Nov 17, 2020 2020-24
NMMFA’s “Amended and Restated Master Purchase Agreement” for Signature
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.
This change requires an amended purchase agreement. This new agreement will replace the existing agreement between MFA and participating lenders and is being sent to all participating lenders via DocuSign for execution.
In the past, lenders were required to sign agreements with MFA and our contract service provider, IHFA. IHFA purchased loans in their name and subsequently transferred servicing to MFA. Going forward, IHFA will perform the purchase function on behalf of MFA, who will own the MSR. The new purchase agreement better reflects the change in process and incorporates features found in both the MFA and the IHFA agreements.
Execution of this agreement by January 11, 2021 is required for continued participation in the MFA single family mortgage program.
Should you have questions, please call or email:
Olivia Martinez, Director of Secondary Market Department