Congratulations, you've sold your loan to MPF®!
Now that you've closed with the borrower, you need to overnight the custody file to the document custodian and upload the servicing file to IBMC (preferred method is electronic upload to the IBMC secure website).
For any questions regarding IBMC delivery, please see the IBMC Concurrent Servicing Sale Manual.
Your Responsibilities - Delivering the Custody Package:
Prepare the custody file folder.
- For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian (Wells Fargo), 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.
- Labels must contain the following information:
- For New PFIs Only: MPF Provider will provide the first set of file labels. You are responsible for creating labels after those are depleted.
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 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 MPFServiceCenter@fhlbc.com to have the loan reversed and refunded.
Note: Do not include this checklist with the document package you send to Wells Fargo.
Tip: Proof the custody file to eliminate 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:
Ship the custody file to the document custodian.
- The custody file must be certified within 7 calendar days from the date MPF purchases the loan.
Overnight the file via UPS or FedEx to the following address:
Wells Fargo Bank, N.A. MPF Program
751 Kasota Avenue
Minneapolis, MN 55414-2842
Reminder: All exceptions must be cleared within 7 calendar days of MPF's purchase date. Uncertified loan fees will be assessed after 7 calendar days
Your Responsibilities - Delivering the Servicing File to IBMC:
Upload the Servicing File to IBMC within 7 calendar days of funding (see the Servicing File Checklist - Exhibit 5 IBMC Concurrent Servicing Sale Manual)
- Keep original physical file for your record retention and quality control requirements.
IBMC receives and reviews the servicing package.
Notify third-party service providers of a change in servicer.
- 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 endorsement change of the Mortgage Clause and provide a copy to IBMC (see Exhibit 10 of the IBMC Concurrent Servicing Sale Manual).
- Private Mortgage Insurance: Notify mortgage insurance company of the loan transfer to IBMC.
- Homeowner’s or Hazard Insurance/Flood Insurance: Send letter to insurer requesting transfer of endorsement 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.
Provide the original final/trailing documents to IBMC within 90 days of the sale date.