US Bank Home Mortgage - Ohio Housing Finance Agency

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Ohio Housing
&
U.S. Bank Home Mortgage-MRBP
Division
File Delivery and Purchase
Lou Caresani
2013
Agenda
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USBank Home Mortgage
Delivery and Funding
Top Ten Exceptions
Help Desk
Customer Service
Underwriting
Overview of Roles
 Part 1 > Ohio Housing
 Provide programs for borrowers, offer competitive interest
rate, and down payment assistant programs
– Ohio Housing compliance requirements
– Supple Forms and Resources
 Part 2 > US Bank Home Mortgage
MRBP Division
– Delivery and Funding, General Underwriting, Help Desk,
Customer Service
– Provide checklist, forms resources
– www.mrbp.usbank.com
U.S. Bank Home Mortgage MRBP
AFFORDABLE HOUSING DIVISION
17500 Rockside Road , Bedford, OH 44146
Service
HFA
Programs
MRBP
Team
300
Strong
Loan Review
Purchase
Securitize
Service
Final Docs
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 Ohio Housing compliance requirements, as
well as specific loan product (FHA, VA, RD, Fannie Mae,
Freddie Mac etc..) underwriting guidelines.
Lenders must be approved with OHFA and USBank to
participate in the program. Any questions call the USBank
Help Desk at 800-562-5165.
Closed Loan Delivery to U.S. Bank
All documents are to be “acco’ fastened in a legal-sized
folder according to the Loan Delivery Checklist
Mailing address for all files and original conditions:
U.S. Bank Home Mortgage
Attn: Operations Department
17500 Rockside Road
Bedford, OH 44146
All closed loans delivered for purchase will be reviewed
within 10 days from the time of receipt by U.S. Bank.
Loan File Review Process
 Loan files receive a date stamp then logged
into our system
 Files set up in jeter file, with USB loan #
 Daily inventory reports are generated
 USBHM will thoroughly review the loan
 Exception free loans (compliance approved)
are purchased
 Ohio Housing Purchase approval received
via transmission
Loan File Review Process
 If a loan has exceptions
– Mortgage file exceptions are communicated by
phone / fax / weekly recap report
– Conventional or 203ks loan, a more detailed review will
occur
 Exceptions received are reviewed, once cleared the
loan is purchased
– A loan history showing payments applied is required
 Loans are purchased daily, on an amortized basis
 Purchase advice faxed to lenders
 Loans are transferred to U.S. Bank servicing system
Program Facts
Delivery and Funding
Lender Compensation
Origination
Commitment Fee
Discount
1.00
0.00
0.00
Funding
Tax Service
Total
Servicer Pays
SRP
+ 1.00
Lender Net
+ 2.00
Minimum
USBank Program Fees
$1500
$ 200.00
85.00
$ 285.00
Conventional Loan Fees
Adverse Market Fee .25%
LLPA = -0- %
All Loans > 1.25 % SRP when the loan is delivered and purchased by US Bank MRBP
(Servicer) within 30 days of loan closing
203ks Loans > 1.25 % SRP when the loan is delivered and purchased by US Bank
MRBP (Servicer) within 45 days of loan closing
Delivery & Funding
Program Information
 Review Delivery and Funding Guidelines,
Checklists, Forms, and any Updates
 Complete Lender Contact Form
 Share information with Originators, Closers &
Shippers
 U.S. Bank Home Mortgage-MRBP Division Contact
– HELP DESK (800-562-5165)
– [email protected]
 Access information at: www.mrbp.usbank.com
Select U.S. Bank Lending Manuals
www.mrbp.usbank.com
Select Continue to Access Allregs
Resources
US Bank Bulletins
 Example
Bulletin
Delivery & Funding
Program Information
 Example
Checklist
Lender Contact Information
Complete
Contact
Information
Delivery and Funding
 Loans purchased daily
 Purchase Schedule faxed
 Net Funding: (no checks)
–
–
–
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Pay loan amount / interest
Service Release Premium
Net determined escrow
Net program fees
Net Conventional fees
Pay extra .25% incentive if applicable
* OHFA funds all seconds (assistance) directly to
lenders *
Top 10 Documents Exceptions
1. TIL or MDIA Issues
 Early T-I-L not in file on 1st mortgage
or 2nd mortgage (if applicable)
 Early T-I-L missing required verbiage
 Final T-I-L not in file
 Corrective Final T-I-L, if applicable not in file
 Initial application 1003 not in file & was not signed
and dated by interviewer
RESPA Guidelines
Note: Lender is required to follow federal
guidelines. Loans not in compliance
cannot be purchased by USBHM.
Real Estate Settlement Procedures Act
(RESPA)
U.S. Bank’s File Review
U.S. Bank Home Mortgage-MRBP staff performs a basic compliance review of the GFE
document to ensure compliance with the following:
 Ensure GFE is on proper form
 Ensure HUD-1 is on proper form
 Verify “Loan Terms” on HUD-1 match “Summary of Your Loan” on the last issued GFE
 Verify HUD-1 is within acceptable tolerances with last GFE issued including a review of
charges that cannot increase by more than 10%
 Verify lender provided acceptable cure documentation, if applicable
Post Settlement Cure: HUD allow lenders a 30-day cure period from date of borrower’s
signed closing documents for violating GFE/HUD-1 fee tolerances. Lenders exceeding fee
tolerances will be in violation of Section 5 of RESPA. USBHM must receive proof of refund
to borrower and a corrected HUD-1, from settlement agent prior to loan purchase.
NOTE: If there is a known issue, don’t wait until USBHM has reviewed the file, as you
may exceed the 30-day cure period for correction.
RESPA Reference:
http://www.hud.gov/offices/hsg/rmra/res/respa_hm.cfm
Top Ten Document Exceptions
2. Mortgage / Deed of Trust
–
Missing Riders - Tax Exempt (OHFA addendum)
•
•
–
Need to record with the 1st Mtg
Condo, Pud, Mfg Homes if applies
Missing Pages of the mortgage and/or legal Notary
Section left blank or incorrectly completed
3. Note
–
–
Missing original / incorrect endorsement
“U. S. Bank National Association”
Incorrect payment terms / must be = 360
Top Ten Document Exceptions
4. Hazard & Flood Policies
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Names & addresses not matching other documents
Proof of payment not in the file
Hazard policies to USBank not OHFA
Govt loans hazard and Flood Deductibles
*Not Greater $1,000 or 1%
of the face amount of the policy
Conv Deductibles
*Cant exceed 5% of the face amount of the policy
* Condominium Units
– All Loans HO-6 “Walls in coverage”
Top Ten Document Exceptions
5. Compliance Approval from OHFA
6. Underwriting
–
–
Loans are incorrectly put through DU
Missing Loan Underwriting Transmittal Summary
7. Assignment
–
Not included in loan file / not assigned correctly
“U. S. Bank National Association”
Top Ten Document Exceptions
8. Manufactured Housing Documentation
 Reference full manufactured housing guidelines through
our website at www.mrbp.usbank.com
 Evidence of title being surrendered to state, model
number/name on Security Agreement
NOTE: Title must be surrendered at closing
 Security Instrument missing information on Mfg. Home
 Cannot combine Manufactured home and 203ks
Top Ten Document Exceptions
9. Appraisal
– Not included or missing pages
10. HUD-I
–
–
–
–
Calculations and amounts are incorrect
DPA assistance is not properly identified
Missing signed copy of the final Hud
Monthly escrows not collected
Reference
Endorsements / Assignments
“U.S. Bank National Association”
Borrower Payment
Address and Website:
Hazard Insurance / Loss
Payee Clause:
U.S. Bank Home Mortgage
U.S. BANK National
Association
P.O. Box 468002
Bedford, OH 44146-8002
www.usbankhomemortgage.com
its successors and or assigns as their interest
may appear.
c/o U.S. Bank Home Mortgage
P.O. Box 7298
Springfield, OH 45501-7298
Loans With Exceptions
 U.S. Bank will communicate all loan exceptions to a
designated person via fax, phone, weekly recap report.
Must clear within 2 weeks from posting
 Exceptions received are reviewed for accuracy
 Once all outstanding deficiencies have been resolved,
USB will purchase the loan. Loans are purchased daily
 Provide separate cover letter/sheet for each loan to
include U.S. Bank loan number
 Attach weekly exception report identifying specific
exception items and send to:
[email protected]
Final Documents
 Organize documents according to checklist
 All lenders are responsible for delivery of
documents to USBank Home Mortgage
 Due in 90 days from purchase
 A late fee of $50 will be assessed after 90 days
 Deliver to:
Document Control
17500 Rockside Road
Bedford, Ohio 44146-2099
Final Doc Supervisor
Darlene Kreigh – [email protected]
(216) 475-7739
Post-Close Final Doc Exceptions
Title Policy:
 Mortgage amount is missing
 Schedule A, item 4 contains incorrect mortgage recording information
 Name of insured is incomplete (needs to mirror mortgage and have “it’s successors
and/or assigns”)
 Missing required endorsements
Second Mortgages:
 Closing date is incomplete / Missing marital status of borrower(s)
 Incorrect maturity date / Legal description missing
 Tax Exempt Rider is recorded with Second Mortgage instead of the First Mortgage
Assignments:
 Missing
Lender Scorecard
 Quarterly analysis is completed based on
performance of loans purchased
– Loans placed on exception and not purchased
within required timeframes
– YTD deficiencies, delinquency, foreclosure &
bankruptcy
– Final recorded documents over 240 days
outstanding
– Lenders are advised in writing of any issues
Lender Help Desk
 Help Desk
1-800-562-5165
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Status of loans
Status of documents received
Loan Deficiencies / Exceptions
Program guidelines
General information
 E-Mail the Help Desk
[email protected]
Customer Service
MRBP Servicing
Location
Borrower Payment
Address and website:
17500 Rockside Road
Bedford, OH 44146
U.S. Bank Home Mortgage
P.O. Box 468002
Bedford, OH 44146-8002
All MRBP Bond Loans
serviced from this facility!
www.usbankhomemortgage.com
Customer Service Toll Free Number
800-240-7890
Hours: Monday – Friday
7:00 am – 8:00 pm EST
www.usbankhomemortgage.com
Customer Service
 Borrowers receive monthly billing
statements
 Spanish-speaking Customer Service &
Default Representatives
 Interactive Voice Response System
– 24 hours a day
Customer Service-continued
 Mortgagor Website Access (24 /7)
– www.usbankhomemortgage.com
 Call Center Operations
– M-F; 7:00am – 8:00pm (EST)
– 800-240-7890
 Default Servicing Call Center Operations
– 8:00am – 8:00pm (EST)
 Flexible Payment Methods:
– ACH, U.S. Bank branch, mail, website, phone
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.
Help Desk
 Lenders
– Call toll-free 1-800-562-5165
– Email: [email protected]
 Underwriting
[email protected]
THANK YOU
For your participation
in the
OHIO HOUSING
FINANCE AGENCY
programs!
02/2008 20808135525
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