Congratulations, you've sold your loan to the MPF Program!
Now that you have funded your loan, you need to overnight the custody file to the Document Custodian and upload the servicing file to Colonial.
For any questions regarding Colonial delivery, please see the Colonial Concurrent Servicing Sale Manual.
Your Responsibilities - Delivering the Custody Package:
The MPF Document Custodian (Computershare) maintains the safekeeping of your file documents until conditions warrant their release (document corrections or loan payoff).
Prepare the custody file folder.
- You must submit a manila, legal-sized folder containing your custody documents for each loan file you mail to the document custodian.
- You must attach a label to the top right corner of the folder.
- Labels must contain the following information:
- You are responsible for creating labels.
Tip: Use our handy label template!
Proof the documents to be included in the custody file folder.
Tip: Proof the custody file to eliminate excess fees: Learn more about Custody Fees.
Prepare the documents to be included in the custody file folder.
- The custody file must contain the following documents:
Ship the custody folder.
- The custody file must be shipped to the Document Custodian and certified within 7 calendar days of MPF Funding.
Overnight the file via UPS or FedEx to the following address:
751 Kasota Avenue
Minneapolis, MN 55414-2842
Tip: To avoid an excess overnight mailing fee, proof the document package using the MPF Initial Certification Review Checklist (Exhibit K) prior to delivering the custody package to the Document Custodian.
Your Responsibilities - Delivering the Servicing File:
Upload the Servicing File to Colonial Savings, F.A. within 7 calendar days of MPF Funding (see the Servicing File Checklist in the Colonial Concurrent Servicing Sale Manual).
- Keep original physical file for your record retention and quality control requirements.
Colonial receives and reviews the servicing package.
- Within 2 business days, Colonial will notify you directly if they identify any discrepancies (exceptions) between the data submitted to MPF at funding and the documentation in the servicing package. From the time Colonial receives the uploaded file from MPF, Colonial has five days to complete their review of the servicing file.
Notify third-party service providers of a change in servicer.
- If an insurance policy or flood zone determination certificate is not in the name of Colonial Savings, F.A. as required above, the Selling PFI may provide a letter requesting endorsement of the Mortgagee clause in the form of the Mortgagee Letter (Exhibit 11).
- Private Mortgage Insurance: Notify mortgage insurance company of the loan transfer to Colonial.
- Homeowner’s or Hazard Insurance/Flood Insurance: Send letter to insurer requesting transfer of endorsement to Colonial.
- Life of Loan Flood Certification: Send letter to insurer requesting transfer of life of loan coverage to Colonial.
- Tax Bill Authorization (Exhibit 7): Notify taxing authority where future tax bills are to be mailed.
Provide the original final/trailing documents to Colonial within 90 days of the sale date.
- Use the Recorded/Final Documents Checklist (found in Exhibit 6 of the Colonial Concurrent Servicing Sale Manual) and attach it to the final documents submitted for each serviced mortgage. Final documents may include:
- Recorded mortgage
- Recorded assignment or recorded MOM mortgage
- Title policy
- If not all documents are available at 90 days, you should deliver the available documents and provide the remaining documents as they become available.