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MPF® Direct Delivery Information Source: MPF Direct Program Guide

Loan Numbers

1. Effective 5/7/2016: The Cenlar Loan number will be assign via the MPF Direct Portal as

part of the loan registration process. After the loan is formally registered, the number will display in the MPF Direct Portal on the EDIT LOAN DETAILS SCREEN. Please be aware that in order to obtain the number, the PFI must exit the loan and come back in for the loan number field to populate.

2. PFI may use their Loan Origination System (LOS) loan number for processing and closing documents.

3. The Cenlar loan number must be on the first payment letter. See first payment

letter sample that is included in this document. (For loans registered prior to 5/7/2016 the PFIs will assign the CENLAR loan number using the block of loan numbers provided by Redwood.)

Investor Fees Investor fees will be charged on all MPF Direct loans. Delivery Fee $350.00 Tax Service Fee $70.00

Closing Documents There is not a specific document package for the MPF Direct jumbo product. If a Redwood document package is found in your doc prep system, do not use it; it is not for this jumbo product. Please use the standard Fannie Mae conforming documents as appropriate. Utilize the PFI loan number for the document package not the Cenlar loan number. A. FIXED RATE LOANS (FANNIE MAE/FREDDIE MAC FORMS)

• Uniform Security Instrument, 3000 series • Multi-state Fixed Rate Note, 3200 series

B. ADJUSTABLE RATE LOANS (FANNIE MAE/FREDDIE MAC FORMS)

• Uniform Security Instrument, 3000 series • Adjustable Rate Note, Form 3528 • Adjustable Rate Rider, Form 3187

C. OTHER FORMS (FANNIE MAE/FREDDIE MAC FORMS), If Applicable

• Multi-state Condo Rider, Form 3140 • Multi-state PUD Rider, Form 3150 • Multi-state 1-4 Family Rider, Form 3170 • Multi-state Second Home Rider, Form 3890

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Note Endorsement The original Note together with any applicable riders, bearing all intervening endorsements, endorsed in blank and signed in the name of the selling PFI by an officer of the PFI with all prior and intervening endorsements as may be necessary to show a complete chain of endorsement.

Mortgage Assignment MERS Members:

The loan may close with a MOM mortgage or an assignment to MERS. If MERS is used the PFI must register the loan at least 24 hours prior to the loan being purchased by the MPF Provider. A hard copy of the MERS Registration screen is to be included in the mortgage file. The transfer of rights to the Investor and servicer must also be registered on the MERS system within twenty four (24) hours of the MPF Provider’s purchase of the loan. Also, at the time of transfer the custodian field should be left blank for high balance loans.

MERS ID Information Investor’s MERS organization identification number: 1010485 Servicer (Investor) MERS organization identification number: 1010485 Custodian organization identification number: Not Required Note: Do not populate the sub-servicer field in MERS. The Investor will add the sub-servicer ORG ID to MERS at the time of service transfer.

Non-MERS Member: When the loan is not registered to MERS an original assignment in blank is required.

• Mortgage or Deed of Trust assignment to blank

– Use a MERS assignment or standard Fannie/Freddie assignment form – Date of the security instrument (mortgage/deed of trust) must be on the assignment – Property address or legal description must be on the assignment – The transfer to section of the assignment is to be left blank (i.e. assigned to blank) – The original assignment in blank is executed/signed in accordance with the PFI

procedures – The assignment is not recorded

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– The original signed blank assignment document is sent to the Document Custodian in the Custodial Package

Borrower Payment Notifications The PFI must provide the Borrower at closing with a “First Payment Letter” that is in accordance with RESPA and any other Applicable Laws. The PFI will be required to insert the CENLAR loan number into the first payment letter when it is provided to the Borrower. Borrower notification of the right to collect payments (assigned sold or transferred) to be as follows:

Redwood Residential Acquisition Corporation

One Belvedere Place Mill Valley, CA 94941

CENLAR Payment Information

Property Location Send Payment to:

CA, AK, AZ, CO, HI, ID, MT, NE, NM, NV, ND, OR, SD, UT, WA, WY

Cenlar PO Box 54040

Los Angeles, CA 90054-0040

All other states and US Territories Cenlar PO Box 11733

Newark, NJ 07101-4733 If lending in states that would require the PFI to use both the Los Angeles, CA and the Newark, NJ

address (based on property location), use only the Newark NJ address; in order to automate the first payment letter address

Cenlar

PO Box 11733 Newark, NJ 07101-4733

Additional New Servicer Address Information

Physical Business/Overnight Address Cenlar

425 Phillips Boulevard Ewing, NJ 08616

Overnight or Fed-EX payment address

Cenlar

425 Phillips Blvd. Ewing, NJ 08618 Attn: Cash Management

Qualified Written Request Cenlar PO Box 77404 Ewing, NJ 08628

Correspondence Address Cenlar PO Box 77404 Ewing, NJ 08628

CENLAR Toll Free Phone Number: 1-877-495-4721 Hours: M-F 8:30am-8pm EST PFIs who have questions or concerns regarding the service transfer of the loan, or any questions regarding the servicing of the loan should contact the Investor at: ServicingOversight@Redwoodtrust.com or toll free at 800-325-5565.

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For property address in: CA, AK, AZ, CO, HI, ID, MT,

NE, NM, NV, ND, OR, SD, UT, WA, or WY see address above

Insert Cenlar Loan number

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Post-Closing Delivery PFI must upload the mortgage loan file via the MPF Direct Portal within five days of loan disbursement or by the lock expiration date whichever comes first. This is a two-step process:

1) Upload the mortgage file via the MPF Direct Portal, and

2) Ship the collateral file to the document custodian (hard copies).

Step 1: Loan File uploaded via the MPF Direct Portal

• MPF Portal access will require a user ID and password

• Portal web address www.fhlbmpfdirect.com • For mortgage file deliver use the Service Request menu and “Submit for Purchase Review”

Use correct payment

address based on property location (from above) for each coupon

Insert Cenlar Loan number on each payment coupon

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• Please note the borrower funding/disbursement date must be manually input into the input in the portal prior to submitting for funding

• See MPF Direct Product Manual exhibit A-D for file documents o There is no required mortgage file stacking order

• Upload file and the Fannie Mae 3.2 file • File uploaded as a PDF – maximum size 75MB • Files larger than 75MB will be divided into multiple files • Contact Andena Frank at Redwood Trust for MFP Direct Portal assistance (PH.#720-627-

8505/email: andena.frank@redwoodtrust.com)

Step 2: Collateral/Custody Package For the collateral/custody package requirements see exhibit B-D (attached) Custody/collateral package documents

– Original Note endorsed in blank – bearing all intervening endorsements if needed – Any applicable note riders – Original of any applicable guarantee executed in connection with the note

– Assignment of Mortgage/Deed of Trust or Assignment to MERS – IF MOM mortgage used no need to provide a copy in the collateral/custody

package – Originals of all intervening Assignments or a certified copy – If applicable certified true copies of all assumption, modification, consolidation or

extension agreements, with evidence of recording thereon • Verify name(s) is on mortgage/deed of trust, deed and title Policy are an exact match

o No variations allowed • Ship custody package to the document custodian the same day loan file is uploaded to

Redwood • Use an overnight mail service (FedEx or UPS) to:

Wells Fargo Bank N.A.

751 Kasota Avenue Suite MDC

Minneapolis, MN 55414 Attn: PCG-REDW

Trailing Docs – MPF Direct All trailing documents should be identified by writing the Redwood loan number (assigned at time the loans is registered in the Redwood Portal) and the Borrower name in the upper right corner of the document and delivered to the Document Custodian within 90 days of the closing date. Trailing document non-delivery could result in repurchase.

• Send using an overnight mail service (FedEx or UPS) to:

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Wells Fargo Bank N.A. 751 Kasota Avenue

Suite MDC Minneapolis, MN 55414

Attn: PCG-REDW

Hazard Insurance and Flood Insurance Within fifteen (15) calendar days after the Borrower’s closing date the PFI must change the mortgagee clause to:

Central Loan Administration & Reporting, ISAOA, ATIMA P.O. Box 202028

Florence, South Carolina 29502-2028

If the mortgaged property is in a special flood hazard zone and is covered by flood insurance, CENLAR must also escrow the flood insurance if it also escrows for hazard insurance. If the Mortgaged Property is not located in a special flood hazard zone but the Borrower elects to secure flood insurance, CENLAR will not collect the escrow funds for disbursement for flood insurance. If an insurance policy is not in the name of CENLAR, the PFI may provide a letter requesting endorsement of the Mortgagee clause in the form of the Mortgagee Letter.

Flood Determination Every Mortgage must have a Life of Loan Flood Determination. The PFI must notify the flood determination company of the change of servicer to the following:

Central Loan Administration & Reporting, ISAOA, ATIMA

P.O. Box 77404 Ewing, NJ 08628

Taxes Forward all original tax bills to the following:

Central Loan Administration and Reporting 1 Corelogic Drive

Westlake, TX 76262 Fax#: 817-826-1697

CENLAR places the tax service at the time of loan boarding. For properties in the following states, the PFI must include CENLAR’s bank code, “0660”, on the Tax Bill Authorization to the tax offices:

• New York • New Jersey

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The PFI must make every effort to accurately determine the amount of taxes on the property including contacting the appropriate taxing authority, if necessary. If a Mortgage Loan is secured by new construction, or is an existing property where “improvements” to the property have been completed, taxes made available by the taxing authority may be under assessed. CENLAR asks that the PFI make its best effort to estimate the projected taxes based on the higher of the appraised value or the sales price of the Mortgaged Property, using a known estimated tax rate for the jurisdiction where the Mortgaged Property is located. This estimated tax amount must also be used to qualify the Borrowers. When a Mortgage Loan is closed on a new home built on previously unimproved land, or whenever it is likely that the tax escrow is based on underestimated taxes, the PFI should advise the affected Borrowers to expect an increase in their Monthly Payment when taxes are fully assessed. Taxes due within sixty (60) calendar days of effective date of transfer must be paid prior to the transfer by the PFI. CENLAR will not be responsible for any penalties associated with taxes due within sixty (60) calendar days of transfer that were not paid prior to transfer for any reason. If taxes/insurance are being paid prior to funding and could affect the monies netted at funding, please make certain that the PFI’s escrow department is included in the distribution of the PFI Funding Schedule for review so that any escrow monies that potentially need to be reimbursed are done so at time of funding. Required documentation for proper credit includes: a copy of the invoice, copy of the check and proof of receipt by taxing authority (if available). Please see Chapter 1.9 Purchase and Settlement for more detailed information.

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For Ellie Mae Users Only: Enclosed are templates for Ellie Mae – both 1st payment letter and Investor Inputs as well as Loan Program attached. You will see they need to Override their default Docs Data. I’m attaching a copy of the inaccurate “template” 1st payment letter that Ellie Mae generates. The issue with the Ellie Mae template letter is that it CANNOT CONTAIN the following language:

“You are hereby notified that the servicing of your mortgage loan, that is, the right to collect payments from you is being assigned sold or transferred to Redwood Residential Acquisition Corporation.” – THIS IS WRONG

Rather CUSTOM 1st payment language should read as follows:

We are pleased to have you as a mortgage loan customer. The following information is provided to assist you in handling your mortgage loan payments. The collection of your mortgage payments will be handled by: Central Loan Administration & Reporting (CENLAR) P.O. Box 11733 Newark, NJ 07101-4733 Cenlar loan number 00xxxxxxx CENLAR is acting as loan servicer on behalf of Redwood Residential Acquisition Corp. (RRAC), who is the master servicer of the loan. If you have any questions about your mortgage loan, please contact CENLAR’s Customer Service Department at 1-877-495-4721. CENLAR’S business address is: P.O. Box 77404 Ewing, NJ 08628

CENLAR Payment Information

Property Location Send Payment to:

CA, AK, AZ, CO, HI, ID, MT, NE, NM, NV,

ND, OR, SD, UT, WA, WY

Cenlar

PO Box 54040 Los Angeles, CA 90054-0040

All other states and US Territories Cenlar PO Box 11733

Newark, NJ 07101-4733

Use the address based on

property location

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If lending in states that would require the PFI to use both the Los Angeles, CA and

the Newark, NJ address (based on property location), use only the Newark NJ address;

in order to automate the first payment letter address

Cenlar PO Box 11733

Newark, NJ 07101-4733

Use payment address based on

property location from the Cenlar

Payment Information table above

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