Correspondent Lending. Getting Started with Banc of California

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1 Correspondent Lending Getting Started with Banc of California April, 2017

2 Account Executive Contact Information Portfolio Correspondent Lending Division 3 MacArthur Place, Santa Ana, CA Key Contacts Senior Director National Sales Manager Associate Director Account Executive Adam Liebross Phone: (818) Adam.Liebross@bancofcal.com Kelly Lewis Phone: (949) Kelly.Lewis@bancofcal.com Associate Director Account Executive Kyle Van Natta Phone: (310) Kyle.VanNatta@bancofcal.com Associate Director Account Executive Carol Matsumoto Phone: (949) Carol.Matsumoto@bancofcal.com Associate Director Account Executive Julia Sherouse Phone: (949) Julia.Sherouse@bancofcal.com Account Manager Support Susan Cho Phone: (949) Susan.Cho@bancofcal.com

3 Additional Key Contacts Website: Client Services: Pricing and Loan Registration: Hours: 9:00am to 5:00pm PST Monday to Friday Mortgagee Clause: Banc of California, N.A. It s Successors and/or Assigns; P.O. Box , Fort Worth, TX Servicing: Dovenmuehle Mortgage Inc.; 1 Corporate Drive Suite 360, Lake Zurich, IL Phone: (800) Mers Org ID:

4 Before Proceeding Pricing To be added to any rate sheet distribution list, please If our products don t show in Optimal Blue, please your Account Executive Banc CLD Portal Administrator Please determine who will be your company s administrator and complete our user spreadsheet Documents Please reference our program codes for a list of all approved programs. Our documents are hosted in DocMagic, Docutech and EllieMae s systems. If you use a different system, please coordinate with your Account Executive. Sales Training Coordinate with your Account Executive for a sales webinar Secondary Call Coordinate a Secondary conference call with your Account Executive 3

5 Rate Sheets and Lock Policy Rate Sheets: Our rate sheets are published daily and feed into optimal blue. While pricing is published daily, we move rates much less frequent. Lock Desk: The lock desk will review lock requests, validate loan pricing, manage lock exception requests and confirm rate locks. While locking can be done through our CLD Platform and Optimal Blue, we also allow manual locks. Once the request has been accepted and processed, Banc of California will send a lock confirmation. Manual Locks Our manual lock form (located on our website) must be ed to PCLDLockdesk@bancofcal.com along with the rate sheet used for pricing. You will receive a lock confirmation within hours after receipt. Lock Policy Dates: 15 days CTC Required 30 days 5 Calendar days delivery 45 days 10 Calendar day delivery Extensions: (Max lock duration 75 days) 7 days 0.125% to fee 15 days % to fee Delivery Requirements Loans must fund and be delivered to Banc of California by the lock expiration date. A 7 day grace period will be allowed to complete the loan purchase. After the 7 day period, extension fees will be charged to the seller. 4

6 Correspondent Lending Process

7 Submission Process Overview PCLD Seller Process and underwrite loan file PCLD Seller Order and Receive Appraisal Register or Lock Loan File Submitted for BOC Non-Delegated Underwriting BOC File Intake PCLD Seller to Submit Credit Package to BOC BOC issues Underwriting Decision PCLD Seller Submits Underwriting Conditions BOC Issues Clear to Close 6

8 Appraisal Requirements Banc of California requires sellers follow their internal procedures for appraisal orders. All orders must follow Appraiser Independence Requirements. While an appraisal with your submission is recommended, it s not required. Number of Appraisals Required Two appraisals are required for all loan amounts greater than $1,500,000 For cash out loans, two appraisals are required for loan amounts greater than $1,000,000 Any Property Flip HPML loans will require two appraisals. The seller must incur the 2 nd fee. Appraisal Process Flow Once your appraisal(s) is received, please upload the appraisal and invoice to our Platform and your assigned Production Coordinator. We will then order a desk review on each appraisal to confirm value. Generally, desk reviews take hours from when they are ordered. Appraisal Corrections Any required appraisal corrections must be obtained by the seller. 7

9 Submission Process Website Access Our platform can be accessed at You can view the following: - Cycle times (updated daily) - How to Price and Lock a Loan - Program Specific Guidelines - How to Submit Conditions - General Guidelines - How to Register a Loan - Forms - A Platform User Guide Loan Submission Loans must be submitted within Banc of California s guidelines. Any exceptions to guidelines must be pre-flighted with the Account Executive prior to submission (see Exception Process below). Once submitted, please utilize our Loan Submission Form and submit will all required items. Exception Process Please contact your Account Executive to review the exception request and complete our form The exception request will be submitted to our credit team and secondary (if applicable). In roughly 24 hours, we will advise if we can entertain the exception. Note, the loan is subject to a full review, additional pricing and may result in extended cycle times 8

10 File Flow Submission: Complete loan package is uploaded from your loan origination system into our Banc CLD Portal website. Validation: Your submission is reviewed to ensure a complete / accurate submission. Any missing items to are requested at this time and will result in delays and negatively effect your scorecard. Once your loan is determined to be complete, the loan is moved over to our underwriting team, subject to cycle times. Underwriting: Your loan is underwritten and dispositioned. The status is ed out to the key contacts on the file. Processing: Your loan is assigned a Production Coordinator. This contact will be the key contact for condition submission, suspense conditions, desk review orders, etc. Condition Upload: All conditions are uploaded at one time. Once uploaded, please the assigned Production Coordinator to advise that all items have been uploaded. No conditions should be ed to our team. Condition Review: The Production Coordinator will move all conditions to the Underwriter for review. The loan will either be cleared for docs or an updated approval with pending items will be ed out. Clear to Close: Once the Underwriter clears all PTD s, s/he will issue the Clear-to-Close with an updated approval attached. 9

11 Purchase Closed Loan Delivery Process Once Underwriting has issued a Clear to Close, PCLD Seller is ready to issue docs and fund the file. After the loan is closed, it will need to be delivered to Correspondent Portfolio Purchasing Team. Loan Delivery Requirements: 1. Completed Correspondent Post Closing Submission sheet (Found under Forms on website) 2. Imaged File Uploaded on TPO Client Website 3. PCLDclientservices@bancofcal.com to notify that the loan has been uploaded 4. Closing Package will not be considered received unless loan is in Clear-to-Close status Please note, purchasing conditions must be complete when submitting or will be subject to delays. Collateral Delivery Requirements: (Must be received prior to purchase) Banc of California, Attn: Portfolio Correspondent Lending, 3 MacArthur Place, Santa Ana, CA Original Allonge endorsed to BANC OF CALIFONIA, N.A. 2. Original Note and all applicable Addendums and/or Riders 3. Certified copy of Note and Deed of Trust 4. Certified copy of POA (If applicable) 5. Warehouse Bailee Letter Purchase review is subject to Banc s of California s cycle times. After any suspense items are cleared, the BOC Purchasing Team will send out a Purchase Advice to designated person(s) at PCLD Seller s Company. 10

12 Post Purchase Obligations MERS: ORG ID: All loans must be registered with MERS and transferred to Banc of California within 48 hours of the loan being purchased. Goodbye letter (Notice of Assignment, Sale or Transfer of Servicing Rights): Notification of loan sale and change of servicer to borrower should be mailed out by Seller upon purchase of the loan. Letters should be mailed with Banc of California s Servicer address/contact information (On the contact information). Trailing Docs: Banc of California, Attn: Trailing Docs Department, 3 MacArthur Place, Santa Ana, CA Recorded Deed of Trust/Mortgage and all applicable Riders and/or Addendums 2. Recorded Power of Attorney (if applicable) 3. Final Title Policy All trailing documents must be sent to Banc of California within 120 days of the purchase date. Any documents not received within this time frame may incur fee or seller may be required to repurchase the loan. **All final documentation must reference the Banc of California s loan # on the upper right hand side. 11

13 Banc CLD Portal Website Overview - Tools 1. Open the Banc of California Banc CLD Portal website: 12

14 Banc CLD Portal Website Overview - Tools 2. Guidelines and Important Forms: 13

15 Banc CLD Portal Website Overview - Tools 3. Current Turn Times: 4. Access the Banc CLD Portal website by clicking the Seller Login or My Pipeline Login Link (or the Login in the top right corner): 14

16 5. My Pipeline: 6. Starting New Loans: 15

17 7. Edit 1003: 8. Validating 1003: 16

18 9. Registering the loan: 10. Adding Documents (Credit Package, Items Needed, Closing Package or Trailing Docs): 17

19 11. Editing Short Form prior to Submission: 18

20 12. Submitting loan: 13. Adding Conditions to a Loan: 19

21 14. Product and Pricing: 20

22 Thank you for your business