Selling & Delivery
Selling
It's time to sell your loan and reap the rewards of the MPF® Program.
Now that you've closed with the borrower, you will need to initiate the funding request using the eMPF website. IBMC requires the loan to be sold to MPF by the earlier of the lock expiration date or no later than 10 calendar days from the disbursement of the loan proceeds. The first payment is due to IBMC; there can be no interest credits or first payment short (less than 30 days to the first payment date). The loan purchase is a two step process:
1. MPF purchases the Asset.
- Allow 7 business days from the funding request for the loan funding to occur.
- You will receive an email confirmation on the day the loan is purchased. Funding is an overnight transaction; the funds will show in your eAdvantage account on the following day. eAdvantage is your banking website with FHLB Des Moines.
- You can access the loan proceeds on the day of funding by contacting the FHLB Des Moines MFS Wire Department.
2. IBMC purchases the Servicing.
- The Servicing Released Premium (SRP) is paid once a month around the 5th business day for all loans boarded on the IBMC servicing platform in the previous month.
- Each month, IBMC will provide a loan level detail report for SRP payments showing the cost breakdown for each loan boarded.
- IBMC will purchase the servicing separate from MPF's purchase of the loan (see Post-Closing tab for IBMC delivery process).
Tip: Find out how SRP is calculated.