Post-Closing

Prepare the custody file folder. 

• For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian (Computershare), 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. 
• Labels must contain the following information:
  

Tip: Use our handy label template!

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. 

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 Assignment or certified copy of the first two/three pages of the MOM Mortgage (original to be sent for recording). 
  • If the loan is closed with a Mortgage or Deed of Trust,  a certified copy of the Assignment of Mortgage or Deed of Trust (based on where the property is located) to MERS is required. The Assignment must contain the 18 digit MERS Mortgage Identification Number (MIN) and the MERS phone number (1-888-679-6377). For additional MERS Assignment information, see the Newrez Whole Loan Servicing Transfer Manual for MPF Traditional.
  • If the loan is closed using a MOM Mortgage, an assignment is not required. 
• 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

  Note: The first page of any copies in the custody folder must be stamped "True and Certified Copy" with initials or signature below the certification. 

Register and transfer the loan through MERS (you must be a MERS member).

• Within 5 days of the servicing transfer date to Newrez, you must update MERS online with the following information:
  • Originator = PFI's MERS Org ID #
  • Investor = FHLB Chicago as MPF MERS Org ID #1000491
  • Servicer = NewRez MERS Org ID #1007544
• Questions regarding the servicing transfer to MERS, contact Newrez at CoIssuePostFunding@Newrez.com.

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.

Notify third-party service providers of a change in servicer. 

• Private Mortgage Insurance: For any Serviced Loan requiring Private Mortgage Insurance (PMI), you must make required insurance disbursements on loans prior to the effective servicing transfer date. Notification of change of servicer must be sent to the PMI carrier no later than 15 calendar days prior to the effective service transfer date as shown in Exhibit 10 of Newrez’s servicing manual.
• Homeowner’s or Hazard Insurance/Flood Insurance: If an insurance policy is not in the name of Newrez, notify the Borrower’s insurance carrier to change the mortgagee clause as shown in Exhibit 8 (Hazard) or Exhibit 9 (Flood) of Newrez’s servicing manual. This mortgagee clause change notification must be sent to the insurance carrier no later 15 calendar days prior to the effective date of servicing transfer of the loan.
• Life of Loan Flood Certification: Supply Newrez with the flood determinations for all Serviced Loans. You must notify the flood determination company of the change of servicer information.
• Tax Information Sheet (Exhibit 7): Notify taxing authority where future tax bills are to be mailed. The Tax Bill Information sheet must be delivered for each serviced loan, regardless of whether or not an escrow account is established. You are responsible for the accuracy of this form. Any tax bills received after the sale should be forwarded in accordance with the Newrez Whole Loan Servicing Transfer Manual (Traditional).

Deliver Servicing file electronically.

• Upload the servicing file to the eMPF website within 7 calendar days of MPF Funding (see Exhibit 5 of the Newrez Whole Loan Servicing Transfer Manual for the Mortgage Loan File Checklist).
• Deliver the Mortgage Loan File utilizing the eMPF website via the Upload Utility. The uploaded Mortgage Loan File will be securely transferred to Newrez for review.
  • Save all documents into one .PDF file.
  • Within the eMPF website, select "Upload" found in the activity header.
  • In the Document Upload section, select "Servicing Transfer".
  • Browse for the correct loan number (the loan number used in the loan data you provided via the eMPF website).
  • Click "Browse" to select the saved .PDF of the servicing file, then "Submit".
  • When the loan file has been successfully uploaded, the current date will appear under the "Servicing Doc" column.
• Keep original physical file for your record retention and quality control requirements.

Newrez receives and reviews the servicing package.

• From the time Newrez receives the uploaded file from MPF, Newrez has five days to complete their review of the servicing file.
• Newrez will provide your Funding Contact (as determined in your Selling PFI Information Sheet, Exhibit 1 of the Newrez Manual) with a Funding Memo via email upon acceptance of the Mortgage Loan File.
  • Your institution completed the “Selling PFI Information Sheet" during the MPF application process, which provided a funding contact person and account information where the SRP will be deposited.
• Your Funding Contact must review and accept the funding memo. Upon acceptance, the SRP (less fees and escrows) will then be funded on the date as indicated in the funding memo.
• If the funding results in a negative number, see the Newrez Manual for instructions.
• If Newrez determines that the Mortgage Loan File is not in compliance, cure the deficiencies as stated in chapter 5.2 of the Newrez Manual. Deficiencies will be reported to the Mortgage Loan File Delivery Contact (as determined in your Selling PFI Information Sheet).

Important Reminder: Deficiencies determined by Newrez as critical must be corrected within 1 business day. Non-critical deficiencies must be corrected within 15 business days.

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

• Upload copies of the final/trailing documents through the PFI Document Upload Utility within the eMPF website.
  • Save all documents into one .PDF file.
  • Within the eMPF website, select "Upload" found in the activity header.
  • In the Document Upload section, select "Servicing Transfer".
  • Browse for the correct loan number (the loan number used in the loan data you provided via the eMPF website).
  • Under the “Final Doc Upload” browser, click "Browse" to select the saved .PDF of the servicing file, then "Submit".
  • When the Recorded/Final Documents have been successfully uploaded, the current date will appear under the "Final Doc" column.
• Provide the original final/trailing documents to Newrez's Document Custodian within 90 days of the MPF funding date.
  • Use the Recorded/Final Documents Checklist (Exhibit 6 of the Newez Whole Loan Servicing Transfer Manual (Traditional) and attach it to the final documents submitted for each loan sold to Newrez. Final documents include:
    • Recorded mortgage
    • Recorded assignment or recorded MOM mortgage
    • Title policy
    • Government Loans: A copy of the government agency insurance certificate or guaranty is to be provided to the Newrez 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) form 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. 
  • Questions related to shipping the final/trailing documents can be directed to Newrez’s Document Control team at Newrez.docgenius@indcomm.net.
  • Overnight the final documents to Newrez’s document custodian:
    • Indecomm Global Services
      1427 Energy Park Drive
      St. Paul, MN 55108
      Mail Stop Code NR-9915