mortgage bankers association document custodian general training session for gses
TRANSCRIPT
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Document Custody GeneralTraining Session
Presented by the Document Custody
Sub-committee Education Workgroup
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Catch the Energy!
Release Your Potential!
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Did you know that Seattle is the home of where the
FISH! Philosophy emerged from a film produced by John
Christensen — current CEO of ChartHouse Learning —about Seattle's world-famous Pike Place Fish Market.
Using the “FISH!” philosophy, it is our goal that in
today’s session we will:
Have some fun
Make your day
Make a difference
General Training Session Objective
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Session Agenda
Initial Certification
Recertification
Transfer Requirements
Refreshment break
Q & A
Annual or Recurring Reporting Requirements
Custodial Responsibilities
Audit Tips and Most Common Findings
Q & A
A G E N D A
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Document Custody General Training
Session
Today’s Speakers Are:
Lydia Thornton – Fannie Mae
Tom Kumi – Ginnie Mae
Kathleen Davidson – MPF Program with the
Federal Home Loan Bank of Chicago
Carole Andrade – Freddie Mac
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Document Custody General TrainingSession
Today’s Moderators Are:
Angee Nolan – JP Morgan Chase
Linda Gentry – Stewart Mortgage Information
Linda Rogers- GMAC Bank – Document Custodial
Division
Kelly Crunican- LaSalle Bank - Collateral Services
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Carol
Andrade
Debra
Thompson
Tom
Kumi
Speaker
Names
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
Kathleen
Davidson
Sample “Go Fish” Question
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Q&A Sessions
End of Phase 1
End of Phase 2
Stick to questions related to topicsdiscussed
Q&A Cards Are for Submitting Questions
Pass them toward middle aisles
Leave Business Card – We’ll SendTranscript.
Q & A
CARD
Q & A Sessions
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TER-MI-NOL-O-GY
For today, ‘Agency’ = GSE, Investor, etc.
Related Terms:
Ginnie Mae: ‘Issuer’Fannie Mae: ‘Lender’
Freddie Mac: ‘Seller/Servicer’
MPF: ‘PFI’ (Participating Financial Institution)
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Initial Certification
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Ginnie Mae
Initial Certification
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Ginnie Mae – Form Requirements
HUD11706 - Schedule of Pooled Mortgages
HUD11711A – Release of Security Interest
HUD11711B - Certification and Agreement
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Ginnie Mae – Initial Certification
Procedures Document Custodian Procedures:
Form HUD 11706:
Total number of loans reported = Collateral files receivedCompleted for both issuer and custodian.
Filed in related Pool Master File.
Form HUD 11711B:
Pool number = Ginnie Mae pool/loan package number onrelated form HUD 11706
Ensure one of the two boxes on the form has beenchecked.
Verify original executed form HUD 11711A for anymortgages with a second-party security interest.
Filed in related Pool Master File.
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Ginnie Mae – Initial Certification
When is the Initial Certification due to Ginnie
Mae by the Custodian?
Ginnie Mae I and Ginnie Mae II Custom Securities:
No later than 2 business days from the settlement date.
Settlement: 3rd business day
Ginnie Mae II Multiple issuer single family securities
No later than the date published by Ginnie Mae on its web site.
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Ginnie Mae – Document Requirements
Original Note
Complete Endorsement Chain (Originator throughpooling issuer to blank)
Complete Assignment Chain (Originator to current
Issuer or MERS)
MOM Loans – No Assignments
Assumptions
Addendums, Riders, etc.
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Ginnie Mae – Document Requirements
Lost Instrument Bond with Limited Liability
Requirements:
Name of issuer purchasing the bond Loan number of current issuer
Name of original mortgagor
Legal address of property
Amount of bond Name of surety or insurance company (Obligor)
Date bond executed by surety or insurance company
Signature of representative for surety or insurance company
Appropriate POA and certification as required by surety orinsurance company
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Ginnie Mae - Data Verification
Mortgagor Name(s)
Property Address, City & State (No zip code!) (if property address is included on the note)
Principal Loan Amount (alpha and numeric)
Interest Rate (alpha and numeric)
P & I (alpha and numeric)
Term of the loan (first and last payment due dates)
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Ginnie Mae – Arm Data Verification
Interest Rate Change Date
Mortgage Margin
Interest Rate Cap Structure
Pool type suffix on Form HUD 11706 must
correlate to Interest rate cap structure on the
Note.
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Ginnie Mae – Note Endorsement
Complete chain of endorsements from the loan
originator to the pooling issuer.
Endorsement in blank and without recourse by an
authorized officer of the issuer
Facsimile signatures acceptable for endorsements:
Acceptable under the laws of the relevant jurisdiction inwhich the property is located.
Not prohibited under the issuer’s corporate charter and by-laws
Such signature authorized by Corporate Resolution
Such signature be notarized when required by law
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Ginnie Mae – Allonge Requirements
Allonges may be used:
Acceptable practice in the jurisdiction in which the
property is located.
Allonges must be:
Original
Affixed (Stapled) to the Note
And clearly reference the Note
Note may reference the Allonge but such
reference is not required.
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Ginnie Mae – Electronic Documents
Proposed Minimum Functional Requirements:
Registration
Transfer Interface
Identification
Prior to accepting an eNote
Formal application submitted to Ginnie Mae
Approval received to act as a Ginnie Mae approvedeCustodian
At the present time the only eRegistry that has beenevaluated by Ginnie Mae is the MERS® eRegistry
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Ginnie Mae – Collateral Review
Collateral Review:
Ensure presence, completeness, accuracy andcorrectness of required collateral documents.Compliant with investor guidelines for delivery.
Complete chain of title from original lender to
issuer.Verification of data agrees with form HUD 11706.
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Fannie Mae
Initial Certification
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Fannie Mae - Form Requirements
Fannie Mae Form 2005 (Schedule of Mortgages)
Initial certification occurs within MCCS or the Document
Certification Application.
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Fannie Mae – Initial CertificationProcedures
Document Custodian Procedures:
Form 2005 – Schedule of Mortgages Lender transmits schedule electronically to both Custodian and
Fannie Mae simultaneously. Custodian compares the Schedule of Mortgages to the
documents: To ensure the presence of required documents and
Information on the documents corresponds to that on theSchedule.
The document custodian should review thedocuments for the individual mortgages in the poolto ascertain:
Conformity to Fannie Mae's documentation requirements Properly executed
Complete, and sufficient on their face.
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Fannie Mae – Initial CertificationProcedures
Document custodian electronically
transmits its certification to Fannie Mae
through the MORNET Custodian
Certification System or the DocumentCertification Application.
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Fannie Mae - Document Requirements
Original Note
Riders, Addendums, etc.
Modifications, Assumptions, etc.
Complete Endorsement Chain (Originator to blank)
Original unrecorded Assignment to Fannie Mae
(MERS – no assignment)
Power of Attorney
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Fannie Mae - Allonge Requirements
Comply with State, County and Federal law
Affixed (Stapled) Preferred but not required
References the Note
Loan Amount
Borrower or Address of Secured Property
Facsimile Signatures Acceptable
Requires Corporate Resolution – Held by Custodian
Corporate Resolution must include the Officer’s Name(s)who facsimile signatures are authorized.
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Fannie Mae – NY CEMA
New York – Consolidation of Prior Notes
and Mortgages:
Fannie Mae requires:A recorded (or certified copy) New York Consolidation,
Extension and Modification Agreement
Form 3172
Or an equivalent form that is Fannie Mae approved.
An assignment to Fannie Mae (unrecorded, but inrecordable form)
If additional funds are advanced:New Note and Mortgage
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Fannie Mae - Cooperative Share LoanDocumentation
Co-Op Loans:
Lenders should contact their lead Fannie Maeregional office to determine specificcooperative share loan documentationrequirements for cooperative projects located
in most states.
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Fannie Mae – NY Co-Op LoanDocumentation
For share loans from cooperative projects
located in New York: Documentation required for initial certification:
Original recorded UCC-1
Original UCC-3 - Assignment of the UCC financing statementto Fannie Mae, in a recordable form but not filed
Certificate of Stock, shares, membership certificate, or othercontractual agreement evidencing ownership
Original Co-op Recognition Agreement
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Fannie Mae – NY Co-Op LoanDocumentation
For share loans from cooperative projects located
in New York:
Required Documentation for Collateral File:
Executed Blanket Assignment of the Co-op RecognitionAgreement’s to Fannie Mae (Fannie Mae approved form)
Original recorded Intervening Assignment of the UCCfinancing statement (UCC-3) (if applicable)
Executed blank Stock Power
Original Security Agreement
Original Proprietary Lease or Occupancy Agreement
Original Assignment of the Proprietary Lease or OccupancyAgreement, (if applicable)
Original recorded Continuation Statement(s), (if applicable).
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Property Address – City, State, Zip
Original Loan Amount
First Payment Date
Original Note Rate
Principal and Interest (P&I)
Amortization Type (if applicable)
Mortgage Loan Type
Original Term (in months) Balloon ‘Call’ Date (if applicable)
Fannie Mae - Data Verification
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Fannie Mae - Arm Data Verification
First Interest RateChange Date
First PaymentChange Date
Interest Rate Ceiling
Interest Rate Floor
Original Index Value (If applicable)
Mortgage Margin
Lookback (May 2007)
Rounding (May 2007)
ARM Plan Number, if
present
All of the Fixed Rate Fields plus:
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Fannie Mae - Interest Only Requirements
All ARM Fields or Fixed Fields (as applicable)
Interest Only End Date
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Fannie Mae - Electronic Documents
Custodial Requirements:
Execute an Amendment to their CustodianAgreement with Fannie Mae
Training – certification guidelines for
eMortgage Notes through a consultationprocess with Fannie Mae.
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Fannie Mae - Collateral Review
Data elements should match exactly what is
printed on the Schedule of Mortgages.
Custodian must assure that the data delivered to
Fannie Mae is the same data that was certifiedby the custodian.
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Freddie Mac
Initial Certification
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Freddie Mac - Form Requirements
Selling System
Our primary delivery and certification tool
1034E: Selling System Schedule Or Note Delivery CoverSheet
MIDANET® Deliveries
Used primarily for negotiated bulk deals
1034: Fixed-Rate Schedule
1034A: ARM Schedule
1034S: Custodian Certification Summary 1034SM: Custodian Certification Schedule for Multiple
Contracts
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Freddie Mac - Form Requirements
Freddie Mac Form 1034E from the Selling System
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Freddie Mac - Initial Certification Process
Selling System Deliveries Certified by Custodian
Certification Status must be updated in the system no laterthan 8:00 p.m. eastern time.
Selling System Deliveries certified by Freddie
Mac’s DCS
Form 1034E and the notes must be delivered to DCS nolater than 12:30 p.m. eastern time on the final delivery dateand certification must be entered in the system no laterthan 8:00 p.m. eastern time.
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Freddie Mac – Initial Certification
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When is Initial Certification due to Freddie Mac by the
Custodian?
All loan data and documentation is complete
Certification by approved Custodian or Freddie Mac
Freddie Mac has taken possession of all data, documentation
and/or information required for submission
Midanet® Deliveries
Form 1034S or 1034SM delivered to Freddie Mac by 12:30 p.m.eastern time on the final delivery day for the Guarantor; on the
prior day to be requested funding for Cash
Freddie Mac Initial CertificationProcess
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Freddie Mac - Initial Certification
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Freddie Mac Initial CertificationProcess
Custodian must verify the following
requirements have been met:
Loan Data:
Note = Data in the Selling System or MIDANET® and Forms1034E, 1034 and 1034A.
The Custodian is not required to verify the Seller/Servicer Loan
Number. Freddie Mac Acceptable Endorsements
Custodian must verify that the chain of endorsements isproper and complete from the original payee on the Note to
the Seller delivering the Note to Freddie Mac and that the finalendorsement is the blank endorsement from the Seller toFreddie Mac.
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Freddie Mac – Initial Certification
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Freddie Mac Initial CertificationProcess
Custodian must verify the following requirements
have been met:
Note Endorsed Using a Facsimile Signature Stamp:
Custodian may certify.
Seller is required to maintain an opinion of counsel that use of a facsimile signature constitutes a valid signature for an
endorsement on each Note so endorsed. Assignments of Security Instruments from original
Mortgagee to Seller/Servicer or to MERS prepared,executed and recorded where required.
Seller/Servicer provides Custodian with any documentationnecessary to determine whether the Seller/Servicer has electedto hold all assignments for Mortgages registered with MERS inthe Mortgage files.
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Freddie Mac - Document Requirements
Original Note
Complete Endorsement Chain (Originator through Seller
to Blank) Complete Assignment Chain (Originator to
Seller/Servicer or MERS)
MERS MOM Loans – No Assignments
Power of Attorney
Assumptions
Original Riders, Addendums, etc.
Name Affidavit – Only If borrower signature is not consistent with the typed name below the signature line.
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Freddie Mac - Allonge Requirements
An Allonge may used if the following conditions are
met:
Permanently affixed to the Note.
References the borrower’s name, property address, originalprincipal balance.
The form of the allonge and its use applies with all
applicable laws.
Does not impair Freddie Mac’s status as a “holder in duecourse” or any of Freddie Mac’s rights under the PurchaseDocuments.
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Freddie Mac - NY CEM Loans
The Original Consolidated Note for Fixed Rate,Adjustable Rate and Balloons must have the
following verbiage inserted at the top of thedocument: This notes amends and restates in their entirety, and is given in
substitution for, the Notes described in Exhibit A of the New YorkConsolidation, Extension and Modification Agreement dated the
same date as this note.
NY CEMA may be a certified copy and the Sellerwarrants the copy is a true and correct copy of the
original delivered for recording.
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Freddie Mac – NY CEM Loans:
Exhibit A –Obligations Being Consolidated,
Modified and Extended.
All notes, security instruments, assignments, consolidationsagreements and related agreements that modify, consolidateor extend prior underlying obligations and which predate thecurrent NY CEMA must be listed separately in Exhibit A.
Exhibit B – Property Description
Copy of Schedule A to the New York Mortgage may be usedbut should be marked as Exhibit B to identify it as a NY CEMAexhibit.
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Freddie Mac – NY CEM Loans:
Exhibit C –Consolidated Note Copy
Complete with any applicable addenda, with fixed-rate,adjustable-rate or Balloon Note language inserted at the topof the first page. Borrower signatures are not required .
Exhibit D – Form 3033 (NY Single-Family Uniform
Security Instrument)
All blanks completed and any applicable riders attached.Borrower signatures are not required. May be a copy.
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F ddi M C O
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Freddie Mac – Co-Ops
Mortgages secured by cooperatives
are not eligible for sale to
Freddie Mac.
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Freddie Mac - Data Verification
Freddie Mac Loan Number
Borrower Name Co-borrower Name
Property Address, City,
State, Zip
Original Note Date
Original Loan Amount
Interest Rate
First P&I Date Maturity Date
Principal and Interest
Amount (P&I)
Modification Date
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Freddie Mac ARM Data Verification
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Freddie Mac - ARM Data Verification
All of the Fixed Rate Fields
plus: First Interest Rate
Adjustment
Mortgage Margin
Percent Rounded
Periodic Cap
Life Rate Cap
Convertibility
Index First Adjustment Minimum
Rate
First Adjustment Maximum
Rate
Lookback Period
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Freddie Mac – Initial Interest
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Date of 1st P&I Payment must be the date of the1st Interest Only Payment as stated in the Note.
Monthly P&I Payment must be the first InterestOnly payment as stated in the Note.
Modification/Conversion Date must be the first
amortizing payment date as stated in the note orby adding the number of months of interest onlyperiod to the due date for the 1st monthly paymentas stated on the note.
Requirements
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Freddie Mac – Electronic Documents
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Freddie Mac – Electronic Documents
eNote
eNotes are currently purchased only on anegotiated basis and requirements are beingrefined.
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Freddie Mac Collateral Review
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Freddie Mac – Collateral Review
Custodial and Issuer Collateral Review Tips:
Key Points per Required Documents:
Uniform instruments are required unless the loan hasbeen modified.
Exception:
Exceptions to Guide requirements are allowed only if
expressly permitted in writing from Freddie Mac. Quality Control:
Seller should review deliveries before forwarding forcertification to ensure all documentation is present and
data matches the note.
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Freddie Mac Initial Certification Tips
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Freddie Mac – Initial Certification Tips
What can Custodians and Issuers do to
improve the Initial Certification Process?Data and Documentation should be reviewed
before delivery to ensure it is accurate.
Issuer and Custodian should be familiar withrequirements and contact Freddie Mac as soon aspossible if there is any question concerning arequirement.
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MPF Program - Form Requirements
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No forms required
All information is handled electronically
Notification of certification is after
funding
MPF Program Form Requirements
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MPF Program –Initial CertificationP
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Process
PFI sells or receives the funds for the loan.
Custodian is notified via e-mail that a funding file is
available for download.
Custodian retrieves funding file from eMPF website
and imports into their system and either awaits the
Collateral File or once it receives the Collateral File,
it compares the data to the schedule information
used to complete the original initial certification
review.
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MPF Program –Initial CertificationProcess
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Process
After receipt of the funding file, the Custodian must
upload data files to the eMPF website: Collateral Files that have not been received by Custodian
Loans that have initial document exceptions
Loans that have obtained initial certification
MPF Custody imports these files into the Loan
Custody System and reacts accordingly based on the
information provided.
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MPF Program - Document Requirements
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Promissory Note:
Original Note
Or Lost Note Affidavit/Lost Instrument Bond with a certified
copy of the fully executed-Original Note
Endorsement – Complete Endorsement Chain (Originator
through PFI to blank)
Intervening Assignments: Certified Copy of Intervening Assignments sent for recording
Complete Assignment Chain (Originator to PFI or to MERS)
Investor Assignment – Original, unrecorded Assignmentfrom PFI to ‘Blank’
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MPF Program - Document Requirements
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MOM Loans – No Assignment Required
Power of Attorney – Certified CopyModification – Certified Copy
Addendums and Riders – Original
Land Trust Agreement (If applicable) –
Certified Copy
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MPF Program – Allonge and FacsimileSignature Requirements
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Allonges:
2 Accurate References to the Note
Needs to state “without recourse”
Does not need to be affixed to the Note
Note does not need to reference allonge
Facsimile Signatures Require:PFI holds MPF Bank Harmless
Corporate Resolution
Certification of Facsimile Signature
Approval of MPF Provider
Signature Requirements
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MPF Program - NY CEMA
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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New York Consolidation and Modification
Agreement:Original or Certified Copy of form 3172
Exhibits A, B, C and D
Original Consolidated Note endorsed in blankwithout recourse
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MPF Program - Data Verification
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Fixed Rate Product Only... Borrower Name Address – City, State and Zip
Loan Amount Interest Rate First Payment DateMaturity Date P&I Label-Program Custodian Only
PFI Name Master Commitment Number
PFI Loan Number MPF Loan Number, if applicable
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MPF Program – Electronic Documents
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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eNote:
At this time, we do not allow the delivery of eNotes.
The MPF Provider is a member of MISMO.
We continually assess the technology needed toaddress these types of fundings.
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Initial Certification Summary:
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Labels
Co-Borrower
NameFreddie Mac
Number
TermLoan Type
No Zip
Unique Note
Data
Elements
Electronic
Data File
Appropriate
1034
11706
Schedule
Form
Number
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
2005
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Fannie Mae
Recertification
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Required for:Change in Document Custodian
Change in ServicerFannie Mae or the Seller/Servicer request
recertification
Recertify within:6 Months of File Receipt OR
6 Months of Transfer Effective Date (ServicingTransfers)
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Fannie Mae – Recertification DifferencesFrom Initial Certification m
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Same Documentation Requirements
Limited Note Elements
Lender Loan ID
Borrower Names
Property Address (No Zip)
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Fannie Mae - Recertification Process m
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Change of Issuer
Custodian – no change:
Custodian must obtain manifest or schedule.
Verify borrower names, property address etc. onNote to information on manifest or schedule.
Assignment to Fannie Mae from the newservicer is present.
Complete the recertification form when all
document have been reviewed and exceptionscleared.
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Fannie Mae – Recertification OngoingRecord-Keeping m
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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To complete the recertification, Custodian sends
Servicer:
Form 2002 (Recertification Form) Copy of Trial Balance
Or the annotated Schedule of Mortgages (Form 2005) thatreflects the composition of the MBS pool on the date of thetransfer and identifies the mortgages for which documents
were transferred.
Custodian Keeps: Copy of Form 2002
Trial Balance or Schedule (Form 2005)
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For a successful recertification:
Review and recertify as soon as all of thedocuments are available.
Communicate any issue noted immediately.
Approach recertification with the same rigor asthe initial certification.
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Ginnie Mae
Recertification
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Required for:Change in Document Custodian
Change in Issuer
Recertify within:12 Months
Note: Ginnie Mae ‘at its discretion’ reserves the right to require
reviews to protect the assets pledged in the Ginnie Mae MBS
Securities program. As such, an Issuer can request a
recertification from the document custodian should they feel the
need to initiate one.
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Ginnie Mae – Recertification Initiatingthe Process m
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Issuer Pursues Ginnie Mae Approval
Ginnie Mae Reviews Transfer Request and
HUD11715
Approval Distributed via GinnieNET
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Issuer provides the Custodian the
following forms and all collateral files:Copy of Ginnie Mae approval letter
HUD 11708 (Releases)
HUD 11706 (Schedule) Trial Balance Documents
Original Legal Opinions or Updates
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Standard
Streamlined: Limited Reconciliation &
Data Elements
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Ginnie Mae – Recertification OngoingRecord-Keeping m
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Issuer & Custodian
Copy of Completed Recertification
Pool Master File
HUD11708 (Releases)
HUD11706 (Schedule) signed and dated by thedocument custodian
Trial Balance Documents
Original Legal Opinions or Updates
GNMA Approval Letter
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8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Organize files in pool and loan number order that
match the 11706.
Have copies of the form HUD 11708 noted on
HUD 11706 for any loans or documents released
at time of review.
Have evidence of Ginnie Mae approval letter
authorizing the transfer.
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Freddie Mac
Recertification
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Recertification required for:
Transfer of Servicing w/change of custodian
Transfer of Custody
Termination of Custodian
Move files within
30 Days of Transfer Date
Recertify within
180 days of transfer date
No electronic system for Recertification
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Transferee Servicer Initiates
Transferor provides the Custodian the
following forms and collateral files:Form 1034T
Note
Assignments, if applicable
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Freddie Mac - Recertification On-GoingRecord Keeping om
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Transferee Custodian:
Paper Form 1034T& Loan List to Freddie Mac &Servicer
Keep any related correspondence (1034T copy,transfer notices, error resolution statement, data
corrections…etc)
Transferor Custodian:
Keep Transferees’ Form 1035
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Identify all issues as early as possible to
allow time for resolution.
Contact Freddie Mac concerning issues for
which answers are not clear or when there
seems to be no possible resolution
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MPF Program
Recertification
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Recertification Required for:Files Returned to Custodian after Release
Files transferred to new CustodiansRequests by MPF Provider
Recertify within:Returned Files – Same day
Custodian Transfers – 60 days
MPF Requests – Same day
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No Forms for Initiating Recertification
Initiated by… PFI – The action of the PFI returning the Collateral
File to the Custodian for reinstatement.
MPF - Transfer of Custodian
MPF - Requests by MPF Provider
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Same Review as Initial Certification
Electronic Data File Provided
To Custodian by MPF Provider
Using the eMPF websiteCustodian downloads data to obtain schedule
information
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Recertification Summary:om
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Return of
Released
Collateral File,Custody Transfer,
or Special Request
Change of
Custodian Only
Change of
Custodian or
Fannie Mae orServicer
Request
Change of
Issuer orCustodian
Initiating
Event(s)
Returns:
1 Day,
Transfer:
2 Months
6 Months1 YearRecert
Timeframe
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
MaeGO FISH!
6 Months
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Recertification Summary:om
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ElectronicTransmission
1034T2002 &Trial Balance
11706 & TrialBalance
InitiatingForms
MPF ProviderTransferee
Servicer
Servicer or
Fannie Mae
Issuer
Party Who
Initiates
With NewCustodian
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Recertification Summary:
MPFFreddieFannieGinnie
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Reproducible
Release
Requests
1034T,
All Relevant
Info &
Correspond-
ence
Form 2002 &
Trial Balance or
2005 (Sch.)
Certified
11706,11708s,
Trial Balance,
Legal Opinion, &
Ginnie Mae
Approval Ltr.
What
Custodians
Keep...
NO:
Same as Initial
YES:
FM Ln ID
Borrowers
Address
YES:
Streamlined
YES:
Standard
Streamlined
Variationsfrom Initial
Cert?
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Determine that the thing
can and shall be done,
and then we shall find
the way!
Abraham Lincoln
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COFFEE BREAK TIME!
PLEASE RETURN FOR IN 25 MINUTESTURN F IN
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Q & A Session
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TRANSFERS
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Fannie Mae
Transfers
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Fannie Mae - Transfer Types
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Servicing Transfers:
During Sale to Fannie Mae (Concurrent)
After Sale to Fannie Mae
Custodian Transfers:
Servicing Transfer
Requested Transfer
Partial Pool Transfers Acceptable
Concurrent Transfers Acceptable
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Lenders Initiate Transfers:
Trial Balance OR
Form 2005 (Schedule)
2003 If:
New Transferee Servicer/Custodian Relationship
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System Tracking:
Ongoing Relationship with Servicer
Endorsement Chain Ends: Seller to Blank
Assignment Chain Ends: Servicer toFannie Mae
Lender to Provide MERS Information
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Ginnie Mae
Transfers
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Ginnie Mae - Transfer Types
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8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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Transfer of Issuer Responsibilities
Transfer of Custodian Responsibilities
Multiple Sites Transfer
Change in Custodial location or storage
Pool Level Transfers Only
Concurrent Transfers
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Issuers Initiate Transfers:
Ginnie Mae Approval Required
11706 to Custodian
Must Use GinnieNet
11715 needed if:New Issuer/Custodial relationships
New Ginnie Mae Custodian
New Custodial site
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Ginnie Mae - Transfer Processingom
8/8/2019 Mortgage Bankers Association Document Custodian General Training Session for GSEs
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System Tracking:
Issuer of Record & Pool
Endorsement & Assignment Chains:
Same as Initial Certification
Record Assignments if Transfer of Issuer
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Record of Completion:
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11706 to PPA (Pool Processing Agent)
Tracking/Storage:
Ginnie Mae Approval Letter
HUD11708s (Release Requests)
HUD 11711A or HUD11711B (if applicable)
HUD11706 (Schedule)
Trial Balance
Legal Opinions
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Freddie Mac
Transfers
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Freddie Mac - Transfer Typesom
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Concurrent Transfer of Servicing Occurs at the time the mortgage is sold to Freddie Mac.
Subsequent Transfer of Servicing After the mortgage is sold to Freddie Mac.
Transfer of Custody Result of a transfer of servicing
Servicer’s choice
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Freddie Mac – Notification
Concurrent Transfers
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Approval Required. Notification via data transmission.
Appropriate 1034 utilized.
Transferee custodian certifies.
Subsequent Transfers Seller/Servicer Initiates.
Form 1034T utilized. Transferee custodian delivers form 1034T to Freddie
Mac’s Document Custodial Services.
Form 1034T must be retained for a minimum of 3
months after recertification, or it can be imaged anddestroyed immediately.
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Freddie Mac – Transfer Processing
Form 1035, Tri-Party Agreement:
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g Signed only once for each seller/servicer number.
New 1035 if new transferee servicer/custodian relationship.
Simultaneous Transfer of Servicing with sale to
the investor and the Seller and Servicer are two
different parties: Endorsement chain should match up to the Seller of the
loan to Freddie Mac.
Last endorsement: Seller to blank.
Assignment Chain: Ends with Servicer.
Custodian should track loans based on the Servicer not theSeller.
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Freddie Mac – Ongoing Record-Keeping
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Record of Completion (Transferor):
Concurrent: On-line in Selling System or 1034S for
MIDANET® Subsequent: 1034T
Tracking/Storage: Form 1034E or Note Cover Sheet may be destroyed once
certification is entered in the Selling System
Form 1034 and 1034A, or an image of Form 1034 or 1034A andForm 1034T must be retained for 3 months from certification date
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Mortgage Partnership
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Mortgage Partnership
Finance® Program(MPF Program®)
Transfers ww
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MPF Program -Transfer Types
Transfer of Custodian
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Loans moved from one approved MPF Custodianto another
Loans must be certified by new Custodian
Transfer of Servicing
Does not require a new Custody Agreement/Addendum unless the transfer of servicingincludes the transfer to a new Custodian
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MPF Program -Transfer Notification
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Transfers Coordinated by MPF ProviderNotificationAgreement Issues
No Standard Forms
All information is handled electronicallyCustodian will maintain electronic records for
each loan held on behalf of MPF
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MPF Program - Transfer Processing
System Tracking: Seller and Servicerud.com
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System Tracking: Seller and Servicer
ABC Bank – DEF Servicing Released
Concurrent Transfers:
Servicing Transfer and Sale Simultaneous
Endorsements = Seller to Servicer and Servicer toblank
Assignments = Seller to Servicer and Servicer to
blank
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Transfers – Summary:
MPFFreddieFannieGinnie ud.com
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MPF ProviderServicerLender or
Servicer
Issuer onlyWho
Initiates?
Concurrent
Transfers of
Servicing?
ProgramMacMaeMae
YES YES YES YES
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Transfers – Summary:
MPFFreddieFannieGinnie ud.com
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YES – (LoanLevel)
YES – (LoanLevel)
YESNOPartial PoolTransfers?
No Standard
Form
1034 Online or
Paper. 1034T via
Email or Fax
Trial Balance
or 2005
(schedule)
11706 via
GinnieNET
Standard
Initiation
Form/Method?
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Transfers – Summary:
MPFFreddie
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Fannie
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Ginnie ud.com
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Concurrent Transfer of Servicing (During Sale)
Subsequent Transfer of Servicing (After Sale)
Transfer of Custodian Responsibilities
Multiple Sites Transfer
Common
TransferReasons
NONONOYES
Custodian
Stores Agency
Approval?
ProgramMacMaeMae
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Annual Or Recurring Reporting
Requirements
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Mortgage Partnershipud.com
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Mortgage Partnership
Finance® Program(MPF Program®)
Annual or Recurring
Reporting Requirements ww
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Annual Officer’sCertification ud.c
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Attestation of
Compliance
Due April 15th
Annually
Exhibit 2 in
Custody Manual
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MPF Program – Custodian Reporting
Monthly Reports: ud.com
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Loans initial certified
Govt. Loans Final CertifiedGovt. Loans Not Final Certified
Loan Releases
5th Business Day of Month
Specific File Format
Fed to MPF Banks
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MPF Program - Agreements
Internal templates distinguish between 3rd-party,affiliate and self-Custodians. ud.c
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Customized service and agreements.
Custody Agreement between MPF Provider andCustodian.
Custodian Acknowledgement executed byCustodian and PFI.
Agreements cover all pool and all facilities.
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MPF Program – Reporting Requirements
All re-occurring reports must be in the correctformat
ud.com
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format
Data on the reports must be consistent
Data on the reports must be accurate
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Fannie Maeud.c
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Fannie Mae
Annual or Recurring Reporting
Requirements ww
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Annual Eligibility for Document Custodians:
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Annual Eligibility for Document Custodians:
Starting March 31, 2006
Audit Report Summaries
Administrative Changes
Bailee Letters
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Fannie Mae - Lender Reporting
Form 582 (Lender Record Information)Reflects Status of Mortgage Operations at Fiscal
year-endud.c
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year endDue by Lender Within 90 Days of its Fiscal Year-
End
Form 1002: Mtg. Bankers FinancialReporting
QuarterlySubmitted Electronically
Fidelity or E&O Insurance
To Fannie Mae Within 30 Days
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Fannie Mae - Report Significance
Annual Statement of Eligibility:
Indicates Ability to Meet Eligibility and Operationalaud.c
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Requirements
Audit Report Summaries:
Indicates Performance
Eligibility Criteria for Custodians and
Seller/Servicers:
Administrative Changes
Net Worth and/or External Ratings
Important to Match Entity With Ratings
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Fannie Mae - Reporting Requirements
Annual Statement of Eligibility foraud.c
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g y
Document CustodiansDue March 31st of Each Year.
Sent Directly to the Custodian Oversight andMonitoring Group at Fannie Mae.
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Ginnie Mae
Annual or Recurring Reporting Requirements
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Non-Liquidation Inventory:
All HUD11708s for:
Ginnie Mae – Custodian Reporting
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Code 6
Monthly 90/180 Day Reports:
90+ Days – Report to Issuer180+ Days – Report to Ginnie Mae
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Custodians: Non-Liquidation Tracking (90/180 Day HUD11708
Reports)
Ginnie Mae - Custodian/IssuerReporting
aud.c
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Annual Physical Inventory
Issuers: 11702 – Resolution of Board/Certificate of Authorized
Signatures
Used to verify various HUD forms transmitted to GinnieMae and the Custodian
11711A – Release of Security Interest
11711B – Certification & Agreement11711A & 11711B – form used to release prior interest and
certify ownership
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Annual Pool Inventory:
Custodians Verify Physical Pools To:
Ginnie Mae - Custodian Reporting
aud.c
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Issuer Pool List
Master Pool Files
Reports to Issuers
Major discrepancies noted and provided toGinnie Mae
Resolution Within 120 Days
Flexible Formats
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Officers Required
U d t d A ll
Ginnie Mae - Issuer Reporting
11702 (Authorized Signatures):
aud.c
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Updated Annually
To Ginnie Mae &
Custodian
Custodian To Verify
11706s, 11708s, 11715s,Endorsements, etc.
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11711A & B (Security Interests):
Ginnie Mae - Issuer Reporting
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11711B for every pool.
GinnieNET OR Hard Copy.
11711A per pool, if applicable.
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Non-Liquidation Inventory: Accurate
R l R
Ginnie Mae - Report Significance
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Release Reasons
Annual Pool Recon: Accounting for Assets
11702: Legitimate Signers
11711A&B: Enforceable Ownership
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Freddie Mac
Annual or Recurring Reporting
Requirements
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Freddie Mac Reporting
Custodians: Annual Eligibility Certification FormDue March 31Faxed to Freddie Mac raud.c
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Freddie Mac - Reporting
Seller/Servicers Report (Form 16SF):Annual Eligibility CertificationDue 90 Days after FYECompleted On-Line raud.c
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Freddie Mac - Reporting
Seller/Servicers Only
1107SF Report:
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Submit As Needed
Significant
Organizational
Changes
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Freddie Mac - Report Significance
Annual Eligibility Certification Form –
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Form 16SF: Annual Eligibility Certification
Report – Notification/Awareness for
Freddie MacForm 1107SF: Seller/Servicer Change
Notification Form – Tracking Assets
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Reporting Requirements - Summary
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae raud.co
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April 15th
Cust: March
31st, S/S:
FYE + 90
FYE + 90
Days
Resolution
Due w/i 120
Days
Annual
Report
Due?
YES –
Eligibility
Reports
YES/
Lender
Record
Information
YES– Pool
Inventory &
11702
Required
Annual
Report?
YES–
Annual
Officer’s
Certification
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Reporting Requirements - Summary
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae raud.co
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Attestation of Compliance - Accountability
Proof of Rightful Ownership
Performance MonitoringChange & Asset Tracking
Common
Report
Reasons
Monthly Data
Reports
1107SF –
Change
Notification
Bailee Letter
Notification
Non-
Liquidation
90/180 Day
Reports
Unique
Agency
Reports
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DOCUMENT CUSTODIAL
RESPONSIBILITIES
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Ginnie Mae
Document Custodial Responsibilities
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Ginnie Mae – Custodial Insurance
Requirements
Document Custodians are required to maintain insurance
coverage to indemnify Ginnie Mae against losses involving
Ginnie Mae pool and loan documents in their custody.
Financial Institution Bond to include the followingraud.co
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coverage's: Fidelity Premises In Transit Forgery or Alteration
Financial Institution Bond must be underwritten by aninsurance carrier with an A.M. Best’s rating of B+ or better
Loss Payee endorsement must name Ginnie Mae as the
loss payee
Trust Operations Errors and Omissions In excess of $500 million in Ginnie Mae pool and loan documents
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Ginnie Mae – Fire Rating Requirements
Document Custodial Facilities:Effective January 1, 2007:
Facilities must provide a minimum of 2 hours of fireprotection
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protection
Attested by a written statement from: Insurance company of the Document Custodian
Fire Marshall of applicable jurisdiction or independent,qualified fire protection contractor.
Statement of compliance: Updated upon any significant change in facility and
available for inspection by Ginnie Mae.
Prior to January 1, 2007:
Existing approved document custodial facilities Minimum of 1-1/2 hours of fire protection.
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Ginnie Mae – Custodial SafekeepingRequirements
A Document Custodian must maintain secure, fire
resistant storage facilities with adequate accesscontrols to ensure the safety and security of pool andFr
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loan documents:
Access controls may be either in: Automated form
Employees to use a security card access reader to gainentry to the vault.
Electronic access record Manual Form
Requiring two employees to be present whenever the vault is
entered.Written access long maintained.
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Ginnie Mae – Custodial Responsibilities
Ginnie Mae’s recommendation to Issuers
and Document Custodians: Fraud.
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and Document Custodians:
The issuers and document custodians should
subscribe to any and all updates made by Ginnie
Mae.
Please consult the following web site address:
www.ginniemae.gov
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Fannie Mae
Document Custodial Responsibilities
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Fannie Mae – Insurance Requirementsfor Custodian
As of October 1, 2006, The Insurance Coverage
for a Document Custodian Must Include:Fraud.
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Fidelity Bond Errors and Omissions Insurance
Coverage Limits:
E & O:Must be not less than $1 million per claim and $10 million in
the aggregate, on a claims-made basis.
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Fannie Mae – Custodial Responsibilities
Fire Rating Requirements:
Vault must be 2 hour fire rated.Fraud.
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Master Pool Retention Requirements:
Electronic or paper record for 6 years afterlast pool loan has liquidated.
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Fannie Mae – Custodial Responsibilities
For further information you may contact: Debra Thompson Fr
aud.co
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Director of Custodian Oversight & [email protected]
Or visit:
http://www.efanniemae.com or via AllRegs®
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Freddie Mac
Document Custodial Responsibilities
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Freddie Mac – Custodial InsuranceRequirements
Maintain the following insurance coverage's, at a
minimum:
Financial institution bond, or equivalent insurance,Fraud.
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, q ,
covering any loss resulting from:Employee dishonesty
Physical damage, destruction or loss of Notes andassignments while on custodian’s premises
In transit (if Custodian contractually agreed to provide)between Custodian’s premises and anywhere
Errors and omissions coverage including breach of duty,neglect, misstatement, misleading statement or other
wrongful acts
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Freddie Mac – Custodial InsuranceRequirements
The required insurance coverage's must:
Be underwritten by an insurer that has a A- (A minus)Fraud.
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or better rating according to the A.M. Best Company Be maintained in amounts deemed adequate for the
number of Notes and assignments held in custody andappropriate based on prudent business practice
Have a deductible amount no more than the greater of 5% of the Custodian’s (GAAP) net worth or $100,000,but not greater than $10,000,00
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Freddie Mac - Fire Rating Requirements
Custodial Requirements:Be equipped with secure, fire-resistive storage
facilities with controls on access to ensure the safetyFraud.
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and security of the Notes and assignmentsFacilities must meet fire resistive requirements set
by the Custodian's regulator. If no requirements setby the regulator, a minimum of two hours fire
protection.
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Freddie Mac - Custodial SafekeepingRequirements
Maintain Notes and assignments in such a way as toensure security and confidentiality and prohibit
unauthorized access to or use of informationFraud.
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contained in the Note and assignments.
Use employees who are knowledgeable in the
handling of Notes and assignments and the functions
and duties of a Custodian.
Access the electronic version of the Guide at:
http://www.freddiemac.com, or via AllRegs®
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Mortgage PartnershipFraud.
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Finance® Program(MPF Program®)
Document Custodial
Responsibilities
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MPF Program - Custodian InsuranceRequirements
Fidelity Bond – The Custodian is responsible for
the provision and maintenance, at all times, of Fraud.
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fidelity insurance and mortgagee’s E&O insurance.The insurer must be rated B+ or better or affiliated
with Lloyd’s of London.
Type of Coverage – Based on the total dollars of
loans held in Custody or Loans Serviced –
whichever is greater
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MPF Program - Custodian InsuranceRequirements
Fidelity Bond:
Fidelity Insurance and Mortgagee’s E & OFraud.
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Insurance
Insurer must be rated b+ or better by the A.M.Best Company or affiliated with Lloyd’s of
London
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MPF Program - Custodian InsuranceRequirements
Types of Coverage: Based on total dollars of loans held in Custody or loan
serviced,
Whichever is greater: Fraud.
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<$100 million - $300,000<$500 million - $300,000 plus 0.15% of base over $100
million
<$1 billion - $300,000 plus 0.15% of $400 million plus 0.125%of base over $500 million
>$1 billion - $300,000 plus 0.15% of $400 million plus 0.125%of base over $500 million plus 0.100% of base over $1billion.
Deductibles:
Fidelity- the greater of $100,000 or 5%.
E & O – the greater of $100,000 or 5% per loss or occurrence.
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MPF Program – Custodial Responsibilities
Fire Rating Requirements:
Minimum of 2 hours fire protection
d b C d ’ l l f
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Attested by Custodian’s insurance company, local firemarshal or an independent, qualified fire protectioncontractor.
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MPF Program –Custodial SafekeepingRequirements
To assure the safety and security of CollateralFiles:
Secured facility with adequate controls of access
Fire resistant storage facilityFraud.
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Controlled either by:
An automated system to enter vault:
Use of a security card reader Electronic access records
Or a manual system:
Requiring at least two employees to be present whenever thevault is entered
Maintenance of a written access log
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MPF Program - Responsibilities
For further information regarding the MPF programplease contact:
Kathleen Davidson - MPF Custody Manager
Ph 312 616 8049
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Phone: 312-616-8049E-mail Address: [email protected]
Dawn Castell – Senior Custody SpecialistPhone: 312-565-1234E-mail Address: [email protected]
Dan Melady – Custody SpecialistPhone: 312-565-2605E-mail Address: [email protected]
General e-mail address: [email protected]
°
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A di Ti & M
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Audit Tips & Most Common Findings
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Gi i M
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Ginnie Mae
Audit Tips & Most Common Findings
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2 Types:
On-site Custodian & Issuer reviews
Desk reviews only for RFP & risk assessment
Ginnie Mae - Audit
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Desk reviews only for RFP & risk assessment
Frequency varies for on-site & desk
reviews.
On-site Reviews last 3 to 5 days.
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Designate one audit contact.
Ensure availability of requested documents.
Keep current eligibility information
Ginnie Mae – Custodian Audit Tips
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Keep current eligibility information.
Prepare written explanations of extenuating
factors.
BePre
pared!
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Designate one audit contact.
Ensure availability of requested documents.
Prepare written explanations of extenuating
Ginnie Mae – Issuer Audit Tips
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Prepare written explanations of extenuatingfactors.
List bank accounts in questionnaire.
Prepare reconciliations & bank statements for
review.
Confirm all HUD forms current & available.
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Fire-Resistance Attestation
Fidelity Bond Coverage
Ginnie Mae – Common CustodianFindings
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Fidelity Bond Coverage
Errors & Omissions Coverage
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Recurring Findings: Recurring Finding of Past Audits
Errors on 11708s (Release Request)
Errors on 11706s (Certification Schedule)
Ginnie Mae – Common Issuer Findings
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Tips to avoid repeating these items: Prepare for the audit itself. Schedule time to make sure
the supporting information is available to the reviewteam.
Make prior audit finding reports available tomanagement team.
Q.C. review certifications on a regular basis to avoidrepeated errors.
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Custodians:
Continue to maintain Independence.
Ginnie Mae – Opportunities to Improve...
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Issuers:
Shorten pool submission cycle.
Strengthen data reporting controls.
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Fannie MaeeF
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Fannie Mae
Audit Tips & Most Common Findings
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Fannie Mae - Custodial Audit
Onsite Review Frequency:Large custodians – semi-annually
Small to mid-size custodian – annually
Length of Review:eF
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Length of Review:“Variable” 2 to 3 days
Data Audits vs. Physical On-Site Audits:Fannie Mae does conduct data audits occasionally;
however these review’s do not satisfy the requirementsfor a physical on-site review.
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Fannie Mae – Custodian Audit Tips
Gather requested information in advance.
Set aside 1st day to meet with reviewers.
Schedule daily meeting times.
Check status of open items
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Check status of open items
Route open items to your team for follow-up.
Print policies and procedures.
Have available reports or system resources to provide:
Pool listings
Drill to loan level listings within selected pools.
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Fannie Mae – Issuer Audit Tips
Gather requested information in advance Set aside 1st day to meet with reviewers.
Schedule daily meeting times.
Check status of open items.
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C ec status o ope te s
Route open items to your team for follow-up.
Print policies and procedures for reviewers.
Be prepared to walk the reviewers through the process
from Issuer to Custodian (e.g. shipping/delivery into
custodian with the QC/Certification process).
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Fannie Mae –Common Custodian Audit Findings
Access/SecurityPhysical and/or Electronic Access, Security,
Business Recovery
Policies and ProcedureseF
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Policies and Procedures
Updated/Current, Covering Major Areas, andFollowed.
Certification and Data Errors
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Fannie Mae – Opportunities to Improve...
Documentation & Consistent Application of
Policies & Procedures:
Certifications
Exceptions (Deficiencies)
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Exceptions (Deficiencies)
Tracking Systems:
Monitor Aged Outstanding & MissingDocuments
Proactive Management:
Annual or Periodic Inventory recommended
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Freddie MaceFraud
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Audit Tips & Most Common Findings
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Freddie Mac - Audit
Seller/Servicer Review Frequency varies depending on risk and exposure to
customer
Range is generally 12-36 months
Document Custodian Review
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No set schedule, usually performed in conjunction withSeller/Servicer review.
Length of Audit Seller/Servicer – Varies usually 2-5 days depending on scope
and number of locations
Custodian – Between and 1 day.
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Freddie Mac - Custodian Audit Tips
Designate one audit contact.
Have “experts” available.
Ensure availability of requested documents
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Ensure availability of requested documents.
Prepare to discuss your largest risk.
Discuss “wish list” items.
Address recent changes (custodians).
Discuss business strategy (seller/servicers).
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Freddie Mac - Seller/Servicer Audit Tips
Designate one audit contact.
Have ‘experts’ available.
Ensure availability of requested documents.eF
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Prepare to discuss your largest risk.
Discuss ‘wish list’ items.
Address recent changes.
Discuss business strategy.
Prepar
ed
&
Availab
le
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Freddie Mac – Common CustodianFindings
Inadequate Policies and Procedures
Inadequate Business Continuity PlanningeF
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q y g
Inadequate Note Tracking
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Inadequate Quality Control Program
Inadequate anti-predatory lending controls
Freddie Mac – Common Seller/ServicerFindings
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Funds custody reconciliation controls
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Freddie Mac – Opportunities to Improve…
Custodians: Keep policies and procedures updated with current
practices.
Develop and test a proper Business Continuity Plan.
Institute a proper Note Tracking system.
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Seller/Servicer: Implement and execute a sound QC Program.
Implement a sound anti-predatory lending program,including an automated check of Federal and State anti-predatory laws with hard stops for violations.
Implement proper controls around custodial funds
management.
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Mortgage Partnership
Finance® Program(MPF Program®)
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Finance Program(MPF Program®)
Audit Tips & Most Common
Findings ww
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MPF Program - Audit
Two type of AuditsCustodian Site Review
Collateral File Sample Review
Both occur within one year of activation
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Ongoing Site Reviews = Performance based
File Sample Reviews = Annual
Site Review last 2 to 4 hours
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MPF Program – Custodian Audit Tips
Designate one audit contact
Ensure availability of requested documents
Inform staff of visitM k i i h MPF l #
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Mark copies with MPF loan #
Forward trailing corrective docs to MPFProvider
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MPF Program – Issuer Audit Tips
Exposure to Issuer arrangement limited to
pilot program
More to come as we explore off balance
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sheet capabilities for future MPF fundings
Prepared&
Availab
le
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MPF Program –Common CustodianFindings
Assignments Incomplete Notary Sections
Missing Signatures
Missing True and Certified Copy Stamps
Li i T t L
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Living Trust Loans
PFI and Custodian Issue
Construction to Permanent Loans
PFI and Custodian Issue
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MPF Program –Opportunitiesto Improve...
Training
Investor-specific ProcedureseF
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Excellent Quality Control Procedure
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FISH! Philosophy
Never tell people how to do things. Tell
them what to do and they will surprise you
with their ingenuity.George S. Patton, Jr.
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George S. Patton, Jr.
FISH! Philosophy:
Play
Make Their Day
Be There
Choose Your Attitude
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Audit - Summary
Audit or
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Frequency
of On-site
Reviews
Review
Types
On-site1. On-site2. Desk
1. On-site2. Desk
1. Site2. Sample
Variablebased onmultiple
factors
Variable -TBD
Variable –12 to 36months
Variable –12 to 36months
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Audit - Summary
Seller/Servicer:
3 to 5 days
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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MPF # on Loan
Copies
Discuss Recent
Changes
Available
Reports/
Systems
Resources
Prepare written
explanation of
extenuating
factors
Unique
Custodian
Tips
2 to 4 Hours
3 to 5 days
Custodian:
1 full or partial
day
Variable:
2 to 3 Days3 to 5 Days
On-Site
Duration
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Audit - Summary
N/APrepare to
discuss
largest risk
Prepare to
walk
reviewers thru
Prepare
Reconciliations
& statements
Unique Issuer
Tips
MPFProgram
FreddieMac
FannieMae
GinnieMae
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Data Integrity/Reporting
Monitor aged outstanding & missing documents
Policies & Procedures
Quality Control
Training
Shared
General
Improvement
Opport.
largest riskprocessesfor review
Tips
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The 4 Ingredients of the
FISH! Philosophy:1. Play
2. Make Their Day
3. Be There
4. Choose Your Attitude
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PLAYPLAYHaving fun,Having fun,
enjoying yourself,enjoying yourself,being spontaneousbeing spontaneous
& creative!& creative!
Be ThereBe ThereBeing totally focused onBeing totally focused onthe moment and on thethe moment and on the
person or task with whichperson or task with whichyou are engaged!you are engaged!
Choose YourChoose Your sureF
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Make Their DayMake Their DayDoing something special forDoing something special for
your customers & co-your customers & co-workers!workers!
AttitudeAttitudeAccepting fullAccepting fullresponsibility for all of ourresponsibility for all of ourchoices. A positivechoices. A positiveattitude is a decision weattitude is a decision we
make, moment to moment!make, moment to moment!
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FISH! Philosophy - Play
FUN PAYS OFF:At Southwest Airlines Co., the corporate culture
makes the airline unique.
SWA feels this fun atmosphere builds a strong sense of community. sur
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It also counter-balances the stress of hard work andcompetition.
SWA recognizes how humor enhances employeemanagement, customer service and profits.
Elizabeth Pedrick Sartain, Vice President of the “People Department”
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“
There is always achoice about the wayyou do your work;
even if there is not ah i b h
sureF
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choice about the
work itself”
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Document Custody General TrainingSession
Q & A Sessionsur
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Q & A Session
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