C o r r e s p o n d e n t L e n d i n g

CORRESPONDENT LENDING INFORMATION PACKET

Explore CMG. Experience Extraordinary.

REVISED: 8.27.13

TABLE OF

CONTENTS  

Who is CMG Financial Slide 3 CMG Correspondent Website Slide 4 Correspondent Loan Flow Slide 5 CMG Financial Correspondent Lock Information

Correspondent Delivery/Extension Policy Slide 6 •  How to Register or Lock a Loan Slide 7-16 •  Bid Tape and Bulk Delivery Process Slide 17 •  Lock/Pricing Quick Reference Slide 18

CMG Financial Correspondent Submission Information •  Correspondent Loan Cycle Slide 19 •  How to Submit/Upload your Loan Slide 20-26 •  WebTrac Loan Stages Slide 27 •  Stacking Order Conventional Loans Slide 28 •  Stacking Order FHA/VA loans Slide 29 •  Loan Submission Quick Reference Slide 30-31

CMG Financial Correspondent Purchasing Information •  Post Closing Quick Reference Slide 32-33

Purchase Advise Quick Reference Slide 34-35 Overlay Matrix Slide 36-43 Things to note when working with CMG Slide 44

2

C M G F I N A N C I A L

CORRESPONDENT LENDING

WHO IS CMG

•  An extraordinary Correspondent investor committed to building intimate relationships by offering specialized client resources, including lender solutions and continued training

•  Your destination investor offering a competitive menu of conventional and government products without credit overlays

•  Fannie Mae, Freddie Mac, USDA, FHA and VA programs available

3

WWW.CMGFI.COM Once you land on to the CMGFI home page you will find:

•  Seller Resources will provide links to online resources.

•  This is the access page to log into WebTrac (Online Portal)

•  Access to WebTrac dashboard will provide:

•  Rate sheet •  Guides, Overlay Matrix and forms •  Product information •  Daily turn-time report

CORRESPONDENT WEBSITE

4

Loan is Registered/Locked

Loan is Submitted

In Line for Credit Audit and Legal Review

Credit and Legal Audit completed Pending Conditions and Final Audits

Conditions Submitted for Review and Final Audits

Conditions Cleared -Final Audits performed in line for Purchasing

Loan Purchase - Purchase Advice Sent

CORRESPONDENT LOAN FLOW

5

CORRESPONDENT LOCK POLICY

6

•  Go to Log in Page: https://wt.cmgmortgage.com/DataTracWeb/Logon •  Log in using assigned Username and Password – Starts with: C99

HOW TO REGISTER OR LOCK A LOAN

7

   

•  Once logged in, you will see your Dashboard. Click on Pipeline. Then click on Registered.

•  Once you have clicked on Registered, you will have access to Register New Loan or Upload New Loan. You can choose to manually enter a limited amount of information to register then lock or you can Import a FNMA 3.2 file to register then lock a loan.

8

•  To manually register and lock, choose Register New Loan. Fill in all fields and Submit.

9

10

•  Once you have filled in the above information and hit Submit, your loan will show back on your Pipeline under Registered. Please make sure it has a loan number assigned to it.

•  If you choose to Import your FNMA 3.2 file to Register and Lock a loan, choose

Upload New Loan

•  Then choose your FNMA 3.2 file, an email contact and loan program. Click Submit. This will create a new file and the loan will show back on your Pipeline under Registered.

11

You will then go back to your Pipeline and choose the loan by clicking on the blue loan number. This screen will appear allowing you to choose the Rate Lock tab.

Once you click on Rate Lock, you will then choose Lock in blue.

12

The next screen will allow you to manually enter FICO score and other program specific information.

13

Once you have entered all information, choose Get Pricing.

14

15

Click on Rate and Days.

Then REQUEST LOCK. You will then be able to print a lock confirmation and loan will now show in Pipeline as LOCKED.

16

•  Seller submits Bid Tape to Secondary Marketing at cmgsecondary@cmgfi.com

•  Secondary responds to bulk pricing

•  Seller commits to bulk price

•  CMG Desk sends confirmation, issues bid commitment number and delivery dates

•  Seller sends individual FNMA 3.2 files to bulk@cmgfi.com

•  CMG will complete closed loan submission set up/registration

•  Seller will receive excel spreadsheet with loan numbers and will then upload full package on to WebTrac.

BID TAPE AND BULK DELIVERY PROCESS

17

•  Required Bulk Bid Fields: •  Loan Type •  Loan Term •  Note Rate •  Seller Loan Number •  Borrower Last Name •  Borrower First Name •  Subject Property Street Address •  Subject Property City •  Subject Property State •  Base Loan Amount •  Total Loan Amount •  Loan Purpose •  Is Cashout? •  LTV •  CLTV •  AU Response •  Qualifying Score •  Subject Property Occupancy •  Subject Property Type •  Escrow Waiver •  Doc Type •  Other Loan Identifiers

•  Lock expiration date: deliver by or purchase by? •  CMG requires the closing package to be received by the end of the business day on

the lock expiration date to receive an Initial Free Extension. •  We are currently featured in several pricing engines – Loanlogic (formerly Nylx)/

Optimal Blue/Ellie Mae/Loan Sifter and others. Please let us know if we can be added to a pricing engine not listed.

•  Pricing Options •  Best Efforts flow pricing •  “Hybrid Mandatory Bulk” delivery option available

•  Bulk pools starting at $1M or 5 units (greater of the 2) •  Not subject to pair-offs however, CMG will expect substitution •  Loans priced individually, all-in price will be averaged •  Not subject to price caps

•  Fourth Party Origination •  CMG will accommodate fourth-party originated loans with prior approval

•  Principal Agent/ Lender Sponsorship •  CMG does not currently offer lender sponsorship of any type •  Seller must exercise their delegation for all government products •  No partial delegation/approval- VA Approved Sellers can deliver VA IRRRLs without a

LAPP/SAR approved underwriter.

LOCK/PRICING QUICK REFERENCE

18

Seller Registers/Locks loan via Webtrac portal. Loan number is assigned

Seller Imports 3.2 FNMA file and uploads Loan Package per CORRESPONDENT STACKING ORDER

Registration boards loan and determines if Credit Only or Full Submission File is put in Credit Only PACKAGE RECEIVED or LEGAL PACKAGE RECEIVED

CREDIT AUDIT ONLY Completed – Credit conditions set - Loan decision uploaded

LEGAL PACKAGE REVIEWED - All Conditions set by credit auditor and legal reviewer Loan decision uploaded - Seller may contact Liaison for questions or status

Seller uploads loan conditions separately as CORRESPONDENT FUNDING CONDITIONS

Conditions are reviewed and internal audits are ran (Compliance Ease and AUS/Early check on Conv.)

All conditions Cleared - Loan is put in READY TO PURCHASE status - when purchased a Purchase Advice is sent via email to seller

CORRESPONDENT LOAN CYCLE

19

•  To Submit/Upload a new loan or to obtain a status update on an existing loan, you will go to the CMGFI.com website.

•  Log onto https://wt.cmgmortgage.com/DataTracWeb/Logon

•  Go to Active Pipeline and click on your loan.

HOW TO SUBMIT/UPLOAD YOUR LOAN

20

   

This is where you will import a FNMA 3.2 File to update your existing loan.

21

IMPORT HERE

If your loan was Advanced Locked, it will be listed under Locked Loan. If the loan was just registered, it will show up under Registered.

To Import the Final FNMA 3.2 file, choose Upload New Loan. Import your FNMA 3.2 file.

You should get a Duplicate Loans Found, you will choose to UPDATE the existing loan (far right corner).

The following duplicate loans were found in the system

22

To upload your loan submission, go to your Pipeline and click on the blue loan number. You will then see this screen.

Click on Upload Document and upload your package per our staking orders provided.

23

Uploading your Documents for Initial Audit •  When uploading any and all items into WebTrac, choose a CORRESPONDENT

Named Document Type (per the Correspondent Stacking Order—Conventional or Government, as applicable).

24

If the credit audit is complete, the approved date will be reflected and outstanding credit conditions will be shown below. Once legal review has been completed, the Loan Status will show as Legal Review Complete. All outstanding items will be displayed in Underwriting Conditions. A Loan Decision will be uploaded in the IMAGED TAB. . When all outstanding items are cleared, the Status will move to Ready to Purchase within 24-48 hrs.

To see Outstanding Conditions on your

loan, click on the Underwriting tab.

25

LOAN STAGES

Uploading your Funding Conditions •  When uploading Funding Conditions, choose Document Type (Correspondent

Funding Conditions Only)

26

•  CREDIT ONLY PACKAGE RECEIVED CMG Financial has received a credit-only package for prior approval or pre-funding audit

•  CREDIT ONLY AUDIT COMPLETED CMG Financial has completed the review of a credit-only package for prior approval or pre-funding audit and conditions are available to review

•  LEGAL PACKAGE RECEIVED CMG Financial has received a closing package for purchase review

•  LEGAL PACKAGE REVIEWED CMG Financial has completed the review of a closing package and conditions are available to view

•  READY TO PURCHASE All conditions have been cleared and file has been placed in line for purchase

WEBTRAC LOAN STAGES

27

STACKING ORDER CONVENTIONAL LOANS

28

STACKING ORDER FHA/VA LOANS

29

Tips for increasing your speed to purchase

Conventional

•  1008-include income calculation comments for all income sources.

•  Include a COVER SHEET pointing out any variances or potentially questionable documentation. This will help to mitigate delays and excessive conditions if the situation and resolution is clarified. Use the 1008 comments section or cover letter.

•  If subject is investment property – 1008 comments to include actual rents used or market rent and percentage used along with bed/bath count. Individual 1084’s for each rental property owned.

•  Provide an AUS dated prior to note date and the FINAL AUS if ran after note date.

•  HARP Open Access requires Open Access loan calculation worksheet and all HARP require Net Tangible Benefit form.

LOAN SUBMISSION QUICK REFERENCE

30

ALL LOANS

•  Include the following items in your packages – Compliance Report, Fraud Guard, LDP/GSA on all parties for Government and Conventional.

•  Initial 1003 must be signed by Loan Officer.

•  Final 1003 must be signed by Borrower and Loans Officer only (no other party) or left blank by Loan Officer.

•  Upload appraisal in Color - choose upload in color in document type:

•  If you have submitted a file for a pre purchase review audit and you are uploading your funding package and conditions, upload all conditions separately as Correspondent Funding Conditions.

•  FHA Streamlines require streamline worksheet/ VA IRRRL submissions require underwriter executed IRRRL worksheet.

•  Always RE-IMPORT a 3.2 file to the system when submitting a loan. Choose Upload New Loan and UPDATE Duplicate Loan Found. See instructions on submitting a new loan page 25. This will ensure data integrity between system and documentation.

31

•  Collateral Endorsement

CMG Mortgage, Inc., dba CMG Financial Without Recourse

•  Collateral located in the State of Maryland, Nevada, Ohio, South Carolina & Connecticut- Endorsement to read as follows:

CMG Mortgage, Inc. Without Recourse

•  Ship Collateral packages to:

CMG Mortgage, Inc., dba CMG Financial Attn: Correspondent Lending Division 3160 Crow Canyon Road, Suite 400 San Ramon, CA 94583

•  Servicing Department:

CMG Mortgage, Inc., dba CMG Financial 3160 Crow Canyon Road, Suite 400 San Ramon, CA 94583 (866)659-8989 Hours 8:30 am – 5:00 pm M-F PST

POST CLOSING QUICK REFERENCE

32

•  Hazard Insurance An updated Hazard Insurance Policy listing CMG Mortgage, Inc., dba CMG Financial, its successors and or assigns must be received within 90 days of purchase.

The Mortgagee Clause must read: CMG Mortgage, Inc., dba CMG Financial ISAOA 3160 Crow Canyon Rd, Suite 400 San Ramon, CA 94583

If the loan purchased by CMG Financial is located in the following states: Connecticut – Maryland – Nevada – Ohio – South Carolina

The Mortgagee clause must read: CMG Mortgage, Inc. ISAOA 3160 Crow Canyon Road, Suite 400 San Ramon, CA 94583

MERS # : 1000724- Must be transferred within 1 day of purchase

FHA HUD # : 78442 – Must be transferred within 15 days of purchase

POST CLOSING QUICK REFERENCE (CONT.)

33

•  The Purchase Advice is sent by email the day of the purchase (once CMG has confirmation of the wire).

•  Seller should have provided the email address to be used for Purchase Advice on the New Customer Sheet filled out with the initial application process. Any changes to the contacts must be given to your Correspondent Liaison as soon as possible.

•  The Purchase Advice will capture loan details, pricing, interest, purchase date, fees, principal payments and reductions, and the due date to CMG.

•  A sample of the Purchase Advice is provided.

PURCHASE ADVICE QUICK REFERENCE

34

SAMPLE OF PURCHASE ADVICE

35

CONVENTIONAL OVERLAY MATRIX

36 REVISED: 7.29.13

FHA OVERLAYS: NON-STREAMLINE

37 REVISED: 7.29.13

FHA OVERLAYS: STREAMLINE

38 REVISED: 7.29.13

VA OVERLAYS: IRRRL STREAMLINE (CONT.)

39 REVISED: 7.29.13

VA OVERLAYS: IRRRL STREAMLINE (CONT.)

40

VA OVERLAYS: NON-IRRRL STREAMLINE (CONT.)

41 REVISED: 8.20.13

VA OVERLAYS: NON-IRRRL STREAMLINE (CONT.)

42

USDA OVERLAYS

43 REVISED: 8.20.13

•  Does CMG Financial have any overlays? •  CMG Financial’s overlay matrices attached and available on your dash board in WebTrac. •  Follow AUS findings and all applicable GSE guidelines. We will reference the 4155 and any

subsequent mortgagee letters for FHA loans and Fannie Mae/Freddie Mac’s Seller Guide for Conventional Loans.

•  Be sure to reference CMG’s Financial’s product/program restrictions. •  CMG does not publish an exclusionary list

•  It will be the seller’s responsibility to ensure all 3rd parties are in good standing with all applicable agencies and regulators. Sellers should reference the LDP and GSA lists for excluded parties.

•  Check Seller Guide for Approved MI Companies. •  State/Geographic Restrictions

•  CMG Financial will not accommodate loans in Louisiana or West Virginia. •  Have you requested DO Sponsorship?

•  CMG Financial prefers all findings to be assigned to CMG Financial. If you are unable to assign to a specific investor or if DO was finalized in another investor’s name, CMG Financial will accept your findings if ran correctly and accurately.

•  Which warehouse facilities have approved CMG? •  CMG Financial is approved with many warehouse banks. If you have additional warehouse

providers not approved with CMG Financial, please contact your Regional Manager.

THINGS TO NOTE WHEN WORKING WITH CMG

44

THANK YOU FOR CHOOSING

CMG FINANCIAL

© 2013, CMG Financial. All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS #1820, 3160 Crow Canyon Rd, Ste 400, San Ramon, CA 94583. Intended for mortgage professionals only. Not for consumer distribution. Not a commitment to lend. Pricing and terms are subject to change without notice. To verify our state licenses, please visit: ww.nmlsconsumeraccess.com. For information about our company, please visit us at www.cmgfi.com.