Jan 19, 2013 13-02
New Master Servicer and MFA to Provide Pre-Closing Compliance Review
New Master Servicer-Idaho Housing
Beginning March 1, 2013, Idaho Housing and Finance Association will replace US Bank Home Mortgage as Master Servicer for the MFA single-family mortgage program. The term of the Master Servicer agreement will remain in effect until August 30, 2014.
Similar to MFA, Idaho Housing and Finance Association is a state Housing Finance Agency that services a large portfolio of first time homebuyer mortgage loans as well as many other types of commercial and residential mortgage loans throughout the state of Idaho.
MFA will conduct 3 lender trainings, throughout the state, in February of 2013. These trainings are to introduce Idaho Housing, detail the new processes and to allow lenders to sign up with the new Master Servicer. Representatives from Idaho Housing will be available during the trainings to answer questions and provide guidance on the new process.
An additional Lender Memo will be released as soon as the location and dates are finalized.
The Master Servicer will mail out lender agreement packages to the corporate offices of all MFA Participating Lenders in the next few weeks. If your company does not receive a lender agreement package or you wish to contact the Master Servicer directly, please call MFA for contact information.
MFA to Provide Pre-Closing Compliance Review
Beginning March 1, 2013, MFA will be providing Compliance Review services for all first and second mortgage loans prior to loan closing. Participating Lenders will submit a Compliance Approval package to MFA prior to loan closing. MFA will issue a Compliance Approval/Loan Commitment for each loan prior to closing.
First mortgage and DPA loans will be submitted in one package. Over the next few weeks, MFA will provide updated program forms that detail the new processes.
Thank you for participating in MFA’s program. Should you have any questions, please contact an MFA Homeownership Representative at 1-800-444-6880 or 505-843-6880.