Delivery & Funding Presentation 2004 Series 5 & 6 MRB PROGRAM U.S. Bank Home Mortgage MRBP Division Master Servicer
MRBP Division 17500 ROCKSIDE ROAD BEDFORD, OH 44146-2099
FHFC s s 2004 Series 5 & 6 Program Florida Housing offers greater opportunity for low and moderate-income families to realize their dreams of owning a home through its First-Time Homebuyer Program Below market interest rates FHA, VA, RD, or Conv. Loan Products 30 year fixed rate mortgage HOME/HAP DPA/HAMI loans available
P HOME/HAP DPA Programs Underwriter must certify information on website to be correct purchase price, CLTV, loan amount and 2 nd loan information NOTE: If Underwriting Certification and 2 nd Mortgage Certification has not been received, it will NOT be funded. Complete HOME/HAP Subsidy funds request online 48 hours prior to loan closing Fax 2 nd Note/HUD-I with transmittal to USBHM 48 hours prior to closing USBHM will review information and lender will be contacted if information not received or discrepancies If information is correct, lender will receive the 2 nd Mortgage funds at closing NOTE: If 1 st Mortgage NOT purchased, lender is responsible for reimbursing the 2 nd Mortgage funds
U.S. BANK HOME MORTGAGE - MRBP DIVISION USBHM LOAN NUMBER LENDER NAME CONTACT PERSON PHONE NUMBER FAX NUMBER EMAIL ADDRESS BORROWER S NAME FAX TO KAREN GREENWOOD (216) 475-8699 OR (216) 475-8622 Phone: (216) 475-8330 INCLUDE THE FOLLOWING WITH THIS TRANSMITTAL COPY OF 2 nd Note PRELIMINARY HUD 1 SETTLEMENT STATEMENT
PREPARATION FOR DELIVERY
Please have Originators, Shippers & Closers review the documentation and manuals accessible at www.mrbp mrbp.usbank.com Any questions contact your USBHM program team!
Use correct checklist for loan type being delivered Use boxes on checklist to verify documents are included in delivered loan file Make sure all documents are completed and correctly executed before shipping the loan file.
USBHM must approve any type of secondary financing used in conjunction with the first mortgage. Lenders must provide U.S. Bank Home Mortgage with the following information for all forms of secondary financing: 1. Note 2. Mortgage 3. Program Description 4. Funding Source All 2nd Mortgages must be clearly identified on both the 1003 & Hud-1. These documents must be delivered to USBank Home Mortgage, for review and approval. Attention: Product Development Manager
Provide Complete Contact Information and Wiring instructions Submit closed Mortgage Loan File(s) in order of Delivery Checklist Loan must be shipped immediately after closing, within required timeframes Advise borrower loan will be sold to U.S. Bank Deliver Loan Files To: 17500 ROCKSIDE ROAD, BEDFORD, OH 44146-2099
PROGRAM Participating Lender FHFC 2004 5 & 6 Mailing Address Main Phone Number Customer Toll Free Number* Shipping Super Shipping Staff Shipping Staff Fax # for Above Email Address Final Documents Fax # for Above Contact Name Contact Name *required Phone Number Phone Number Email Address Do you have the ability to interim service loans? Yes No (requires loan purchase at original balance) Wire Instructions ABA Number Account Number Bank Name Purchase Advice Attn: Fax # for Purchase Advice Email Address Please complete and fax to 216-475-8627 - Attention: Ralph Pasterak
What happens when the file is received. Receives a date stamp and logged into our system Compliance package is removed and sent overnight to Bond Compliance Set up with a jeeter file, labeled with USBHM loan number USBHM will thoroughly review the loan NOTE: 72 hour turnaround or less from receipt to purchase on exception free compliance approved files Loan is purchased and transferred to U.S. Bank s Servicing system
ORIGINAL NOTE: Endorsed to U.S. Bank N.A. MERS Loan? Use MOM Docs / Include MIN number FHA/VA/RD Loans-Case number-matches other docs Originating Lender name is consistent with other documents in file If Borrowers undersign, (name affidavit required) Borrowers typed name(s) under signature Co-Signers Rural Housing Loans Execute NOTE only FHA Docs recommended COLLATERAL A KEY TO SUCCESS!
MORTGAGE: (copy) COLLATERAL REVIEW PROCESS Completed Mortgage all pages included Complete legal description matches appraisal All fields are completed to include, maturity date, marital status, notary section Tax Exempt Rider and all other applicable riders (condo, pud, etc.)are attached Intangible tax verbiage to read Each Mortgage shall bear the legend set forth on the face thereof THIS MORTGAGE IS EXEMPT FROM TAXATION PURSUANT TO SECTIONS 199.183, 420.513 (1) FLORIDA STATUTES. ASSIGNMENT: (copy) Completed Assignment to U.S. Bank N.A., its successors and or assigns as their interest may appear Pertinent fields completed, include names and signatures
HOME/HAP DPA/HAMI 2 nd Mortgage Programs COLLATERAL REVIEW Use applicable Note for HOME/HAP DPA or HAMI 1) Original Note - Mortgagee is Florida Housing Finance Corporation. - Typed names must appear below borrower s signatures 2) Copy of Mortgage (with complete legal description) VERIFY THE FOLLOWING: - Correct tax verbiage appears on the Note and Mortgage - Applicable signed DPA acknowledgement form is in file ** HAMI LOANS ONLY, 2 nd Truth-In In-Lending is required.
We verify. HUD-I Settlement Statement Calculated per diem interest correct Escrow reserves required ALL Bond loans are reflected Escrow and Sales Price amounts are accurate Hazard Insurance Policy/Binder Complete and Accurate Information 1 yr. Proof of payment (POC n/a) Sufficient Dwelling Coverage Flood Certification/Insurance Certificate issued for life of the loan Transferable to USBHM Proof of insurance and payment, if applicable
Frequently overlooked items. Title Commitment/Tax Certification Contains complete & accurate information and evidence of tax payment made Mortgage Insurance REMINDER: You are required to make monthly MI payments until loan is purchased by USBHM Termite Reports Infestation requires treatment. Damage resulting from previous infestation must have structural engineer assess damage and recommend if repairs are required. Final Inspection clearing ALL noted repairs, if applicable Sales / Purchase Contract Rural Housing ALL documentation included, if applicable
Overlooked items continued. Homebuyer Education Certification First Payment Letter IRS Form 4506 Underwriter Approval Loan Acknowledgment W-9 Form Final 1003 signed by interviewer Applicable Disclosures Final TIL Survey
Posted online for immediate referral or communicated by: PHONE FAX REPORT When exceptions are received they are reviewed for correctness Once ALL outstanding deficiencies have been resolved, purchase of the loan occurs within 24 hours
PAYMENT INFORMATION Borrower Payment Address and website: U.S. Bank Home Mortgage P.O. Box 468002 Bedford, OH 44146-8002 www.usbankhomemortgage.com Monthly statement sent to borrowers instead of 12 month coupon booklet Borrowers can make payment online at www.usbankhomemortgage.com and see payment transaction / loan information. Borrowers can make their payment directly at any U.S. Bank Branch
Note Endorsements / Assignments: Lender Changes Names, DBA s etc.. Please Notify: Elaine Wojtowicz 216-475-8268 216-475-8619 fax U.S. BANK N.A. *MERS: *USB Mers ID # 1000212 Hazard Insurance / Loss Payee Clause: U.S. BANK N.A. its successors and or assigns as their interest may appear. c/o U.S. Bank Home Mortgage P.O. Box 7298 Springfield, OH 45501-7298 Borrower Payment Address and website: U.S. Bank Home Mortgage P.O. Box 468002 Bedford, OH 44146-8002 www.usbankhomemortgage.com
HFA Support Lender Support Program Support HFA Account Executive Lender Support Specialist Program Development Manager Production Coordinator Exceptions Specialist Program Manager HFA Client Support Loan Review Supervisor Underwriting Manager HFA Servicing Analyst
QUESTIONS??? Ask Status of loans scheduled for funding Status of documents received Loan Deficiencies/Exceptions Program guidelines General information
U.S. Bank Home Mortgage MRBP Division YOUR TEAM IN LOAN REVIEW/PURCHASE DEPT Rod Martin, Vice President Loan Review/Purchase rodney.martin@usbank.com (216) 475-8236 Ronald Moore, Supervisor Loan Review ronald.moore@usbank.com (216) 475-8693 Jenice McDuffie, Lender Support Specialist jenice.mcduffie@usbank.com (216) 475-8406 Mykal Minor, Loan Exception Specialist mykal.minor@usbank.com (216) 475-8390
U.S. Bank Home Mortgage MRBP Division OTHER CONTACT REFERENCES Rita Connelly, Underwriting Manager rita.connelly@usbank.com (216) 475-8251 Shermaine Weathersby, Product Development Manager shermaine.weathersby@usbank.com (216) 475-8237 Elaine Wojtowicz, Client Support Executive elaine.wojtowicz@usbank.com (216) 475-8268
Loans purchased Daily / Amortized Provide loan histories, if app. Highlight special activity or reductions Net Purchase: (no checks) Current principal balance, interest, SRP Starting escrow Bond Review Fee $215.00 Tax Service Fee $65.00 Processing Fee $150.00 (HAMI Loans Only) Extension Fee (.25%), if applicable Purchase summaries faxed
Reasons for delay: Late delivery of Loan File Mortgage or Compliance Exceptions Uninsured Loans (over 90 days) FHA- MIC VA- LGC RD- LNG Lender communication is the key to minimize delays in resolving issues Avoid Repurchase: Audit Findings Comply with Program Requirements Insurable loans
Provide separate cover letter/sheet for each loan to include USBHM loan number Attach weekly exception report identifying specific exception items to your submission Partial submissions are always welcome!
Verify the integrity of final documents prior to delivery.. 1. MIC/LGC/LNG Reminder: Timely submission to agencies will alleviate delays in issuance of the certificate/guarantee 2. Recorded Mortgage: All applicable riders attached contains appropriate tax verbiage 3. Final Title Policy: Mortgagor Name, Address, & Legal Description are correct 4. Recorded Assignment: All information is completed & accurate
Organize documents according to checklist Due in 90 days A late fee of $50 will be assessed after 90 days Deliver to: Document Control 17500 Rockside Road Bedford, Ohio 44146-2099 Contact Document Control Supervisor Darlene Kreigh darlene.kreigh@usbank.com (216) 475-7739
Thank you for participating in the program!