Topics in this memo include clarification on Sponsored Originator transactions regarding the following:

Transcription

1 SecurityNational Mortgage Company Memo To: SNMC Underwriters, Area, Regional, and Branch Managers From: Credit Policy CC: Ken Parr, Quality Control Date: January 18, 2011 Re: Sponsored Originator Clarification- Internal Use Only Topics in this memo include clarification on Sponsored Originator transactions regarding the following: FHA Connection: Case Number Assignment FHA Connection: Case Transfer Screen AUS system/e3 HUD/VA Addendum (92900-A) Sponsored Originator approval information FHA Case Number Assignment: All FHA Case Numbers for new loan files are to be ordered by SNMC for all sponsored originator loans. As per Mortgagee Letter , the specific data fields in the Case Number Assignment screen are as follows: Sponsored Originator Question: Is this a Sponsored Originator Case? Sponsored Originator Selection Response: Yes /No If this is a Sponsored Originated loan, then yes should be selected. After yes is selected, click on the Sponsored Originator EIN selection from the drop down window and enter in the originator s EIN. 1

2 Below is an example of a Case Number Assignment for a sponsored Originator Case. Case numbers that were ordered using an FHA approved Loan Correspondent ID number and did not close prior to 12/31/2010 can be closed and insured by SNMC without changing the Loan Correspondent ID to a sponsored originator in the FHA Connection. Case Transfer Screen in FHA Connection To correct a case number that was ordered incorrectly in reference to the sponsored originator or to transfer to a new approved mortgagee or sponsored originator, the following steps apply: Click on the Sponsored Originator EIN selection from the drop down window if the loan origination company is acting in the capacity of a sponsored originator Enter the EIN in the entry field provided, as displayed in the screen shot below, or If not transferring to a sponsored originator, click on the Originator ID Selection from the drop window, and then enter the FHA approved lender ID of the new lender in the entry field. Enter Date of Assignment Letter (date mortgagee transfer occurred) AUS/E3 The data entry in E3 has not changed. All information is entered the same for sponsor originated loans. All of the Lender ID numbers for sponsored brokers have been temporarily changed in ebroker to the number so that Total Scorecard will recognize this is a sponsor originated loan. Upon AUS acceptance of the originator s EIN number or further guidance from HUD, this information will be updated. I have attached below an example of an AUS finding: Page 2

3 HUD/VA Addendum (92900-A) The modified A form required for all sponsored originator loans is currently in E3. This form is labeled HUD/VA Addendum to URLA Sponsored Originator RLA 1 or HUD/VA Addendum to URLA Sponsored Originator RLA 2. For a sponsored originator, the form is completed as follows for page #1: Box #13- SNMC branch current approved FHA ID # Box #14- To be left blank Box #15- SNMC branch name and address Box #16- To be left blank Box #17- SNMC branch phone number Page #1 of the A form will need to be signed by SNMC. This form should be signed by the underwriter. Example of page 1 of A: For a sponsored originator, the A page #3 is completed as follows: Box #13- SNMC branch current approved FHA ID # Box #14- To be left blank Box #15- SNMC name and address Box #16- To be left blank Box #17- SNMC phone number Sponsored Originations sectiono The Originator s Name o Tax ID number of Loan Origination Company (EIN#) o NMLS ID of the Loan Origination Company Page #3 should then be completed as usual by the Underwriter. Page 3

4 Example of page 3 of the A: Sponsored Originator Approval Information In order to check on originator status approval with SNMC, the following information is available via ebroker. The ebroker screens and instructions have been provided below: Access to ebroker is available from the SNMC Intranet or through the Underwriting Screens in E3 through the Credit Policy link: Page 4

5 Select ebroker, then Create/Modify Brokerage, then Update Existing Broker To search for the appropriate broker, enter the broker s information on the Broker Company line. Page 5

6 Once you select the correct broker, the following information is listed SNMC FHA Approved: This will be the generic that will only be entered if the broker is approved or in test case mode Test Mode Date: The date the sponsored originator was put into test case status by Broker Approval Department SNMC FHA Approved Date: The date the sponsor has acceptably completed test cases and is a an approved SNMC sponsored originator Note: All brokers that were previously approved with SNMC as FHA originators were grandfathered in and will show the number and a SNMC FHA Approve Date. If the broker is currently an approved FHA lender and doing business with SNMC in the Principal/Authorized Agent relationship, their approved FHA ID number will be listed in the SNMC FHA Approved area Page 6