MPF Direct Delivery Information Source: MPF Direct Origination Guide (OG)

Transcription

1 MPF Direct Delivery Information Source: MPF Direct Origination Guide (OG) Loan Numbers 1. Effective 5/7/2016: The Cenlar Loan number will be assign via the MPF Direct Portal as part of the loan registration process. After the loan is formally registered, the number will display in the MPF Direct Portal on the EDIT LOAN DETAILS SCREEN. Please be aware that in order to obtain the number, the PFI must exit the loan and come back in for it to populate. This loan number must be on the first payment letter. (For loans registered prior to 5/7/2016 the PFIs will assign the CENLAR loan number using the block of loan numbers provided by Redwood.) 2. PFI may use their Loan Origination System (LOS) loan number for processing and closing documents. 3. The Cenlar Loan Number assigned in the MPF Direct Portal must be on all documents sent to the document custodian; the number may be hand written on the custody documents. Closing Documents There is not a specific document package for the MPF Direct jumbo product. If a Redwood document package is found in your doc prep system, do not use it; it is not for this jumbo product. Please use the standard Fannie Mae conforming documents (i.e. Fannie 3200 multi-state note and state specific mortgage or deed of trust) as appropriate. Note Endorsement The original Note together with any applicable riders, bearing all intervening endorsements, endorsed in blank and signed in the name of the selling PFI by an officer of the PFI with all prior and intervening endorsements as may be necessary to show a complete chain of endorsement. 1

2 Mortgage Assignment The loan may close with a MOM mortgage or an assignment to MERS. Review the MPF Direct Origination Guide section for the registration requirements. MERS ID Information Investor s MERS organization identification number: Servicer (Investor) MERS organization identification number: Custodian organization identification number: Not Required Note: Do not populate the sub-servicer field in MERS. The Investor will add the sub-servicer ORG ID to MERS at the time of service transfer. If the PFI chooses not us use MERS And the loan is not registered to MERS an original assignment in blank is required. Mortgage assignment to blank Use the standard Fannie/Freddie assignment form Date of the security instrument (mortgage/deed of trust) must be on the assignment Property address or legal description must be on the assignment The transfer to section of the assignment is to be left blank (i.e. assigned to blank) The original assignment in blank is executed/signed in accordance with the PFI procedures The assignment is not recorded The original signed blank assignment document is sent to the Document Custodian in the Custodial Package Borrower Payment Notifications The PFI must provide the Borrower at closing with a letter (First Payment Letter) that is in accordance with RESPA and any other Applicable Laws. The PFI will be required to insert the CENLAR loan number into the letter when it is provided to the Borrower. Borrower notification of the right to collect payments (assigned sold or transferred): CENLAR Payment Information: New Servicer Information Redwood Residential Acquisition Corporation One Belvedere Place Mill Valley, CA Physical Business/Overnight Address 425 Phillips Boulevard Ewing, NJ Payment Address PO Box

3 Newark, NJ Qualified Written Request PO Box Ewing, NJ Correspondence Address PO Box Ewing, NJ Forwarding Payments Payment lock box PO Box address for the following states: (CA, AK, AZ, CO, HI, ID, MT, NE, NM, NV, ND, OR, SD, UT, WA, WY) Payment lock box PO Box address (all states or US territories not listed above) PO Box Los Angeles, CA PO Box Newark, NJ Overnight or FedEx payments 425 Phillips Blvd. Ewing, NJ Attn: Cash Management CENLAR Toll Free Phone Number: Hours: M-F 8:30am-8pm EST PFIs who have questions or concerns regarding the service transfer of the loan, or any questions regarding the servicing of the loan should contact the Investor at: or toll free at Post-Closing Delivery MPF Direct (OG 1.8.1) PFI must upload the mortgage loan file via the MPF Direct Portal within five days of loan disbursement or by the lock expiration date whichever comes first. This is a two-step process: 1) Upload the mortgage file via the MPF Direct Portal, and 2) Ship the collateral file to the document custodian (hard copies). 1) Loan File uploaded via the MPF Direct Portal MPF Portal access will require a user ID and password Portal web address For mortgage file deliver use the Service Request menu and Submit for Purchase Review Please note the borrower funding/disbursement date must be manually input into the input in the portal prior to submitting for funding See MPF Direct Product Manual exhibit A-D for file documents o There is no required mortgage file stacking order Upload file and the Fannie Mae 3.2 file File uploaded as a PDF maximum size 75MB Files larger than 75MB will be divided into multiple files 3

4 Contact Andena Frank at Redwood Trust for MFP Direct Portal assistance (PH. # / 2) Collateral/Custody Package MPF Direct OG For the collateral/custody package requirements see exhibit B-D (attached) Verify name(s) is on mortgage/deed of trust, deed and title Policy are an exact match o No variations allowed The custody documents should have the loan number assigned by Redwood at the time the loan is registered in the Redwood Portal (can be handwritten on the documents) Ship custody package to the document custodian the same day loan file is uploaded to Redwood Use an overnight mail service (FedEx or UPS) to: Wells Fargo Bank N.A. 751 Kasota Avenue Suite MDC Minneapolis, MN Attn: PCG-REDW Trailing Docs MPF Direct OG All trailing documents should be identified by writing the Redwood loan number (assigned at time the loans is registered in the Redwood Portal) and the Borrower name in the upper right corner of the document and delivered to the Document Custodian within 90 days of the closing date. Trailing document non-delivery could result in repurchase pursuant to MPF Direct OG Send using an overnight mail service (FedEx or UPS) to: Wells Fargo Bank N.A. 751 Kasota Avenue Suite MDC Minneapolis, MN Attn: PCG-REDW Hazard Insurance and Flood Insurance Within fifteen (15) calendar days after the Borrower s closing date the PFI must change the mortgagee clause to: 4

5 Central Loan Administration & Reporting, ISAOA, ATIMA P.O. Box Florence, South Carolina If the mortgaged property is in a special flood hazard zone and is covered by flood insurance, CENLAR must also escrow the flood insurance if it also escrows for hazard insurance. If the Mortgaged Property is not located in a special flood hazard zone but the Borrower elects to secure flood insurance, CENLAR will not collect the escrow funds for disbursement for flood insurance. If an insurance policy is not in the name of CENLAR, the PFI may provide a letter requesting endorsement of the Mortgagee clause in the form of the Mortgagee Letter. Flood Determination Every Mortgage must have a Life of Loan Flood Determination. The PFI must notify the flood determination company of the change of servicer to the following: Central Loan Administration & Reporting, ISAOA, ATIMA P.O. Box Ewing, NJ Taxes Forward all original tax bills to the following: Central Loan Administration and Reporting 1 Corelogic Drive Westlake, TX Fax#: CENLAR places the tax service at the time of loan boarding. For properties in the following states, the PFI must include CENLAR s bank code, 0660, on the Tax Bill Authorization to the tax offices: New York New Jersey The PFI must make every effort to accurately determine the amount of taxes on the property including contacting the appropriate taxing authority, if necessary. If a Mortgage Loan is secured by new construction, or is an existing property where improvements to the property have been completed, taxes made available by the taxing authority may be under assessed. CENLAR asks that the PFI make its best effort to estimate the projected taxes based on the higher of the appraised value or the sales price of the Mortgaged Property, using a known estimated tax rate for the jurisdiction where the Mortgaged Property is located. This estimated tax amount must also be used to qualify the Borrowers. 5

6 When a Mortgage Loan is closed on a new home built on previously unimproved land, or whenever it is likely that the tax escrow is based on underestimated taxes, the PFI should advise the affected Borrowers to expect an increase in their Monthly Payment when taxes are fully assessed. Taxes due within sixty (60) calendar days of effective date of transfer must be paid prior to the transfer by the PFI. CENLAR will not be responsible for any penalties associated with taxes due within sixty (60) calendar days of transfer that were not paid prior to transfer for any reason. If taxes/insurance are being paid prior to funding and could affect the monies netted at funding, please make certain that the PFI s escrow department is included in the distribution of the PFI Funding Schedule for review so that any escrow monies that potentially need to be reimbursed are done so at time of funding. Required documentation for proper credit includes: a copy of the invoice, copy of the check and proof of receipt by taxing authority (if available). Please see Chapter 1.9 Purchase and Settlement for more detailed information. 6

7 7

8 8

9 9

10 10

11 11

12 12

13 13

14 14

15 15