Congratulations, you've sold your loan to MPF®!
Now that you have funded your loan, you need to overnight the custody file to the document custodian and upload the servicing file to IBMC.
For any questions regarding IBMC delivery, see IBMC Concurrent Servicing Sale Manual.
Your Responsibilities - Delivering the Custody Package:
The MPF Document Custodian (Wells Fargo) maintains the safekeeping of your custody file documents until conditions warrant their release (document corrections or loan payoff).
Prepare the custody file folder.
Tip: Use our handy label template!
- 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.
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 MOM Mortgage or an Assignment to MERS
- If you are not a MERS member:
- Use the MERS assignment form
- IBMC generates IBMC Loan/MERS MIN number (an email containing this information would have been sent to the individual who locked the loan on the first business day after the loan was locked)
- PFI to designate MERS as the assignee on the assignment mortgage with the MIN # and IBMC loan number provided by IBMC
- IBMC will be responsible for the registration on MERS
- If you are a MERS member:
- Use a MOM Mortgage using the PFI’s MIN #
- TPO membership – Your institution must register with MERS
- MERS Lite Membership the PFI will be responsible for proper MERS registration as follows:
- Originator = PFI's MERS Org ID #
- Investor = FHLB Chicago as MPF MERS Org ID #1000491
- Servicer = IBMC MERS Org ID #1003445
- You are responsible for entering the Investor Loan Number
- 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.
- For Government Loans Only: All loans must receive Final Certification. Use the Government Mortgage Final Certification Review Checklist (Exhibit L) form.
Ship the custody folder.
- The custody file must be shipped to the document custodian and certified within 7 calendar days of MPF Funding.
Overnight the file via UPS or FedEx to the following address:
Wells Fargo Bank, NA
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.
Your Responsibilities - Delivering the Servicing File to IBMC:
Upload the Servicing File to IBMC within 7 calendar days of MPF Funding (see the Servicing File Checklist - Exhibit 5 IBMC Concurrent Servicing Sale Manual)
- Keep original physical file for your record retention and quality control requirements.
IBMC receives and reviews the servicing package.
- The amount of escrow funds shown on the Escrow Funds Reconciliation form will be debited from your account due IBMC on the Serviced Mortgage.
- Within 5 business days, IBMC will notify you directly if they identify any discrepancies (exceptions) between the data submitted to MPF at funding and the documentation in the servicing package.
Notify third-party service providers of a change in servicer.
- If the Mortgagee Clause is not in the name of the Iowa Bankers Mortgage Corporation for the items listed below, prepare and mail a letter requesting endorsement change of the Mortgage Clause and provide a copy to IBMC (see Exhibit 10 of the IBMC Concurrent Servicing Sale Manual).
- Private Mortgage Insurance: Notify mortgage insurance company of the loan transfer to IBMC.
- Homeowner’s or Hazard Insurance/Flood Insurance: Send letter to insurer requesting transfer of endorsement to IBMC.
- Life of Loan Flood Certification: Send letter to insurer requesting transfer of life of loan coverage to IBMC.
- Tax Bill Authorization: Notify taxing authority where future tax bills are to be mailed.
Provide the original final/trailing documents to IBMC within 90 days of the sale date.