Ohio Housing & U.S. Bank Home Mortgage-MRBP Division. File Delivery and Purchase

Transcription

1 Ohio Housing & U.S. Bank Home Mortgage-MRBP Division File Delivery and Purchase Lou Caresani 2013

2 Agenda USBank Home Mortgage Delivery and Funding Top Ten Exceptions Help Desk Customer Service Underwriting

3 Overview of Roles Part 1 > Ohio Housing Provide programs for borrowers, offer competitive interest rate, and down payment assistant programs Ohio Housing compliance requirements Supply Forms and Resources Part 2 > US Bank Home Mortgage MRBP Division Delivery and Funding, General Underwriting, Help Desk, Customer Service Provide checklist, forms resources

4 U.S. Bank Home Mortgage MRBP AFFORDABLE HOUSING DIVISION Rockside Road, Bedford, OH Service HFA Programs MRBP Team 300 Strong Loan Review Purchase Securitize Service Final Docs

5 US Bank Home Mortgage MRBP Master Servicer Review, purchase, securitize, and service mortgage loans from all participating lenders who are approved to originate in the program. Loans must meet Ohio Housing compliance requirements, as well as specific loan product (FHA, VA, RD, Fannie Mae, Freddie Mac etc..) underwriting guidelines. Lenders must be approved with OHFA and USBank to participate in the program. Any questions call the USBank Help Desk at

6 Closed Loan Delivery to U.S. Bank All documents are to be acco fastened in a legal-sized folder according to the Loan Delivery Checklist Mailing address for all files and original conditions: U.S. Bank Home Mortgage Attn: Operations Department Rockside Road Bedford, OH All closed loans delivered for purchase will be reviewed within 10 days from the time of receipt by U.S. Bank.

7 Loan File Review Process Loan files receive a date stamp then logged into our system Files set up in jeter file, with USB loan # Daily inventory reports are generated USBHM will thoroughly review the loan Exception free loans (compliance approved) are purchased Ohio Housing Purchase approval received via transmission

8 Loan File Review Process If a loan has exceptions Mortgage file exceptions are communicated by phone / fax / weekly recap report Conventional or 203ks loan, a more detailed review will occur Exceptions received are reviewed, once cleared the loan is purchased A loan history showing payments applied is required Loans are purchased daily, on an amortized basis Purchase advice faxed to lenders Loans are transferred to U.S. Bank servicing system

9 Program Facts

10 Delivery and Funding Lender Compensation Origination Commitment Fee Discount USBank Program Fees Funding $ Tax Service Total $ Servicer Pays SRP Lender Net Minimum: $1500 Conventional Loan Fees Adverse Market Fee.25% LLPA = -0- % All Loans > 1.25 % SRP when the loan is delivered and purchased by US Bank MRBP (Servicer) within 30 days of loan closing 203ks Loans > 1.25 % SRP when the loan is delivered and purchased by US Bank MRBP (Servicer) within 45 days of loan closing

11 Delivery & Funding Program Information Review Delivery and Funding Guidelines, Checklists, Forms, and any Updates Complete Lender Contact Form Share information with Originators, Closers & Shippers U.S. Bank Home Mortgage-MRBP Division Contact HELP DESK ( ) Access information at:

12 Select U.S. Bank Lending Manuals

13 Select Continue to Access Allregs

14 Resources

15

16 US Bank Bulletins Example Bulletin

17 Delivery & Funding Program Information Example Checklist

18 Lender Contact Information Complete Contact Information

19 Delivery and Funding Loans purchased daily Purchase Schedule faxed Net Funding: (no checks) Pay loan amount / interest Service Release Premium Net determined escrow Net program fees Net Conventional fees Pay extra.25% incentive if applicable 2 nd Mtg. loans closed after will be reimbursed by USBank upon purchase of the 1 st Mtg.

20 Top 10 Documents Exceptions 1. TIL or MDIA Issues Early T-I-L not in file on 1 st mortgage or 2 nd mortgage (if applicable) Early T-I-L missing required verbiage Final T-I-L not in file Corrective Final T-I-L, if applicable not in file Initial application 1003 not in file & was not signed and dated by interviewer RESPA Guidelines Note: Lender is required to follow federal guidelines. Loans not in compliance cannot be purchased by USBHM.

21 Real Estate Settlement Procedures Act (RESPA) U.S. Bank s File Review U.S. Bank Home Mortgage-MRBP staff performs a basic compliance review of the GFE document to ensure compliance with the following: Ensure GFE is on proper form Ensure HUD-1 is on proper form Verify Loan Terms on HUD-1 match Summary of Your Loan on the last issued GFE Verify HUD-1 is within acceptable tolerances with last GFE issued including a review of charges that cannot increase by more than 10% Verify lender provided acceptable cure documentation, if applicable Post Settlement Cure: HUD allow lenders a 30-day cure period from date of borrower s signed closing documents for violating GFE/HUD-1 fee tolerances. Lenders exceeding fee tolerances will be in violation of Section 5 of RESPA. USBHM must receive proof of refund to borrower and a corrected HUD-1, from settlement agent prior to loan purchase. NOTE: If there is a known issue, don t wait until USBHM has reviewed the file, as you may exceed the 30-day cure period for correction.

22 RESPA Reference:

23 Top Ten Document Exceptions 2. Mortgage / Deed of Trust Missing Riders - Tax Exempt (OHFA addendum) Need to record with the 1st Mtg Condo, Pud, Mfg Homes if applies Missing Pages of the mortgage and/or legal Notary Section left blank or incorrectly completed 3. Note Missing original / incorrect endorsement U. S. Bank National Association Incorrect payment terms / must be = 360

24 Top Ten Document Exceptions 4. Hazard & Flood Policies Names & addresses not matching other documents Proof of payment not in the file Hazard policies to USBank not OHFA Govt loans hazard and Flood Deductibles *Not Greater $1,000 or 1% of the face amount of the policy Conv Deductibles *Cant exceed 5% of the face amount of the policy * Condominium Units All Loans HO-6 Walls in coverage

25 Top Ten Document Exceptions 5. Compliance Approval from OHFA 6. Underwriting Loans are incorrectly put through DU Missing Loan Underwriting Transmittal Summary 7. Assignment Not included in loan file / not assigned correctly U. S. Bank National Association

26 Top Ten Document Exceptions 8. Manufactured Housing Documentation Reference full manufactured housing guidelines through our website at Evidence of title being surrendered to state, model number/name on Security Agreement NOTE: Title must be surrendered at closing Security Instrument missing information on Mfg. Home Cannot combine Manufactured home and 203ks

27 Top Ten Document Exceptions 9. Appraisal Not included or missing pages 10. HUD-I Calculations and amounts are incorrect DPA assistance is not properly identified Missing signed copy of the final Hud Monthly escrows not collected

28 Reference Endorsements / Assignments U.S. Bank National Association Borrower Payment Address and Website: U.S. Bank Home Mortgage P.O. Box Bedford, OH Hazard Insurance / Loss Payee Clause: U.S. BANK National Association its successors and or assigns as their interest may appear. c/o U.S. Bank Home Mortgage P.O. Box 7298 Springfield, OH

29 Loans With Exceptions U.S. Bank will communicate all loan exceptions to a designated person via fax, phone, weekly recap report. Must clear within 2 weeks from posting Exceptions received are reviewed for accuracy Once all outstanding deficiencies have been resolved, USB will purchase the loan. Loans are purchased daily Provide separate cover letter/sheet for each loan to include U.S. Bank loan number Attach weekly exception report identifying specific exception items and send to: mrbp.exceptions@usbank.com

30 Final Documents Organize documents according to checklist All lenders are responsible for delivery of documents to USBank Home Mortgage Due in 90 days from purchase A late fee of $50 will be assessed after 90 days Deliver to: Document Control Rockside Road Bedford, Ohio Final Doc Supervisor Darlene Kreigh darlene.kreigh@usbank.com (216)

31 Post-Close Final Doc Exceptions Title Policy: Mortgage amount is missing Schedule A, item 4 contains incorrect mortgage recording information Name of insured is incomplete (needs to mirror mortgage and have it s successors and/or assigns ) Missing required endorsements Second Mortgages: Closing date is incomplete / Missing marital status of borrower(s) Incorrect maturity date / Legal description missing Tax Exempt Rider is recorded with Second Mortgage instead of the First Mortgage Assignments: Missing

32 Lender Scorecard Quarterly analysis is completed based on performance of loans purchased Loans placed on exception and not purchased within required timeframes YTD deficiencies, delinquency, foreclosure & bankruptcy Final recorded documents over 240 days outstanding Lenders are advised in writing of any issues

33 Lender Help Desk Help Desk Status of loans Status of documents received Loan Deficiencies / Exceptions Program guidelines General information the Help Desk mrbp.helpdesk@usbank.com

34 Customer Service MRBP Servicing Location Rockside Road Bedford, OH All MRBP Bond Loans serviced from this facility! Borrower Payment Address and website: U.S. Bank Home Mortgage P.O. Box Bedford, OH Customer Service Toll Free Number Hours: Monday Friday 7:00 am 8:00 pm EST

35 Customer Service Borrowers receive monthly billing statements Spanish-speaking Customer Service & Default Representatives Interactive Voice Response System 24 hours a day

36 Customer Service-continued Mortgagor Website Access (24 /7) Call Center Operations M-F; 7:00am 8:00pm (EST) Default Servicing Call Center Operations 8:00am 8:00pm (EST) Flexible Payment Methods: ACH, U.S. Bank branch, mail, website, phone

37 Home Retention Maintain Homeownership US Bank s mission Minimize the number of delinquent loans through customer contact, education, and awareness through early contact and counseling, which are keys to successful loss mitigation. Our goal is to offer any attempt to initiate a repayment plan or a loss mitigation workout option. U.S. Bank interviews borrowers about their reason for default and provide options that are available to help. Borrowers have the ability to establish repayment plans online DVD video We d like to help mailed to borrowers.

38 Help Desk Lenders Call toll-free Underwriting

39 THANK YOU For your participation in the OHIO HOUSING FINANCE AGENCY programs! 02/