Minnesota Housing & U.S. Bank Home Mortgage-MRBP Division. File Delivery and Purchase

Transcription

1 Minnesota Housing & U.S. Bank Home Mortgage-MRBP Division File Delivery and Purchase Lou Caresani 2014

2 Agenda Minnesota Housing vs. US Bank Roles and Responsibilities U.S. Bank Home Mortgage-MRBP Division Loan File Review Delivery and Funding Top Ten Exceptions Customer Service

3 Overview of Roles Minnesota Housing Mortgage Loan Program Utilize funds to create program Affordable fixed-interest rate Downpayment and closing cost loans Responsible for compliance with bond guidelines US Bank Home Mortgage MRBP Division Master Servicer Provide guidance to lenders through our Help Desk Purchase 1 st mtg Purchase 2 nd mtg (if applicable) Service Minnesota Housing loans Resources US Bank MRBP website Product descriptions Checklists for files

4 U.S. Bank Home Mortgage MRBP AFFORDABLE HOUSING DIVISION Rockside Road, Bedford, OH Service HFA Programs MRBP Team 300 Strong Loan Review Purchase Securitize Service Final Docs

5 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 Minnesota Housing compliance requirements, as well as specific loan product (FHA, VA, RD, Fannie Mae) underwriting guidelines.

6 Loan File Delivery Address ALL Minnesota Housing loan files should be sent to: Rockside Road Bedford, OH Attn: Operations Department Recommend loans shipped IMMEDIATELY after closing (within 10 days)

7 Loan File Review Process Loan files receive a date stamp and are logged into US Bank MRBP system Files set up in jeter file, labeled with USB loan # Daily inventory reports generated

8 Loan File Review Process U. S. Bank Home Mortgage- MRBP Division thoroughly reviews loan Exception-free loans (Funding/Compliance Approved) are purchased Remember to complete Minnesota Housing Funding Approval via HDS SF Web Application

9 Loan File Review Process Exceptions If a loan has exceptions Mortgage file exceptions are communicated by phone / fax / individual loan report / weekly recap report For Conventional or FHA 203ks loans, more detailed reviews will occur Cleared exceptions are removed, and the loan is purchased A loan history showing payments applied, and proof that the loan is current will be requested

10 Loan File Review Process Purchasing Loans are purchased daily on an amortized basis Purchase advice faxed to lenders Purchased loans are transferred to our U.S. Bank servicing system

11 Minnesota Housing Commitment Policy 3 Programs Start Up = 60 days to file DELIVERY to USBank Step Up = 60 days to file PURCHASE by USBank MCC = 60 days to file PURCHASE by USBank Extensions MUST be requested with Minnesota Housing 30 day extension = ½ point, reduced by ¼ if: Start Up file is delivered within 75 days Step Up file is purchased within 75 days

12 Delivery & Funding Program Information Review Delivery and Funding Guidelines, Checklists, Forms, and any Updates Share information with Originators, Closers & Shippers U.S. Bank Home Mortgage-MRBP Division Contact HELP DESK ( ) Access information at:

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18 US Bank Bulletins Example Bulletin

19 Delivery & Funding Program Information Example Checklist

20 Delivery & Funding Provide complete contact information and wiring instructions Deliver loan files to: ROCKSIDE ROAD BEDFORD, OH Loans must be shipped IMMEDIATELY after closing

21 Lender Contact Information

22 Delivery and Funding Loans purchased daily Purchase schedule faxed Net Funding: (no checks) Pay loan amount / interest Service Release Premium Net determined escrow Net US Bank fees Net extension or hold fees

23 Delivery and Funding Start Up and Step Up Lender Compensation Origination 1.00 Commitment Fee 0.00 Discount 0.00 Servicer Pays SRP Lender Net USBank / Program Fees Funding Fee $ Tax Service Total $ Conventional Loan Fees -0- LLPA -0- Adverse Market Fees built into rate NOTE: Lenders are permitted to collect normal and customary fees. Follow Minnesota Housing guidelines. SRP is net any hold or extension fees.

24 Top 10 Document Exceptions 1. Truth in Lending (TILA) or MDIA Issues Early TILA not in file on 1 st mortgage or 2 nd mortgage (if applicable) Early TILA missing required verbiage Final TILA not in file Corrective Final TILA, if applicable, not in file Initial application 1003 not in file & was not signed and dated by interviewer Note: Lender is required to follow federal guidelines. If loan is not in compliance, it cannot be purchased by US Bank MRBP. The file will be cancelled and returned!

25 Top Ten Document Exceptions 2. Mortgage / Deed of Trust Missing Riders Tax-Exempt (Mortgage Deed Amendment) Need to record with the 1st Mtg Condo, PUD, Mfg Homes riders if applies Missing pages of the mortgage and/or legal description Notary section left blank or incorrectly completed Property address differs from other documentation

26 Top Ten Document Exceptions 3. Note Missing original / incorrect endorsement 1 st Note endorsement U.S. Bank National Association 2 nd Mortgage Note endorsement Minnesota Housing Finance Agency Incorrect payment terms 360 or 180 Govt Loans 360 Fannie Mae Loans

27 Top Ten Document Exceptions 4. Hazard & Flood Policies Names & address not matching other documents Proof of payment not in the file FHA deductibles Can t exceed $2,500 or 2.5% of the face amount of the policy Conventional deductibles Can t exceed 5% of the face amount of the policy

28 Top Ten Document Exceptions 5. Homebuyers Education Certificate & /or Referral Missing despite being required per DU or bond program 6. Underwriting Loans are incorrectly put through DU Missing Loan Underwriting Transmittal Summary

29 Top Ten Document Exceptions 7. Assignment Not included in loan file / not assigned correctly 1 st Mortgage assignment U.S. Bank National Association Second Mortgages must be closed in lender s name 2 nd Mortgage assignment Minnesota Housing Finance Agency

30 Top Ten Document Exceptions 8. Compliance Approval This is the FUND APPROVAL on the MHFA website 9. HUD-1 Calculations and amounts are incorrect DPA assistance is not properly identified Missing signed copy of the final Hud Monthly escrows not collected 10. Title Commitment Title commitment missing, or incorrect date of policy

31 Loans with Exceptions U.S. Bank will communicate all loan exceptions to a designated person via fax, phone, weekly recap report. Must clear within 10 days from posting. Exceptions received are reviewed for accuracy. Call the help desk for status on exceptions Once all outstanding deficiencies have been resolved, U.S. Bank will then purchase the loan. Loans are purchased every day. Provide separate cover letter/sheet for each loan to include U. S. Bank loan number. Identify loans / exception with your submission.

32 Reference Endorsements / Assignments Borrower Payment Address and Website: Hazard Insurance/ Loss Payee Clause: P.O. Box Bedford, OH its successors and or assigns as their interest may appear c/o U.S. Bank Home Mortgage P.O. Box 7298 Springfield, OH Correspondents > MERS: * Mers ID #

33 Final Documents Organize documents according to checklist All lenders are responsible for delivery of final documents to U.S. Bank Home Mortgage-MRBP Division Due 120 days from purchase A late fee of $50 will be assessed after 120 days Deliver to: Document Control Rockside Road Bedford, Ohio Final Doc Assistance: Final Doc Supervisor Darlene Kreigh darlene.kreigh@usbank.com (216)

34 Help Desk Resources Minnesota Housing Assistance with Minnesota Housing program guidelines U.S. Bank Home Mortgage- MRBP Division Assistance with underlying Mortgage Product Program Guidelines (FHA, VA, RD or Conventional), status of loans and documents received, loan deficiencies, shipping, final docs, exceptions, and general information Program Manager: Kirsten Partenheimer Toll Free: Single Family Division Help Desk: 8:00 am 5:00 pm mrbp.helpdesk@usbank.com

35 Customer Service U.S. Bank Commitment To Customer Service

36 Customer Service MRBP Servicing Location: Rockside Road Bedford, OH All MRBP Bond loans serviced from this facility! Borrower Payment Address and website: U.S. Bank Home Mortgage P.O. Box Bedford, OH Customer Service Toll-Free Number Hours: Monday Friday 7:00 am 8:00 pm EST

37 Customer Service Specialized support teams for HFA and lenders Expediting process to purchase loans, service borrowers quicker, minimal confusion for borrowers Borrowers receive monthly billing statements Spanish-speaking Customer Service & Default Representatives Interactive Voice Response System 24 hours a day

38 Customer Service-continued Mortgagor Website Access (24 /7) Call Center Operations M-F; 7:00am 8:00pm (EST) Default Servicing Call Center Operations 8:00am 8:00pm (EST) Flexible Payment Methods: ACH, U.S. Bank branch, mail, website, phone

39 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.

40 Help Desk Toll-free: mrbp.helpdesk@usbank.com