Huntington National Bank Third Party Lending Correspondent Manual

Transcription

1 Huntington National Bank Third Party Lending

2 HUNTINGTON MORTGAGE GROUP The Huntington National Bank Third Party Lending Program provides a stable; competitive source of funding for approved Mortgage Lenders. THE CORRESPONDENT MANUAL The describes the procedures and requirements of The Huntington National Bank Third Party Correspondent Lending Program. The is part of the Mortgage Correspondent Agreement between the Lender and Huntington. FORMAT The Procedures Manual is organized as follows: Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 APPROVAL REQUIREMENTS COMMITMENTS / PRICING / EXTENSIONS UNDERWRITING REQUIREMENTS APPRAISAL REQUIREMENTS CLOSING PACKAGE REQUIREMENTS QUALITY CONTROL REPURCHASES / EPIF S / INDEMNIFICATIONS EXHIBITS AND FORMS MISCELLANEOUS CORRESPONDENCE The address and telephone numbers Third Party Lending are as follows: The Huntington National Bank Third Party Lending 7 Easton Oval EA5C3210 Columbus, OH Fax Number: Created June 2001 April 2018 Page 2

3 The Third Party Lending support team is an extension of our desire to provide you with Simply the Best Service. We feel certain that this team will make your Huntington experience even more enjoyable. This team will give you and your company one main contact within Huntington for all of your questions. We ask that you call your Account Executive (AE) and/or Account Relationship Associate (ARA) for all your Huntington questions and inquiries. This would include, but is not limited to, processing or underwriting status, rates and pricing, registration/extension concerns, web site password resets and troubleshooting, funding/closing concerns, and product profile scenarios. Your Huntington National Bank Third Party Lending support team: Michael Adams Troy Wernet Clients Services Manager Sales Manager Mary McGinnis Dave Earnest Account Relationship Associate Sr. Account Executive Ben Hannah Wendy Papaj Account Relationship Associate Sr. Account Executive Luke Hegenderfer Brett Patterson Account Relationship Associate Sr. Account Executive Vickie Thompson Jason A Painter CMBA Sr. Account Executive Ken Hatfield Sr. Account Executive Created June 2001 April 2018 Page 3

4 TABLE OF CONTENTS APPROVAL REQUIREMENTS: 1.00 Approval Requirements 1.01 Electronic Signatures 1.02 Approval Process 1.03 FHA and VA Sponsorship Approval 1.04 Correspondent Client Annual Review 1.05 On Site Review (Delegated Correspondents only) 1 COMMITMENTS / PRICING / EXTENSIONS 2.00 General 2.01 Best Effort Pricing Pricing Engines 2.02 Registration of Best Efforts Commitments Delegated Correspondent Tape Bid Process 2.03 Interest Rate Lock Commitments 2.04 Loan Registration Cancellations and Changes 2.05 Waiving of Escrows for Taxes / Insurance 2.06 Extension Policy 2.07 Mid-Day Price Change Policy 2.08 Rate Lock Renegotiations 2.09 Mandatory Forward Bulk Commitments 2 UNDERWRITING REQUIREMENTS: 3.00 General 3.01 Program Guidelines 3.02 Flood Determinations 3.03 Refinances 3.04 Correspondent s Processing Responsibilities- Non-Delegated 3.05 Underwriting Submission Procedures 3.06 Delegated Underwriting 3.07 Delegated Underwriting and Expanded Delegated Underwriting Authority Underwriting Requirements 3.08 Risk Evaluation Reports 3.09 Disaster Affected Properties Created June 2001 April 2018 Page 4 3

5 APPRAISAL REQUIREMENTS: 4.00 Appraiser Independence Requirements 4.01 Appraiser Approvals/Exclusions 4.02 Appraisal Disclosure 4.03 Second Appraisal Requirements on FHA Loans 4.04 Required Appraisal Form 4.05 Required Reduction to the Mortgage Amount 4.06 FHA Insurance Binder and FHA Connection 4.07 Pressure on Appraiser and Conflicts of Interest 4.08 Correspondent Post Purchase Appraisal Review 4.09 Delegated Correspondent Appraisal Governance / Approval 4.10 Annual RRETS Review Audit Requirements 4.11 Non-Delegated Correspondent Appraisal Governance 4.12 Submission of Appraisals Non-Delegated Clients 4 CLOSING AND FUNDING REQUIREMENTS: 5.00 File Flow and Communication 5.01 Document Delivery 5.02 HPML Check 5.03 FHLMC Exclusionary List 5.04 Escrow 5.05 Hazard Insurance 5.06 Flood 5.07 Private Mortgage Insurance 5.08 Prepurchase Review 5.09 Bailee Letters 5.10 Electronic Signature 5.11 Uniform Closing Dataset (UCD) 5.12 Net Funding 5.13 Seasoned Loan Exceptions 5.14 Loan Purchase Advice (LPS) 5.15 Funding Notification 5.16 Payments Due Huntington Post Purchase 5.17 ACH 5.18 Return Wire Transfer 5.19 Customer Service 5 Created June 2001 April 2018 Page 5

6 QUALITY CONTROL: 6.00 General 6.01 Pre-Fund Audit 6.02 Quality Control Review 6.03 Post Closing Review 6.04 Delegated Correspondent Prefunding Audit REPURCHASES / EPIF S / INDEMNIFICATIONS: Repurchase 7.01 Indemnification 7.02 Early Payment Default 7.03 Early Paid in Full 7 EXHIBITS AND FORMS: 8.00 Exhibits 8 MISCELLANEOUS: 9.00 Mortgage Programs 9.01 Time References 9.02 Seasoned Loans 9.03 Wiring Instructions 9.04 Termination 9.05 Available Lending States 9 Created June 2001 April 2018 Page 6