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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 theFISH! 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 intodays 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
AGENDA
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Document Custody General TrainingSession
Todays Speakers Are:
Lydia Thornton Fannie Mae
Tom Kumi Ginnie Mae
Kathleen Davidson MPF Program with theFederal Home Loan Bank of Chicago
Carole Andrade Freddie Mac
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Document Custody General TrainingSession
Todays Moderators Are:
Angee Nolan JP Morgan Chase
Linda Gentry Stewart Mortgage Information
Linda Rogers- GMAC Bank Document CustodialDivision
Kelly Crunican- LaSalle Bank - Collateral Services
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Carol
Andrade
Debra
Thompson
TomKumi
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 Well 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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InitialCertification
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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 CertificationProcedures
Document Custodian Procedures:
Form HUD 11706:
Total number of loans reported = Collateral files received
Completed 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 been
checked.Verify original executed form HUD 11711A for any
mortgages 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 through
pooling 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 or
insurance company
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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 issuers 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 maybe used:
Acceptable practice in the jurisdiction in which theproperty is located.
Allonges mustbe:Original
Affixed (Stapled) to the Note
And clearly reference the Note
Note may reference the Allonge but suchreference 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 been
evaluated 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 toissuer.
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 DocumentCertification 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 thedocuments: 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 pool
to 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 CustodianCertification System or the Document
Certification 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 Officers 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 specific
cooperative share loan documentationrequirements for cooperative projects locatedin 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 statement
to 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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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)
FannieMae - 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, ifpresent
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 foreMortgage 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 toFannie Mae is the same data that was certified
by the custodian.
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Fannie Mae Collateral Review Tips:
Custodial and Issuer Collateral Review Tips:
Key Points per Required Documents Custodians shouldhave:
Clear policies and procedures.
Understand Fannie Mae certification and custody guidelines.
Exception:
Documented policy and procedures for tracking and resolvingexceptions.
Issuers should work with custodians to clear exceptionsquickly.
Quality Control: Custodian must have a quality control program that addresses
at the very least, certification, custody and release.
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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 MultipleContracts
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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
Macs DCS Form 1034E and the notes must be delivered to DCS no
later 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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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 theprior day to be requested funding for Cash
Freddie Mac Initial CertificationProcess
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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 Forms
1034E, 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 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 ofa facsimile signature constitutes a valid signature for anendorsement on each Note so endorsed.
Assignments of Security Instruments from originalMortgagee 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 borrowers name, property address, original
principal balance. The form of the allonge and its use applies with all
applicable laws.
Does not impair Freddie Macs status as a holder in duecourse or any of Freddie Macs rights under the Purchase
Documents.
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Freddie Mac - NY CEM Loans
The Original Consolidated Note for Fixed Rate,Adjustable Rate and Balloons must have thefollowing 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 thesame date as this note.
NY CEMA may be a certified copy and the Seller
warrants the copy is a true and correct copy of theoriginal 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 the
current 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 CEMA
exhibit.
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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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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 firstamortizing payment date as stated in the note orby adding the number of months of interest onlyperiod to the due date for the 1st monthly payment
as stated on the note.
Freddie Mac Initial InterestRequirements
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Freddie Mac Electronic Documents
eNote
eNotes are currently purchased only on anegotiated basis and requirements are being
refined.
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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 for
certification to ensure all documentation is present anddata matches the note.
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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 reviewedbefore 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 a
requirement.
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Mortgage PartnershipFinance Program
(MPF Program)
Initial CertificationMortgage Partnership Finance , MPF and the Mortgage Partnership Finance logo are trademarks of the Federal Home Loan Bank ofChicago
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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 CertificationProcess
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 websiteand 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
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
Promissory Note: Original Note
Or Lost Note Affidavit/Lost Instrument Bond with a certifiedcopy 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 Assignment
from PFI to Blank
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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
MPF Program Allonge and FacsimileSignature Requirements
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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
MPF Program - NY CEMA
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MPF Program Electronic Documents
eNote:
At this time, we do not allow the delivery ofeNotes.
The MPF Provider is a member of MISMO.
We continually assess the technology needed toaddress these types of fundings.
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FISH! Philosophy Choose Your Attitude
Acquire new knowledge whilst thinking
over the old, and you may become a
teacher of others.
Helen Keller
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Initial Certification Summary:
Labels
Co-BorrowerName
Freddie Mac
Number
Term
Loan TypeNo Zip
Unique Note
Data
Elements
Electronic
Data File
Appropriate
103411706
Schedule
Form
Number
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
2005
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Initial Certification Summary
Yes PFI orApproved
Servicer to
Blank
No chain
ends w/
Servicer
Yes Servicer
to Fannie Mae
No chain
ends w/
Issuer
Final
Assignment
NO ARM Data
Convertibility,
1st Adj. Min,
Max,
Mod Date
ARM Plan,
1st Pmt.
Change Date.
Interest Rate
Cap
Structure
Unique ARM
Data
Elements
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Initial Certification
Corporate
Resolution,Certification &
MPF Provider
Approval
Corporate
Resolution,
Affidavit &Attorney
Opinion
Retained by
the Seller
Corporate
Resolution
retained by the
Custodian
Corporate
Resolution
Facsimile
Signature
Requirements
Not required to
be affixed to
Note & at least
2 references
Affixed &
specifiedreferences
Preferred
Affixed but
not required &specified
references
Affixed &
referencesthe Note
Allonge
Requirements
MPF
Program
FreddieMac
Fannie MaeGinnie
Mae
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RECERTIFICATION
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Fannie Mae
Recertification
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Fannie Mae Recertification Timing &
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Fannie Mae Recertification Timing &Frequency
Required for:Change in Document Custodian
Change in Servicer
Fannie Mae or the Seller/Servicer request
recertification
Recertify within:
6Months of File Receipt OR6 Months of Transfer Effective Date (Servicing
Transfers)
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Fannie Mae Initiating the
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Fannie Mae Initiating theRecertification Process
Servicer or Fannie Mae Initiates
Service must provide:
Trial Balance orSchedule (Form 2005)
Inventory recommended within 30 Days of
transfer.
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F i M R tifi ti Diff
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Fannie Mae Recertification DifferencesFrom Initial Certification
Same Documentation Requirements
Limited Note Elements
Lender Loan IDBorrower Names
Property Address (No Zip)
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Fannie Mae - Recertification Process
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.ww.Stop
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Fannie Mae Recertification Ongoing
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Fannie Mae Recertification OngoingRecord-Keeping
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 documentswere transferred.
Custodian Keeps:
Copy of Form 2002 Trial Balance or Schedule (Form 2005)
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Fannie Mae - Recertification Tips
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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Ginnie Mae Recertification Timing &Frequency
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 arecertification from the document custodian should they feel the
need to initiate one.ww.StopForec
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Ginnie Mae Initiating the Recertification Process
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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Ginnie Mae Recertification
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Ginnie Mae - Recertification
Standard
Streamlined: Limited Reconciliation &
Data Elements
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Ginnie Mae Recertification Ongoing
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Ginnie Mae Recertification OngoingRecord-Keeping
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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Ginnie Mae Tips for SuccessfulRecertification
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 letterauthorizing the transfer.
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Freddie Mac
Recertification
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Freddie Mac Recertification Timing
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Freddie Mac Recertification Timingand Frequency
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 dateNo electronic system for Recertificationww.Stop
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Transferee Servicer Initiates
Transferor provides the Custodian the
following forms and collateral files:
Form 1034TNote
Assignments, if applicable
Freddie Mac Initiating theRecertification Process
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Freddie Mac - Recertification On-Going
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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, datacorrectionsetc)
Transferor Custodian:Keep Transferees Form 1035
Freddie Mac Recertification On GoingRecord Keeping
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Freddie Mac Tips for Successful
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Freddie Mac Tips for SuccessfulRecertification
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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MPF Program Recertification Timing &
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Recertification Required for:Files Returned to Custodian after Release
Files transferred to new Custodians
Requests by MPF Provider
Recertify within:Returned Files Same day
Custodian Transfers 60 days
MPF Requests Same day
g gFrequency
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MPF Program Initiating the
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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
g gRecertification Process
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Same Review as Initial Certification
Electronic Data File Provided
To Custodian by MPF Provider
Using the eMPF website
Custodian downloads data to obtain scheduleinformation
MPF Program - Recertification Process
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R ifi i S
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Recertification Summary:
Return of
ReleasedCollateral File,
Custody Transfer,
or Special Request
Change of
Custodian Only
Change of
Custodian orFannie Mae or
Servicer
Request
Change ofIssuer or
Custodian
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:
Electronic
Transmission1034T
2002 &
Trial Balance
11706 & Trial
Balance
Initiating
Forms
MPF ProviderTransferee
Servicer
Servicer or
Fannie MaeIssuer
Party WhoInitiates
With New
Custodian
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Recertification Summary:
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
Variations
from Initial
Cert?
MPFProgram
FreddieMac
FannieMae
GinnieMae
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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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Document Custody General Training
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Session
COFFEE BREAK TIME!
PLEASE RETURN FOR IN 25 MINUTES
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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
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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Fannie Mae Transfer Notification
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Fannie Mae -Transfer Notification
Lenders Initiate Transfers:
Trial Balance OR
Form 2005 (Schedule)
2003 If:
New Transferee Servicer/Custodian Relationship
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Fannie Mae - Transfer Processing
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Fannie Mae Transfer Processing
System Tracking:
Ongoing Relationship with Servicer
Endorsement Chain Ends: Seller to BlankAssignment Chain Ends: Servicer to
Fannie Mae
Lender to Provide MERS Information
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Ginnie Mae
Transfers
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Ginnie Mae Transfer Types
Transfer of Issuer Responsibilities
Transfer of Custodian Responsibilities
Multiple Sites TransferChange 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
Ginnie Mae Transfer Notification
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Ginnie Mae - Transfer Processing
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System Tracking:
Issuer of Record & Pool
Endorsement & Assignment Chains:
Same as Initial Certification
Record Assignments if Transfer of Issuer
Ginnie Mae Transfer Processing
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Ginnie Mae Ongoing Record-Keeping
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Record of Completion: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
Ginnie Mae Ongoing Record Keeping
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Freddie Mac
Transfers
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Freddie Mac Transfer Types
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
Servicers choice
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Freddie Mac Transfer Processing
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Freddie Mac Transfer Processing
Form 1035, Tri-Party Agreement: 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.www
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om
Freddie Mac Ongoing Record-Keeping
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Freddie Mac Ongoing Record Keeping
Record of Completion (Transferor):
Concurrent: On-line in Selling System or 1034S forMIDANET
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 and
Form 1034T must be retained for 3 months from certification date
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Mortgage PartnershipFinance Program
(MPF Program)
Transfers
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MPF Program -Transfer Types
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g yp
Transfer of CustodianLoans moved from one approved MPF Custodian
to another
Loans must be certified by new Custodian
Transfer of ServicingDoes 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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g
Transfers Coordinated by MPF ProviderNotificationAgreement Issues
No Standard FormsAll information is handled electronicallyCustodian will maintain electronic records for
each loan held on behalf of MPF
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g g
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 toblank
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Transfers Summary:
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y
MPF ProviderServicerLender or
ServicerIssuer onlyWho
Initiates?
Concurrent
Transfers of
Servicing?
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
YES YES YES YES
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YES (Loan
Level)
YES (Loan
Level)YESNO
Partial Pool
Transfers?
No Standard
Form
1034 Online or
Paper. 1034T via
Email or Fax
Trial Balance
or 2005
(schedule)
11706 via
GinnieNET
StandardInitiation
Form/
Method?
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Concurrent Transfer of Servicing (During Sale)
Subsequent Transfer of Servicing (After Sale)
Transfer of Custodian Responsibilities
Multiple Sites Transfer
Common
Transfer
Reasons
NONONOYES
Custodian
Stores Agency
Approval?
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
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Annual Or RecurringReporting
Requirements
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Mortgage PartnershipFinance Program
(MPF Program)
Annual or RecurringReporting Requirements
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MPF Program Custodian Reporting
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Annual OfficersCertification
Attestation of
Compliance
Due April 15th
Annually
Exhibit 2 inCustody Manual
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MPF Program Custodian Reporting
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Monthly Reports:
Loans initial certified
Govt. Loans Final Certified
Govt. Loans Not Final Certified
Loan Releases
5th Business Day of Month
Specific File Format
Fed to MPF Banks
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Internal templates distinguish between 3rd
-party,affiliate and self-Custodians.
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
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All re-occurring reports must be in the correctformat
Data on the reports must be consistent
Data on the reports must be accurate
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Fannie Mae
Annual or RecurringReporting
Requirements
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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
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Form 582 (Lender Record Information)Reflects Status of Mortgage Operations at Fiscalyear-end
Due by Lender Within 90 Days of its Fiscal Year-End
Form 1002: Mtg. Bankers FinancialReportingQuarterlySubmitted Electronically
Fidelity or E&O InsuranceTo Fannie Mae Within 30 Days
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Annual Statement of Eligibility: Indicates Ability to Meet Eligibility and Operational
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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Annual Statement of Eligibility for
Document Custodians
Due March 31st of Each Year.
Sent Directly to the Custodian Oversight andMonitoring Group at Fannie Mae.
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Ginnie Mae
Annual or RecurringReporting Requirements
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Non-Liquidation Inventory:
All HUD11708s for:
Code 6
Monthly 90/180 Day Reports:
90+ Days Report to Issuer
180+ Days Report to Ginnie Mae
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Officers Required
Updated Annually
To Ginnie Mae &
Custodian Custodian To Verify
11706s, 11708s, 11715s,
Endorsements, etc.
11702 (Authorized Signatures):
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11711A & B (Security Interests):
11711B for every pool.
GinnieNETOR Hard Copy.
11711A per pool, if applicable.
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Non-Liquidation Inventory: Accurate
Release Reasons
Annual Pool Recon: Accounting for Assets
11702: Legitimate Signers
11711A&B: Enforceable Ownership
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Freddie Mac
Annual or RecurringReporting
Requirements
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Custodians: Annual Eligibility Certification FormDue March 31Faxed to Freddie Mac
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Seller/Servicers Report (Form 16SF):Annual Eligibility CertificationDue 90 Days after FYECompleted On-Line
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Seller/Servicers Only
Submit As Needed
Significant
Organizational
Changes
1107SF Report:
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Annual Eligibility Certification Form
Certification of Compliance
Form 16SF: Annual Eligibility Certification
Report Notification/Awareness forFreddie Mac
Form 1107SF: Seller/Servicer Change
Notification Form Tracking Assets
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April 15th
Cust: March
31st, S/S:
FYE + 90
FYE + 90Days
Resolution
Due w/i 120
Days
Annual
Report
Due?
YES Eligibility
Reports
YES/
Lender
Record
Information
YES PoolInventory &
11702
RequiredAnnual
Report?
MPF
Program
Freddie
Mac
Fannie
Mae
Ginnie
Mae
YES
Annual
Officers
Certification
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Attestation of Compliance - Accountability
Proof of Rightful OwnershipPerformance Monitoring
Change & Asset Tracking
Common
Report
Reasons
Monthly Data
Reports
1107SF
ChangeNotification
Bailee Letter
Notification
Non-
Liquidation
90/180 Day
Reports
Unique
AgencyReports
MPFProgram
FreddieMac
FannieMae
GinnieMae
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DOCUMENT
CUSTODIALRESPONSIBILITIES
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Ginnie Mae
Document CustodialResponsibilities
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Ginnie Mae Custodial Insurance
Requirements m
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Document Custodians are required to maintain insurance
coverage to indemnify Ginnie Mae against losses involvingGinnie Mae pool and loan documents in their custody.
Financial Institution Bond to include the following
coverage's: Fidelity Premises In Transit Forgery or Alteration
Financial Institution Bond must be underwritten by an
insurance carrier with an A.M. Bests 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 documentswww
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Document Custodial Facilities:Effective January 1, 2007:
Facilities must provide a minimum of2 hours of fireprotection
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.www.Stop
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A Document Custodian must maintain secure, fireresistant storage facilities with adequate accesscontrols to ensure the safety and security of pool andloan 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 isentered.
Written access long maintained.
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Ginnie Maes recommendation to Issuers
and Document Custodians:
The issuers and document custodians should
subscribe to any and all updates made by GinnieMae.
Please consult the following web site address:
www.ginniemae.gov
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Fannie Mae
Document CustodialResponsibilities
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As of October 1, 2006, The Insurance Coverage
for a Document Custodian Must Include:
Fidelity Bond
Errors and Omissions Insurance
Coverage Limits:
E & O:
Must be not less than $1 million per claim and $10 million inthe aggregate, on a claims-made basis.
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Fire Rating Requirements:
Vault must be 2 hour fire rated.
Master Pool Retention Requirements:
Electronic or paper record for 6 years afterlast pool loan has liquidated.
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For further information you may contact: Debra Thompson
Director of Custodian Oversight & [email protected]
Or visit:
http://www.efanniemae.comor via AllRegs
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Freddie Mac Custodial InsuranceRequirements om
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Maintain the following insurance coverage's, at aminimum:
Financial institution bond, or equivalent insurance,covering any loss resulting from:
Employee dishonesty
Physical damage, destruction or loss of Notes andassignments while on custodians premises
In transit (if Custodian contractually agreed to provide)between Custodians premises and anywhere
Errors and omissions coverage including breach of duty,neglect, misstatement, misleading statement or otherwrongful acts
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The required insurance coverage's must:
Be underwritten by an insurer that has a A- (A minus)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 of5% of the Custodians (GAAP) net worth or $100,000,but not greater than $10,000,00
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Custodial Requirements:Be equipped with secure, fire-resistive storage
facilities with controls on access to ensure the safetyand security of the Notes and assignments
Facilities must meet fire resistive requirements setby the Custodian's regulator. If no requirements setby the regulator, a minimum of two hours fireprotection.
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Maintain Notes and assignments in such a way as toensure security and confidentiality and prohibit
unauthorized access to or use of information
contained in the Note and assignments.
Use employees who are knowledgeable in thehandling 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 AllRegswww.Stop
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Fidelity Bond The Custodian is responsible for
the provision and maintenance, at all times, of
fidelity insurance and mortgagees E&O insurance.
The insurer must be rated B+ or better or affiliatedwith Lloyds 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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Fidelity Bond:
Fidelity Insurance and Mortgagees E & OInsurance
Insurer must be rated b+ or better by the A.M.Best Company or affiliated with Lloyds ofLondon
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Fire Rating Requirements:
Minimum of 2 hours fire protection
Attested by Custodians insurance company, local firemarshal or an independent, qualified fire protection
contractor.
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For further information regarding the MPF programplease contact:
Kathleen Davidson - MPF Custody ManagerPhone: 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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Audit Tips & MostCommon Findings
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Ginnie Mae
Audit Tips & MostCommon Findings
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2 Types:
On-site Custodian & Issuer reviews
Desk reviews only for RFP & risk assessment
Frequency varies for on-site & deskreviews.
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.
Prepare written explanations of extenuating
factors.
Be
Prepa
red!
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Designate one audit contact.Ensure availability of requested documents.
Prepare written explanations of extenuating
factors.
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
Errors & Omissions Coverage
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Rec rring Findings
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Recurring Findings: Recurring Finding of Past Audits
Errors on 11708s (Release Request)
Errors on 11706s (Certification Schedule)
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 to
management team.Q.C. review certifications on a regular basis to avoid
repeated errors.www.Stop
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Custodians:
Continue to maintain Independence.
Issuers:Shorten pool submission cycle.
Strengthen data reporting controls.
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Fannie Mae
Audit Tips & MostCommon Findings
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Onsite Review Frequency:Large custodians semi-annually
Small to mid-size custodian annually
Length of Review:
Variable 2 to 3 days
Data Audits vs. Physical On-Site Audits:Fannie Mae does conduct data audits occasionally;
however these reviews do not satisfy the requirements
for a physical on-site review.
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