Selling MSRs to CMC Funding

Transcription

1 Training Guide Selling MSRs to CMC Funding Process Overview...Page 2 Committing...Page 3 Document Upload... Pages 4-6 Funding...Page 7 Servicing... Pages 8-9 Final Instructions & Contacts...Pages Capital Markets Cooperative, LLC. All rights reserved. FHLBCIN v01

2 Process Overview Seller commits trade to FHLB via LAS Seller uploads loan docs to CMC Docs must be uploaded no less than 48 hours before FHLB purchase FHLB sends letter (Notification of Assignment, Sale or Transfer of Loan) to borrower noting CMC Funding as Servicer Seller sends Goodbye Letter including LoanCare remittance information Seller is required to send 15 days prior to 1st payment due to LoanCare LoanCare mails Welcome Package to Borrower (Up to 10 days for receipt) Seller Action FHLB Action LoanCare Action Time Sensitive Delays will cause funding time to be delayed. Loan closes FHLB purchases loans LoanCare loads borrower data 1st payment due to LoanCare (the 1st of next month) CMC Funding Workflow (Approximately 7 days) Step 1 Step 2 Step 3 After initial document upload, CMC analyzes & validates loan-level data. If documents are missing or if clarification is needed, CMC contacts the Seller. CMC cannot fund the trade until all required loan documents for the commitment are uploaded. After docs are fully validated, CMC issues a funding memo. Seller must approve the funding memo before 11am ET on the CMC Funding Date or funding may be delayed. Funds are wired. CMC sends information to LoanCare for boarding. This illustration is designed to serve as a guide and does not necessarily apply to every commitment. 2 PROCESS OVERVIEW

3 Commitment & Delivery You will receive an from your CMC Funding Account Manager with a list of assigned loan numbers (example below). When you deliver your loan(s) to FHLB through LAS, select one "LOANCARE_LOAN_NUMBER" per loan. These assigned numbers will also be used to upload your loan documents to CMC Funding. These loan numbers are assigned to you by your CMC Funding Account Manager. Always use the exact numbers provided. The provided loan numbers may only be used once. When your bank of loan numbers is depleted, please contact your CMC Funding Account Manager for a new set. Loan package(s) should be delivered to CMC Funding no later than 48 hours prior to a settlement date. COMMITMENT 3

4 Log in to CMC Funding to Deliver Loan Documents Visit CMC Funding's secure document web portal: Browser compatibility: Internet Explorer 10 or later, Google Chrome, or Firefox. CMC Funding will your User Name and Password automatically when your account is set up. First time users will be prompted to create a new password. Note: If you prefer to ship physical documents rather than using CMC Funding's secure document web portal, please overnight your loan package to the address on the right. CMC Funding charges a $25 fee to process paper documents. CMC Funding Inc Lucent Blvd Suite 100 Highlands Ranch, CO Attention: Document Control Note: The checklist below will assist you in gathering all the required materials (click to access): Loan Delivery Checklist 4 DOCUMENT UPLOAD

5 Select and Upload Loan Documents Select MSR from the dropdown list. MSR is used for the initial upload. Select "Other" for uploading additional documents. For Other Uploads: Browse and select PDF file & click Upload. (Select PDF files only or upload will fail.) Required naming convention please do not use spaces or special characters. Example: appraisal.pdf For MSR Uploads: Browse and select PDF file & click Upload. (Select PDF files only or upload will fail.) Required naming convention please do not use spaces or special characters. Example: pdf MDC Number Assigned Loan Number Document.PDF Name Format Only Please use the exact loan numbers provided by your CMC Funding Account Manager to avoid funding delays. MDC Number Assigned Loan Number.PDF Format Only Please use the exact loan numbers provided by your CMC Funding Account Manager to avoid funding delays. DOCUMENT UPLOAD 5

6 Confirm Your Uploads Uploaded Files: Your successfully uploaded files will appear in the Seller Uploaded section of the page. 6 DOCUMENT UPLOAD

7 You'll Receive an with CMC Funding's Funding Memo You will receive CMC Funding's Funding Memo from This may include multiple commitments. *CMC Funding will issue separate funding from FHLB. Please review the FundingMemo.xlsx for accuracy, including: Loan detail including UPB, next due date, escrow balances, etc. Total proceeds = service release premium price, less any fees or escrow funds. Funds owed to Seller will be wired using the instructions provided by the Seller. Note: SRP base price is based on property state and UPB. (Additional LLPA applies if loan product is <25 yrs. or if escrows are waived.) Note: All loans in the commitment will fund simultaneously. Click Accept or Reject. An automated will open with a pre-populated subject line. Do not change subject line or funding will be delayed. If you click Reject, please provide a reason for the rejection in the body of the and attach any supporting documentation. Click Send. FUNDING 7

8 Transfer MERS CMC Funding's number [ ] must be used in this field (CMC Funding is the Master Servicer). LoanCare's number [ ] must be used in this field (LoanCare is the Subservicer). Note: Please transfer MERS within 5 days from purchase date. The Subservicer may take up to 30 days from purchase date to accept MERS batches. Please transfer MERS as quickly as possible to avoid delays in MERS acceptance. 8 SERVICING

9 Boarding Process CMC Funding boards loan data & servicing documents LoanCare (Subservicer) boards loans within 48 hours of boarding to CMC Funding LoanCare (Subservicer) mails welcome package to borrower(s) within hrs Borrower(s) receive their welcome package 7-10 days from mail date Once Borrowers receive their welcome package, they can: Get their questions answered by calling LoanCare at (Monday-Friday 8am to 10pm ET and Saturdays 8am to 3pm ET). Set up their accounts online by visiting Borrowers should use their loan number and Social Security Number to access their account for the first time. Once the account is set up, Borrowers can print statements, set up auto draft, view balances, and more. SERVICING 9

10 Final Instructions Payments Borrowers should send payments to: LoanCare, LLC. PO Box Philadelphia, PA If a borrower sends payments that are due to CMC Funding to you, please forward to: LoanCare, LLC Sentara Way Virginia Beach, VA (Include borrower's loan number on the check. If sending multiple payments in one check, please include detail.) Document Delivery Send Original Note and Trailing Documents to: ATTN: FHLB Document Custodian U.S. Bank Global Corporate Trust Services 4527 Metropolitan Ct., Ste. C Frederick, MD (e.g., Mortgage or Deed of Trust, Final Title Policy, Power of Attorney or modification that goes with the Note, and/or Final Assignment) Have questions? us at: Frederick.FHLBC.team@usbank.com Note: In addition to mailing trailing documents to U.S. Bank, please send digital copies to CMC Funding using one of the three methods below: 1. Upload trailing documents to CMC Funding's secure document web portal ( When uploading, select "Other" from the dropdown list, and adhere to the naming conventions on page 5 of this document. 2. Or, send trailing documents via secured to shipping@cmcfunding.com. 3. Or, mail trailing documents to: CMC Funding Inc Lucent Blvd Suite 100 Highlands Ranch, CO Attention: Document Control 10 FINAL INSTRUCTIONS & CONTACTS

11 Process Overview Seller commits trade to FHLB via LAS Seller uploads loan docs to CMC Docs must be uploaded no less than 48 hours before FHLB purchase FHLB sends letter (Notification of Assignment, Sale or Transfer of Loan) to borrower noting CMC Funding as Servicer Seller sends Goodbye Letter including LoanCare remittance information Seller is required to send 15 days prior to 1st payment due to LoanCare LoanCare mails Welcome Package to Borrower (Up to 10 days for receipt) Seller Action FHLB Action LoanCare Action Time Sensitive Delays will cause funding time to be delayed. Loan closes FHLB purchases loans LoanCare loads borrower data 1st payment due to LoanCare (the 1st of next month) CMC Funding Workflow (Approximately 7 days) Step 1 Step 2 Step 3 After initial document upload, CMC analyzes & validates loan-level data. If documents are missing or if clarification is needed, CMC contacts the Seller. CMC cannot fund the trade until all required loan documents for the commitment are uploaded. After docs are fully validated, CMC issues a funding memo. Seller must approve the funding memo before 11am ET on the CMC Funding Date or funding may be delayed. Funds are wired. CMC sends information to LoanCare for boarding. This illustration is designed to serve as a guide and does not necessarily apply to every commitment. FINAL INSTRUCTIONS & CONTACTS 11

12 Contacts Have Questions About Document Uploads? Have Questions About Funding? Have Questions About Servicing? Call: (Ask for Operations) Call: (Ask for Secondary) Call: (Ask for Servicing) BORROWERS SHOULD DIRECT THEIR QUESTIONS TO LOANCARE: (Monday-Friday 8am to 10pm ET and Saturdays 8am to 3pm ET). For all other questions and to receive the full Seller's Guide, contact your CMC Funding Account Manager: CMC contacts are for Sellers only. Borrowers who have questions should be directed to LoanCare. 12 FINAL INSTRUCTIONS & CONTACTS