Introduction of Washington State Housing Finance Commission s new Master Servicer

Transcription

1 Introduction of Washington State Housing Finance Commission s new Master Servicer

2 Questions During or After the Training? o This webinar is recorded and slides will be available on WSHFC s website. o Your phones are muted, so the presenters cannot hear you. o Following this presentation, we will take any questions for our attendees. o Use the webinar chat feature to ask questions to the presenters.

3 Today s Presenters Corinna Obar Corinna.Obar@wshfc.org Manager-Homeownership Division Washington State Housing Finance Commission Mark Suderman marks@ihfa.org Loan Acquisition Manager Idaho Housing and Finance Association

4 Agenda WSHFC Lender Approval Visual Tour of Idaho s Lender Connection Loan Submission to Idaho Original Note Delivery Mortgagee Clause Allonges Final/Trailing Document Submission

5 Idaho Servicing Beginning March 1 st, 2018, Idaho will begin servicing the Commission s Home Advantage Conventional product as well as all of the House Key Opportunity products.

6 Reservations Reservations made on and after March 1, 2018 will be going to Idaho Housing and Finance Association (IHFA). Reservations made before March 1 will remain with Lakeview.

7 Additional Online Materials Manual updates, Idaho delivery checklists and matrices are forthcoming. We will be posting a recorded version of this training to our website for future reference. Program Manuals Home Advantage- House Key Opportunity-

8 WSHFC Overlays There will be no change to The Commission current overlays when we transition to Idaho. o Credit Score: 620 minimum. o DTI: 50%. o No additional restrictive overlays.

9 Lender Approvals Make sure you are approved with Idaho Housing: Many of our participating lenders are already conducting business with Idaho Housing. If you are not, we encourage you to immediately start the approval process by sending the approval checklist items to the Commissionhttp:// Please contact Corinna Obar at or with additional questions. Sign a new Mortgage Origination Agreement: Current participating lenders will be required to sign a new Mortgage Origination Agreement with the Commission and Idaho Housing. These documents are posted to the Commission s websitehttp:// and corporate offices will be notified.

10 Lender Connection

11 Accessing Reservations Reservations Purchase Statements

12 Search and Filter Options Search Feature: by Last Name, Loan Number or Address You will be able to Filter your results by Loan Status, Name, Note rec d date, etc.

13 Loan Details Isabela Idaho WSHFC Main Street Seattle, WA /01/ /30/2018 Home Advantage HFA Preferred 1% Orig Fee $250,000

14 Loan Delivery Checklist Idaho s loan delivery checklist can be found in 3 places. WSHFC website under forms. Idaho s Lender Connection Emphasys LenderOnline PDF Docs option under the Actions menu

15 Loan Details Isabela Idaho WSHFC Main Street Seattle, WA /01/ /30/2018 Loan File and Conditions delivery Home Advantage HFA Preferred 1% Orig Fee $250,000

16 Upload Documents in Lender Connection Isabelle Idaho 03/01/ /01/ /30/2018

17 Master Servicer/Lender Communication File Submitted through Idaho s Lender Connection Upon file review, any suspense conditions will be posted to Idaho s Lender Connection Lender will submit suspense conditions directly through Idaho s Lender Connection Idaho will issue clear to purchase* *WSHFC Post-Closing file must be submitted and approved for purchase before Idaho purchase approval.

18 Note Delivery Original Notes must be delivered to: Idaho Housing and Finance Association Attn: Document Center 565 W Myrtle St Boise, ID Signature/Name Affidavit Required

19 Note Endorsement Pay to the order of Idaho Housing and Finance Association Without Recourse Lender Name (as it appears on Note) (Signature) Signatory s Typed Name Signatory s Title

20 Allonge Borrower s Name (exact match to Note) Property Address (exact match to Note) Note/Loan Amount Note Date Pay to the Order of: Idaho Housing and Finance Association Without Recourse Lender Name (as it appears on the Note) (Signature) Signatory s Typed Name Signatory s Title

21 MERS All 1 st mortgage loans must be registered via Mortgage Electronic Registration System (MERS). MERS is not permitted on WSHFC 2 nd mortgage loans. Idaho MERS ID Idaho HUD ID

22 Loss Payee/Mortgagee Clause HomeLoanServ, a division of Idaho Housing and Finance Association, ISAOA PO Box 7899 Boise, ID Acceptable: HomeLoanServ, a div of IHFA, ISAOA HomeLoanServ, ISAOA PO Box 7899 PO Box 7899 Boise, ID Boise, ID 83707

23 Final Documents/Mailing Address Original Recorded DOT can be mailed to: Idaho Housing and Finance Association Attn: Document Center 565 W Myrtle St Boise, ID Final Title Policy and MIC can be uploaded through Lender connection. The lender is to submit the final documents to the master servicer within 90 days of loan purchase.

24 Fees to be deducted from purchase Tax Service Fee= $85.00 Flood Certification Fee= $10.00 Electronic Upload Fee= $40.00 Program Application Fee for 2 nd mortgage (if applicable)= $40.00 Extension Fees as assessed (if applicable)

25 Purchase Advice and Funding Idaho Housing and Finance Association will purchase loans daily o Idaho will wire all funds to the lender s warehouse bank according to wire instructions provided by the lender. o Idaho uses one warehouse bank for each lender. o o o We do not wire funds on a per loan basis. All funds will be wired to the warehouse bank provided. Please remember to fund all loans on the warehouse provided. o If a second warehouse bank is needed, this can be accommodated on a caseby-case, exception basis. o Please communicate with Idaho prior to the loan being purchased. o The ability to allow more than one warehouse line is in the process of being created. o We hope to have this available approximately April or May.

26 Questions? Also, feel free to or with any questions.

27 Thank You!