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Welcome Closed Loan File Submission and Review Welcome Closed Loan File Submission and Review

Welcome Closed Loan File Submission and Review - PowerPoint Presentation

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Welcome Closed Loan File Submission and Review - PPT Presentation

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#

Slide2

Homeownership 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

Slide3

Reservation 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

.

3

4/01/2015

Slide4

Reservation 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

4

4/01/2015

Slide5

Reservation 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

5

4/01/2015

Slide6

4/01/2015

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.

Slide7

4/01/2015

7

Reservation Process

All Programs

Watch Pipeline

If

the purchase dates cannot be met

ONLY

MFA can grant extensions

Slide8

4/01/2015

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

Slide9

4/01/2015

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.

Slide10

4/01/2015

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

Slide11

4/01/2015

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

Slide12

4/01/2015

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

Slide13

4/01/2015

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

Slide14

4/01/2015

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

Slide15

4/01/2015

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

Slide16

Second Mortgage Allowable Fees

16

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

Slide17

4/01/2015

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)

Slide18

4/01/2015

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

Slide19

4/01/2015

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

Slide20

4/01/2015

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

Slide21

4/01/2015

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

Slide22

4/01/2015

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

Slide23

4/01/2015

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.

Slide24

4/01/2015

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)

Slide25

4/01/2015

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

Slide26

4/01/2015

26

Compliance Guidelines

Questions

?

Slide27

4/01/2015

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

Slide28

4/01/2015

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)

Slide29

4/01/2015

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

Slide30

4/01/2015

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.

Slide31

4/01/2015

31

Second Mortgage MFA Closing Documents

Note and Mortgage

(Mortgage

Booster)

Complete the Organization and Loan Originator NMLS # below the signature lines

Slide32

4/01/2015

32

Second Mortgage MFA Closing Documents

Mortgage Booster Program

Loan Breakdown Form

Loan Disclosure

Slide33

4/01/2015

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)

Slide34

4/01/2015

34

Compliance Guidelines

Questions

?

Slide35

4/01/2015

35

Compliance Guidelines

Second Mortgage closed Loan Files Delivered to MFA

Slide36

4/01/2015

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

Slide37

4/01/2015

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.

Slide38

4/01/2015

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.

Slide39

4/01/2015

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

Slide40

4/01/2015

40

Compliance Guidelines

Review of MFA’s Second Mortgage Closed Loan Checklist

Slide41

4/01/2015

41

Second Mortgage

Closed Loan Conditions

Please send all suspense conditions at once – this will speed up the process.

Slide42

4/01/2015

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

Slide43

4/01/2015

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.

Slide44

4/01/2015

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.

Slide45

4/01/2015

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

Slide46

4/01/2015

46

Compliance Guidelines

Questions

?

Slide47

4/01/2015

47

Compliance Guidelines

First Mortgage closed Loan Files Delivered to

Idaho Housing and Finance

Slide48

4/01/2015

48

Idaho Housing

Please let your borrowers know that their loan will be serviced by

HomeLoanServ

(Servicing Division of Idaho Housing and Finance)

Slide49

4/01/2015

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

Slide50

4/01/2015

50

Idaho Housing

Tax Service Fee

$59.00

Slide51

4/01/2015

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”

Slide52

4/01/2015

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

Slide53

4/01/2015

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.

Slide54

4/01/2015

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

Slide55

4/01/2015

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

Slide56

4/01/2015

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

Slide57

4/01/2015

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…

Slide58

4/01/2015

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

Slide59

4/01/2015

59

Idaho Housing

Lender Connection

Point your web browser to

www.housingnm.org

Click on the

“Login

” tab at the top of the page.

Slide60

4/01/2015

60

Idaho Housing

Lender Connection

Click on drop down in the center of window and select “Lender Connection Idaho Housing”

Slide61

4/01/2015

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

Slide62

4/01/2015

62

Idaho Housing

Lender Connection – Log In

Type in your user name and password and click “Log In.”

Slide63

4/01/2015

63

Idaho Housing

Lender Connection – Main Page

The main page lists all of MFA’s loan products

Slide64

4/01/2015

64

Idaho Housing

Lender Connection – Main Page

The main page lists all of MFA’s loan products

Slide65

4/01/2015

65

Idaho Housing

Lender Connection – Idaho Loan Number

This screen provides details about the loan, the borrower and the property.

Slide66

4/01/2015

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

Slide67

4/01/2015

67

Idaho Housing

Lender Connection – Purchase Advice

Slide68

4/01/2015

68

Idaho Housing

Lender Connection – Purchase Advice

Slide69

4/01/2015

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

Slide70

4/01/2015

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

Slide71

Contact 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

71

4/01/2015

Slide72

Contact Information

Homeownership

Staff

Teri Baca, Homeownership Representative505-238-7375; tbaca@housingnm.orgEunice Duran, Homeownership

Representative505-239-1301; eduran@housingnm.org

72

4/01/2015

Slide73

4/01/2015

73

Compliance Guidelines

Questions

?

Slide74

4/01/2015

74

Compliance Guidelines

Thank you from all of us at the MFA for your participation in our programs