MPF Announcement 2024-40

MPF Program Servicing Released Update  

Effective Date: June 1, 2024

As previously communicated in MPF Announcement 2024-30, effective June 1, 2024, the SLS Whole Loan Servicing Funding will be transitioned to Newrez, LLC (Newrez), our new servicing released partner.

All of the existing servicing activity including MSR purchases will be transitioned to Newrez.

As a result of this transition, PFIs should be aware of the following MERS Org ID updates:

•  MERS is requiring Specialized Loan Servicing LLC to retire its ORG ID of 1003225, as a result, all active SLS MINS have been moved into a new ORG ID of 1017504 (NewRez LLC fka SLS LLC) during the transition period.
• Please note, the ORG ID of 1017504 (NewRez LLC fka SLS LLC) is solely for loans on the legacy SLS “Sagent” platform and loans that are being subserviced.
• As loans move from the legacy SLS Sagent platform to the Newrez/Shellpoint platform, Newrez will update the subservicer ID to the Newrez Org ID 1007544.
• Effective June 1, 2024, all new registrations must be completed in accordance to the NewRez Servicing Transfer Manuals, including registering to the Newrez Org ID 1007544.

 As a reminder, PFIs should familiarize themselves with the updated Exhibits within the manual to ensure readiness for the June 1^st effective date.

To ensure you are prepared for this transition, PFIs are encouraged to consider the following:

• Review Exhibit W: Newrez Whole Loan Servicing Transfer Manual for Traditional and Exhibit W-X: Newrez Whole Loan Servicing Transfer Manual for MPF Xtra, accessible via the MPF Website or on AllRegs.
• Ensure your internal teams and any applicable vendors are aware of the Servicer changes.
• Update mortgage loan documents accordingly, including but not limited to:
  • Notice of Servicing Transfer Letter
  • Homeowners Insurance, Private Mortgage Insurance Letters, Flood Notification Letters, to reflect the correct information.
• Update MERS to only list NewRez as the TOS - No sub-servicer required.

PFIs are encouraged to visit the Servicing Released Partners webpage for additional resources.

If you have any questions, please contact the MPF Service Center via email (MPF-Help@fhlbc.com) or phone (877-345-2673).