Dial in number 641 7153276 Participant Access Code 297334 Homeownership Staff Erik Nore Director of Homeownership Anita Racicot Homeownership Specialist Cynthia Marquez Compliance Specialist ID: 808632
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Slide1
Welcome
Closed Loan File Submission and Review
Dial in number:
(641) 715-3276
Participant Access Code:
297334#
Slide2Homeownership Staff
Erik Nore, Director of Homeownership
Anita Racicot, Homeownership Specialist
Cynthia Marquez, Compliance SpecialistShawn Rasmussen, Lending SpecialistLisa Romero, Lending SpecialistBarbara Tashkandy, Lending CoordinatorTeri Baca, Homeownership RepresentativeEunice Duran, Homeownership Representative
2
4/01/2015
Slide3Reservation Process
All Programs
Reservation period
Loan must be purchased by Master Servicer no later than 60 days from the loan reservation date
First mortgage loans that are not purchased within the applicable timeframe must be extended or cancelled by the Lender.
No exceptions, for any reason will be made to the reservation policies
.
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4/01/2015
Slide4Reservation Process
All Programs
Extension Fees
Lender can request either a 15 day or a 30 day extension for the loan delivery, for a fee:15 day extension (0.1875% of the loan amount)
30 day extension (0.3750% of the loan amount)
Only
ONE
extension is allowed
Extension fee applies to first mortgage only
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4/01/2015
Slide5Reservation Process
All Programs
Extension Fees
In the event that a loan is not purchased by the Master Servicer within 60 days of loan reservation, a 30 day extension will automatically be applied, unless the Lender requests a 15 day extension from MFA prior to the 60 day loan reservation expiration date.
The extension fee may be charged to the borrower
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4/01/2015
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6
Reservation Process
All Programs
Extension Fees
If loan is
not
purchased within 75
(15 day extension)
or 90
(30 day extension)
days of the date of reservation
(including extension)
, loan can still be delivered, but will be purchased from Mortgage Lender on a
worst case, Mark-to-Market basis
that is determined at the time of purchase.
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7
Reservation Process
All Programs
Watch Pipeline
If
the purchase dates cannot be met
ONLY
MFA can grant extensions
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8
MFA Guidelines
Electronic/Digital Signature Policy
MFA now accepts electronic/digital signatures on all documents
except for the following:
Income disclosure letter
Any Borrower explanation letter
Lender certification/letter of explanation
YTD Profit and Loss for self-employed borrowers
Rental verification letters from Landlords
Original Note
Original Mortgage
Signature Affidavit
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9
MFA Guidelines
Minimum borrower cash contribution
MFA requires a minimum borrower cash contribution of $500.00, regardless of program type. HERO Program requires a $1,000.00 contribution.
Funds must be
from
the borrower and
cannot
be derived from any type of gift, grant, pro-rated taxes or down payment.
Slide104/01/2015
10
MFA Guidelines
Minimum borrower cash contribution
MFA requires the lender to provide
proof
of borrower’s funds on the Final First Mortgage Application in Section VII
and on
the
Final HUD
1
If the borrower contributes more than $
500 or $1,000
to the transaction (
i.e.
Earnest Money, POC Appraisal Fee) the borrower can get those funds back at closing
Slide114/01/2015
11
MFA Guidelines
Use of Mortgage Booster Funds
May
only
be used for minimum down payment and allowable closing costs
MFA will allow a principal reduction of up to $100 if the final Mortgage Booster loan is too high. The principal reduction
must
be applied to the
first
mortgage
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12
Fees to Borrower and Lender
Fees
Mortgage$aver: 1.00% Origination + 1.00% Discount to the borrower (s)
Mortgage$aver Zero, Mortgage$aver Plus and HERO: 0.00% Origination + 0.00% Discount to the borrower(s)
Lender will be paid 1.00% Origination when the loan is purchased by the Master Servicer
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13
Fees to Borrower and Lender
Fees
Mortgage$aver, Mortgage$aver Zero, Mortgage$aver Plus and HERO
Master Servicer (Idaho Housing) will pay a Service Release Premium of the Higher of 1.50% or $750
Slide144/01/2015
14
Second Mortgage Allowable Fees
Fees must be reflected on the initial GFE and TIL as well as any additional disclosures that are required.
Fees must also appear on the final HUD-1, in accordance with the applicable regulations
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15
Second Mortgage RESPA
Lender must provide a Truth in Lending (TIL) Statement and Good Faith Estimate (GFE) to the borrower for the
Mortgage Booster Program per RESPA Guidelines
Lender must re-disclose for MFA if the loan amount increases
NOTE:
The Payment$aver and Helping Hand programs are exempt because they are 0.00% non amortizing loans
Slide16Second Mortgage Allowable Fees
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4/01/2015
Lender may charge an Origination Fee for Mortgage Booster only of:
$100.00
Recording Fee (DPA Mortgages)
Actual Cost
Daily Interest Charges
Actual Cost
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17
Recapture Tax (IRS Imposed)
Only applies to
First
Mortgage loans funded from Tax-Exempt Bond proceeds
(Does not apply to HERO)
Will
only
be required if
all three
of the following events occur
Borrower sells the home during the first nine (9) years of ownership
Borrower has a net gain (net profit) on the sale of the home
Borrower experiences a substantial increase in their income (IRS formula will define)
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18
Servicing of Loans
Master Servicer will service all First Mortgage loan products
MFA will service all Second Mortgage loan products
Borrower will receive two coupons
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19
Servicing of Loans
Master Servicer will service all First Mortgage loan products
MFA will service all Second Mortgage loan products
Borrower will receive two coupons
Slide204/01/2015
20
DPA Funding
Process
Per HUD’s Directive, MFA must fund DPA directly to the title company
DPA must be Compliance Approved prior to MFA sending the wire to the title company
Slide214/01/2015
21
DPA Funding
Process
Lender must provide to MFA 24 hours prior to closing
Wire Request Form (Current form from MFA website)
Wire Instructions to the Title Company
Copy of the
FINAL
pre-close HUD 1
Need two (2) HUDs, if borrower obtaining a Mortgage Booster, Payment$aver, Helping Hand along with the MFA First Mortgage Loan
Slide224/01/2015
22
DPA Funding
Process
Copy of unsigned documents for funds being wired to title company
Note and
Mortgage
Upload
Wire Request and Attachments
via the secure on-line Document Imaging (On-Line Reservations) portal
Slide234/01/2015
23
DPA Funding
Process
MFA prepares wire requests once a day
Cut off time to receive wire requests/corrections is 10:00 am for wire to be sent out same day
Wires will be sent out by 3:00 pm to arrive at the title company by 5:00 pm same day
If property is a HUD or Bank owned property the funds need to be at title at the time of signing, be sure to request the funds to be sent to title the day before closing.
Slide244/01/2015
24
DPA Funding
Process
Mortgage$aver Plus DPA
MFA will wire 3.50% of final loan amount (must be entire 3.50%
including
cents)
HERO DPA
MFA will wire 3.00% of final loan amount (must be entire 3.00%
including
cents)
Slide254/01/2015
25
DPA Funding
Process
Mortgage
Booster loan
MFA will wire loan amount less interest collected on the 2
nd
mortgage HUD
Since MFA is sending the funds to the title company at the time of closing, the first payment will be due to MFA and not the lender
Slide264/01/2015
26
Compliance Guidelines
Questions
?
Slide274/01/2015
27
Closing Documents All Programs
Non-occupying
co-signer(s)
allowed**
not non-occupying
co-borrower(s)
Co-signer
will not
take title to property
Co-signer(s) must sign Note for first
and
second mortgages
** Co-signers are not allowed under the HFA Preferred Program
Slide284/01/2015
28
First Mortgage Closing Documents
Mortgage$aver Programs
Tax Code Documents
Affidavit of Purchaser
Affidavit of Seller
Notice of Potential Recapture
Tax Exempt Financing Rider attached to the first mortgage (FHA, Conventional or USDA loans)
VA Rider attached to the first mortgage (VA loan only)
Slide294/01/2015
29
First Mortgage Closing Documents
HERO Program
The following documents are not required for the HERO Program
No “Recapture” requirement
Tax Exempt Financing/VA Rider not required
Seller and Purchase Affidavits are not required
Slide304/01/2015
30
First Mortgage Insuring Package
The DPA Commitment Form issued at the time of Compliance Approval is included in the insuring package to the investor.
Slide314/01/2015
31
Second Mortgage MFA Closing Documents
Note and Mortgage
(Mortgage
Booster)
Complete the Organization and Loan Originator NMLS # below the signature lines
Slide324/01/2015
32
Second Mortgage MFA Closing Documents
Mortgage Booster Program
Loan Breakdown Form
Loan Disclosure
Slide334/01/2015
33
Second Mortgage MFA Closing Documents
Loan Break
Down
Final
Form to be completed at the time of closing or no later than when preparing the closed loan package for delivery to MFA (The figures on the form are the actual costs that appear on the final settlement statement)
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34
Compliance Guidelines
Questions
?
Slide354/01/2015
35
Compliance Guidelines
Second Mortgage closed Loan Files Delivered to MFA
Slide364/01/2015
36
Closed Loan File Delivery
Deliver all closed loan packages (First and Second)
simultaneously
to Idaho Housing and MFA
Deliver ORIGINAL
SECOND
NOTE to
MFA
Homeownership
Department, 344 4
th
Street SW, Albuquerque, NM
87102
Both the first and second are delivered electronically to different systems
First mortgage to Idaho via the Lender Connection
Second mortgage to MFA via the On-Line Reservations/Document Imaging Portal
Slide374/01/2015
37
Second Mortgage
Closed Loan File Delivery to MFA
Training on the portal is via a different presentation - the training will be provided on Thursday, July 23
rd
– please reference latest lender memo.
Slide384/01/2015
38
Second Mortgage
Closed Loan File Delivery
Common Mistakes
Loan
Breakdown
is
missing
If the form is missing it causes additional review time when the form is eventually sent in to clear the condition.
Slide394/01/2015
39
Second Mortgage
Closed Loan File Delivery
Common Mistakes
Be sure to include pre-close TIL along with final TIL
Loan must comply according to RESPA rules
Slide404/01/2015
40
Compliance Guidelines
Review of MFA’s Second Mortgage Closed Loan Checklist
Slide414/01/2015
41
Second Mortgage
Closed Loan Conditions
Please send all suspense conditions at once – this will speed up the process.
Slide424/01/2015
42
Second Mortgage
Closed Loan File
Pending
Conditions
All purchase pending conditions must be cleared with the Master Servicer (for first mortgage loans and MFA (for second mortgage/DPA program loans)
within 30 days of the issuance of the purchase pending notification
Slide434/01/2015
43
Second Mortgage
Closed Loan File
Pending
Conditions
Conditions need to be cleared ASAP.
All First Mortgage Loans need to be purchased by Master Servicer no later than
60 days from date of reservation.
Slide444/01/2015
44
Closed Loan Approval
Once all suspense conditions have been cleared for the second mortgage MFA will send a letter to the Lender. Which reads:
The above referenced closed loan file has been reviewed for QC and has no outstanding conditions.
See the following attachment for required final documents that are due no later than
00/00/0000
( 90 days from the funding [closing] date)
.
Please send a copy of this letter attached to the documents when returning them to MFA. This will help MFA process your documents faster. Thank you for your assistance.
Slide454/01/2015
45
Final Document Delivery
Final Documents for
SECOND mortgages
are to be delivered to
MFA.
Final Documents for
FIRST mortgages
are to be delivered to
Master Servicer.
Final Documents are due within 90 days of the date of purchase/funding
Please send the original Mortgage
plus
one (1) copy
Slide464/01/2015
46
Compliance Guidelines
Questions
?
Slide474/01/2015
47
Compliance Guidelines
First Mortgage closed Loan Files Delivered to
Idaho Housing and Finance
Slide484/01/2015
48
Idaho Housing
Please let your borrowers know that their loan will be serviced by
HomeLoanServ
(Servicing Division of Idaho Housing and Finance)
Slide494/01/2015
49
Idaho Housing
Ship
the closed loan documents to Idaho Housing and Finance using appropriate loan checklist and delivery mechanism.
Electronic Loan Delivery – Lender Connection Web Portal
Send
original Notes to IHFA street address Idaho Housing and Finance
565 W. Myrtle
Boise, ID 83702
Slide504/01/2015
50
Idaho Housing
Tax Service Fee
$59.00
Slide514/01/2015
51
Idaho Housing – Endorsing Note
Pay to the order of
Idaho Housing
and
Finance Association
Without Recourse
“Lender Name”
Signature
Signatory’s typed name, Title
Do not
use the ampersand “&” sign, must spell out “and”
Slide524/01/2015
52
Idaho Housing –
Allonge
Issues
Information should match the Note exactly
Borrower’s Name
Property Address
Loan Amount
Note Date (not closing date if different)
Endorsement should be per Idaho’s guidelines
Slide534/01/2015
53
Idaho Housing Review
Common Mistakes
UCDPs are required on HFA Preferred Program loans
The Uniform Collateral Data Portal® (UCDP®) is a single portal through which lenders electronically submit appraisal reports for conventional mortgages delivered to Fannie Mae or Freddie Mac. Through UCDP, lenders can upload appraisal data and view edits and submission details.
Slide544/01/2015
54
Idaho Housing Review
Common Mistakes
Checklists are not completed
Need contact information
Hazard Insurance is not transferred to IHFA
Need a letter of intent to transfer in file
Flood Certification is not transferred to IHFA
Need a letter of intent to transfer in file
If file was manually underwritten, need AUS
Slide554/01/2015
55
Idaho Housing
Final Document Delivery
Documents not required at time of purchase:
Original FHA MIC, VA LGC, USDA-RD LNG
Original ALTA Title Policy w/104 endorsement
Original recorded Trust Deed with riders
Original recorded Assignment, if not utilizing
MERS
Slide564/01/2015
56
Idaho Housing
Final Document Delivery
Lenders
will be required to certify delivery of these final documents within 90 days of the date of purchase by Idaho Housing and Finance
Slide574/01/2015
57
Idaho Housing
Assignments
If
utilizing MERS, IHFA # 1009670
If utilizing an Assignment:
FOR VALUE RECEIVED, the undersigned hereby grants, assigns and transfers to IDAHO HOUSING AND FINANCE ASSOCIATION, PO Box 7899, Boise, Idaho 83707 all beneficial interest under certain Deed of Trust Dated…
Slide584/01/2015
58
Idaho Housing
Lender Connection
Finding
you Master Servicer Loan Number
Loan number will start with 350 XXXXXX
Upload your electronic closed loan documents
Upload appraisals
Export your loan file 1003.FNM to the finalized reservation information provided by MFA.
Track loan status
Print purchase advice
Slide594/01/2015
59
Idaho Housing
Lender Connection
Point your web browser to
www.housingnm.org
Click on the
“Login
” tab at the top of the page.
Slide604/01/2015
60
Idaho Housing
Lender Connection
Click on drop down in the center of window and select “Lender Connection Idaho Housing”
Slide614/01/2015
61
Idaho Housing
Lender Connection – Log In
IHFA
will provide one person at every MFA lending partner’s office administrative login and rights to Lender Connection.
Your administrator will be able to provide you with a username and an initial log-in password.
From that point, you will be able to manage your personal account
Slide624/01/2015
62
Idaho Housing
Lender Connection – Log In
Type in your user name and password and click “Log In.”
Slide634/01/2015
63
Idaho Housing
Lender Connection – Main Page
The main page lists all of MFA’s loan products
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64
Idaho Housing
Lender Connection – Main Page
The main page lists all of MFA’s loan products
Slide654/01/2015
65
Idaho Housing
Lender Connection – Idaho Loan Number
This screen provides details about the loan, the borrower and the property.
Slide664/01/2015
66
Idaho Housing
Lender Connection – Upload Documents
Click “Upload Documents” to securely send loan documents to Idaho Housing
Documents must be in PDF format and less than 100 megabytes
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67
Idaho Housing
Lender Connection – Purchase Advice
Slide684/01/2015
68
Idaho Housing
Lender Connection – Purchase Advice
Slide694/01/2015
69
Idaho Housing
Contacts
Annie Smith, Customer Service
annies@ihfa.org
208-331-4813
General Master Servicing/Loan Program Questions
Liz
Calentino
, Loan Acquisition Specialist
lizc@ihfa.org
208-331-4837
Master Servicer loan purchase inquiries
Slide704/01/2015
70
Idaho Housing
Contacts
Mark
Suderman
, Loan Acquisition Lead
marks@ihfa.org
208-331-4870
Master Servicer loan purchase inquiries
General Mail Box
resloan@homeloanserv.com
800-219-2285
Slide71Contact Information
Homeownership
Staff
Anita Racicot, Homeownership Specialist505-767-2230; aracicot@housingnm.org
Cynthia Marquez, Compliance Specialist505-767-2238; cmarquez@housingnm.org
Shawn
Rasmussen, Lending
Specialist
505-767-2259; srasmussen@housingnm.org
Lisa Romero, Lending
Specialist
505-767-2208; lromero@housingnm.org
Barbara Tashkandy, Lending Coordinator
505-767-2261; btashkandy@housingnm.org
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4/01/2015
Slide72Contact Information
Homeownership
Staff
Teri Baca, Homeownership Representative505-238-7375; tbaca@housingnm.orgEunice Duran, Homeownership
Representative505-239-1301; eduran@housingnm.org
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4/01/2015
Slide734/01/2015
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Compliance Guidelines
Questions
?
Slide744/01/2015
74
Compliance Guidelines
Thank you from all of us at the MFA for your participation in our programs