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.
Originating and Underwriting
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.
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