Nov 3, 2020 2020-23

IMPORTANT: Post-Closing Procedural Changes

Endorsement and MERS procedures will change with loans closed after November 20,2020.

MFA’s strategic plan for servicing expansion is well underway and continues to progress successfully. Loans that were previously purchased by Idaho Housing and Finance Association (IHFA) and transferred to MFA will now be purchased by MFA.

We will continue to engage the services of our trusted partner, IHFA, to facilitate the review and purchase of closed loans.  IHFA operates at the behest of MFA as a Contract Service Provider, in accordance with our policies. Lenders will continue to upload closed loan files and ship notes and required documents to IHFA for purchase as is the current practice.

All first mortgage loans closed after November 20, 2020 MUST be endorsed by the lender to New Mexico Mortgage Finance Authority in the following manner:

Pay to the Order of
New Mexico Mortgage Finance Authority
Without Recourse
Company Name as it appears on the Note
(Signature)_______________________
Signatory’s typed Name
Signatory’s Title

Lenders using an allonge must also use the following for endorsement:

Pay to the Order of
New Mexico Mortgage Finance Authority
Without Recourse

The procedure for second mortgage notes will remain unchanged. Second Mortgage Notes will continue to be shipped to MFA and endorsed as follows:

Pay to the Order of
New Mexico Mortgage Finance Authority
Without Recourse
Company Name as it appears on the Note
(Signature)_______________________
Signatory’s typed Name
Signatory’s Title

MERS registration and transfer procedures for loans closed after November 20, 2020.

ALL first and second loans MUST be transferred/assigned in MERS using MFA’s MERS ORG. ID number:  1013401.

Should you have questions, please call or email: 505-843-6880  or singlefamily@housingnm.org

Thank you for participating in MFA programs.