Iowa Bankers Mortgage Corporation Training Overview
This training provides guidance for Participating Financial Institutions through the process of origination, underwriting, selling and releasing servicing to Iowa Bankers Mortgage Corporation (IBMC) under the MPF® Traditional program.
Complete Training to Understand Your Responsibilities:
Please review important program timeframes for these steps.
Originating and Underwriting
Selling and Delivery
Release Servicing to IBMC
- IBMC purchases the servicing and will board the loan onto IBMC’s servicing system.
- Responsibilities of IBMC servicing:
- Apply and process the borrower’s mortgage payments
- Manage the borrowers’ escrow accounts and provide annual escrow analysis
- Pay the Servicing Released Premium (SRP) to you on a monthly basis
Important Program Timeframes: MPF Funding (the date the loan is sold to MPF) is not to exceed 10 calendar days from funds being disbursed to the borrower. The loan must fund on or prior to the lock expiration date. The borrower’s payment is due the first day of the month following the first full month of interest. The custody file must be delivered to and certified by the MPF Document Custodian within 7 calendar days of being purchased by MPF. It is recommended the file be shipped immediately to allow time for you to make corrections (if any) within the required 7 calendar day timeframe. Upload the servicing file to IBMC within 7 calendar days of MPF funding. IBMC will draft the escrow funds (via ACH) the day the loan is boarded on the IBMC servicing system. Mail the original final/trailing documents to IBMC within 90 days of MPF funding.