May 1, 2015 15-10

NEW- Electronic (paperless) File Submission

MFA has developed a paperless file submission process for the online reservation system, which will allow Participating Lenders to submit all types of documentation to MFA electronically.

The document imaging system will eliminate the need to send paper documentation to MFA. Participating Lenders will simply scan the documents and upload them as a .pdf file.

MFA will accept the following:

•    Compliance review files
•    Compliance Suspense conditions
•    Wire/funding requests
•    DPA Closed Loan review files
•    DPA Closed Loan conditions

In addition, the system will feature:

•    separator (“index”) sheets/checklists for bifurcating the compliance file into specific sections
•    enhanced e-mail notification for MFA staff and Participating Lenders regarding the changed status of a loan
•    the ability for the Participating Lender to retrieve all communications/documentation from MFA staff through the system
•    The system will also provide the highest level of security for transmitting and receiving sensitive borrower information.

MFA is in the final testing stages of the system, which should be available for use by Participating Lenders in the next few weeks. Next week, MFA will send out registration information for training on the new system.

All Participating Lenders will be required to attend at least one of the training sessions before they will be allowed to access the new system.

Please feel free to contact MFA’s Homeownership Department with any questions or for further clarification.   

Thank you for participating in MFA’s single family program.