Post-Closing

Prepare the custody file folder. 

• For each loan sold to MPF, you must deliver the custody documents to the MPF Document Custodian (Computershare), 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:
  
• 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 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 the Document Custodian.

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.

• Original Note must be endorsed without recourse to the “Federal Home Loan Bank of Chicago”.
• Certified copy of Assignment or certified copy of the first two/three pages of the MOM Mortgage (original to be sent for recording).
  • If the loan is closed with a Mortgage or Deed of Trust,  a certified copy of the Assignment of Mortgage or Deed of Trust (based on where the property is located) to MERS is required. The Assignment must contain the 18 digit MERS Mortgage Identification Number (MIN) and the MERS phone number (1-888-679-6377). For additional MERS Assignment information, see the SLS Whole Loan Servicing Transfer Manual for MPF Xtra.
  • If the loan is closed using a MOM Mortgage, an assignment is not required. 
• 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: The first page of any copies in the custody folder must be stamped "True and Certified Copy" with initials or signature below the certification.

Register and transfer the loan through MERS (you must be a MERS member).

• Within 5 days of the servicing transfer date to SLS, you must update MERS online with the following information:
  • Originator = PFI's MERS Org ID #
  • Investor = Specialized Loan Servicing. MERS Org ID #1003225
  • Servicer = Specialized Loan Servicing MERS Org ID #1003225
  • Questions regarding the servicing transfer to MERS, contact SLS at ServicingOversight@Computershare.com or 855.722.2136.

Ship the custody file folder. 

• The custody file must be shipped to the document custodian and certified within 7 calendar days of MPF Funding.

• File must be overnighted via UPS or FedEx to the following address:

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

  Tip: To avoid an excess overnight mailing fee, proof the document package using the MPF Initial Certification Review Checklist (Exhibit K-X) prior to delivering the custody package to the Document Custodian.

Upload the Servicing File to Specialized Loan Servicing within 7 calendar days of MPF Funding (see the Mortgage Loan File Checklist - Exhibit 3 in the SLS Whole Loan Servicing Transfer Manual (Xtra)).

• Deliver the Mortgage Loan File utilizing the eMPF website via the Upload Utility. The uploaded Mortgage Loan File will be securely transferred to SLS for review.
  • Save all documents into one .PDF file
  • Within the eMPF website, select "Upload" found in the activity header
  • In the Document Upload section, select "Servicing Transfer"
  • Browse for the correct loan number (the loan number used in the loan data you provided via the eMPF website
  • Click "Browse" to select the saved .PDF of the servicing file, then "Submit"
  • When the loan file has been successfully uploaded, the current date will appear under the "Servicing Doc" column
• Keep original physical file for your record retention and quality control requirements.

Specialized Loan Servicing receives and reviews the servicing package.

• SLS will review each mortgage file for complete documentation and to confirm the file meets the terms of the SLS manual.
• SLS will notify the PFI via email of any deficiencies to be cured.
  • Deficiencies determined by SLS to be critical must be cured within 1 business day
  • Non-critical deficiencies must be cured within 7 business days
• Procedures for when deficiencies are not cured in the required time frames can be found in the SLS Whole Loan Servicing Transfer (Xtra) Manual 5.2.

Notify third-party service providers of a change in servicer. 

• Private Mortgage Insurance: For any serviced loan requiring Private Mortgage Insurance (PMI), you must make required insurance disbursements on loans prior to the effective servicing transfer date. Notification of change of servicer must be sent to the PMI carrier no later than 15 calendar days prior to the effective service transfer date in the form of Exhibit 9 of SLS’s servicing manual.
• Homeowner’s or Hazard Insurance/Flood Insurance: If an insurance policy is not in the name of Specialized Loan Servicing, notify the Borrower’s insurance carrier to change the mortgagee clause as shown in Exhibit 7 (Hazard) or Exhibit 8 (Flood) of SLS’s servicing manual. This mortgagee clause change notification must be sent to the insurance carrier no later 15 calendar days prior to the effective date of servicing transfer of the loan.
• Life of Loan Flood Certification: Supply SLS with the flood determinations for all Serviced Loans. You must notify the flood determination company of the change of servicer information as shown in Exhibit 5 of SLS’s servicing manual. 
• Tax Information Sheet (Exhibit 8): Notify taxing authority where future tax bills are to be mailed. The Tax Bill Information sheet must be delivered for each serviced loan, regardless of whether or not an escrow account is established. You are responsible for the accuracy of this form. Any tax bills received after the sale should be forwarded in accordance with the SLS Whole Loan Servicing Transfer Manual.

Upload a copy of the final/trailing documents via the eMPF website

• Upload copies of the final/trailing documents to the MPF Provider through the PFI Document Upload Utility within the eMPF website.
  • Save all documents into one .PDF file
  • Within the eMPF website, select "Upload" found in the activity header
  • In the Document Upload section, select "Servicing Transfer"
  • Browse for the correct loan number (the loan number used in the loan date you provided via the eMPF website)
  • Under the "Final Doc Upload" browser, click "Browse" to select the saved .PDF of the servicing file, then "Submit"
  • When the Recorded/Final Documents have been successfully uploaded, the current date will appear under the "Final Doc" column

Provide the original final/trailing documents to Specialized Loan Services within 90 days of the MPF funding date.

• Use the Recorded/Final Documents Checklist (found in Exhibit 4 of the SLS Whole Loan Sale Transfer 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
• Questions related to shipping the final/trailing documents can be directed to SLS’s Document Control team at MSRshipping@Computershare.com.
• Overnight the documents to SLS’s document custodian:
  Computershare Document Custody
  Attn: SLS Loans
  751 Kasota Ave.
  Minneapolis, MN 55414