Prior to a loan being purchased, all of the following items must be on file with Nationwide Bank.

Transcription

1 SELLER REQUIREMENTS Prior to a loan being purchased, all of the following items must be on file with Nationwide Bank. An executed Mortgage Purchase Agreement. Two years Audited Financial Statements. **Unaudited Financial Statements are not acceptable. Year-to-date or most recent quarter Financial Statements **Unaudited statements are acceptable. Nationwide Bank s Seller Application completed entirely. Wire Transfer Instructions Funding Cutoff Authorization Form. Details of relevant experience for each of the principal Mortgage Officers, Identifying current and previous employers, dates of employment, positions held and number of years experience in each position. Evidence of Fidelity Bond and Errors and Omissions Coverage. List of Approved Appraisers doing conventional or Rural Development appraisals and Appraiser Approval Procedures. A Resolution by the Board of Directors. A copy of the Insured Closing Letter issued by your Closing Agent's Title Insurance Sponsor. Evidence of State Licensing or Exemption. List of all Branch locations. Include main contact name, address, phone number, fax number, and address. A copy of the Quality Control (QC) Policy. A copy of the most recent Quality Control Report (including results of origination, processing, underwriting and closing audits). All items should be directed to the attention of: Correspondent Lending Nationwide Bank 1100 Locust St., Dept 2009 Des Moines, IA Reviewed 01/01/2016 1

2 SELLER APPLICATION Legal Name of Institution Address of Main Office City State Zip Address, If Branch Operation Type of Organization Year Founded Under Laws of What State Name and Address of Parent Company Number of Branches Mortgage Operations (processing, underwriting, and closing) are Centralized Decentralized. If decentralized, please explain List All States Where You Are Originating Mortgage Loans ( ) Primary Contact Person Title Phone Number Address Which Automated Underwriting System (AUS) do you use? ( ) Fax Number DO DU LP Request Delegated Underwriting Authority for: Agency Conventional? Y / N FHA Y / N VA Y / N Do you have a Direct Endorsed Underwriter on Staff? If yes, is your company an Automated Lender Insured through HUD? Y / N Y / N Who is your FHA Connection Administrator? (Contact Info) NAME PHONE Individual responsible for insuring government loans NAME PHONE Reviewed 01/01/2016 2

3 Do you currently retain servicing? If yes, please answer the following. Current volume in your servicing portfolio: Government $ Conventional $ Percent of servicing portfolio originated by your company: % Purchased Servicing % Delinquency ratio for most recent month: Government % Conventional % Approved or insured by: FHA VA GNMA FNMA FHLMC FDIC Have recent audits or exams by FDIC, FNMA, FHLMC, HUD, OCC, OTS or any other regulatory agency disclosed any substantial adverse findings? If so, please explain on an attached sheet. Direct Endorsement Lender? VA Automatic Lender? FHA Mortgagee Number: VA Lender ID: Name of PMI companies where you have Master Policies: VOLUME Total volume production and projected volume for : (est) Conventional $ $ $ % Manf. Govt. $ $ $ % Manf. JUMBO $ $ $ Subprime $ $ $ TOTAL $ $ $ % Retail/% TPO % % % % % % Regarding current production: What percentage is Best Effort Loan Level? % What percentage is Mandatory Loan Level? % What Percentage is Mandatory Bulk? % What percentage is Assignment of Trade % Reviewed 01/01/2016 3

4 VOLUME (Cont) Sources for Third Party Originated Business Volume of Business 1) 2) 3) 4) 5) Loans Closed By: Your Company Title Company Attorney Does your company carry Errors and Omissions Insurance? Fidelity Bond? Are any officers and employees excluded from the fidelity insurance errors and omissions coverage? Yes No (If yes, please explain on an attached sheet.) Does your company fall under a category requiring licensing in any of the states where you are lending? Does your company fall under a category requiring licensing, but you are exempt? (If yes, please provide evidence of that exemption.) Has your company or any employee ever been suspended from selling, servicing or underwriting by an investor, government agency or PMI company? Yes No (If yes, please explain on an attached sheet.) What is the mortgage origination software you use? Are you a member of MERS? Yes No If yes, MERS ORG ID: Do you use MERS as Original Mortgagee (MOM) docs? Yes No If no, will you assign to: MERS Servicer Who within your organization is responsible for MERS registrations and transfers? NAME PHONE What fraud detection system does your company use? Reviewed 01/01/2016 4

5 INVESTOR REFERENCES & WAREHOUSE BANK REFERENCES Investor Address City State Zip Contact Representative Phone # ( ) Investor Address City State Zip Contact Representative Phone # ( ) * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * Warehouse Bank Address City State Zip Contact Representative Phone # ( ) Warehouse Limit Warehouse Bank Address City State Zip Contact Representative Phone # ( ) Warehouse Limit Reviewed 01/01/2016 5

6 Welcome Letter Contact Information Nationwide Bank sends the borrower a Welcome Letter after we purchase your loan. Included in the Welcome Letter is the Notice of Servicing Transfer document. This document lists your company as the current servicer and Nationwide Bank as the new servicer. Please provide the servicing contact information you would like displayed on the document in those instances where the borrower may call you in regard to the servicing transfer of their loan: Company Name Contact (Person or Department) Address Phone ( ) Nationwide Bank Rates and Memo Distribution Please provide the contact information for individuals who will need to receive Nationwide Bank rate sheets and memos. Indicate with an (x) if the individual is to receive rates and memos. Attach an additional sheet if you have more individuals than space provides below. Reviewed 01/01/2016 6

7 PLEASE SUBMIT THE FOLLOWING ITEMS FOR LENDER APPROVAL/LOAN PURCHASE: A. AUDITED financial Statement of Condition including Balance Sheet and Income Statement for previous TWO YEARS B. Operating Statement for most recent quarter ending prior to this application date C. Credit Report Request Authorization (upon request) D. Wire Transfer Form E. Evidence of Fidelity Bond and Errors & Omissions Coverage. F. Details of relevant experience for each of the principal Mortgage Officers, identifying current and previous employers, dates of employment, positions held, and number of years experience in each position. G. Copy of the Resolution from the Board of Directors. H. List of currently approved appraisers and a copy of the procedures for Appraiser approval. I. Evidence of State Licensing or exemption. J. List of all branches. Include Branch address, phone # and a main contact or originator for that branch. It is agreed that Nationwide Bank is authorized to obtain references from any source named in this application. The undersigned certifies that: The institution's net worth as of the close of 20 is $. Next fiscal year end 20. The institution is duly organized and properly licensed to originate mortgage loans under the laws of its state of incorporation. Seller: _ The statements set forth in this application are true. By: Date: Print Name & Title Reviewed 01/01/2016 7

8 Wire Transfer Funding Nationwide Bank purchases loans with wire transfers on the day of funding. A breakdown of the funding will be uploaded to the Nationwide Bank Correspondent website on the purchase day for your review. Please be sure the Wire Transfer form on the attached page is completed with the financial package. If funds are to be sent to a warehouse bank, please be sure this is clearly identified on the instruction sheet. All loans will be funded according to the initial instruction sheet submitted. Funding Cutoff Authorization Please indicate on the attached form if you want all loans purchased from your company to have a cutoff date of the 15 th day of the month or the 25 th day of the month. Your choice will be input into our system and all loans will be purchased with that cutoff date. If the attached form is not returned, your default cutoff date will be the 25 th day of the month. Reviewed 01/01/2016 8

9 Nationwide Bank Wire Delivery Instructions Company: Street Address: City/State/Zip: Name of Bank: Street Address of Bank: City/State of Bank: Name on Account: _ ABA Routing Number: Account Number: Special Instructions: Name of person to receive funding information: Phone Number: Fax Number: Fieldman #: Address: Reviewed 01/01/2016 9

10 Funding Cutoff Authorization We,, hereby authorize Nationwide Bank to purchase loans from our organization with a funding cutoff date as indicated below. This date is effective for all loans purchased by Nationwide Bank. 15 th day of each month For loans purchased from the 16 th to the end of the month, selling lender will accept following month s payment, if applicable. 25 th day of each month For loans purchased from the 26 th to the end of the month, selling lender will accept following month s payment, if applicable. Name: Title: Date: Fieldman Number (Nationwide Bank Will Provide): Reviewed 01/01/

11 SECRETARY S CERTIFICATE OF (Name of Correspondent Lender) RESOLVED FIRST, that, the and (Name of Officer) (Title), the and (Name of Officer) (Title), the and (Name of Officer) (Title), the and (Name of Officer) (Title) of this corporation, or any one or more of them or their duly elected or appointed successors in office, be and each of them is hereby authorized and empowered in the name of and on behalf of this corporation and under its corporate seal, from time to time while this resolution is in effect, to sell mortgage loans to and to execute any and all agreements, contracts, assignments, endorsement and issuance of checks or drafts, reports, mortgage documents, and any other papers in connection with documents, and furnish any information required or deemed necessary or proper by in connection herewith. I HEREBY CERTIFY that the foregoing is a true and correct copy of a resolution presented to and adopted by the Board of Directors of at a meeting duly called and held at on the day of, 20, at which a quorum was presented and voted, and that such resolution is duly recorded in the minute book of this corporation; that the officers named in said resolution have been duly elected or appointed to, and are the present incumbents of, the respective offices set after their respective names. Secretary (Corporate Seal) Reviewed 01/01/