Post-Closing

Your Responsibilities - Delivering the Custody Package:

The MPF Document Custodian (Wells Fargo) maintains the safekeeping of your file documents until conditions warrant their release (document corrections or loan payoff).

1. 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:
     
   • For New PFIs Only: MPF Provider will provide the first set of file labels. You are responsible for creating labels after those are depleted.

   Tip: Use our handy label template!

2. Prepare the documents to be included in the custody file folder.

   • Use the MPF Initial Certification Review Checklist (Exhibit K) as a job aid to ensure all documents in the collateral file are executed and delivered to the Custodian in accordance with the requirements of the MPF program. This checklist compares the custody package information to the information submitted to MPF at the time of purchase.
     • If any information within this custody package is inconsistent with the information you submitted to MPF at the time your loan was purchased, you must email MPFCustody@fhlbc.com and they will work with you to correct this information.
     • The custody file must contain the following documents:
       • Original note (endorsed from your bank to _______ [blank]). See sample.
       • Certified copy of either the MOM Mortgage, or an Assignment to MERS or Colonial. 
         • If you are not a MERS member:
           • Use the standard assignment form (acceptable by law)
         • If you are a MERS member:
           • Use the proper MERS registration as follows:
             • Originator = PFI's MERS Org ID #
             • Investor = FHLB Chicago as MPF MERS Org ID #1000491
             • Servicer = Colonial MERS Org ID #1000290
       • If applicable:
         • Certified copy of borrower’s power of attorney
         • Certified copy of trust agreement
         • If third party originated: certified copy of all intervening assignments

         • The first page of any copies in the custody folder must be stamped “True and Certified Copy” and initials or signature below the certification.

       • The custody file must be shipped to the document custodian and certified within 7 calendar days of MPF Funding. File must be overnighted via UPS or FedEx to the following address:

         Wells Fargo Bank, NA
         MPF Program
         751 Kasota Avenue
         Minneapolis, MN 55414-2842

       Tip: Learn more about Custody Fees.

       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. Do not include this checklist with the document package you send to Wells Fargo. 

Your Responsibilities - Delivering the Servicing File:

1. 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.

2. 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 packageFrom the time CMC receives the uploaded file from MPF, CMC has five days to complete their review of the servicing file.

3. 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.

4. 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.