ohio housingwell as specific loan product (fha, va, rd, fannie mae, freddie mac etc..) underwriting...
TRANSCRIPT
File Delivery and Purchase
Ohio Housing &
U.S. Bank Home Mortgage-MRBP
Division
Lou Caresani
2013
USBank Home Mortgage
Delivery and Funding
Top Ten Exceptions
Help Desk
Customer Service
Underwriting
Agenda
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
– www.mrbp.usbank.com
U.S. Bank Home Mortgage MRBP
AFFORDABLE HOUSING DIVISION
17500 Rockside Road , Bedford, OH 44146
MRBP
Team
300
Strong
Loan Review
Purchase
Securitize
Service
Final Docs
Service
HFA
Programs
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 800-562-5165.
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
17500 Rockside Road
Bedford, OH 44146
All closed loans delivered for purchase will be reviewed
within 10 days from the time of receipt by U.S. Bank.
Closed Loan Delivery to U.S. Bank
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
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
Program Facts
Origination 1.00 0.00
Commitment Fee 0.00 0.00
Discount 0.00 0.00
Servicer Pays SRP 1.00 2.00
Lender Net 2.00 2.00
Minimum: $1500
Lender Compensation USBank Program Fees
Funding $ 200.00
Tax Service 85.00
Total $ 285.00
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
Conventional Loan Fees
Adverse Market Fee .25%
LLPA = -0- %
Delivery and Funding
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 (800-562-5165)
Access information at: www.mrbp.usbank.com
Select U.S. Bank Lending Manuals
www.mrbp.usbank.com
Select Continue to Access Allregs
Resources
US Bank Bulletins
Example
Bulletin
Delivery & Funding Program Information
Example Checklist
Lender Contact Information
Complete
Contact
Information
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
– 2nd Mtg. loans closed after 7-1-13 will be reimbursed by USBank upon purchase of the 1st Mtg.
Top 10 Documents Exceptions
1. TIL or MDIA Issues
Early T-I-L not in file on 1st mortgage
or 2nd 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.
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.
RESPA Reference: http://www.hud.gov/offices/hsg/rmra/res/respa_hm.cfm
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
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”
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”
8. Manufactured Housing Documentation
Reference full manufactured housing guidelines through
our website at www.mrbp.usbank.com
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
Top Ten Document Exceptions
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
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 45501-7298
Endorsements / Assignments “U.S. Bank National Association”
Borrower Payment
Address and Website:
U.S. Bank Home Mortgage
P.O. Box 468002
Bedford, OH 44146-8002
www.usbankhomemortgage.com
Reference
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:
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 17500 Rockside Road
Bedford, Ohio 44146-2099
Final Doc Supervisor Darlene Kreigh – [email protected]
(216) 475-7739
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
Post-Close Final Doc Exceptions
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
Lender Help Desk
E-Mail the Help Desk [email protected]
Status of loans
Status of documents received
Loan Deficiencies / Exceptions
Program guidelines
General information
Help Desk 1-800-562-5165
MRBP Servicing
Location
17500 Rockside Road
Bedford, OH 44146
All MRBP Bond Loans
serviced from this facility!
Customer Service Toll Free Number 800-240-7890
Hours: Monday – Friday
7:00 am – 8:00 pm EST
www.usbankhomemortgage.com
Customer Service
Borrower Payment
Address and website:
U.S. Bank Home Mortgage
P.O. Box 468002
Bedford, OH 44146-8002
www.usbankhomemortgage.com
Customer Service
Borrowers receive monthly billing
statements
Spanish-speaking Customer Service &
Default Representatives
Interactive Voice Response System – 24 hours a day
Customer Service-continued
Mortgagor Website Access (24 /7) – www.usbankhomemortgage.com
Call Center Operations – M-F; 7:00am – 8:00pm (EST) – 800-240-7890
Default Servicing Call Center Operations – 8:00am – 8:00pm (EST)
Flexible Payment Methods: – ACH, U.S. Bank branch, mail, website, phone
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.
For your participation
in the
OHIO HOUSING
FINANCE AGENCY
programs!
02/2008 20808135525
THANK YOU