How SRP is Calculated - IBMC
Principal Balance as of MPF Sale Date x SRP = SRP Paid to the PFI
The Servicing Released Premium (SRP) is paid based on the SRP fee schedule in effect at the time the loan was locked (date locked in). IBMC will deduct their tax service fee, processing fee and if applicable, the escrow waiver fee from the SRP. The SRPs are paid once a month, during the first week of the month following the loan being boarded on the IBMC servicing system. SRPs are ACH to the account as directed by your institution in the "Selling PFI Information Sheet." IBMC will contact your institution's management to set up your IBMC relationship once you lock your first loan with MPF.