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Quick Reference 3/14/13

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  1. Quick Reference3/14/13

  2. HomeBridgeQuickReferenceGuide forTitleCommitment Requirements: Afull preliminaryTitleReportoraShortFormpolicyisrequired Title commitmentincludingallendorsementsvalidfor90daysonall Conventional loans Title commitmentincludingallendorsementsvalidfor120daysonall FHAloans 24monthchainoftitle Real estatetaxesmustbe current Taxesmustbepaidif dueonorbeforefirstpaymentdate
  3. HomeBridgeQuickReferenceGuide forInsurance Requirements: Premiumamountandbalanceduemustbereflectedonthepolicy Allpremiumsduemustbepaidprior to or atcloseandevidenceofpayment mustbeprovided Full homeownerinsurancepolicy: Purchaserequires12 monthsremainingcoverageatclose Refinancerequires60daysremainingcoverageatclose Maximumdeductiblemaynotexceed5%ofdwellingcoverage Allcondo’s requireevidenceofHO-6insurance (akawalls-in) coverage (unless interior unit coverage included in HOA Master Policy).Coverageamountis determinedbyinsurerbutmustbe sufficienttorepaircondotoitsconditionpriortoloss claim event Floodinsuranceisrequiredif propertyis inadesignated flood zone
  4. HomeBridgeQuickReferenceGuide forAppraisal Requirements: Appraisalsmustnotbemorethan120daysold fromtheNotedateon Conventional transactionsandtheeffectivedateonFHAtransactions. Ifanappraisal will beolderthan120days,anAppraisalUpdateand/or CompletionReport(FNMA1004D)willberequired. Theappraisal mustbe completedpriortotheexpirationoftheoriginal appraisal. HomeBridgemayrequestaDeskReviewonacase-by-casebasis. ThefollowingAppraisal Formsapply: FNMAForm1004–SFR/PUD FNMAForm1025–2-4Units FNMAForm1073–Condominium
  5. HomeBridgeQuickReferenceGuideRequirementson ConventionalAppraisals: TheAppraisalUpdateshouldbecompletedbytheoriginalappraiser,however,iftheoriginalappraiser doesnotcompletetheAppraisalUpdateform,theappraisercompletingtheupdatemustreview the originalappraisalandcommentontheoriginalappraiser’sopinionofmarketvalueandifitwas reasonableatthetimeoftheoriginalappraisal. Documentationmustbeprovidedasto whytheoriginal appraiserdidnotcompletetheAppraisalUpdate.
  6. HomeBridgeQuickReferenceGuideRequirementson FHAAppraisals:
  7. TheAppraisal Updatemustbe completedbytheoriginal appraiserandmust alsoincludeaMarketConditionsAddendum totheAppraisal Report(Fannie MaeForm1004MC). Anappraisal Updateis noteligibleandanewappraisal will berequiredifany ofthefollowingconditions apply: Thepropertyhasdeclinedin value Thebuildingimprovementsthatcontributetothevalueofthe propertycannotbe seen fromthestreet Theexteriorinspectionofthepropertyidentifies deficienciesorother significantchangesthatdidnotexist atthetimeoftheeffectivedate oftheoriginalappraisal TheUpdatewasorderedbyalendernotidentifiedastheintended useroftheoriginalappraisal orreportunlesstheappraiserincludes theoriginal reportbeingupdatedas anattachment;theoriginalappraisal cannotjust bereferenced(perAdvisoryOpinion3 of USPAP)
  8. HomeBridgeQuickReferenceGuide forMERS Requirements: MERS systemidentifies eachloanandmaintains amasterregistrywhichprovides fortheeliminationofCorporateAssignments whenloansaresoldfromonelendertoanother CorrespondentSellermustregistertheirloans intheMERS system usingtheircompanynameandMINnumbermustappearonthe Correspondent’sclosingdocuments AfterHomeBridgepurchasestheloan,theCorrespondentSellerisrequiredto transfertheBeneficialandServicingRightstoREMN REMNMER’s ID#: 1002882
  9. HomeBridgeQuickReferenceGuide forDocPrep Requirements: HomeBridgehastwoapprovedDocPrepVendors: DocMagic DocuTech CorrespondentSellers mustcontact eitherdocprepvendorto establishanaccountandidentifyHomeBridgeastheInvestor IntheeventtheCorrespondentSellerisalready setupwitheither docprepvendor,theSellermustidentify HomeBridgeastheInvestor
  10. HomeBridgeQuickReferenceGuide forMortgageeClause Requirements: HazardInsurance: CentralLoanAdministration& ReportingISAOA,ATIMA PO Box202028 Florence,SC 29502-2028 FloodInsurance: CentralLoanAdministration& Reporting,ISAOA,ATIMA PO Box202028 Florence,SC 29502-2028 FloodDetermination: CentralLoanAdministration& Reporting,ISAOA,ATIMA PO Box77404 Ewing,NJ 08628
  11. Collateral HBC Custodian: Deutsche Bank National Trust Company 1761 East St. Andrew Place Santa Ana, CA 92705-4934 Attn: Team REMN Custodian Requires: Original Note Bailee Letter Original Note Endorsement, OR Allonge Documentation Uploaded in HIP: Copy of the Note Bailee Letter Endorsement or Allonge Seller to Endorse Note: Without Recourse Pay to the Order of Real Estate Mortgage Network, Inc./ (Seller) Signature of Officer Officer’s Name and Title
  12. Additional Seller Responsibilities Once the loan has been purchased: Transfer MERS MIN to REMN Organization ID: 1002882 Batch Number FHA Assignment, provide “results” printout Final pay history Send Documents to: HomeBridge C/O Real Estate Mortgage Network 433 Hackensack Ave. 5th Floor Hackensack, NJ 07601 Attn: Final Docs Trailing Documents (within 120 days) Original recorded Mortgage/Deed of Trust Final Title Policy Recorded Assignments Any additional HBC specified Docs