Listed below are some tips and tricks on how to get the best results for your borrower. If you find out some way to be better or more efficient at processing and gathering conditions, please share with the rest of us! Some info you read may have a broken link or be a tad outdated as guidelines change monthly. Some tips listed below are best practices and SOP's like #41 for example.
1. BANK OF AMERICA PAYOFF DEPT
800-669-6607 or 866-653-6183
Order through the automated system, faxes out in 10 to 20 minutes.
When you want to NET the ESCROWS, complete this form and fax to BofA. They say 24 hours to process but sometimes sooner. Add your FAX # and info to it but have the client sign it upfront. They WILL NOT send you a new payoff with the escrows netted out like Wells Fargo. BofA sends a simple one page letter that say that they will accept less the amount in the escrow account. They usually send these out in 24 to 48 Hrs!! KEEP IN MIND that IF you have a co-applicant or spouse of the loan, YOU WILL NEED their signature on this letter too!!
When you are successful in this attempt, you will receive a letter like this one!
2. BANK OF AMERICA SUBORDINATION DEPT
866-384-2124 ( Option: #1, #2, 1#, 2 and then fax number. thx Steph Whiting of Sterns )
I called this number "the subordination department ". It’s a voice mail that gets checked all day. I left a message in the voicemail box.I left the loan number of the lien to subordinate, the client’s name, the nature of my call I also included my return fax # and contact info. MUST UPS or FED-EX a cashiers check to process which is $125. Send after the approval issues because they need a copy of it along with other stuff.
If you have one in process, get a jump on it and sell the $200 fee early
( Two to three week turn time )
Here are their reqs and checklist
Set a reminder on your calendar so you don't forget.
BY THE WAY
Be aware that like most banks, Bank Of America has a wire cutoff time of 2pm PST for same day.
Yup… You would think that depository institutions can wire anytime. Not the case!
My borrower went in to his branch and wired his funds ( BOOM! ) but they will post on Monday AM due to their cutoff times.
If you have any loans that are short to close and your borrower is opting to wire in the cash from a verified BofA acct, make sure they do this at least one day before your closing date ( they close @ 6pm on Fridays )
And give your cell number to confirm tomorrow.
Make sure the borrower adds the escrow ref # too !
3. WELLS FARGO PAYOFF DEPT
866-234-8271 or 800-678-7986
When you need an FHA/VA Conventional payoff with Wells and need the escrow balance applied to your principal, call 866-234-8271 Hit 2, then 2 again and then 0. Be prepared to have the WF current loan number, SSN and the name and address of the subject handy. Here is the key, the WF payoff department will only process "NET THE ESCROWS" for WELLS to WELLS refinance partners and correspondents. Has to be Wells 2 Wells!
The payoff faxed out in 15 minutes
Here are the Subordination Reqs
Old Wachovia Bank Loans...and Pick-A-Pay Wells Fargo!!(check for deferred % )
If you look at the Wells Fargo Mortgage statement. IF the loan number starts with a 512, you probably have an old Wachovia Bank loan. The 512 prefix was added as an internal way to identify these loans. The processing center is still in San Antonio, Texas. Their process to net escrows is just like Bank Of America's. You have to get written borrowers auth and fax etc... edit and ( Use This Form )
Here's the contact # to verify the amount in escrow ( 3 way call preferred ) : 800-642-0257
The good news is that they will NET your escrows ( 1-2 days to turn around ) they will fax a payoff righ to you!!
Have the client callin and have their loan # handy and last 4 digits of their social!!
ASC ( Americas Servicing Company ) Part of Wells Fargo!!
-They( ASC ) charge a $10 fax fee to process and c an take up to 3-4 business days
4. CHASE PAYOFF DEPT
800-848-9136 press 0 when you hear choices
About 2 hour turn time but they quote 24
Will need to have the last 4 digits of the primary SSN and the FULL address of the subject.
For the most part you can get a payoff faxed inside 24hrs. I received one in 1-2 hours. They may ask for your name and # to notate the file.
Also, they have a full loan # format. Include all digits from their credit report. Their policy is that the borrower must call in and give verbal verification for you to get a payoff faxed Of you can fax in you request with written authorization to the # below. Say this "I have a fax # for you" if possible please fax the payoff to this #....
NOTE: they wont fax to 3rd parties without written or verbal authorization.
5. CHARLES SCHWAB BANK ( Mortgage Services )
Here is a link to the Subordination Letter and information about their process
6. CITIMORTGAGE PAYOFF DEPT
Will need the last 4 digits of the primary Borrower SSN. Their automated system will allow you to move through the system and get the payoff ordered via fax without faxing the auth. I had one sent in 10 minutes. No fees!
You can also get NOTES from them Via FAX ( FHA )??
CITI WILL NOT NET YOUR ESCROWS!!
CitiMortgage Click this link for the Subordination Doc
7. COMMONWEALTH CENTRAL CREDIT UNION
CWCCU SUB REQS
8. DESERT SCHOOLS FEDERAL CREDIT UNION
All originals must be forwarded via E-mail or Courier, sent to: Desert Schools Federal Credit Union
148 N 48th St 4th Floor Phoenix, AZ 85034 Attention: Consumer Loan Servicing
(602) 433-LOAN or (800) 456-9171
9. GREENTREE SERVICING
Greentree is known for being a huge pain in the you know what to process subordinations but click here and get it right the first time. They also need a cashiers check for the fee; last time I checked it was also $200.00
1-800-766-4622 or 888-293-5108
Will need the last 4 digits of the primary Borrower SSN. Their automated system will allow you to move through the system and get the payoff ordered via fax without faxing the auth. I had one sent in 10 minutes. No fees no crap!
WILL NOW NET ESCROWS
GMAC does allow the netting of escrows now.
At one time they did not net the escrows.
If you look on the payoff figure statement...on page 2 there is a section for requesting the netting of escrows. ( Tip credit goes to C. Van Tichelt out in mortgage land. Whuuut?
11. KEY BANK
Key Bank Will Subordinate their HELOCS too!
12. NATIONSTAR MORTGAGE
Attn: Research Department
350 Highland Drive
Lewisville, Texas 75067
Please fax a letter of authorization with the borrower's signature to 972-459-1611. The authorization will be updated within two business days
Click here for the Subordination reqs and all contact info.
13. SUNTRUST MORTGAGE
Call CSR or click on the SunTrust link above to locate the right dept.
FAX # for the Subordination Dept: 877-577-7543
Click Here for their Subordination Reqs
They charge $200 and they charge another $50 for any revisions.
PHH/THIRD PARTY LENDERS
Attn: Account Management Department
First Tennessee Bank / First Horizon National
1555 Lynnfield Road, Bldg. C, Memphis, TN 38119
E-mail - email@example.com
FAX # 888-551-6087
CLICK HERE for Subordination Reqs
Turn time for a standard request is approximately 16 business days; processing fee is $300.
Turn time for a rush request is approximately 8 business days; processing fee is $400.
We accept personal checks, cashier's checks, or money orders, made out to First Horizon or First Tennessee Bank.
We do not accept credit card payments and will not debit the customer's account for fee payment.
We begin processing the subordination upon receipt of this fee.
The subordination fee will be refunded to you if for any reason we are unable to approve your subordination request.
If your new loan program does not require an appraisal, we will not require an appraisal.
The subordination request package should be sent to First Tennessee / First Horizon; address is on request form.
Call Customer Service at 800-382-5465 if you require a copy of the Note.
Our company policy prohibits us from subordinating on transactions where the borrower receives in excess of $500 at closing. Proceeds cannot be used to pay off debt other than the current 1st mortgage. Transactions in which proceeds are to be applied to the loan being subordinated will be reviewed on a case by case basis, and will require the limit to be reduced to the new balance if the loan is a Home Equity Line of Credit . You have the option to restructure the new loan so that it meets our guidelines .
15. PNC BANK
Same same...Will need the last 4 digits of the primary Borrower SSN.
Subordination Dept. is :
They will charge the customer a small fee to the account of the lien holder.
Must order the sub's online and takes about 1-2 weeks.
Requires the prelim, approval, GFE and their agreement filled out. Fee pops up on the website after you enter all the data!
Must fill out a form online and complete the process on their website.
Needs the loan # etc..
Subordination Department Link to the website click HERE!!
16. San Diego County Credit Union
6545 Sequence Drive
San Diego, CA 92121
877-732-2848 ext 8670
Subordination reqs here!
Charges $200 for the sub
USAA typically has great service all around.
They do however charge $100 to process.
Click here to learn more about their subordination requirements, process etc.
Click here to link to their sub department w/ USAA
18. US BANK
US BANK Will accept request to Net out escrows. Turn time is about 48 hours.
Fax request to: 800-227-6736 Attention: Payoff Department.
Send them an generic letter like the BofA one on the Tools and forms page:
Please fax my updated pay off to:
Click here to get their subordination requirements.
19. CORELOGIC CREDCO
Rapid Recheck Department
Phone: 877-264-8973 or 858-859-4400
Click this to learn about the dispute removal process etc
Complete this Form too!
Fax: 800 523 0688
20. DISPUTES ON CREDIT!!
CORELOGIC CONFERENCE CALL DEPT.
BY THE WAY, ONCE THE ORDER IS PLACED, have your borrower call 800-257-7903 ( conference call line ) and have your BRR give the Reference/Order # and they will call out to the Creditor 3rd Party, Complete the Dispute Resolution process and email the credit sup back to whom ever placed the order in an hour.
COMPLETE THIS LETTER and SEND IN to your Credit Agency ( look to see who yours is ) this letter will work with all!
21. EMAIL RAPID RESCORE
Or just call them @ 877-264-8973
22. THE WORK#.COM ( VOE's. INCOME ETC ) Only for company's that use them
You will need the 5 digit Employer ID #, DOB, SSN to get access! ( Enter as the employee, Enter their SSN, then enter the company name and the system will tell you the 5 digit company code )
If you go to the home page as an employee: usually the User ID is the full SSN of the Employee.
The basic PIN FORMAT is the last 4 digits of the SSN plus the year they were born. ( i.e.48851972 no dashes ) A total of 8 digits!!! If that doesn't work, reverse it or you may have to call them direct! ( 3 way call ) Request or reset the PIN and move on.
Once you get in you may have to establish their account and answer a total of 6 new security questions. If its you doing this, either ask the client these questions or use general answers etc.
TIP: write down all the answers to the security questions!!! Just in case!!
Once you get all the way in and set up. You will see their SIX DIGIT SALARY KEY! And the Angels said...AHHHH
This is the ( six digit salary key ) number your processor needs! If you call the customer Service #, 1. you may be on hold for 30 minutes but its easy!
See email-able Instructions HERE
23. Fannie Mae
Have your Fannie Mae login handy to get in the system and talk to the fannie peeps!
I thinking that I have an AJ DURP ( $432,000 ) that was closed in May 2009. I'm thinking okay cool, 4% Zero cost, Done!!
I looked it up on the Fannie Mae web site and saw that its owned by fannie mae and possibly eligible.
TIP: Make sure your address is correct and re-run DU. Condos don't need the Unit # when you run DU but will need to be on all other documentation etc. Mine is a CONDO/TOWNHOME I tried that and still go this message below.
CALL EM...and ask what the deal is...
5. This limited cash-out loan case file was not underwritten according to the DU Refi Plus expanded eligibility guidelines because the subject property was not identified as a Fannie Mae loan that is eligible to be refinanced with DU Refi Plus. Refer to the Selling Guide for additional information regarding why an existing loan may not be eligible to be refinanced using DU Refi Plus.
6. This loan case file is ineligible for delivery to Fannie Mae because, on a high-balance mortgage loan limited cash-out transaction, the LTV cannot exceed 90 percent for a fixed rate loan with a loan amount not exceeding $625,500, 80 percent for a fixed rate loan with a loan amount exceeding $625,500, or 75 percent for an adjustable rate mortgage.
24. HUD RESOURCE CENTER
Expect them ( HUD ) to take a dang 1003 on you just to talk to them!!
Have your email address, Lender ID #, Subject case # and they will be able to handle most stuff right over the phone.
The thing that sucks is that they will only give information to the person that ordered it ie. case # re-assignments etc.
This location screens out callers and most BS. They will email you a bunch of crap about what they told you though most of which is useless for LO's.
25. FHA RESOURCE CENTER
To be eligible for the UFMIP reduction offered by HUD the original loan must have been endorsed (insured) by FHA 5/31/09 or earlier. This is not the funding or recording date of the loan nor is it the note date. This is the date FHA insures the loan and can be verified in FHA Connection. We had a recent case in which the loan was not endorsed by FHA until 6 months after the loan funded!
If you need this date confirmed please contact FHA Connection or HUD provide the previous case number
Email them @ firstname.lastname@example.org
26. QuestSoft 4506T Department
Support Hours 7:30 – 4:30 Pacific Time
23441 South Pointe Dr., Suite 270 | Laguna Hills, CA 92653-1559
4506T@questsoft.com | www.questsoft.com
27. U.S Small Business Administration ( SBA )
801 Tom Martin Drive, Suite 120 BIRMINGHAM, ALABAMA 35211
800-736-6048 • 205-290-7141 • 205-290-7765 (FAX)
Click here for the subordination
Click here for the SBA FORM 770
28. PMI is Cancellable ( not MIP.....MIP now lifetime post 4/2013 case #s ( FHA )
For first-time homebuyers and other borrowers seeking low down payment home financing, a loan secured with mortgage insurance provides the safety and security borrowers want in today's volatile mortgage
market. It also provides a feature not found in any other loan type: the ability to cancel the mortgage insurance once the borrower's equity in the home reaches 20 percent. Traditional fixed-rate mortgages with MI have become attractive to consumers because such loans aren't subject to interest rate resets and
monthly payments decrease when the borrower builds enough equity to cancel the insurance. According to Mortgage Insurance Companies of America (MICA), 90 percent of borrowers cancel their mortgage insurance within five years.
The Homeowners Protection Act of 1998, Cancellation is automatic on most recent loans, as mandated by
The Homeowners Protection Act of 1998. On the majority of loans originated on or after July 29, 1999, the MI is automatically terminated when the mortgage is scheduled to amortize to 78 percent of the original value of the house as long as the borrower is current on all monthly payments. Borrowers with loans originated on or after July 29, 1999 may also request cancellation even earlier—when the loan is paid down to 80%—if the borrower has a good payment history, can demonstrate the property has not
declined in value, and there is no subordinate lien. Lenders must inform homebuyers about this right to request cancellation at closing, and again on an annual basis.
Borrowers may also request cancellation of their MI so long as they meet all requirements established by the owner of the loan (i.e., the investor). Investors usually require the borrower to show that they have 20 percent equity in the home, although frequently investors will permit borrowers to use an updated appraisal showing appreciation in the value of the home to achieve the required 20 percent.
The Cancellation Process:
Three Simple Steps
Consider the amount of principal paid on the loan, any home improvements
which could increase its value, and area home price appreciation.
Call the loan servicing company to discuss any cancellation requirements,
which might include a new appraisal and/or more information about the
Send the mortgage servicer a written cancellation request with any
required supporting documents.
29. Expired HOA Certs ( can you use old ones )?
They don’t really have an expiration date but should be provided
within the time frame of your loan to make sure we have the most up to date
information. For example, you would/could not use an H.O.A. cert from a previous loan
that you might have done for the same borrower.
30. Temporary Leave, Short Term Disability and Maternity Income
Below are the guidelines for Short term disability and Maternity Leave
Both Fannie Mae and Freddie Mac have issued new policy with regards to Temporary Leave Income. As such, Citi’s Family Medical Leave of Absence policy has been renamed Temporary Leave Income and the new policies now address when income from their “leave of absence” position may
be used to qualify and how to calculate qualifying income.
Income used to qualify is determined by when the borrower will be returning to work:
If the borrower will return to work prior to the first mortgage payment being due, the borrower’s regular employment income that will be received upon their return to employment can be used to qualify.
If the borrower will not return to work prior to the first mortgage payment being due, the lesser of the borrower’s temporary leave income (if any) or their regular employment income may be used
to qualify. If the borrower will not return to work prior to the first mortgage
payment being due and the borrower’s temporary income is less than their regular
pay, liquid assets may be used to supplement the temporary leave income.
31. Citizens Bank 800-708-6680 ( call for Payoffs )
SEND YOUR COMPLETED SUBORDINATION FORM (WITH REQUIRED DOCS) TO RBS CITIZENS NA
JW212 Subordination Dept 443 Jefferson Blvd, Warwick RI, 02886
$200 for Subs and $75 for modifications.
Click here for the Subordination Docs/Reqs.
32. Get IRS transcripts in 5 days by mail only, no longer via web!!
Scenario: Need tax transcripts to send in UW or PTF Conditions, I asked
borrower for tax returns and she sent me a copy of her transcripts. “WE CAN USE THESE
TRANSCRIPTS . I can tell if our 4506t will be rejected based on how the borrower
filed. Here is the link to use as a tool to help, but remember we still
need to be able to pull the tax transcripts on our end through our
system as out investors typically want the 4506 processed and an audit trail created. Ya dig?
32. (A) NEED IRS TRANSCRIPTS "LIKE RIGHT NOW RIGHT NOW??
Have your client get a live voice by calling the main #. 800-829-1040
Tell her to let the first IRS person know what she needs then this call center will transfer her to a different call center that processes these requests.( dunno where)
Will need to security question in with the following:
- FULL NAME OF tax payer in box 1
- REFUND AMT OR LIABILITY $ AMT
- FILING STATUS FOR YR REQUESTED
- ADDRESS on return
-NUMBER CALLING FROM
- NUMBER TO FAX TO! ( have this before calling )
33. Flipping your coventional loan to an FHA loan?
Your first appraisal came in short and now you have a high LTV cashout need?? Fine, you can do this but read this and know that If the appraisal was ordered for conventional lending or government guaranteed loan purposes but was performed by a FHA Roster Appraiser, the mortgagee must ensure that the appraisal was performed in accordance with FHA appraisal reporting requirements as detailed in Handbook 4150.2, CHG-1, Valuation Analysis for Home Mortgage Insurance for Single Family One – to Four – Unit Dwellings, and subsequent mortgagee letters. Ensuring compliance with this requirement may entail a re-inspection of the property by the appraiser!!
34. Need SSI Award Letters?
Here is the link for your borrower to get a copy of their social security award letter:
and here is where they would login or set up an account:
They will be able to get it right online via the automated system.
35. TCF HELOCs/Subordinations Etc ( click here for the checklist )
You send the SUB pkg along with a $300.00 check and return shipping label to Jason Schindler via FED-EX or UPS. See his address below.
Subordination packages cannot be emailed.
Turnaround time is 20 business days.
Jason T Schindler
200 25th Ave S
St. Cloud, MN 56301
Mail Code 064-00-0
36. FIELD REVIEW FOR YOUR OA ( Form 1004 )
Field Review can take as long as the original appraisal. Some are a little quicker if the property is a cookie cutter house in a subdivision and there are not issues with the original appraisal (OA), but others can take longer especially if they are complex.
A Review Appraiser is:
· Completing a Review (Per USPAP Standard 3) - Every line in the OA must be reviewed. As soon as the Review Appraiser signs the report they are agreeing to or disagreeing with components of the report and the end of the day the Review Appraiser is responsible for all of it.
· Additionally the Review Appraiser must develop their own appraisal ( Per USPAP Standard 1 ) – It is the only way the Review Appraiser would know if the appropriate data was used or not used.
· Finally the Review Appraiser is responsible for reporting their opinion (Per Standard 2 in USPAP) – One option is to require a second appraisal, but the Review Appraiser has two other options, they can 1) agree with the value or 2) disagree with the value and provide their own and in either case you just completed an Appraisal.
37. VA Certificate Of Eligibility Request Hotline
Place the request through the VA portal, Just call this # 888-869-0194 ext 3048 give SSN and be polite!
38. Hey guys, use this for your VA borrowers.
VA Benefits letter website.
39. For your short cuts to check on a DD214
Have the Vet call here.
Have the SSN and Brw Addy handy
40. Your Veteran lost his or her DD-214? ( don't forget to thank them for their service!! )
Click here and grab this form
COMPLETE AND FAX this FORM 180 to : 314-801-9049
HELP & STATUS LINE: 866-272-6272
TAKES about 13-15 days so relax and wait!
They Will fax the form back to you f your request.
Sadly, no verbal requests to Obtain the DD-214 will be allowed!!
FHA MIP CHART
VA COE REQUEST
VA TERMITE FORM 33
Specific VA FORM 33 Verbiage ( see this )
REQUIRED VERBIAGE ON ALL TERMITE REPORTS AS FOLLOWS:
"This is to certify that the above property was inspected on (date
of inspection) in accordance with the Structural Pest Control Act and rules and regulations adopted pursuant there to, and that no evidence of active infestation or infection was found in the visible, accessible areas."
Clearance: "The recommendations in this report have been completed to my satisfaction at no expense to me."
41. VA Appraisal Department Plus Contact info for Phoenix Regional Loan Center
Dial 888-869-0194 Press 3 for Appraisals, Construction and Valuation. Have the SSN of the Veteran ready. Also have the address for the subject ready. If the call center is too busy, the Auto Attendant will send you to Voicemail and they say to allow 24 hrs for a response. An email address you can send emails to is: email@example.com.
NOTE: If you get someone on the line, make sure you have a case #, SSN and Address for subject property!!
If you are looking to transfer a VA appraisal to you, make sure you have your case #, your VA Originator Lender ID # ready.
This will need to be done 1st before your SAR can go in and retreive the appraisal and issue your NOV
PEM's is 9015910000