Sep 9, 2020 2020-20
Grace period ending for transition to PowerLender and VirPack: Firm and final deadline approaching
As was previously announced, MFA’s new loan reservation and document management systems - PowerLender and VirPack - went live as of August 28, 2020. Lenders were instructed to begin reserving loans in PowerLender as of that date.
Although most lenders were able to transition smoothly to PowerLender and VirPack, some had difficulty, which is to be expected with any major system implementation. In order not to interrupt the flow of business, MFA continued to accept new loan reservations in Mitas while those lenders worked to resolve their technology issues.
The grace period will end at 5 p.m. MDT on September 15.
After September 15, ALL new loans must be reserved in PowerLender and the associated file documents uploaded to VirPack. No exceptions will be made.
Loans reserved in Mitas are to be completed in that system. Loans will not transfer from Mitas to PowerLender.
Should you have questions, please contact a homeownership representative at 505-843-6881.
Thank you for participating in MFA programs.