Correspondent Sellers Guide - Reverse Mortgage Solutions

Correspondent Sellers Guide

RMS B2B Production Channel

[email protected]

Confidential – The information contained in this Guide was not reviewed or approved by FHA and is subject to change without notice. No offer to lend, commitment or loan approval is suggested herein. Users of this guide should consult the current RMS Underwriting Manual, published Lender Alerts, and prevailing HUD/FHA program guidelines for further reference. Contact your B2B Production Director for questions or additional information needs. This information was updated July 29, 2014.

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SECTION TITLE

1

Welcome to Reverse Mortgage Solutions, Inc.

2

Contact List

3

Correspondent Approval Process

Qualifications

Getting Started

4

Product Matrix and Approved States

5

Locks and Pricing

Forward Commitments

Capital Markets

6

Delivering Closed Loans

Correspondent Closed Loan Seller (CLS)

Submission Checklist

Hermit Information

Correspondent/Hybrid Principal Authorized Agent (PAA)

Submission Checklist

RMS Review/Purchase Process

7

Miscellaneous Information

Purchase Advices

MERS Transfer

Trailing Documents

TABLE OF CONTENTS

mailto:[email protected]



[email protected]


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Welcome to Reverse Mortgage Solutions, Inc.

Reverse Mortgage Solutions, Inc. (RMS) is a full HUD/FHA Direct Endorsement authorized Mortgagee. Established in 2007 and subsequently acquired in 2012 by Walter Investment Management Corp (NYSE:WMC), RMS is a strong industry financial resource and expert in all aspects of the reverse mortgage loan product. The company strength is further enhanced by a dedicated team of seasoned professionals. We take great pride in being the complete reverse mortgage solution and the ability to assist your staff with the necessary tools to support your ongoing business strategy. RMS continues to be the largest issuer of Ginnie Mae HMBS securities and a profile member of NRMLA the industry trade association. RMS designed and created the Correspondent Lending Channel with competitive pricing, Partner and customer focus, web based robust technology solutions and complete access to all HECM program products. Correspondent Lending includes the purchase of whole closed loans and a Hybrid/PAA (Principal Authorized Agent) program. The Closed Loan Correspondent (CLS) is responsible for the origination, processing, underwriting, closing and post-closing activities The Hybrid/PAA Correspondent program relies on RMS for underwriting, preparation of closing documents, insuring and the remittance of MIP. The Correspondent Closed Loan Seller interested in selling closed loans under a bulk commitment on a flow or schedule basis should contact their Director for additional information.

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[email protected]


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CONTACT LIST

CLICK HERE For current contact list

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http://partners.rmsnav.com/pdf/20210%20-%20CONTACT%20ROSTER%2003282014.pdf



[email protected]


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Correspondent Approval Process

QUALIFICATIONS

RMS requires all correspondents to be a HUD approved and have obtained their “Unconditional” DE status or be “Eligible” for pre-closing as determined by HUD.

This requirement may be verified by going to Neighborhood Watch at the link below: (Details drop down menu/Lender details)

CLICK HERE

Correspondent applicants will be asked to document previous HECM experience

and compliant with HUD standards.

New correspondents are provided access to make application in Comergence.

Questions regarding the process or application should be directed to your RMS Production Director.

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https://entp.hud.gov/sfnw/public/



[email protected]


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Correspondent Approval Process GETTING STARTED RMS will conduct an orientation with your staff to answer any questions. RMS also provides training for Reverse Vision and RMCompass®/RMCompassLite®, in addition to HECM loan information and guidelines.

WEBSITE RESOUCES CLICK HERE to access website

The Correspondent Website is another valuable resource for our Partners. The site contains links to current information, guides, manuals and forms.

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http://partners.rmsnav.com/



[email protected]


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Product Matrix and Approved States Product Overview and Matrix CLICK HERE to access product information

Approved States

CLICK HERE to access approved lending states

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http://partners.rmsnav.com/pdf/LP101-RMS%20PRODUCTS%20MATRIX.pdf

http://partners.rmsnav.com/pdf/APPROVED%20STATES%20AT%202-1-2014.pdf



[email protected]


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Locks and Pricing LOCKING LOANS Individual loans should be registered and locked using the following web site:

(We recommend you copy the link to a shortcut on your desktop or bookmark it in your internet browser)

CLICK HERE to access lock portal

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http://b3.caspio.com/dp.asp?AppKey=1ee32000390ad6bdb50744d5bb19



[email protected]


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Locks and Pricing

Correspondent Partners: Loans must be locked at the time of submission for pre-funding review. Correspondent Relocks: Expired loan locks (“relocks”) may be based upon worst case scenario for the same program, note rate and lock period. All relock requests should be negotiated directly with the RMS Secondary Desk at [email protected]. Please Note: Submission of a rate lock to the RMS Secondary Desk is not a commitment to lend or loan approval. Partner Rate Lock Requests are subject to review and acceptance by the RMS Secondary Desk. Accepted Rate Lock Requests will be confirmed by the issuance of a Lock Certificate delivered electronically from the RMS Secondary Desk. The Lock Certificate is a required loan submission checklist item and should be provided at the time of loan package submission for services. Information Regarding Bulk Commitments: Please contact your Production Director for information and assistance with negotiating Bulk forward commitments. RATE SHEET DISTRIBUTION Correspondent flow loan rate sheets are provided by RMS Secondary and Capital Markets via email delivery to specific authorized Partner email addresses. Additions or changes to the email rate sheet recipients for your company should be directed to your Correspondent Director.

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[email protected]


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Delivering Closed Loans CLOSED LOAN SELLER (CLS) We recognize that our business partners utilize various Loan Origination Systems including Reverse Vision; however, RMS does require that limited loan information and documents must be uploaded into RMCompassLite® for review. You will receive a loan purchase disposition within 24 to 48 hours, once a completed package is received. The RMS Pre-Purchase Review Department is located in Atlanta and while we have business partners in all time zones, we have established a cut off time for receipt of closed loan packages for 3pm EST. Loans received after 3pm EST will be considered to be received on the next business day.

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[email protected]


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CLOSED LOAN SELLER (CLS) Continued As a Closed Loan Seller, your whole loan package submission for purchase must be locked prior to submission of the package to our Pre-Purchase Review Team. To lock your loan, go to the Lock website at: CLICK HERE to access lock portal

Stack your documents according to the checklist if possible, and scan into three (3) separate PDF files which represent the LEFT side of the checklist, the Right side of the checklist and the SERVICING documents on page 2 of the checklist.

Clear legible copies of all three (3) PDF files should be uploaded as individual attachments per your COMPASS LITE training process or uploaded directly into RMCOMPASS if you are using our software to process.

You will receive a confirmation of file upload success from the system. Please contact the Pre-Purchase Review Department at [email protected] if you do not receive an RMS confirmation of file submission and receipt within 24 hours.

Please refer to the submission checklist for all required documents.

CLICK HERE to access submission checklist

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http://partners.rmsnav.com/pdf/CORRESPONDENT%20LOAN%20SELLER%20SUBMISSION%20CHECKLIST.pdf



[email protected]


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CLOSED LOAN SELLER (CLS) Continued Home Equity Reverse Mortgage Information Technology (HERMIT) System for the Home Equity Conversion Mortgage (HECM) Effective October 9, 2012 HUD launched HERMIT, HUD’s new online, web-based automated system to improve HUD’s monitoring and tracking of the HECM loan portfolio in real-time and automate the payment of insurance claims while increasing efficiency and mitigating risks to the Insurance Funds, please refer to Mortgagee Letter 2012-17. With the new HERMIT system HECM mortgagees are able to interact with one, integrated HUD HECM system, interact with HUD’s National Servicing Center (NSC) through a new, automated workflow process and replace manual claims filing processes with an online, automated claims filing procedure. You may access and download the following documents at: CLICK HERE to access the HUD portal and HERMIT

HERMIT User Guide

Business to Government (B2G) Guide

Instructions on HERMIT registration process, including User Access forms

Phone number(s) and other contact information for the HERMIT Help Desk

HERMIT system changes – release 3.7 to accurately enter the amount of Mandatory Obligations (MO) in FHAC and the HECM Calculation Software (if applicable), and to initiate the collection of the Initial Mortgage Insurance Premium in HERMIT by matching data sent

From FHAC to specific date fields located on HERMIT’s Loan Set up screen

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http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/HERMIT_user_guide



[email protected]


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.

Delivering Closed Loans SUBMISSION INSTRUCTIONS FOR PAA LOANS

Correspondent Level 5

PRINCIPAL AUTHORIZED AGENT (PAA)

Your application and processing documents should be uploaded through the LOS, either ReverseVision or RMCompass.

Notify [email protected] via email of your submission if using RMCompass.

Upon underwriting approval, upload the required condition(s) into the LOS and emailing the Underwriter.

To lock your loans any time during the process, but required prior to RMS purchase, visit the Lock website at:

CLICK HERE to access the lock portal

To submit your closed loan for purchase, upload the closing package into the

LOS and email [email protected].

Please contact our Funding Dept. if you do not receive an RMS confirmation of

the closed loan file submission & receipt within 24 hours.

Send the Original 2nd Note and Loan Agreement, along with a copy of the final HUD-1 to the Fulfillment Center

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[email protected]


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PRINCIPAL AUTHORIZED AGENT (PAA) Continued

CLICK HERE to access the submission checklist RMS Review/Purchase Process Closed Loan Seller/Correspondent:

Upon review of the complete loan package our Pre Purchase Review Department will send a file approval status notification within 24 to 48 hours along with any additional items that are needed for final approval clearance. Please send in any outstanding conditions ASAP so that your loan may be reviewed, cleared for purchase and a Purchase Advice issued.

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http://partners.rmsnav.com/pdf/CORRESPONDENT%20HYBRID%20LOAN%20SUBMISSION%20CHECKLIST.pdf



[email protected]


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Miscellaneous Information MERS Transfer Correspondents must be active members of MERS, and able to register and transfer loans through MERS. All loans must be registered by the Correspondent at the time of closing. Reverse Mortgage Solutions, RMS accepts electronic title transfers in lieu of an Assignment of Mortgage. Pursuant to MERS requirements, all documents that are recorded must list the Mortgage Information Number (MIN) and Servicer Identification System numbers. Correspondents are required to correct any discrepancies regarding the MIN or MERS registration data prior to final approval by RMS. RMS will verify MERS registration prior to the purchase date. Correspondents will transfer the Beneficial & Servicing Rights (TOS/TOB) to RMS (MERS ORG ID 1007487), on or within two business days following the related purchase date. Trailing Documents All trailing documents should be sent to the below address within ninety (90) days after your loan is purchased.

Reverse Mortgage Solutions, Inc. Trailing Documents Department Attention: Kayce Davis-Miller

2727 Spring Creek Drive Spring, TX 77373

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[email protected]


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Miscellaneous Information Mortgagee Clause for Hazard and Flood Insurance Reverse Mortgage Solutions, Inc. ISAOA/ATIMA PO BOX 690230 San Antonio, TX 78269 Note Endorsement or Allonge Pay to the order of: Reverse Mortgage Solutions, Inc. Delivery of Original Note PAA: Reverse Mortgage Solutions, Inc. San Diego Operations – Note Control 3131 Camino del Rio North Suite 1400 San Diego, CA 92106 CLS: ADD RMS MERS ID# 1007487 RMS Mortgagee ID# 2461100006

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Correspondent Sellers Guide - Reverse Mortgage Solutions

Documents

Transcript of Correspondent Sellers Guide - Reverse Mortgage Solutions