Lender Training

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DELIVERY AND FUNDING INFORMATION

• Lender Training
• February 8, 2007

2
PREPARATION FOR DELIVERY
Please have ALL Originators, Shippers Closers
review the guides, checklists and all other
pertinent documentation required prior to
closing.
3
Loan Process..

• Register the loan with OHFA
• Deliver Copy of Compliance file to OHFA for
  review
• If OHFA has Approved loan for closing
• Close per Agency guidelines
• Deliver closed mortgage loan file to USBHM
• USBHM will review the file and will purchase or
  put file
• on exception for incomplete or missing
  documents

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Loan Process continued.

• If loan is purchased
• Funds are wired and purchase summary faxed
• If loan is cited for exceptions
• USBHM will advise by phone, fax or weekly
  exception report
• Deficiencies should be faxed to USBHM (216)
  475-8627 or
• alternate [phone]
• Once received we will review for correctness,
  clear from
• tracking system and proceed with loan
  purchase

5
LOAN FILE SUBMISSION

• Ship loan(s) immediately after closing, within
  required
• guidelines of the Oklahoma Housing program.
• Use Delivery Checklist pertaining to loan type
  you are
• shipping to us.
• Check appropriate boxes to insure documents
  are in correct
• order and contained in closing package.
• NOTE Please send sufficient of copies with
  submission!

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Deliver files to
17500 ROCKSIDE ROAD BEDFORD, OH 44146-2099
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Program Oklahoma Housing
U.S. Bank Home Mortgage
Participating Lender
__________________________
Mailing Address _______________
_______________________________________
Main Phone
Number ____________________________ Cust
omer 800 Number __________________________
_____________ Required
Contact Phone Administrative
______________________
_______________ Shipping Super _________________
_____ _______________ Shipping Staff ___________
___________ _______________ Shipping
Staff ______________________ _______________ Fax
for above ______________________
E-Mail address ___________________
___ Final Documents
______________________ _______________ Fax for
above ______________________ E-
Mail address
Do you have the ability to interim service
loans? Yes ________ NO __________
(Requires loan purchase at original balance).
Wire Instructions ABA Number __________________
_______ Account Number _________________________
Bank Name _________________________ Pu
rchase Advice Attn _________________________ Fax
for Purchase Advice _________________________ E
-Mail address
_________________________ Please complete and
fax to 216-475-8627 Attn
Operations Department
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Indicate Fannie Mae/ Freddie Mac Codes
SAMPLE
Checklist
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Delivery and Funding
Collateral Review Process

• ORIGINAL NOTE
• Endorse note to U.S. Bank N.A.
• Assignment to U.S. Bank N.A.
• MERS Loan? Use MOM Docs / Include MIN number
• FHA/VA/USDA-RD Loans-Include case number-matches
  other docs
• Undersigned docs name affidavit required
• Borrowers typed name under their signature
• Co-Signers Execute NOTE only
• Rural Housing Loans FHA docs recommended

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QUICK REFERENCE
Note Endorsements / Assignments U.S. BANK N.A.

MERS Mers ID 1000212
Hazard Insurance / Loss Payee Clause U.S. BANK
N.A. 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
Lender Changes Names, DBAs etc.. Please Notify
Elaine Wojtowicz 216-475-8268 / 216-475-8619 fax
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Top 10 Documents With Exceptions
(in order of most
common)

• Mortgage/Deed of Trust (1st 2nd)
• Missing Riders (Tax Exempt, Condo, PUD)
• Property Address differs from others
  documentation
• Missing Pages and or legal description
• Notary Section left blank or incorrectly
  completed

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Top 10 Documents With Exceptions

• Note
• Missing or incorrect endorsements
• Property address different from other
  documentation
• Missing Rural Housing allonge (RD loans only)
• Incorrect payment terms of the loan
• Hazard Flood Policies
• Names addresses not precisely matching other
  documents
• Proof of payment not in the file

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Top 10 Documents With Exceptions

• Homebuyers Education Certificate or Referral
• Missing despite being required per DU or bond
  program
• Underwriting
• Conventional loans are incorrectly put through
  DU
• Missing MCAWs or 1008s
• Assignment
• Missing from loan file
• Not assigned correctly to U S Bank
• Incorrect reference to borrower and/or property
  info.
• from mortgage

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Top 10 Documents With Exceptions

• Appraisal
• Missing parts and pages of the Appraisal
• Address not matching others documentation in
  file
• HUD-I
• Property address not precisely matching other
  documents
• Calculations and amounts are incorrect
• DPA assistance is not properly identified
• Missing signed copy of the final
• Missing monthly escrows or not collected escrows

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Top 10 Documents With Exceptions

• Title Commitment
• Co-Signor or spouse named when not applicable
• Missing from file submission
• Missing or incorrect date of policy
• Final T-I-L
• Missing from file submission
• Name and address does not match other
  documentation

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Sample Errors Omissions / Compliance Agreement
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Delivery and Funding
Special Note DPA if applicable

• Assistance / 2nd Mortgages must be listed on
  HUD-1 with correct
• amounts

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Delivery and Funding

• Loans purchased daily
• Purchase Schedule faxed
• Net Funding (no checks)
• Pay loan amount, interest
• 1.75 service release premium
• Net escrow amount
• Net 65 tax service fee

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Loan Purchase Setbacks
A U.S. Bank representative will contact you
EMAIL
FAX
PHONE
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Delivery and Funding
Submission of File Exceptions

• Identify File Exceptions
• Provide separate cover sheet for each loan
• Include copy of report/letter identifying
  specific exception items
• Partial submissions are welcome

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Final Document Delivery

• Organize documents according to checklist
• Due in 90 days
• A late fee of 50 will be assessed after 90 days
• Deliver to
• Document Control
• 17500 Rockside Road
• Bedford, Ohio 44146-2099
• Contact Final Doc Supervisor
• Darlene Kreigh darlene.kreigh_at_usbank.com
• [phone]

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Sample
Final Document Checklist
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Payment Information

• Monthly statement to borrowers instead of 12
  month coupon booklet
• Borrowers can make payment online at
  www.usbankhomemortgage.com and see payment
  transaction / loan information.

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SERVICING QUICK REFERENCE LIST
MRBP SERVICING LOCATION 17500 Rockside
Road Bedford, OH 44146

• All MRBP Bond loans serviced from this facility
• Specializing in Bond Loan Servicing

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SERVICING QUICK REFERENCE LIST

• Customer Service Toll Free Number 800-240-7890
• Hours Monday Friday 800 am 900 pm EST
•   
• Payoff Requests Fax [phone]
• Need written request with customer authorization
  loan number
• Assumption Requests
•  Inquiries are routed through Customer Service
• Initial letter is sent
• Borrower must meet all bond guidelines to assume
  loan

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QUESTIONS???

• Use your Program Team for
• Status of loan funding
• Status of documents received
• Program guidelines
• General information
•  

Finish
HELP DESK LINE 1-800-562-5165
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YOUR U S BANK HOME MORTGAGE TEAM .
  Ronald Moore, Loan Review Supervisor ronald.moor
e_at_usbank.com [phone] Rod Martin,
Operations Manager rodney.martin2_at_usbank.com (216)
475-8236 Laurel Kleinhenz, Lender Support
Specialist laurel.kleinhenz_at_usbank.com (216)
475- 8406 Jacqueline White, Exception
Specialist jacqueline.white_at_usbank.com (216)
475-8388 
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OTHER SUPPORT CONTACTS

Sally Mazzola HFA Client Executive sally.mazz
ola_at_usbank.com [phone] Linda Tully
HFA Servicing Analyst linda.tully_at_usbank.com
[phone] Lynda Davis Underwriter lynda.
davis_at_usbank.com [phone] Rita
Connelly Underwriting Mgr. rita.connelly_at_usbank.
com
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Thanks for participating!