MPF Xtra® Training:Capital Markets Cooperative

Servicing Released

Capital Markets Cooperative Training Overview

This training provides guidance for Participating Financial Institutions through the process of origination, underwriting, selling and post-closing servicing through CMC Funding.

Complete Training to Understand Your Responsibilities:

Please review important program timeframes for these steps.

Note: Register with MERS (if not already a MERS member)

  1. Originating and Underwriting

  2. Selling and Delivery

  3. Transfer Servicing to CMC Funding

    • Register and transfer the loan through MERS® (you must be a MERS member)
    • CMC Funding Responsibilities:
      • Purchase the servicing rights and utilize Specialized Loan Servicing, LLC (SLS) as their subservicer.
      • Apply and process the borrower’s mortgage payments
      • Manage the borrowers’ escrow accounts and provide annual escrow analysis
      • The SRP will be paid to you by CMC Funding; CMC will net the required escrow balance and fees from the SRP. If netting results in a negative SRP, you will be required to wire the necessary funds within 2 business days:
        • Tax Service Fee: $80.00
        • Loan Boarding Fee: $150.00