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        Oklahoma Housing
         Finance Agency



Sally Mazzola, Client Support
Delivery & Funding
June 18, 2008
        MORTGAGE
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            Preparation for Delivery

All Originators, Shippers & Closers are required to review the
     guides and documentation required prior to closing.


            Access the web at www.ohfa.org or
                 www.mrbp.usbank.com
                  to obtain the information.
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                  Loan Process
    Register your loan with OHFA
    Deliver COPY of compliance file to OHFA for review
    Submit all ORIGINAL compliance documentation to USBHM


    Once OHFA has approved the loan for closing
        Close per Agency guidelines
        Deliver closed mortgage loan file to USBHM
        USBHM reviews file and purchases unless deficiencies
         found, then loan place on exception for incomplete or
         missing documents.
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                     Process (cont.)
   When loan is purchased funds are wired and purchase summary
    faxed that day
   If loan is cited for exceptions USBHM will advise by fax or exception
    report
        Fax deficiencies to (216)475-8627 or alternate (216)475-8622
        Once received, we review for correctness, clear from system
         and proceed to purchase the loan
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                          Delivery
   Ship loan(s) immediately after closing within required guidelines
    of the program
   Complete Loan Delivery Checklist for loan type you are delivering
   Advise your borrower their loan sold to USBHM
   All documentation is completed & correctly executed
    prior to shipping with sufficient # of copies
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   Loan File Delivery Address

All Closed Loan files should be delivered to:

U.S. Bank Home Mortgage – MRBP Division
           17500 Rockside Road
            Bedford, OH 44146
       Attn: Operations Department
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         Collateral Reminders

ORIGINAL NOTE:
 Endorsed to U.S. Bank N.A.
 Name Affidavit Required, if Borrower(s) undersign
 Borrowers typed name(s) under signature line
 Co-Signers are to execute NOTE only
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                Collateral Reminders
MORTGAGE: (copy)

RIDERS: (copy)
    Tax Exempt Rider (required on all tax exempt bond loans) recorded
   with mortgage
    Other applicable riders (condo, pud, etc.)
ASSIGNMENT: (copy) if not a MERS member
    Assigned to U.S. Bank N.A
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             Quick Reference
          Note Endorsements / Assignments
                    U.S. BANK N.A.
                       MERS
                  USB 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
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                    Quick Reference
 Lender Changes (Names, DBA’s etc.)

     Please Notify: Elaine Wojtowicz 216-475-8268 / 216-475-8619 fax

 Borrower Payment Address and Website
      U.S. Bank Home Mortgage
      P.O. Box 468002
      Bedford, OH 44146-8002
      www.usbankhomemortgage.com
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    Top 10 Documents with Exceptions
                 In order of most common


1. Mortgage/Deed of Trust (1st & 2nd)
    Riders missing, (Tax Exempt, Condo, PUD)
    Property Address incorrect
    Pages and/or legal description not in file
    Notary Section blank or incorrectly completed
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    Top 10 Documents with Exceptions
2. Note
    Endorsements missing or incorrect (See Quick Reference)
    Property address incorrect
    Payment terms of the loan incorrect


3. Hazard & Flood Policies
    Names & addresses not matching other documents (Street, Drive,
     Blvd., etc)
    Proof of premium paid not in the file
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    Top 10 Documents with Exceptions

4. Manufactured Housing Documentation
   Exceptions related to following our Mfg. Hsg. Bulletin (dated 2007)
   Evidence of title being surrendered to state, model number/name
    on Security Agreement
   Security Instrument missing information on Mfg. Home
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    Top 10 Documents with Exceptions

5. Underwriting
 FHA loans-- missing MCAWs

6. Assignment
   Not in loan file
   Not assigned correctly to U.S. Bank N.A.
   Incorrect reference to borrower and/or property information on
    mortgage
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Top 10 Documents with Exceptions
7. Appraisal
    Missing pages of the Appraisal
    Address doesn’t match other documentation

8. HUD-I
    Property address not precisely matching other documents
    Calculations and/or amounts are incorrect
    DPA assistance was not properly identified
    Signed copy of the final not contained in file
    Missing monthly escrows or not collected escrows
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    Top 10 Documents with Exceptions

9. Title Commitment
    Co-Signor or spouse is named when not applicable
    Not found in file submission
    Date of policy incorrect or missing


10. Final T-I-L
    Missing from file
    Name and address not matching other documentation
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       Loans with File Deficiencies
 Posted online for referral and communicated by
    Fax
    Exception Report


 Exceptions are received and reviewed for accuracy

 Once ALL deficiencies are resolved loan purchased
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          Submission of Exceptions
 Provide separate cover letter/sheet identified by USBHM loan
  number (received upon registration)

 Or attach exception report identifying specific exception items to
  your submission


 Partial submissions are welcome!
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            Lender Compensation

Fee to lenders from OHFA:     1.50%
SRP to lenders from USBHM:     .25%

LENDERS NET:                  1.75%
*BUY PRICE:                  104.75%
*Includes lender advance of down payment assistance
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                 Funding Information
 Purchased Daily / Amortized Balance / Purchase Summaries Faxed
 Provide loan histories, if there has been any activity
 Net Purchase: (no checks)
     Current principal balance, interest, SRP, starting escrow
     Tax Service Fee $85.00
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           Post Closing Documentation
 Organize documents in order of Final Document Checklist
 Docs due in our office no later than 120 days after purchase
 A $50 penalty fee may be assessed after 120 days (at a rate of $50 per
 month until last document has been received)
 Final Recorded Mortgages, Assignments, Riders, Title Policy ONLY!
        Deliver to: U S Bank Home Mortgage / Document Control Department

                   17500 Rockside Road

                   Bedford, Ohio 44146-2099
             Questions? Contact Document Control Supervisor
         Darlene Kreigh – darlene.kreigh@usbank.com (216)475-7739
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               Lender Help Desk

                   1-800-562-5165
Or Email the Help Desk at   mrbp.helpdesk@usbank.com


         Status of when loans scheduled for funding
                Status of documents received
                Loan Deficiencies/Exceptions
                     Program guidelines
                     General information
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        Payment Information
  Borrower Payment Address and website:
              U.S. Bank Home Mortgage
                   P.O. Box 468002
               Bedford, OH 44146-8002
            www.usbankhomemortgage.com

    Borrowers will receive a monthly statement
    Payments can be made online at:
     www.usbankhomemortgage.com
    Borrower can also access payment transaction & loan
     information.
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   Servicing Quick Reference List

      Customer Service Toll Free
             Number
                  (800) 240-7890
             Hours: Monday – Friday
             7:00 am – 8:00 pm EST
Please give this information to your borrowers at loan
                       closing
              Thank you
for participating in the 2008 program

				
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