Correspondent Lender Seller Guide

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1 Correspondent Lender Seller Guide Contents I. Requirements of the Correspondent... 2 A. General Requirements... 2 B. Compliance Requirements... 2 II. Loan Delivery to Correspondent Lending Division... 3 A. Origination Responsibilities of Correspondent... 3 B. Delegated Correspondent Post Closing Responsibilities... 4 C. Non Delegated Correspondent Post Closing Responsibilities... 4 D. Loan Registration... 4 E. Non Delegated Correspondent Loan Delivery for Underwriting Review... 5 F. Correspondent Loan Delivery for Purchase (Delegated)... 5 G. Correspondent Loan Delivery for Purchase (Non Delegated)... 5 III. Purchase of Correspondent Loans... 6 A. Correspondent Purchase... 6 B. Important Deadlines... 6 IV. FHA 203K(S)... 7 A. Purchase Transactions... 7 B. Refinance Transactions... 7 C. Delivery of a FHA 203K(s) loan to CPM... 7 D. Transfer of FHA 203K(s) loan to CPM

2 I. Requirements of the Correspondent A. General Requirements For Non Delegated correspondent relationships, complete execution of and approval of CountryPlace Mortgage, Ltd. Correspondent Loan Purchase Agreement and application package For delegated Correspondent relationships, complete execution and approval of CountryPlace Mortgage, Ltd. Correspondent Loan Purchase Agreement, Delegated Underwriting Addendum to Correspondent Loan Purchase Agreement and application package Correspondent will be required to comply with all advance disclosures as required by RESPA, state specific guidelines and all other regulatory agency guidelines Correspondent is responsible for verifying loans do not exceed any state predatory lending law thresholds and/or is not considered a high cost loan. Correspondent is to comply with all representations and warranties as defined in the CountryPlace Mortgage, Ltd. Correspondent Loan Purchase Agreement B. Compliance Requirements Within 90 days of the close of fiscal year end, Correspondent must provide CountryPlace Mortgage (CPM) with updated financial documentation to If Correspondent has made changes in the past year of ownership or how they conduct business, Correspondent must provide updated information in a timely manner to remain an approved client of CPM. Annual Review. To ensure the financial condition of the Correspondent is being maintained, CPM shall annually request the most current audited financial statements. The annual review of financials shall also include the following: 1. Previous year total loan volume 2. Current net income/loss 3. Current cash position 4. Yearly volume commitments 2

3 CPM shall conduct an annual recertification to ensure the effectiveness of the contractual obligations between Correspondent and CPM. The recertification shall include the following: 1. Management changes this section shall include a list of all management changes over the past year and a current resume for each individual. 2. Origination Information this section shall include the previous year s total loan originations and the percentage of mortgage loan volume. 3. Compliance Information this section shall include any existing, new, or amended mortgage lending laws and regulations. 4. Legal Inquiry this section shall include suspension or termination of any investor or agency and provide a list of legal suits or claims against Correspondent. Annual Recertification must be verified by a senior officer of Correspondent lender. II. Loan Delivery to Correspondent Lending Division A. Origination Responsibilities of Correspondent Issue early disclosures per Federal, State and Agency regulations Issue CPM required disclosures: 1. Reference Form Two family member references which must include full name and telephone number *executed at closing 2. Undisclosed Liability Disclosure statement from client stating no new liabilities have been established since the date of the credit report being used to qualify (must include credit report reference number). This form must be signed within 10 days of closing or at closing (NOT required for FHA) 3. Interest Rate Lock Agreement This disclosure is state specific and should comply with state requirements 4. Good Faith Estimate Intent to Proceed 5. Written List of Providers 6. Notice to Borrower Regarding FHA Insurance on Combination Construction/Permanent Loans Disclosure (construction to permanent loans only) Complete all FHA connection tasks Case Number Assignment (Case Number Assignment must have property code 77 for manufactured homes), Case Query with MIP factors, LDP/GSA Utilize 4506 T and provide most recent 2 years tax transcripts Social Security Verification from third party 3

4 For non delegated correspondents, CPM will draw closing documents in Correspondent s name upon request. If CPM draws closing documents, Correspondent s MIN number must be provided on doc request. CPM will send initial closing instructions to Correspondent. Correspondent will work HUD with the title company and send final HUD for CPM approval Correspondents drawing their own closing documents a sample set of FHA/Conv (as applicable) closing documents must be reviewed/approved by CPM Compliance Team For conventional loans with loan to value ratio above 80%, provide MI Company with loan details including the submission of any underwriting documents necessary to issue certification of private mortgage insurance. Correspondent is responsible for obtaining and providing PMI certificate in correspondent s name B. Delegated Correspondent Post Closing Responsibilities Correspondent is responsible for the Mortgage Insurance Certificate Correspondent is responsible for MERS transfer Correspondent is responsible for Hazard Insurance transfer Correspondent is responsible for Flood Cert transfer Correspondent is responsible for Good Bye letter Upfront mortgage insurance premiums to be paid by correspondent If any payments have been collected by correspondent, any monthly mortgage insurance premiums collected will need to be paid by correspondent For FHA, mortgage record update needed via FHA connection (CountryPlace Mortgage should be listed as current holder and new servicer) C. Non Delegated Correspondent Post Closing Responsibilities CPM is responsible for the Mortgage Insurance Certificate Correspondent will be responsible for MERS transfer Correspondent is responsible for Hazard Insurance Transfer Correspondent is responsible for Flood Cert transfer Correspondent is responsible for Good Bye letter Upfront mortgage insurance premiums to be paid by correspondent If any payments have been collected by correspondent, any monthly mortgage insurance premiums collected will need to be paid by correspondent For FHA, mortgage record update needed via FHA connection (CountryPlace Mortgage should be listed as current holder and new servicer) D. Loan Registration Correspondent will register loans through the CPM customer portal by uploading a Fannie Mae 3.2 file. This will generate a CPM loan number 4

5 Once a loan number is assigned, Correspondent will be able to lock the loan via the Lock Rate tab found on the CPM customer portal Loan must be delivered to CPM by Correspondent on or before rate lock expiration date CPM will communicate purchase conditions to Correspondent within 5 business days of receipt of file for purchase Correspondent will deliver all conditions for purchase that have been communicated by CPM within 10 business days. If all conditions are not received by end of business on the 10 th business day, the interest rate lock will expire and loan will be subject to worst case pricing as described in the CPM rate lock policy E. Non Delegated Correspondent Loan Delivery for Underwriting Review After uploading a Fannie Mae 3.2 file, access the registered loan via the Imaging tab on the customer web portal. Upload one PDF file using the document code Initial Underwriting Submission. The file must be stacked using the Submission Checklist Stacking Order document under Submission Forms on the customer portal Submission must include CPM Product Specification Form and Correspondent s fee worksheet detailing all itemized closing costs and prepaid items. The Product Specification Form can be found on the customer portal under Resources. Loan will be submitted to Underwriting and initial decision will be posted within turn times listed on Announcements tab of CPM customer portal F. Correspondent Loan Delivery for Purchase (Delegated) Access the loan via CPM customer portal (loan will have been registered and locked prior to delivery) Upload purchase file to CPM customer portal in order of Correspondent Purchase Checklist (see CPM Correspondent Purchase Checklist) To upload purchase file, go to sign in, and select Imaging From loan list, select the file being submitted for purchase Select Document Code CORRESPONDENT PURCHASE PACKAGE or EXECUTED CLOSING DOCUMENTS and Browse for applicable document to upload Select Upload File and a notification will be sent to appropriate parties at CPM G. Correspondent Loan Delivery for Purchase (Non Delegated) Access the loan via CPM customer portal (loan will have been registered and locked prior to delivery) Upload purchase package to CPM customer portal (because CPM has reviewed and cleared the credit package, only the collateral package is needed when delivering for purchase) 5

6 Upload purchase file, go to sign in, and select Imaging From loan list, select the file being submitted for purchase Select Document Code EXECUTED CLOSING DOCUMENTS and Browse for purchase package PDF Select Upload File and a notification will be sent to appropriate parties at CPM III. Purchase of Correspondent Loans A. Correspondent Purchase CPM will review loans delivered for purchase within 5 business days Loans submitted in purchasable condition will be purchased within 5 business days of delivery Proof of any MIP payment must be included with purchase package. If it is not included, CPM will assume it has not been paid and deduct any premiums due from the correspondent s purchase advice Proof of Title Elimination for Manufactured Homes must be complete prior to purchase Original note must be sent to CPM s corporate office located at Spectrum Dr. Ste. 550, Addison, TX Attn: Correspondent Purchase Department Proof of MIC within 10 business days of file being purchased (Delegated only) From time to time, CPM will perform an underwriting review of files submitted. The review may be pre or post purchase and Correspondent will have 20 days from the date of CPM findings to deliver any outstanding conditions Trailing documents are due within 120 days of file being purchased. Trailing Documents: Original Final Title Insurance Policy with Alta 7, 8.1 & 9 (7 applies to MH product) Original Recorded Mortgage/Deed of Trust with all riders (For MH product, home information must match Proof of Title Elimination) Original Recorded Affixation Affidavit (MH Product Only) Copy of Recorded Warranty Deed (Purchase if applicable) B. Important Deadlines All CPM prior to purchase conditions should be delivered to CPM within 10 business days (failure to deliver all conditions needed to purchase the file in this time frame will result in the expiration of the loan s rate lock) Proof of MIC is due within 10 business days of file being purchased From time to time, CPM will perform an underwriting review of files submitted. The review may be pre or post purchase and Correspondent will have 20 days from the date of CPM findings to deliver any outstanding conditions 6

7 Trailing documents are due within 120 calendar days from purchase Trailing Documents: Original Final Title Insurance Policy with Alta 7, 8.1 & 9 (7 applies to MH product) Original Recorded Mortgage/Deed of Trust with all riders (For MH product, home information must match Proof of Title Elimination) Original Recorded Affixation Affidavit (MH Product Only) Copy of Recorded Warranty Deed (Purchase if applicable) **CPM, at CPM s discretion, may require the repurchase of a file if these deadlines are not met by Correspondent IV. FHA 203K(S) A. Purchase Transactions Correspondent will fund the contract price of the transaction Correspondent will fund any initial draw to contractors and will be required to provide documentation any initial draw is for materials only B. Refinance Transactions Correspondent will fund any payoff on the subject property Correspondent will fund any initial draw to contractors and will be required to provide documentation any initial draw is for materials only C. Delivery of a FHA 203K(s) loan to CPM Upon funding contract price/payoff and initial draws, Correspondent can deliver the loan to CPM for purchase CPM will administer contractor s remaining draw D. Transfer of FHA 203K(s) loan to CPM Correspondent will follow the same guidance found in the previous sections of the CPM Correspondent Lender Guide for registration, lock and delivery of an FHA 203K(s) loan to CPM CPM will send a welcome letter and a disbursement guide to the borrower after purchase of the loan from Correspondent. The disbursement guide will give an overview of the final draw process and the key CPM contacts Correspondent may be contacted, after purchase to assist in contacting a borrower or contractor if needed. This is not a normal practice for CPM, but this practice will be utilized when absolutely needed **See CPM 203K(s) instruction for more details on the CPM 203K(s) program guidelines 7

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