LoanCare Seller Service Released Reference Guide

Transcription

1 LoanCare Seller Service Released Reference Guide Version 1.0 Effective

2 Contents 1. Overview New Servicer Contact Information New Servicer/Subservicer GSE Information New Servicer/Subservicer Goodbye Letter Information Redwood Collateral New Servicer/Subservicer Mortgagee Clause/Insurance Information New Servicer/Subservicer Tax Information Subservicer Wiring Instructions for Post-Transfer Payments Instructions for Payoffs Subservicer FAQ s... 7 Version History Redwood Confidential and Proprietary Page 2 of 10

3 1. Overview This guide provides information and a list of frequently asked questions for Sellers who sell loans to Redwood Residential Acquisition Corporation (RRAC, an affiliate of Redwood Trust, Inc., hereafter referred to as Redwood ) on a service released basis. Please refer to this guide first when questions or issues arise. Please contact LoanCare for questions or issues that cannot be resolved by referencing this guide. If LoanCare is unable to resolve an issue, contact the Redwood Servicing Oversight Department; contact information is provided in the next section. For general issues and questions, a response or resolution will be provided between hours. Redwood Confidential and Proprietary Page 3 of 10

4 2. New Servicer Contact Information Servicer Company Name Redwood Servicer MERS Org ID Servicer Primary Contact Name Carrie Black/Servicing Oversight Analyst Servicer Primary Contact Phone Servicer Primary Servicer Secondary/Escalation Contact Name Servicer Secondary/Escalation Contact Phone Servicer Secondary/Escalation Servicer Servicing Oversight Shawnda Merriman/Vice President Servicing Oversight Servicing Oversight Toll Free Number New Servicer/Subservicer GSE Information Servicer Company Name LoanCare Servicer MERS Org ID Subservicer FNMA Company ID Subservicer FHLMC Company ID New Servicer/Subservicer Goodbye Letter Information Subservicer Company Business Name Subservicer Physical Business/Overnight Address Subservicer Correspondence Address (Use for QWR Requests ) LoanCare 3637 Sentara Way Virginia Beach, VA P.O. Box 8068 Virginia Beach, VA Redwood Confidential and Proprietary Page 4 of 10

5 Subservicer Payment P.O. Box Address West Coast (AK,AZ,CA,CO,HI,ID,KS,MT,ND,NE, NM,NV,OK,OR,SD,TX,UT,WA and WY) Subservicer Payment P.O. Box Address East Coast (all states or US territories not listed above) P.O. Box City of Industry, CA P.O. Box Philadelphia, PA Subservicer Toll Free Number Subservicer Hours of Operation Monday through Friday: 8:00 a.m. 10:00 p.m. EST Sat: 8:00 a.m. 3:00 p.m. EST IMPORTANT: *If the Goodbye Letter template does not accommodate both subservicer payment P.O. boxes, please use the PA P.O. box address. 5. Redwood Collateral Servicer Collateral and Trailing Documents Agency (address effective 2/27/15) Bank of NY Mellon 2322 French Settlement Suite 100 Dallas, TX Attention: Redwood-New Loans 6. New Servicer/Subservicer Mortgagee Clause/Insurance Information Subservicer Hazard Insurance Loss Payee Name Subservicer Hazard Insurance Loss Payee Address Subservicer Hazard Insurance Contact Number Subservicer Flood Insurance Loss Payee Address Subservicer MI Loss Payee Name Mortgagee Clause Subservicer MI Loss Payee Address LoanCare ISAOA, ATIMA P.O. Box Florence, SC P.O. Box Florence, SC Loan Care ISAOA, ATIMA c/o Loan Care ISAOA, ATIMA P.O. BOX Florence, SC Sentara Way Virginia Beach, VA Redwood Confidential and Proprietary Page 5 of 10

6 7. New Servicer/Subservicer Tax Information Subservicer Mailing Address for Current Tax Bills Subservicer Mailing Address for Delinquent Tax Bills Subservicer Fax Number for Current Tax Bills (Escrowed Loans) 601 Riverside Ave Bldg. 5, 3rd floor Jacksonville, FL P.O. Box Jacksonville, FL Subservicer Toll Free Number for Tax Bills Subservicer Wiring Instructions for Post-Transfer Payments In the event funds are received (monthly payments, escrow, principal curtailments, interest on escrow), use the following wire instructions. Please place to Attention: Colleen Wynn. Subservicer Bank Name LoanCare, LLC Subservicer Location Virginia Beach, VA Subservicer Account Number Subservicer ABA Number Include with Wire Subservicer Escrow Shortages Borrower first and last name Loan Care loan number Transfer Date Date payment received by seller Description of payment LoanCare, LLC P.O. Box 8097 Virginia Beach, VA Instructions for Payoffs If payoff funds are received, please send an to the Redwood Servicing Oversight at for direction and review. Please be sure to include the date payoff funds were received. Redwood Confidential and Proprietary Page 6 of 10

7 10. Subservicer FAQ s 10.1 Q: What is the timing for Redwood servicing transfers? A: The Redwood timing of servicing transfer is dependent on the funding date. If a loan funds after the 12th of the month, servicing will transfer the first day of the following month. Examples: If Then The loan funds on 11/01/14 The first payment is due to Redwood (LoanCare) 12/01/14. The loan funds on 11/13/14 The first payment is due to Redwood (LoanCare) 1/01/ Q: I called LoanCare and they were unable to identify my mortgage loan account, why? A: All loans board by the 5th business day prior to the service transfer date. If you would like to verify payment due to Redwood, the service transfer date, or any concern you may have regarding the transfers of the loan to our Subservicer, please contact ServicingOversight@redwoodtrust.com Q: The borrower sent their 1 st payment to LoanCare in error. How do we request a reimbursement from LoanCare? A: Please refer to Page 9 for a list of requirements and instructions to request reimbursement of payments sent in error Q: Taxes were advanced in order to avoid penalties, prior to loan boarding with LoanCare. How do we request a reimbursement? A: Please refer to Page 9 for a list of requirements and instructions to request an escrow reimbursement Q: Does LoanCare offer automatic payments? A: Yes. Loan Care offers ACH or automatic payment options. For a full list of requirements, please instruct the borrower to visit for auto draft enrollment Q: Does LoanCare offer recurring payments? A: Yes. LoanCare utilizes Western Union, who administers the Equity Accelerator bi-weekly or bi-monthly payment program. Borrowers can reach Western Union at either of the phone numbers listed below, Monday through Friday, between 8:00 a.m. and 9:00 p.m. EST, to inquire or enroll; or they may contact LoanCare at Western Union Customer Service Center Western Union Enrollment Redwood Confidential and Proprietary Page 7 of 10

8 10.7 Q: The borrower is concerned his/her payment will not reach LoanCare by the payment due date, and that a late change may be assessed. A: Please remind the borrower that during the 60-day period following the effective date of a loan servicing transfer, any payments received may not be treated as late, and late fees will not be imposed to the borrower Q: Who handles tax and insurance escrow disbursements for LoanCare? A: Corelogic is the vendor that performs tax-related duties on behalf of LoanCare, and Assurant Partners is the vendor that performs insurance-related duties. Please refer to pages 5 and 6 for tax and insurance contacts Q: How does the borrower set up an escrow account and what are the requirements? A: Please refer to page 5 for the LoanCare toll-free number. The borrower may contact LoanCare directly for requirements and timeframe. They can also obtain information online at Q: The borrower paid off their loan prior to the service transfer date (the 1 st payment due to Redwood is not yet due). Where do I need to send funds? A: Please send an to Redwood Servicing Oversight at ServicingOversight@redwoodtrust.com for direction and review. Please be sure to include the date payoff funds received and full amount of payoff funds Q: Does LoanCare have an online borrower portal? A: Yes. LoanCare has a convenient online location for borrowers to access loan activity, tax and interest payments, documents and more. The borrower needs to first register their account with their loan number, and create a user name and password following the instructions located at Q: The borrower made their payment, but we have received notification the payment submitted was reported as Non-Sufficient Funds (NSF) after the servicing date to LoanCare. Who do we notify of this issue? A: Please send an to Redwood Servicing Oversight at ServicingOversight@redwoodtrust.com for direction and review. Please be sure to include the date funds received, check number or payment information, and the amount of payment Common Requests Below is a list of common requests received, and specific information required to process each request. Please feel free to use the information below as a guideline for processing requests; however if a specific request type is not listed below, please ServicingOversight@redwoodtrust.com, or call for further direction. If you have an urgent matter that needs immediate attention, please reach out to Carrie Black at Carrie.Black@redwoodtrust.com or Redwood Confidential and Proprietary Page 8 of 10

9 Request Type Examples Required Documentation (send by to Escrow Reimbursements Seller pays taxes prior to Loan Boarding Seller pays insurance prior to Loan Boarding Documentation showing taxes or insurance paid (copy of Tax Authority print-out, or Insurance Declaration, showing full payment and date received.) Seller payment history showing disbursements or overpayments Copy of check or wire (payment documentation) Wiring Instructions for return of payment Redwood loan number Incorrect Payment Application or Missing Payments 1st payment due to Seller sent to LoanCare in Error Payment sent to LoanCare and not yet posted Payment address to where payment was sent Date payment sent /payment type (wire, check, bill pay) Payment type details (amount, check number, wire or bill pay confirmation) Wiring Instructions for return of payment Redwood loan number Redwood Confidential and Proprietary Page 9 of 10

10 Version History Version Number Date Description of Change Created first draft from source document Incorporated Servicing Oversight s updates and revisions, and versioned to 1.0 for first released version. Redwood Confidential and Proprietary Page 10 of 10