This training provides Participating Financial Institutions (PFIs) guidance through the process of origination, underwriting, selling and releasing servicing to Iowa Bankers Mortgage Corporation (IBMC) under the MPF® Traditional program.
A couple things to keep in mind during training:
- The training modules are meant to follow a general best practice process flow.
- You are responsible to originate, process, underwrite and close in your institution’s name; following standard secondary market procedures and the MPF Guides.
- The MPF Program requires the use of agency (Fannie/Freddie) documents for origination through closing.
- Review and familiarize yourself with the MPF Guides.
Tip: If you find an MPF closing package within your doc prep system; know this was not created or approved by the MPF Program.
Your interaction with MPF in the loan process will include:
- Providing loan information to MPF via Loan Presentment using one of the two options available to you.
- Pricing and locking the loan using the eMPF website.
- After disbursing loan proceeds and prior to price expiration, you will sell MPF the loan using eMPF.
- The custody folder is to be delivered to and certified by the MPF Document Custodian within seven calendar days of purchase by MPF.
- You will monitor the custody reports to be sure the loan is certified, making corrections as necessary.
IBMC as servicer:
- IBMC purchases the servicing and will board the loan onto IBMC's servicing system.
- The business day after you lock a loan with MPF, IBMC will send an email confirmation with the IBMC loan number and a MERS MIN number.
- Review the IBMC Concurrent Servicing Sale Manual for servicing requirements.
- IBMC will pay the SRP once a month for loans boarded on their system the previous month.
- IBMC will charge the following fees for each serviced mortgage and net the fees from the SRP:
- Tax Service Fee: $79
- Processing Fee: $150
- Escrow Waiver Fee: 0.25% of the unpaid principal balance at the time of sale to MPF (also charged to the borrower if escrow is waived at any point during the life of the loan)
Training Disclaimer: This training section is intended to give a general overview of selling loans into the MPF Program. It is your responsibility to understand and utilize the MPF Guides. If there are any discrepancies between this information and the information in the MPF Guides, the MPF Guides take precedent. Choose your MPF product and servicer from above to begin.