Below you will find information regarding some basic eligibility requirements for Iowa Bankers Mortgage Corporation (IBMC). The requirements outlined in the IBMC Concurrent Servicing Sale Manual would take precedence over the requirements in the MPF Guide.
- You are responsible for meeting all regulatory requirements.
- Ensure you are using the actual/actual pricing schedule when locking your loans.
- IBMC fees netted from the Servicing Released Premium (SRP):
- Tax Service Fee: $79.00
- Processing Fee: $150.00
- Escrow Waiver Fee: 0.25% of the unpaid principal balance at the time of sale to MPF (also charged to the borrower if escrow is waived at any point during the life of the loan).
- Escrows are required on all loans with an LTV > 80%. An escrow waiver fee will be charged on loans where escrow has been waived for taxes (only insurance escrow may be waived with no fee).
- IBMC requires a two month cushion for all escrowed items.
Tip: Click here to see how the SRP is calculated.
Early Payoff (EPO)
- If a serviced mortgage pays off (or otherwise liquidates) within 120 days after the Sale Date, IBMC will be entitled to reimbursement by the selling PFI for the entire SRP paid for the mortgage servicing.
Early Payment Default (EPD)
- If a serviced mortgage default occurs within six (6) months after the Sale Date and such default results in foreclosure, IBMC will be entitled to reimbursement by the selling PFI of the entire SRP paid for the mortgage servicing upon completion of the foreclosure.
IBMC Contact Information:
Iowa Bankers Mortgage Corporation
8800 NW 62 Ave
PO Box 6220
Johnston, IA 50131-6220
Attn: FHLB Department
Hours of Operation: 8 am to 5 pm (CST)