Correspondent Training November, 2018

Meet The Team Carolyn Watts Account Executive Operations Manager Director Correspondent Lending

Introduction Corporate Office Folsom, CA www.spmc.com

ROC file process and flow

Correspondent - Website Functionality Document Library Appraisals/Air Compliance Closing Agent Forms Miscellaneous Forms Originator Application Submission/Doc Draw USDA Forms VA Forms Worksheets

Correspondent - Website Functionality Document Library Appraisals/Air Compliance: Appraisal Fee List Closing Agent Forms: Active Closing Agents Miscellaneous Forms: PUD | Condo Questionnaire Originator Application: Seller’s Guide & AMC | FHA & VA Addendums Submission/Doc Draw: Underwriting Submission | Closed Loan & Document & Submission forms

Correspondent - Seller’s Guide Reference Full details on SPM Requirements with Underwriting Submission, Closing Requirement, & Closed Loan Delivery (see “Seller Guide”). Underwriting – Section 400 Closing Requirements – Section 500 Closed Loan Delivery – Section 600

Correspondent - Pricing Policy Delivery Expiration Date: All mortgage loans must be closed & funded by Seller & delivered in purchasable condition to SPM no later than the Delivery Expiration Date, which is the Lock Expiration Date.

Correspondent - Pricing Policy Delivery Expiration Date: All mortgage loans must be closed & funded by Seller & delivered in purchasable condition to SPM no later than the Delivery Expiration Date, which is the Lock Expiration Date. Purchase Expiration Date: All mortgage loans must be purchased by the Purchase Expiration Date. The Purchase Expiration Date will be 10 calendar days after the Delivery Expiration Date.

Correspondent - Pricing Policy Delivery Expiration Date: All mortgage loans must be closed & funded by Seller & delivered in purchasable condition to SPM no later than the Delivery Expiration Date, which is the Lock Expiration Date. Purchase Expiration Date: All mortgage loans must be purchased by the Purchase Expiration Date. The Purchase Expiration Date will be 10 calendar days after the Delivery Expiration Date. Extension of Purchase Expiration Date: Loans that cannot be purchased by the Purchase Expiration Date will be automatically extended at a cost of 2.5 basis points per day until purchased. Loans must be purchased within 30 days of the Note Date.

Suspense Summary How to send conditions in to clear the loan: Same as submitting a Closed Loan package, but use the document type, then click the PURCHASE CONDITIONS (e.g., “hazard insurance”). Send an email to the auditor on the file that conditions have been uploaded into the eFolder. Conditions will be reviewed within 24 hours.

Funding Tips Collateral Package Original Note endorsed to “Sierra Pacific Mortgage Company, Inc. – A California Corporation” Certified Copy of Deed Original Signature Affidavit Certified Copy of Note

MERS Must be an approved MERS member or a Lite MERS member. (TPO member is not allowed with SPM.) Seller must Register the MIN with MERS prior to the loan purchase. Immediately following the purchase of a mortgage loan, it is the Seller’s responsibility to transfer ownership & servicing rights to SPM within 48 hours of purchase. SPM MERS # is 1000703.

Common Errors & Helpful Hints Closed loan package is uploaded into the e-folder and the second step of returning to loan navigator and clicking the submit closed loan button was not completed. Complete the “closed loan” submission form, so that we know where to send the conditions. Provide all LEs & CDs with valid COCs.

Common Errors & Helpful Hints Disbursement date is the date that the majority of the funds were wired out of escrow. Closing date is the notary date. Fees must match the final settlement statement. Provide an LOE to the borrower for every change made to the CD after DOC/Final CD.

Common Errors & Helpful Hints All fees must have the company they are paid to, e.g., HOA transfer fee to “South Riding Proprietary.” Page 3 of CD: Calculating Cash to Close section at top of page. Loan Estimate Column – total must match the final LE cash to close… Seller’s section must be completed on CD, even if we have the seller’s CD.

That’s Not All! Important News from the GSEs (Fannie & Freddie): The Uniform Closing Dataset (UCD) will be required for all deliveries in Q3 2017. The UCD file must be submitted for all loans delivered to the GSEs with a Note date on or after September 25, 2017. The GSEs will use the Note date reported in the delivery XML file to determine whether the loan is required to have a corresponding UCD file. More information, including a toolkit, will be sent to you…

Final Documents Delivery Original Note/Collateral Package should be sent to: Sierra Pacific Mortgage Company, Inc. Attn: Correspondent Lending Custodian Dept. 1180 Iron Point Road, Suite 200 Folsom, CA 95630

Final Documents Delivery Final Documents (such as the recorded Deed of Trust/Mortgage & Final Title Policy, etc.) should be sent to: Sierra Pacific Mortgage Attention: Post Closing 1180 Iron Point Road, Suite 200 Folsom, CA 95630

Sierra Pacific Mortgage Servicing Loan Servicing information (such as mortgagee clause, goodbye letter, payment remittance, & payoff, etc.) should be sent to: Sierra Pacific Mortgage Attention: Servicing 1180 Iron Point Road, Suite 200 Folsom, CA 95630 888-560-2280

Thank you for participating! Any Questions? Thank you for participating!