MPF Xtra® Training:Iowa Bankers Mortgage Corporation

Servicing Released

Iowa Bankers Mortgage Corporation Training Overview

This training provides guidance for Participating Financial Institutions through the process of origination, underwriting, selling and post-closing servicing through Iowa Bankers Mortgage Corporation.

Complete Training to Understand Your Responsibilities:

Please review important program timeframes for these steps.

  1. Originating and Underwriting

  2. Selling and Delivery

    • Providing MPF® with the loan details through Loan Data Delivery.
    • Close the mortgage loan.
    • Sell your loan to MPF via the eMPF website and transfer funds to your institution.
    • Complete post-closing delivery of custody file to the document custodian and deliver the servicing file to IBMC.
    • Monitor the custody reports.
    • Meet MPF Quality Control requirements.
  3. Release Servicing to IBMC

    • IBMC purchases the servicing and will board the loan onto IBMC’s servicing system
    • Responsibilities of IBMC servicing:
      • Apply and process the borrower’s mortgage payments
      • Manage the borrowers’ escrow accounts and provide annual escrow analysis
      • Pay the Servicing Released Premium (SRP) to you on a monthly basis

IBMC will charge the following fees for each serviced mortgage and net the fees from the SRP:

  • Tax Service Fee: $79.00
  • Processing Fee: $150.00
  • Escrow Waiver Fee: 0.25% of the unpaid principal balance at the time of sale to MPF