SUBMISSION TO CLOSING GUIDE
Home Mortgage Wholesale Prime Plus Division
This Document is Not a Consumer Credit Advertisement and is intended for Mortgage Broker Use Only.
This information is provided to assist Real Estate Brokers and is not a consumer credit advertisement as defined
by Regulation Z. If you would like to obtain information about US Bank products and services, please call
800-USBANKS or visit usbank.com
Brokers who wish to be removed from this distribution list should contact
any of the following [https://emailpreferences.usbank.com/emailPref/email_usb_main.jsp], toll free phone
866-850-4180 or toll free fax 866-350-3146. Our postal address: U.S. Bank, Home Mortgage Wholesale Prime
Plus Division, 4325 17th Ave. S.W., Fargo, ND 58103.
MMWR #69862
1
INDEX
SECTION ONE – LOAN SUBMISSIONS & CREDIT ANALYSIS
1.1 General Information ................................................................................................. 4
1.2 Loan Submission & USubmit ...................................................................................... 4
1.3 Anti-Steering Certification (ASC) ............................................................................... 4
Anti-Steering Certification Example....................................................................... 4
1.4 Requesting Changes ................................................................................................... 5
1.5 Credit Report .............................................................................................................. 5
1.6 Lexis Nexis – Instant IDB Report (ID theft and fraud prevention) ............................. 5
1.7 eLynx Electronic Disclosures ...................................................................................... 5
1.8 Request Status Update or Copy of Loan Disclosure .................................................. 6
1.9 Denied or Counter Offers........................................................................................... 6
1.10 Rate and Price Locks ................................................................................................ 6
SECTION TWO - UNDERWRITING
2.1 General Information .................................................................................................. 7
2.2 Decision Notification and Final Approval................................................................... 7
2.3 Loan Conditions ......................................................................................................... 7
2.4 Appraisal Requirements............................................................................................. 8
2.5 Preliminary Title Commitment .................................................................................. 8
2.6 Subordinate Financing ............................................................................................... 9
2.7 Estate and Vesting ..................................................................................................... 9
2.8 Living Trust ................................................................................................................. 9
2.9 Power of Attorney.................................................................................................... 10
2.10 Hazard Insurance ................................................................................................... 10
2.11 Flood Insurance ...................................................................................................... 10
2.12 Income Requirements ............................................................................................ 11
2.13 Request for Transcript of Tax Return (4506-T) ...................................................... 12
2.14 Pre-Close Call ......................................................................................................... 12
2
INDEX
SECTION THREE - CLOSING
3.1 Ordering Closing Docs .............................................................................................. 13
3.2 Texas Closing Requirements .................................................................................... 13
3.3 Escrows (impounds) ................................................................................................. 13
3.3.1 Escrows for Repairs or Completion....................................................................... 14
3.4 Title Fees .................................................................................................................. 14
3.5 Date Sensitive Documents ....................................................................................... 14
3.6 Cancelled or Delayed Closings ................................................................................. 14
3.7 Closing Disclosure .................................................................................................... 14
3.8 After Closing ............................................................................................................. 14
3.9 Funding..................................................................................................................... 14
3.10 Closing Protection Letter ....................................................................................... 15
New York ............................................................................................................ 15
Contact US...................................................................................................................... 16
3
October 27, 2015
SECTION ONE – SUBMISSIONS & CREDIT ANALYSIS
1.1
General Information
For questions on an application: Contact Credit Analysis at 800-803-4212 Option 2. Submit
conditions by uploading in USubmit, email: usbankstips@usbank.com or fax: 800-576-9431
1.2
Loan Submission & USubmit
Submit your new applications by importing a 3.0 or 3.2 DU (.fnm) file in USubmit. Once the loan
is registered, you will receive a Confirmation of USubmit Information letter. Once the application
is registered, you will receive confirmation of USubmit Application Information Notice.
A Credit Decision and Underwriting Conditions List will be issued within 48 hours. Email the
conditions to usbankstips@usbank.com or upload using the USubmit Upload Documents Link.
If your application submission is incomplete for any reason, we will contact you. DO NOT submit
any conditions until you have received the Credit Approval and Underwriting Conditions List.
Combo requests must be entered as separate USubmit entries.
o
o
o
o
MLO Name and NMLS# must match exactly to the NMLS Registry.
Broker Company Name and NMLS# must match exactly to the NMLS Registry.
All fees must be accurate and correspond directly to its specific transaction. Fees
omitted or are later deemed incomplete will be satisfied through broker credits back
to the customer (BPC only).
Borrower’s Certification & Authorization Form - Signed and dated by borrower(s)
Do not send paper files or hard copies of any documentation.
1.3
Anti-Steering Certification (ASC)
The U.S. Bank specific Anti-Steering Certification is required for all loan applications. The loan
officer listed on the Loan Estimate provided to the borrower(s) must be consistent on the two
disclosures. The U.S. Bank reference number is not required if the application is taken face-toface.
The Loan Options disclosed on the ASC must be representative of the products offered by all the
creditors with whom the loan originator regularly does business. Loan Option 1 always shows the
lowest rate available. Loan Option 2 is the lowest rate without risky features, and Loan Option 3
shows the lowest points and fees available. Each Option must always be complete. You may have
one program that fits in one or more columns and that is fine as long as they meet the criteria
specified by the column heading. The form must be signed by the borrower(s) and broker.
Disclosure of the loan program descriptions and compensation must be consistent. Loan Option 4
is optional and can be used if the loan originator has discussed another loan product with the
borrower(s).
4
The loan officer listed and the broker company name must be consistent with what is listed on
the Loan Estimate provided to the borrower(s). The ASC must be signed / dated by the mortgage
broker a maximum of three business days before or after the 1003 date. For face to face
applications, borrower's date must be a maximum of three business days before or after the
1003 date. For non-face to face applications, borrower's date must be a maximum of three
business days before or any date on/after the 1003 date.
Anti-Steering Certification Example
1.4
Requesting Changes
Any change to an application in process requires a completed Change Acknowledgement Form.
Any changes to fees after initial submission may result in closing delays or broker credits back to
the customer (BPC only). A Credit Analyst will inform the broker if further changes to the Change
Acknowledgement Form are needed.
Broker acknowledges and understands that U.S. Bank Wholesale Prime Plus will provide the
applicant(s) with a revised Loan Estimate, if required. Any changes to the Settlement Agent or
Title Company must be in the approved Closing Corp network.
For assistance, contact Credit Analysis at 800-803-4212 option 2.
Send Change
Acknowledgement Form by using the USubmit Upload Documents link or email to
usbankstips@usbank.com.
1.5
Credit report
U.S. Bank will obtain a credit report on the borrower(s) as part of our initial credit application
review process. We will use the tri-merged middle of three or lower of two credit scores of the
primary wage earner obtained on our credit report for qualifying purposes. We cannot use your
credit report or supplements to decision the file. Any additional information submitted by you
regarding the borrower’s account must be obtained directly from the creditor.
1.6
Lexis Nexis Instant IDB Report (identity theft & fraud prevention)
U.S. Bank will pull a Lexis Nexis report upon entering the application. Any borrower scoring
below the minimum required will need to provide the following information before the
application can be decisioned:


1.7
Copy of the applicant(s) social security card (If the borrower(s) cannot find, they will
need to get a replacement card or a Numident Report from the Social Security
Administration. No other documents will be allowed as a substitute)
Copy of current residential utility bill
eLynx Electronic Disclosures
We offer electronic delivery of the Loan Estimate and Closing Disclosure to borrower(s) with
receipt of their consent. Once a Wholesale Prime Plus application has been approved,
borrower(s) will receive an email notification the following day for the secure disclosure website.
5
Wholesale Prime Plus will continue to deliver all disclosures via mail to assure there is no
interruption should the borrower(s) not consent to the new e-Disclosure process.
1.8
Request Status Update, Copy of Loan Estimate or current Conditions List
To receive a status update or a copy of the Loan Estimate or current Conditions List for
applications in process, all you need is your U.S. Bank reference number. Include Status, LE or
Stips and the U.S. Bank reference number for your borrower in the subject line and
email request to: broker.loans.pipeline@usbank.com
Application Status
Copy of Loan Estimate
To: broker.loans.pipeline@usbank.com
Subject: Status 20159999999999
To: broker.loans.pipeline@usbank.com
Subject: LE 20159999999999
Current Conditions List
To: broker.loans.pipeline@usbank.com
Subject: Stips 20159999999999
1.9
Denied or Counter-offers
If a loan is denied or counter-offered, an adverse action notice will be sent to the borrower.
1.10
Rate and Price Locks
Brokers have the option to lock an interest rate after registering a loan in USubmit by submitting
the lock request in USubmit or by calling the Lock Desk at 800-803-4212 opt 4 Monday – Friday
from 10:00 a.m. to 5:00 p.m (CST).
All preliminary locks, rate locks, re-locks and rate extensions can be requested by either
submitting the request in USubmit or by calling the Lock Desk at 800-803-4212 opt 4 Monday –
Friday from 10:00 a.m. to 5:00 p.m. (CST). Emails, faxes, or voice mails sent to lock a rate will not
be accepted.
This Document is Not a Consumer Credit Advertisement and is intended for Mortgage Broker Use Only.
This
information is provided to assist Real Estate Brokers and is not a consumer credit advertisement as defined by
Regulation Z. If you would like to obtain information about US Bank products and services, please call 1-800-USBANKS
or visit usbank.com
Brokers who wish to be removed from this distribution list should contact any of the following
[https://emailpreferences.usbank.com/emailPref/email_usb_main.jsp], toll free phone 866-850-4180 or toll free fax
866-350-3146. Our postal address: U.S. Bank, Home Mortgage Wholesale Prime Plus Division, 4325 17th Ave. S.W.,
Fargo, ND 58103.
6
SECTION TWO – UNDERWRITING
2.1
General Information
Your underwriter is responsible for reviewing and clearing loan conditions. They will keep you
informed on remaining items needed on your file by email/fax with a Broker Action Request. For
questions about a specific application, contact your underwriter listed on the Broker Action
Request or call: 800-803-4212 Option 1
Current Prime Plus Turn Times
2.2
Decision Notification and Final Approval
Loans will be approved, denied, counter-offered or suspended. A Decision Notification regarding
the Credit Analysis decision will be faxed and emailed to the contact listed on the Application
Submission. Once you receive an approved Decision Notification, you may start sending the
application conditions to us. Upload conditions in USubmit, email conditions to
usbankstips@usbank.com or fax to 800-576-9431. Only one set of conditions is required on
combo loans. Once all conditions are approved, the underwriter will email/fax a Final Approval
letter. Once you receive a Final Approval letter, you may schedule closing.
2.3
Loan conditions
As conditions are satisfied or if additional items remain, a Broker Action Letter will be emailed /
faxed to the loan officer and/or loan processor designated on the file.
All loan conditions noted on the conditional Broker Action letter must be cleared before closing
documents can be drawn (we do not have “at close” or “pre-funding” conditions). We will work
with you to accommodate your target closing date, but we cannot reserve or guarantee a
closing/signing date based on the closing date in the purchase agreement. We must receive all
required conditions before scheduling your closing documents.
Notes:




Submit all conditions as soon as possible in order to avoid closing/signing delays.
Complete all required forms with accuracy. Verify all documents completed by the
borrower(s) were completed accurately, as inaccurate documents will cause delays.
Provide verifiable contact numbers for employer(s) and borrower(s).
Do not send hard copies of any documentation or illegible documents.
The following conditions must be reviewed prior to scheduling a closing and are part of the final
underwriting decision.

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

All income documentation
Appraisal
Fully executed 4506-T (See section 2.13)
Title commitment
7
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Terms/approval of simultaneous financing or existing financing
Full homeowners insurance policy including premium and separate paid receipt for
full annual premium
Flood homeowners insurance binder application with separate paid receipt for full
annual premium and/or flood declaration page (if applicable)
Purchase Agreement (if applicable)
Note: Above conditions are general outlines of common stipulations. Additional items may be
required due to an individual file and/or additional guideline requirements.
2.4
Appraisal requirements
All mortgage providers will be required to order appraisals through U.S Bank Home Mortgage
Appraisal and Title Services for all applications intended to fund through the Wholesale Prime
Plus Division of U.S. Bank Home Mortgage. Appraisals received from any other appraisal service
or AMC will not be accepted. The mortgage broker is responsible for ordering and submitting the
appraisal. Allow sufficient time for the appraisal review to be completed and the appraisal
condition to be cleared.
Original appraisals are required for each file and should be uploaded in USubmit or emailed to:
usbankstips@usbank.com. For more appraisal information, visit our website.
Appraisal Guidelines
2.5
Preliminary Title Commitment
The title commitment must meet the following requirements:

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
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The title commitment cannot be more than 60 days old when the closing documents
are drawn.
The proposed insured on the title commitment must be shown as “U.S. Bank National
Association”
The property address must be shown on the title commitment
The insured amount on the title commitment and policy must be at least as high as
the loan amount
Borrower’s name(s) must be consistent with loan documents (application, etc)
Title policy must insure U.S. Bank’s lien position.
The following title endorsements must be ordered with the preliminary title commitment; those
marked with an asterisk (*) are required only if applicable:
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

Alta 8 or 8.1
Alta 6 or 6.1
Alta 100
Alta 116 *
Alta 4*
Alta 5*
(environmental protection lien endorsement)
(variable rate endorsement)
(comprehensive endorsement or it equivalent)
(location of land endorsement for detached SFR)
(condominium endorsement)
(PUD endorsement)
8
The title insurer must be authorized (licensed if required by state law) to transact business in the
state where the property is located. Any changes to fees after initial submission may result in
closing delays or Broker credits back to the customer (BPC only).
2.6
Subordinate financing
Subordinate financing is permitted however only as a second lien and files must meet maximum
CLTV restrictions based on transaction type. We do not allow multiple subordinate liens. The
terms of the subordinate financing must be approved by underwriting prior to closing documents
being drawn. Subordinate financing must be clearly subordinate to our first position mortgage.
2.7
Estate and vesting
The property must be owned by the borrower in fee simple absolute. Title cannot be held in the
name of a corporation. Living trusts are acceptable if they meet the guidelines noted below. A
12 month chain of title is required on all transactions. Properties previously in a trust must be
in the individuals name a minimum of 30 days prior to submission. Properties previously in a
business name must be in the individuals name a minimum of 120 days prior to submission.
2.8
Trust Requirements
A living trust (revocable trust) is permitted as long as it complies with state law. If a loan will
close in the name of a trust, this must be clearly indicated on the application. The applicant(s)
must be named as trustor, trustee and primary beneficiary of the trust. The trust documents
must be approved by underwriting prior to closing documents being drawn.
An Attorney’s Opinion dated within the last 30 days must accompany the trust document
submitted for approval. The fee for the Attorney’s opinion must be disclosed on the Loan
Estimate (or Good Faith Estimate, if loan registered prior to October 3, 2015) or disclosed to
U.S. Bank on a Change Acknowledgement Form within one to two business days of determining
the need for the Attorney’s Opinion Letter.
The Attorney’s Opinion must include the following information:

Name of the trust
 Date executed
 Settlor(s) of the trust
 That the trust is revocable
 Wheather or not the trust has multiple trustees
 Name of the trustees
 The trust was created under the laws of the state of __________
 Primary beneficiaries
 All amendment dated is applicable, if not amended, must state: “no amendments”
 Vesting to be held as: _____________________
If title is currently vested in a trust and the borrower wishes to remove it from the trust for our
transaction, they must wait 30 days before resubmitting the loan application. A deed to transfer
title from a trust to the borrower(s) as individuals is no longer allowed as part of our loan
transaction.
9
Note: In Arizona, California, Idaho, Minnesota, Nevada, Ohio, and Oregon the Certification of
Revocable Living Trust may replace the attorney’s opinion document;
2.9
Power of attorney
If a power of attorney is used, at least one borrower must be present at closing; closing with a
power of attorney is reviewed case-by-case and are approved on an exception only basis.
The power of attorney form must be reviewed by the closing manager prior documents being
drawn.
The power of attorney form must be specific to the transaction (noting the subject property
address or legal description and note U.S. Bank). It must also comply with state law, allow for the
note to be legally enforced and be acceptable to the title insurer and closing agent.
2.10
Hazard insurance
A copy of the borrower’s current homeowner’s hazard insurance policy is required as evidence of
hazard insurance. Coverage must extend greater than 30 days from closing.
The policy must be, at minimal, the lesser of:


Total of the U.S. Bank Home Mortgage Wholesale Prime Plus lien plus any
existing superior liens,
100% of the insurable value of the improvements, as determined by the property
insurer (this is calculated by the cost to build new from the appraisal)
Maximum deductible:
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
2.11
$5,000 or 5% of dwelling coverage amount
$5,000 or 5% of dwelling coverage for windstorm or hail damage
$5,000 or 5% of the replacement cost of the unit (for condo/PUDS)
Flood insurance
Flood insurance will be required if the flood certificate indicates that the property is located in a
Special Flood Hazard Area. Paid flood insurance coverage must extend greater than 30 days from
closing.
Mortgage Refinance
A Flood Insurance Policy declaration page with no less than 30 day expiration or proof of paid
premium is required. If increase is necessary, a “Change Request” or similar request for policy
update must be present with proof of paid premium, if applicable. If no prior insurance is
available, a new application for flood insurance with proof of paid premium is also an option.
Policy must show correct property address.
Mortgage Purchase
A Flood Insurance Policy declaration page with no less than 30 day expiration or proof of paid
premium or a new application for flood insurance with proof of paid premium is required with
the correct property address listed.
10
If the subject property is located in a Special Flood Hazard Area, the following is required:

The flood zone documented by the insurance agent on the declarations page of the
insurance policy must match the flood zone on the flood certificate ordered by
U.S. Bank. Any discrepancies between the high-risk zones (A or V) and a low- or
moderate-risk zone (B, C, D or X) should be investigated and resolved. Any discrepancies
with the subcategories of these zones are not concerns.

Type of property described on the flood insurance policy much match the property type
verified during the appraisal review process.

The U.S. Bank lien position must be listed with the appropriate U.S. Bank mortgagee
clause on the flood insurance policy.
Maximum deductible: 1-4 family dwellings; the maximum allowable deductible is $1,000 or 1%
of the property value, subject to a maximum deductible of $5,000. Condominiums; the
maximum allowable deductible is the greater of $1,000 or 1% of the property value, subject to a
maximum deductible of $25,000.
2.12
Income requirements:
Income is assessed based on Ability To Repay requirements. We will review employment history,
gaps in employment and income trends. Salary/wage earners require two current paystubs
showing year-to-date income including the most recent two years W-2 statements. Paystubs
may not be older than 30 days prior to the application date and may not exceed 90 days. Bonus,
overtime, gratuity, and commission income is acceptable with a verified two year history of
receipt. In cases where tax returns are required based on the percent of commission income, tax
returns to be signed by all parties on the tax returns.
Self-employed borrowers require two years personal and business tax returns with all related
schedules and a signed/dated year-to-date profit and loss statement. Profit and loss must be
signed by the preparer. All business returns or personal returns with income derived from
business sources must be signed by all parties on the tax returns. At least two consecutive years
of self-employment and evidence of ongoing stable income are required. In addition, we must be
able to verify the previous two years through a third party vendor. If the most current previous
years filings are not verifiable, we may determine income based on a three year average. Once
the most current year is verifiable, we will take the most current two years average.
Rental income will be considered with current yearly lease agreement(s) and the most recent
schedule E of the federal tax return. Future rent is not considered. Rental income on properties
acquired after the last tax filing may be allowable if the applicant has: 24 months verifiable
landlord experience (per tax returns/schedule E), additional 6 month reserves for the rental
property, and no more than 25% of the applicants income being derived from these sources.
Other standard conditions for rental properties will also apply.
11
Other income that can be included in the income calculation if verifiable for a minimum of two
years and likely to continue for a minimum of three years:
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

2.13
Fixed or Tax-exempt
● Interest and dividend
Trust
● Note
Foster
● Second job
Inherited and guaranteed
● Housing allowance
Income used for military reserves or National Guard called to active duty
Car allowance (directly paid or reimbursed by employer)
Non applicant spouse income (Wisconsin applications only)
Request for Transcript of Tax Return (4506-T):
A form 4506-T must be completely filled out and signed by all parties. Mortgage Brokers will be
required to enroll in the U.S. Bank Equifax Broker Network. For on boarding and enrollment
information, contact member.network@equifax.com or call 888-849-6235.
For assistance placing an order, email your questions to: verifiercustomerservice@equifax.com
or call 888-476-4411 to speak with a Client Service Team member.
2.14
Pre-close Call
A pre-close call will be completed with the borrower(s) on each file. To help speed up this
process, provide accurate, verifiable contact information for each borrower.
This Document is Not a Consumer Credit Advertisement and is intended for Mortgage Broker Use Only.
This
information is provided to assist Real Estate Brokers and is not a consumer credit advertisement as defined by
Regulation Z. If you would like to obtain information about US Bank products and services, please call 1-800-USBANKS
or visit usbank.com
Brokers who wish to be removed from this distribution list should contact any of the following
[https://emailpreferences.usbank.com/emailPref/email_usb_main.jsp], toll free phone 866-850-4180 or toll free fax
866-350-3146. Our postal address: U.S. Bank, Home Mortgage Wholesale Prime Plus Division, 4325 17th Ave. S.W.,
Fargo, ND 58103.
12
SECTION THREE – CLOSING
3.1
Ordering closing docs
Closing documents may be ordered after receipt of the final approval letter and after confirming
a closing date with borrower(s) and settlement agent. Changes to loan terms may require the
application to be resubmitted. To schedule a closing: 800-803-4212 option 3, option 1
DRF (Document Request Form) will be completed and faxed to broker for review. If there are any
discrepancies on the DRF you must call for a corrected form. Alterations are not accepted. The
payment due date must be the first of the month. The first payment may not be less than 30
days from the Interest Begin date. Completion of the DRF will generate delivery of the Closing
Disclosure.

DRF must be signed by the broker or designee and must be returned by email or fax
within 30 minutes of receipt to assure your closing date and time:
Fax:
Email:
800-576-9431
usbankstips@usbank.com
Advise your settlement agent that U.S. Bank will contact them to verify closing fees. A delay in
verifying fees with the title company may cause a delay in sending the closing docs or a redraw.
3.2
Texas closing requirements
Texas purchase and refinance loans require a minimum of 48 hours notice prior to closing.
Texas Cash Out loans require a minimum of 72 hours notice prior to closing.
3.3
Escrows (impounds)
Escrow accounts will be established on all first position loans. U.S. Bank will require an escrow
account be established on all Section 35 high priced loan products. Escrow accounts can not be
established on first position lines of credit.
Any taxes due within three months of the note date must be paid from proceeds. A full year
premium must be paid on the hazard insurance from proceeds. A recent copy of the property tax
statement, showing the tax amount and due date(s), is required to be returned with the DRF.
If property is new construction and taxes for the fully assessed value are not available, an
estimate of 1% of the purchase price will be used to establish the escrow account. The escrow
account will be adjusted once the property is taxed based on land and structure by the taxing
authority.
13
3.3.1 Escrows for repairs or completion
Any escrow for minor repairs and/or completion must be arranged and agreed upon between the
borrower and seller. U.S. Bank Home Mortgage Wholesale Prime Plus will not be responsible for
inspections or disbursements related to the escrow.
3.4
Title fees
U.S. Bank will contact the settlement agent to verify closing fees.
Title fees exceeding the 10% variance or 0% variance buckets could cause a delay in closing. The
broker will be contacted when this occurs.
3.5
Date sensitive documents
U.S. Bank documents are date sensitive and must be executed on the same day as the note date.
If documents are not signed on the appropriate day, there may be a redraw fee for new
documents. AZ, CA, NV, OR & WA are escrow states with five days to sign (excludes Sundays and
holidays).
3.6
Cancelled or delayed closings
If a closing is cancelled or rescheduled, you must immediately call 800-803-4212 options 3 & 1.
If loan documents have already been sent, a $250 redraw fee will apply for new documents.
3.7
Closing Disclosure
Any changes to the U.S. Bank Closing Disclosure must be sent to U.S. Bank Prime Plus for review
prior to signing of closing documents. A revised Closing Disclosure will be issued, if applicable.
U.S. Bank Closing Disclosure must be returned in the document package.
Email: usbwpphuds@usbank.com
3.8
Fax: 866-459-5849
After Close
Loan documents are received daily from UPS and Fed Ex. Files are prioritized according to fund
date and each file is organized into a specific stacking order. Each file is then reviewed to ensure
it was executed properly. Closing agent is contacted on any requirements that were not met.
3.9
Funding
All closing packages must be returned within 24 hours of signing. Funding is dependent upon
receipt of signed documents by the U.S. Bank Home Mortgage Wholesale Prime Plus Division in
Hopkins, Minnesota with the exception of purchase money/non-rescission files.
14
Mailing address:
U.S. Bank
16 Ninth Avenue North
Hopkins, MN 55343
Loans with three day rescissions require the signed, completed document package prior to
funding along with the following items:

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

Closing Disclosure (if applicable)
Wire instructions referencing the borrower(s) name
Signed page 7 of the U.S. Bank closing instructions
Transaction-specific Closing Protection Letter (CPL) referencing the borrower’s name and
lender specific address
New York only * – See Section 3.10 Closing Protection Letter
Loans without rescission require the following items be faxed:
usbwpphuds@usbank.com for table funding:





3.10
866-459-5849 or emailed:
Closing Disclosure (if applicable)
Wire instructions referencing the borrower(s) name
Signed page 7 of the U.S. Bank closing instructions
Transaction-specific Closing Protection Letter (CPL) referencing the borrower’s name and
lender specific address
New York only * - See Section 3.10 Closing Protection Letter
Closing Protection Letter
The title company must provide a loan-specific Closing Protection Letter – one that covers only
the loan being closed – on all real estate loan transactions with title insurance issued by the title
underwriter. Third-party closings may require sub-escrow account or other possible
requirements. If required under specific state/county practices, evidence of the closing agent’s
errors and omissions insurance listing US Bank as loss payee and a loan-specific Agent
Authorization/Clearance letter from the Title Insurance Underwriter may be provided in lieu of a
closing protection letter. Closing Protection Letter required on all real estate loan transactions
with title insurance.
The closing protection letter must insure against closing errors, fraudulent acts of the closing
agent, be issued by the national title insurer who stands behind the closing agent and on whose
paper title insurance will be issued on the loan.
Address on the CPL must be:
U.S. Bank National Association
16 9th Avenue North
Hopkins, MN 55343
* New York only: Loan-specific Letter of Authorization issued by title underwriter, indicating the
policy issuing agent, E&O for policy-issuing agent, E&O and Fidelity Bond/Crimes Policy1 for
closing attorney, both listing certificate holder as U.S. Bank National Association.
1
Fidelity Bond/Crimes Policy must cover the following: Computer fraud, Funds Transfer Fraud,
Forgery or Alteration and Theft of Client Funds.
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Contact US
Credit Analysis
Rate Lock Desk
Underwriting
Closing
800.803.4212
800.803.4212
800.803.4212
800.803.4212
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opt 1
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Website
USubmit ‐ New Applications
usbank.com/brokerloans
usubmit.usbank.com
Order Appraisal
Current Pricing
Appraisal Order Desk
Prime Plus Pricing Sheet
Conditions –Upload
Conditions – Email
usubmit.usbank.com
usbankstips@usbank.com
Request Application Status
Request Copy of Loan Estimate
Email US
Email US
Document Prep Email
Document Prep Fax
usbwppfrontdesk@usbank.com
866‐350‐3146
Closing Disclosure Review Email
Closing Disclosure Review Fax
usbwpphuds@usbank.com
866.459.5849
Funding Email
Funding Fax
usbwppfunding@usbank.com
866.459.5849
Our Mailing Address
(Closing docs)
U.S. Bank
16 Ninth Avenue North
Hopkins, MN 55343
Borrower servicing questions
800.USBANKS
(include U.S. Bank reference number in subject line)
(include U.S. Bank reference number in subject line)
This Document is Not a Consumer Credit Advertisement and is intended for Mortgage Broker Use Only.
This
information is provided to assist Real Estate Brokers and is not a consumer credit advertisement as defined by
Regulation Z. If you would like to obtain information about US Bank products and services, please call 1-800-USBANKS
or visit usbank.com
Brokers who wish to be removed from this distribution list should contact any of the following
[https://emailpreferences.usbank.com/emailPref/email_usb_main.jsp], toll free phone 866-850-4180or toll free fax
866-350-3146. Our postal address: U.S. Bank, Home Mortgage Wholesale Prime Plus Division, 4325 17th Ave. S.W.,
Fargo, ND 58103.
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