Post-Closing - Federal Home Loan Bank of Des Moines (2024)

Consider the timing for pre-funding certification.

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

Prepare the custody file folder.

• For each loan sold toMPF, 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 assignedon the Funding Request Confirmation.
• You are responsible for creating labels.

Tip: Use our handylabel template!

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

• Use theMPF Initial Certification Review Checklist (Exhibit K-X)as a job aid to ensure all documents inthe collateral file are accurate and executedin accordance with the requirements of the MPF program. Thechecklist compares the custody fileinformation 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 Departmentasking them tomake the needed corrections..
• If the custody documents themselves are incorrect, you will need to correct them.
• If you identify a discrepancy regardingthe loan amount, first payment date or interest rate, contact the MPF Service Centerto 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 avoidexcess fees:Learn more about Custody Fees.If using an Assignment, review for accuracy and completeness. Pay special attention to the notary section.

Preparethe documents to be included in the custody file folder.

1. Original Note must be endorsed without recourse to the “Federal Home Loan Bank of Chicago”.
2. Certified copy of the MOM Mortgage or the Assignment to MERS (the originals are sent for recording).
   • If the loan is closed using aMOM Mortgage, an assignment is not required.
   • If the loan is closed with aMortgage or Deed of Trust, a certified copy of the Assignment of Mortgage orDeed 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 SLSWhole Loan Servicing Transfer Manual for MPF Xtra.
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: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 aMERS member).

• Within 5 days of the servicing transfer date to Newrez, you must update MERS online with the following information:
  • Originator = PFI's MERS Org ID #
  • Investor = NewRezMERS Org ID #1007544
  • Servicer = NewRezMERS Org ID #1007544
  • Questions regarding the servicing transfer to MERS, contact Newrezat CoIssuePostFunding@Newrez.com.

Deliverthe custody file folder.

• The custody file should be shipped after thereceipt 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 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 Processtab). 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 filevia 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 theMPF Initial Certification Review Checklist (Exhibit K-X)prior to delivering the custody package to the Document Custodian.

Prior to upload, notify third-party service providers of a change in servicer.

• For any serviced loan requiring Private Mortgage Insurance (PMI), you must make required insurance disbursem*nts on loans prior to the effective servicing transfer date.
• Fifteen days prior to the effective of the service transfer date, you must notify third party providers of a change in servicer or if the mortgagee clause is not in the name of the Newrez, change letters must be prepared.
  • Homeowner’s or Hazard Insurance/Flood Insurance (NewrezExhibit 8/9).
  • Private Mortgage Insurance (NewrezExhibit 10).
  • Life of Loan Flood Certification - You must notify the flood determination company of the change of servicer.
  • 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 theNewrez Whole Loan Servicing Transfer Manual.
• Copies of the change letters will be a part of the loan package upload to eMPF for delivery to Newrez.

Once the loan has been purchased by MPF, deliver the Servicing File using the “Upload” utility at the eMPF website.

• The upload must occur within 7 calendar days ofthe actual MPF Funding.
• Use the Mortgage Loan File Checklist (NewrezExhibit 5)to insure Newrezreceives the documents they require.
  • Save all documents into one .PDF file.
  • Within the eMPF website, select "Upload" found in the activityheader.
  • 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.
  • MPF will then securely transferred the file to Newrezfor review.
• Keep original physical file for your record retention and quality control requirements.

Newrezreceives and reviews the servicing package.

• Newrezwill review each mortgage file for complete documentation and to confirm the file meets the terms of the Newrezmanual.
• Newrezwill notify the PFI via email of anydeficiencies to be cured.
  • Deficiencies determined by Newrezto be critical mustbe 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 NewrezWhole Loan Servicing Transfer (Xtra) Manual 5.2.

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

• Upload copies of the final/trailing documents to the MPF Provider through the PFI Document Upload Utility within the eMPF website. MPF will securely deliver the package to Newrez.
  • Scan final 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 Newrez within 90 days of the MPF fundingdate (keep copies for the PFI's file).
  • Use the Recorded/Final Documents Checklist (NewrezExhibit 5).
  • AttachExhibit 5to the final documents submitted for each serviced mortgage.
  • Final documents may include:
    • Original Security Document (i.e. recorded Mortgage, recorded MOM or recorded Deed of Trust)
    • Recorded assignment (if MOM Mortgage was used, there will be no assignment of mortgage)
    • Title policy (for Iowa properties, in lieu of a Title Policy, you may have a Final Title Opinion or Iowa Title Guaranty as permitted by the Guides)
    • Questions related to shipping the final/trailing documents can be directed to Newrez’s Document Control team atNewrez.docgenius@indcomm.net.

  • Overnight the original documents to Newrez’s document custodian:

    • Indecomm Global Services
      1427 Energy Park Drive
      St. Paul, MN 55108
      Mail Stop Code NR-9915