Shellpoint Seller Service Released Reference Guide

Transcription

1 Shellpoint Seller Service Released Reference Guide Version 1.0 Effective

2 Contents 1. Overview New Servicer Contact 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... 6 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 Shellpoint Mortgage Servicing for questions or issues that cannot be resolved by referencing this guide. If Shellpoint Mortgage Servicing 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 Goodbye Letter Information Subservicer Company Business Name Subservicer Physical Business/Overnight Address Subservicer Correspondence Address (Use for QWR Requests ) Subservicer Payment P.O. Box Address Shellpoint Mortgage Servicing 55 Beattie Place Suite 110 MS#525 Greenville, SC P.O. Box Greenville, SC P.O. Box Cincinnati, OH 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 Redwood Confidential and Proprietary Page 4 of 10

5 4. Redwood Collateral Servicer Collateral and Trailing Documents - Jumbo Wells Fargo Bank, N.A. 751 Kasota Avenue Suite MDC Minneapolis, MN Attention: PCG-REDW 5. New Servicer/Subservicer Mortgagee Clause/Insurance Information Subservicer Hazard Insurance Loss Payee Name Subservicer Hazard Insurance Loss Payee Address Subservicer Flood Insurance Loss Payee Address Subservicer MI Loss Payee Name Subservicer MI Fax # if Bill is Due within 6-29 days Subservicer MI Fax # if Bill is Due after 30 days Mortgagee Clause Subservicer MI Loss Payee Address Shellpoint Mortgage Servicing P.O. Box 7050 Troy, MI P.O. Box 7050 Troy, MI Shellpoint Mortgage Servicing Shellpoint Mortgage Servicing ISAOA, ATIMA P.O. Box 7050 Troy, MI Shellpoint Mortgage Servicing 55 Beattie Place Greenville, SC New Servicer/Subservicer Tax Information Subservicer Mailing Address for Current Tax Bills Subservicer Mailing Address for Delinquent Tax Bills Subservicer Fax Number for Current and Delinquent Tax Bills (Escrowed Loans) Customer Service Number for Tax Bills- Penalty Subservicer Fax Number for Non-Escrow Proof of Payment Subservicer Fax Number for Tax Bills (Penalty) Subservicer Fax Number for Proof of Payment (Non Escrowed Loans) 55 Beattie Place Greenville, SC Beattie Place Greenville, SC Redwood Confidential and Proprietary Page 5 of 10

6 7. Subservicer Wiring Instructions for Post-Transfer Payments In the event funds are received (monthly payments, escrow principle curtailments, or interest on escrow), use the wire instructions below. Subservicer Bank Name Subservicer Location Wells Fargo Bank, NA Greenville, SC Subservicer Account Number Subservicer ABA Number Subservicer Reference Subservicer Contact Address/Attention Subservicer Back-up Instructions Your company name, loan number, borrower name Cash Control and All wires must have loan level detail in an Excel format and mailed to the above s. 8. 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. 9. Subservicer FAQ s 9.1 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 (Shellpoint) 12/01/14. The loan funds on 11/13/14 The first payment is due to Redwood (Shellpoint) 1/01/15. Redwood Confidential and Proprietary Page 6 of 10

7 9.2 Q: I called Shellpoint Mortgage Servicing 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. 9.3 Q: The borrower sent their 1 st payment to Shellpoint Mortgage Servicing in error. How do we request a reimbursement from Shellpoint Mortgage Servicing? A: Please refer to Page 9 for a list of requirements and instructions to request reimbursement of payments sent in error. 9.4 Q: Taxes were advanced in order to avoid penalties, prior to loan boarding with Shellpoint Mortgage Servicing. How do we request a reimbursement? A: Please refer to Page 9 for a list of requirements and instructions to request an escrow reimbursement. 9.5 Q: Does Shellpoint Mortgage Servicing offer automatic payments? A: Yes. Shellpoint offers ACH or automatic payment options. For a full list of requirements, please instruct the borrower to visit for auto draft enrollment. 9.6 Q: Does Shellpoint Mortgage Servicing offer recurring payments? A: Yes. Shellpoint Mortgage Servicing offers recurring Equity Accelerator payments (monthly with the option to choose a 1 st or 15 th due date; and bi-weekly with drafts every other Monday). For a full list of requirements, please instruct the borrower to visit for enrollment options. 9.7 Q: The borrower is concerned his/her payment will not reach Shellpoint Mortgage Servicing 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. 9.8 Q: Who handles tax and insurance escrow disbursements for Shellpoint Mortgage Servicing? A: Corelogic is the vendor that performs tax-related duties on behalf of Shellpoint Mortgage Servicing, and Assurant Partners is the vendor that performs insurance-related duties. Please refer to pages 5 and 6 for tax and insurance contacts. 9.9 Q: How does the borrower set up an escrow account and what are the requirements? A: Please refer to page 5 for the Shellpoint Mortgage Servicing toll-free number. The borrower may contact Shellpoint Mortgage Servicing directly for requirements and timeframe. They can also obtain information online at Redwood Confidential and Proprietary Page 7 of 10

8 9.10 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 Shellpoint Mortgage Servicing have an online borrower portal? A: Yes. Shellpoint Mortgage Servicing 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 or by live chat 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 Shellpoint Mortgage Servicing. 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 Request Type Examples Required Documentation (send by to ServicingOversight@redwoodtrust.com) 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 Redwood Confidential and Proprietary Page 8 of 10

9 Request Type Examples Required Documentation (send by to Incorrect Payment Application or Missing Payments 1st payment due to Seller sent to Shellpoint Mortgage Servicing in Error Payment address to where payment was sent Date payment sent /payment type (wire, check, bill pay) Payment sent to Shellpoint Mortgage Servicing and not yet posted 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 documents Incorporated Servicing Oversight s updates and revisions, and versioned to 1.0 for first released version. Redwood Confidential and Proprietary Page 10 of 10