MPF Xtra® Training:Iowa Bankers Mortgage Corporation

Servicing

Post-Closing

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:

  1. 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:
      label example
    • 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!

  2. 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.

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

    The custody file must contain the following documents:
    • 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.
    • Certified copy of MOM Mortgage or an Assignment to MERS (the originals are sent for recording).
      • The day after the loan was locked in eMPF, the individual who locked the loan received an email from IBMC providing the IBMC loan number and MERS MIN number.
        • 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 #
          • You will be responsible for correct MERS registration.
          • 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
    • 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. The first page of any copies in the custody folder must be stamped “True and Certified Copy” and initials or signature below the certification.

      Note: You may only use a MOM mortgage if you are a MERS member

  4. 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:

  1. 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.
  2. IBMC receives and reviews the servicing package.

    • The amount of escrow funds shown on the Escrow Funds Reconciliation form will be debited from your account due IBMC on the Serviced Mortgage.
    • Within 5 business days, IBMC will notify you directly if they identify any discrepancies (exceptions) between the data submitted to MPF at funding and the documentation in the servicing package.

  3. 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.
  4. Provide the original final/trailing documents to IBMC within 90 days of the sale date.

    • Use the Recorded/Final Documents Checklist (found in Exhibit 5 of the IBMC Concurrent Servicing Sale Manual) and attach it to the final documents submitted for each serviced mortgage. Final documents may include: 
      • Recorded mortgage
      • Recorded assignment or recorded MOM mortgage
      • Title policy
    • If not all documents are available at 90 days, you should deliver the available documents and provide the remaining documents as they become available.