Post-Closing

Your Responsibilities - Delivering the Custody Package:

The MPF Document Custodian (Computershare) maintains the safekeeping of your custody file documents until conditions warrant their release (document corrections or loan payoff).

1. Prepare the custody file folder. 

   • For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian, which maintains the safekeeping of your MPF custody file.
   • Place the custody documents into a legal size, manila file folder.
   • You must attach a label to the top right corner of the folder. 
   • You are responsible for creating labels. 
   • The labels must contain the following information:
     

   Tip: Use our handy label template!

2. Proof 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 file 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 correct this information.
   • If you identify a discrepancy impacting the loan amount, first payment date or interest rate, contact the MPF Service Center to have the loan reversed and refunded. 

   Note: Do not include the Initial Certification Review Checklist with the document package you send to the Document Custodian.

   Tip: Proof the custody file to avoid excess fees: Learn more about Custody Fees.

3. Prepare the documents to be included in the custody file folder.

   • 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.

4. 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:

                                    Computershare
                                    MPF Program
                                    751 Kasota Avenue
                                    Minneapolis, MN 55414-2842

     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:

1. 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.

2. Deliver servicing file electronically.

   • Scan and upload the Servicing File to IBMC within 7 calendar days of MPF Funding (see Exhibit 5 of the IBMC Concurrent Servicing Sale Manual for the checklist). The manual also has the IBMC upload instructions.
     • Exhibit 5 provides the file stacking order and where to insert the IBMC bar coding.
   • Keep original physical file for your record retention and quality control requirements.

3. IBMC receives and reviews the servicing package.

   • The amount of escrow funds shown on the Escrow Funds Reconciliation form will be debited from your designated account 
     • After the first loan is locked, IBMC will contact your institution to complete the “Selling PFI Information Sheet”, which will include the DDA account from where IBMC will ACH the escrow funds.
   • 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.
   • IBMC pays the SRP once a month for all loans boarded on the IBMC servicing platform

4. Delivery of the final/trailing documents to IBMC is a two-step process. 

   • Send the original final/trailing documents to IBMC within 90 days of the MPF funding date. If not all final/trailing documents are available at 90 days, send the documents you have and the remaining documents as they become available.
   • Final/Trailing documents consist of:
     • Recorded Mortgage
     • Recorded Assignment or recorded MOM Mortgage
     • Title policy
     • Government loans: A copy of the government agency insurance certificate or guaranty (the original must be shipped to the Document Custodian for "final certification"). 
        
   1. Step 1
      • Put the final/trailing documents in the order of the "Servicing File Checklist & Recorded/Final Documents", Exhibit 6 from the IBMC Concurrent Servicing Sale Manual. Exhibit 6 is considered the first document. 
      • Save the available trailing documents into one .PDF file.
      • Upload the PDF of the final/trailing documents to the IBMC website. 
         
   2. Step 2
      • Attach the "Servicing File Checklist & Recorded/Final Documents" Exhibit 6 of the IBMC Concurrent Servicing Sale Manual to the original final/traiiing documents.
      • Overnight the original documents to IBMC. Questions related to delivery of the final/trailing documents can be directed to IBMC.

                                       Iowa Bankers Mortgage Corporation
                                       Attn: FHLB Department
                                       8901 Northpark Dr
                                       PO Box 6220
                                       Johnston, IA 50131-6220

5. For Government Loans Only: 

   • Government loans require final certification by the MPF Document Custodian. The original agency insurance certificate or guaranty must be delivered to the MPF Document Custodian (Computershare) for “final certification” within 12 months of the funding date. See the Government Mortgage Final Certification Review Checklist (Exhibit L of the MPF Guides) for delivery instructions.
   • FHA loans: Within “FHA Connection”, the Holding Mortgagee should be the Federal Home Loan Bank of Des Moines (9408800009). The servicer’s FHA number will be entered as the “Servicing Mortgagee”. In the event a claim needs filed, contact FHLB Des Moines. FHLB Des Moines will change the Holding Mortgagee number back to that of the servicer.