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File Delivery and Purchase

Ohio Housing & U.S. Bank Home Mortgage-MRBP Division . File Delivery and Purchase . Lou Caresani 2013. Agenda. USBank Home Mortgage Delivery and Funding Top Ten Exceptions Help Desk Customer Service Underwriting. Overview of Roles. Part 1 > Ohio Housing

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File Delivery and Purchase

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  1. Ohio Housing & U.S. Bank Home Mortgage-MRBP Division File Delivery and Purchase Lou Caresani 2013

  2. Agenda • USBank Home Mortgage • Delivery and Funding • Top Ten Exceptions • Help Desk • Customer Service • Underwriting

  3. 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

  4. U.S. Bank Home Mortgage MRBP AFFORDABLE HOUSING DIVISION 17500 Rockside Road , Bedford, OH 44146 Loan Review Purchase Securitize Service Final Docs Service HFA Programs MRBP Team 300 Strong

  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 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.

  6. 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.

  7. 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

  8. 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

  9. Program Facts OHIO OHIO Ohio Housing Finance Agency

  10. Delivery and Funding Lender Compensation USBank Program Fees Origination 1.00 Commitment Fee 0.00 Discount 0.00 Servicer Pays SRP + 1.00 Lender Net + 2.00 Minimum $1500 Funding $ 200.00 Tax Service 85.00 Total $ 285.00 Conventional Loan Fees Adverse Market Fee .25% LLPA = -0- % All Loans > 1.25 % SRPwhen the loan is delivered and purchased by US Bank MRBP (Servicer) within 30 days of loan closing 203ks Loans > 1.25 % SRPwhen the loan is delivered and purchased by US Bank MRBP (Servicer) within 45 days of loan closing

  11. Delivery & FundingProgram 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) mrbp.helpdesk@usbank.com Access information at: www.mrbp.usbank.com

  12. Select U.S. Bank Lending Manuals www.mrbp.usbank.com

  13. Select Continue to Access Allregs

  14. Resources

  15. US Bank Bulletins • Example Bulletin

  16. Delivery & FundingProgram Information Example Checklist

  17. Lender Contact Information Complete Contact Information

  18. Delivery and Funding • Loans purchased daily • Purchase Schedule faxed • Net Funding: (no checks) • 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 *

  19. Top 10 Documents Exceptions • 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 infile & 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.

  20. 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.

  21. RESPA Reference: http://www.hud.gov/offices/hsg/rmra/res/respa_hm.cfm

  22. 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

  23. Top Ten Document Exceptions 4. Hazard & Flood Policies • 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”

  24. 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 inloan file / not assigned correctly “U. S. Bank National Association”

  25. 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

  26. 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

  27. Reference Endorsements / Assignments “U.S. Bank National Association” Hazard Insurance / Loss Payee Clause: U.S. BANK National Association 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 Borrower Payment Address and Website: U.S. Bank Home Mortgage P.O. Box 468002 Bedford, OH 44146-8002 www.usbankhomemortgage.com

  28. 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: mrbp.exceptions@usbank.com

  29. 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 –darlene.kreigh@usbank.com (216) 475-7739

  30. 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 theFirst Mortgage Assignments: • Missing

  31. 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

  32. E-Mail the Help Desk mrbp.helpdesk@usbank.com Status of loans Status of documents received Loan Deficiencies / Exceptions Program guidelines General information Lender Help Desk • Help Desk 1-800-562-5165

  33. Customer Service MRBP Servicing Location 17500 Rockside Road Bedford, OH 44146 All MRBP Bond Loans serviced from this facility! Borrower Payment Address and website: U.S. Bank Home Mortgage P.O. Box 468002 Bedford, OH 44146-8002 www.usbankhomemortgage.com Customer Service Toll Free Number 800-240-7890 Hours: Monday – Friday 7:00 am – 8:00 pm EST www.usbankhomemortgage.com

  34. Customer Service Borrowers receive monthly billing statements Spanish-speaking Customer Service & Default Representatives Interactive Voice Response System 24 hours a day

  35. 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

  36. 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 provideoptions that are available to help. Borrowers have the ability to establish repayment plansonline DVD video “We’d like to help” mailed to borrowers.

  37. Help Desk Lenders Call toll-free 1-800-562-5165 Email: mrbp.helpdesk@usbank.com Underwriting bedford-bondunderwriting@usbank.com

  38. THANK YOU For your participation in the OHIO HOUSING FINANCE AGENCY programs! 02/2008 20808135525

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