 0xFOO
The operating system programs the programmable interrupt timer (PIT) to cause a hardware interrupt after BAR milliseconds.
The operating system restores the process state (CPU registers, program counter, etc) and jumps to the correct address.
The process runs until the PIT triggers an interrupt.
The Operating System routine for handling the PIT interrupt then saves the program state (registers etc), uses a scheduling algorithm for determining the next process to run (in a simple case, a circular linked list), then starts over at step 1.
I hope that clears up any doubts you may have. The short answer: The MMU is process agnostic and doesn't know what a process is.