Originating & Underwriting
Now's the time to complete the processing steps that ensure your borrower and the property meet the MPF requirements.
You will process the MPF loan as you would loans for other secondary market investors.
Demo: Want to know more? View our MPF Traditional: Product Eligibility & Underwriting webinar.
Run your automated underwriting system (if applicable)
Gather borrower information
Validate the information provided by the borrower
Order an Appraisal
Order the Title search
Order a Life of Loan Flood Certification
- Colonial's preferred vendor is CoreLogic; however, they will work with all major flood determination companies.
- Life of loan flood certification must be provided by one of the Colonial-approved vendors listed below:
- American Flood Research, Inc.
- CBC a/k/a FZDS
- Kroll Factual Data
- Service Link
Note: A flood zone determination certificate with life-of-loan coverage must be obtained from a servicer-approved vendor.
For LTVs over 80%: Obtain private mortgage insurance from our list of approved vendors.
- Arch Mortgage Insurance Company (formerly CMG Mortgage Insurance Company)
- Essent Guaranty, Inc.
- Enact (formerly Genworth MI)
- Mortgage Guaranty Insurance Corporation (MGIC)
- National Mortgage Insurance Co.
- Radian Guaranty Inc.
- United Guaranty Residential Insurance Company and United Guaranty Mortgage Indemnity Company
If using an Automated Underwriting System (AUS): When loan data is updated and the AUS is submitted for the final time, loan information should match the documentation used to make the final decision.