Post-Closing

Consider the timing for pre-funding certification. 

• MPF Xtra Custody files require pre-funding certification for all loans purchased by Fannie via MPF.
• The custody file must be reviewed and certified by the MPF Document Custodian before the loan will be purchased i.e. Pre-funding Certification.
• You must allow not less than 7 business days for the certification and purchase of the loan (4 days for the MPF Custodian to complete the review and certify the loan with an additional 3 days for purchase by MPF).
• The loan must be purchased by MPF no later than 3:30 CT on the expiration date.
• Loans must be certified not less than three days prior to price expiration or an extension will be required. 
• MPF loan numbers are assigned on the Funding Request Confirmation. 
• The assigned MPF loan number must be used on the label of the MPF custody folder.

Prepare the custody file folder. 

• For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian for pre-funding certification. 
• Place the custody documents into a legal size, manila file folder.
• Attach a label to the top right corner of the folder. 
• Labels must contain the following information:
  
• The MPF loan number will be assigned on the Funding Request Confirmation.
• You are responsible for creating labels. 

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-X) as a job aid to ensure all documents in the collateral file are accurate and executed in accordance with the requirements of the MPF program. The checklist compares the custody file information to the information submitted to MPF at the time of the funding request.
• If any information within this custody package is inconsistent with the information you submitted to MPF, email the MPF Custody Department asking them to make the needed corrections.
• If the custody documents themselves are incorrect, you will need to correct them. 
• If you identify a discrepancy regarding the loan amount, first payment date or interest rate, contact the MPF Service Center and have the loan reversed and refunded. 

Note: Do not include this 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. If using an Assignment, review for accuracy and completeness. Pay special attention to the notary section. 

Prepare the documents to be included in the custody file folder.

1. Original note (endorsed from your bank to _______ [blank]). See sample.
   • You may choose to attach an allonge to the note in lieu of using the note endorsement. The allonge must meet the requirements of the MPF Guide as in the sample.
2. Certified copy of MOM Mortgage or an Assignment to MERS (the originals are sent for recording).
   • The day after the loan was locked with MPF, the individual who locked the loan received an email from IBMC providing the IBMC loan number and MERS MIN number. This information will be needed for the MOM Mortgage or the Assignment to MERS. 
     • If you are not a MERS member:
       • Use the MERS assignment form or a standard Assignment of Mortgage form to designate MERS as the assignee with the MIN # provided by IBMC.
       • IBMC will be responsible for the MERS registration.
     • If you are a MERS member:
       • Use a MOM Mortgage using the PFI’s MIN #
3. 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: You may only use a MOM mortgage if you are a MERS member

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.

If you are a MERS Member, register and transfer the loan through MERS.

• Registration information for MERS members:
  • Originator = PFI's MERS Org ID #
  • Investor = IBMC Org ID #1003445
  • Servicer = IBMC Org ID #1003445
  • You are responsible for entering the Investor Loan Number

Deliver the custody file to the document custodian. 

• The custody file should be shipped after the receipt of the Funding Request Confirmation. Be sure to have not less than 7 business days prior to lock expiration (4 business days for pre-certification + 3 business days for MPF to purchase = 7 business days).  
• The custody file must be certified in no less than 3 days prior to the price expiration date. 
• Monitor the Pre-Certification Custody Report (see the Custody Process tab). If the MPF Document Custodian sited any exceptions, you may need a price extension to allow you sufficient time to make the corrections, have the loan pre-certified, and still have the required 3 days for purchase by MPF.

• Overnight the file via UPS or FedEx to the following address:

                                 Computershare- MPF Program
                                 751 Kasota Avenue
                                 Minneapolis, MN 55414-2842

Hold the escrow funds in an internal account; you provided the account information to IBMC on the Selling PFI Information Sheet.

• On the date the loan is boarded on the IBMC servicing system, IBMC will ACH the escrow amounts shown on the closing disclosure from the designated account. 

Notify third-party service providers of a change in servicer and provide evidence in the servicing file, along with the miscellaneous escrow items.  

• If the mortgagee clause is not in the name of the Iowa Bankers Mortgage Corporation for the items listed below, prepare and mail a letter requesting an endorsement change of the Mortgage Clause and provide a copy to IBMC (see Exhibit 10 of the IBMC Concurrent Servicing Sale Manual).
  • Homeowner’s or Hazard Insurance/Flood Insurance.
  • Private Mortgage Insurance: Notify mortgage insurance company of the loan transfer to IBMC.
  • Life of Loan Flood Certification: Send letter to insurer requesting transfer of life of loan coverage to IBMC.
  • Tax Bill Authorization: Notify taxing authority where future tax bills are to be mailed.

Follow the IBMC Concurrent Servicing Sale Manual delivery instructions for delivery of the loan file to IBMC. 

• The upload must occur within 7 calendar days of the actual MPF funding.
• Put the file in the order of the Servicing File Checklist (IBMC exhibit 5) and insert the bar code sheets.
• Make the Servicing File Checklist the first document in the servicing file. 
• Scan file as one pdf and upload the servicing file to the IBMC website.  

Upon receipt of the PDF servicing file, IBMC has 5 business days to perform their file review.  

• IBMC will confirm to make sure all required documentation is received; they do not re-underwrite the loan.
• IBMC will notify you directly if they identify any discrepancies (defects/missing items) and will work with you to resolve any issues.
  • See IBMC Concurrent Servicing Manual for instructions to curing any servicing file defects (chapter 8).

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

• Send the original final/trailing documents to IBMC within 90 days of the MPF funding date. If not all final/trailing documents are available at 90 days, send the documents you have and the remaining documents as they become available.
• Final/Trailing documents consist of:
  • Recorded Mortgage
  • Recorded Assignment or recorded MOM Mortgage
  • Title policy
  • Government loans: A copy of the government agency insurance certificate or guaranty (the original must be shipped to the Document Custodian for "final certification"). 
     

1. Step 1
   • Put the final/trailing documents in the order of the "Servicing File Checklist & Recorded/Final Documents", Exhibit 6 from the IBMC Concurrent Servicing Sale Manual. Exhibit 6 is considered the first document. 
   • Save the available trailing documents into one .PDF file.
   • Upload the PDF of the final/trailing documents to the IBMC website. 
      
2. Step 2
   • Attach the "Servicing File Checklist & Recorded/Final Documents" Exhibit 6 of the IBMC Concurrent Servicing Sale Manual to the original final/traiiing documents.
   • Overnight the original documents to IBMC. Questions related to delivery of the final/trailing documents can be directed to IBMC.

                                    Iowa Bankers Mortgage Corporation
                                    Attn: FHLB Department
                                    8901 Northpark Dr
                                    PO Box 6220
                                    Johnston, IA 50131-6220