Colonial Savings Training Overview
This training provides guidance for Participating Financial Institutions through the process of origination, underwriting, selling and releasing servicing to Colonial Savings under the MPF® Traditional program.
Complete Training to Understand Your Responsibilities:
Please review important program timeframes for these steps.
Originating and Underwriting
Selling and Delivery
Release Servicing to Colonial Savings
- Colonial purchases the servicing and will board the loan onto Colonial servicing system.
- Responsibilities of Colonial:
- Board the loan onto the Colonial servicing system;
- Pay the Servicing Released Premium (SRP) to you on a monthly basis;
- Apply and process the borrower’s mortgage payments; and
- Manage the borrower's escrow accounts and providing annual escrow analysis.
Important Program Timeframes: MPF Funding (the date the loan is sold to MPF) is not to exceed 10 calendar days from funds being disbursed to the borrower. The loan must fund on or prior to the lock expiration date. The borrower’s payment is due the first day of the month following the first full month of interest. Wire escrow funds to Colonial one business day after funding. The custody file must be delivered to and certified by the MPF Document Custodian within 7 calendar days of being purchased by MPF. It is recommended the file be shipped immediately to allow time for you to make corrections (if any) within the required 7 calendar day timeframe. Upload the servicing file to Colonial within 7 calendar days of MPF funding. Mail the original final/trailing documents to Colonial within 90 days of MPF funding.