MPF® Traditional Training:Iowa Bankers Mortgage Corporation

Training Courses  
Selling & Delivery

Selling

It's time to sell your loan and reap the rewards of the MPF® Program.

Now that your loan is closed and disbursed, you will need to sell the loan to MPF. Loan funding is a two-step process:

1. MPF purchases the Loan.

  • Your loan will be purchased by MPF the same day you request funds via the eMPF website.
  • Funding is an overnight transaction; even though the loan funds the same day, the funds will show in your eAdvantage account on the following day. eAdvantage is your banking website with Federal Home Loan Bank of Des Moines.
  • You can access the loan proceeds on the day you request funds by contacting the FHLB Des Moines MFS Wire Department.

2. IBMC purchases the Servicing.

  • The Servicing Released Premium (SRP) is paid once a month around the 5th business day for all loans boarded on the IBMC servicing platform in the previous month.
  • IBMC will ACH the funds into your designated account (after the first loan was locked, IBMC contacted your institution to complete the “Selling PFI Information Sheet”, which included the DDA account).
  • Each month, IBMC will provide a loan level detail report for SRP payments showing the cost breakdown for each loan boarded.

Tip: Find out how SRP is calculated

Prior to Beginning the Funding Process

  • You must have the delivery commitment (lock) number found on the delivery commitment confirmation;
  • Loan must be closed and disbursed; and
  • Loan data must be submitted in eMPF and consistent with the documentation in the loan file.
    • If any data is not consistent, correct and resubmit.
  • The interest calculation is based on the net/pass-thru rate (note rate less 25 bps) using 30/360.
    • 30/360 is a standard calculation for secondary market loans. This means that each loan payment reflects 30 days of interest regardless of the day the payment is made and regardless of the number of days in a month (i.e., it doesn't matter if it is February or July, it will always be calculated with 30 days of interest).

Tip: See how loan funding is calculated

Tip: See Sample Funding calculation with Interim Interest

Tip: See Sample Funding calculation with Accrued Interest

Your Responsibilities

  1. Submit funding request via the eMPF website between 8:30 AM - 3:30 PM CT.

    Important Reminder: You must use the same method to fund as you used for loan presentment (i.e., if you used automated submission for loan presentment, you must use automated submission to fund).

    Automated (Batch) Submission:
    Utilizes the Fannie Mae 3.0 ULDD (can be used to fund single or multiple loans)
    View Video Demo

    Manual Submission:
    Manual input of data fields (can be used to fund a single loan only)
    View Video Demo

    You will receive a "Transaction Confirmation and Loan Funding Activity Report" via email on the day you request funds.

  2. Receive funds from MPF.

    • MPF credits your DDA account in eAdvantage on the funding date.
    • You or your accounting staff will need to move loan funds from eAdvantage to your own internal accounts via ACH or wire transfer. Types of activity you will see in your eAdvantage DDA account include:
      • Loan fundings
      • Credit enhancement income
      • Extension fees
      • Pair-off fees
      • Over-delivery/Price adjustment fees
      • Custody fees