Over the last month, AHFA conducted a series of webinars about doing business with ServiSolutions. The below is a listing of FAQs that were asked during these webinars that we thought may be beneficial for all participating lenders to receive:
Should lenders mail the MIC/Guaranty and the MERS Assignment?
No. The MIC/Guaranty and the MERS Assignment should be electronically submitted.
Does ServiSolutions provide lenders with a monthly report listing all missing final documents?
Reports for missing documents are not currently available. However, a lender may request a report of all outstanding missing documents from Renee Dotson at rdotson@ahfa.com.
Will ServiSolutions purchase a loan before reviewing the recorded mortgage and title policy?
ServiSolutions will review all closed files prior to purchase based on a certified true copy of the Mortgage/Deed of Trust and the title commitment. All final documents must be submitted within 120 of loan closing.
Is it mandatory that lenders wait until all final documents are received before sending to ServiSolutions?
No. Lenders may submit final documents as they are received.
Will a name affidavit clear an issue of names matching signatures?
A notarized name affidavit will clear this issue.
Can access to ServiSolutions reservation portal be a group email instead of just individual email?
Each lender will designate two system administrators who are responsible for setting up users within their organizations. For security purposes, ServiSolutions recommends each user have a unique username and password.
Are the Lender & Veteran Disaster Certification forms available on the ServiSolutions website?
No. Lenders should refer to VA guidance concerning the required certifications.
Can the 1008/92900LT be electronic sign or is a wet signature required?
An electronic signature is acceptable.
If a lenders’ 1008 provides income and liability calculations, will you accept this?
The underwriter repayment income calculation is required. This can be done on the 1008, 92900LT, or on an income calculation worksheet.
How can I sign up for ServiSolutions announcements?
Does the UW approval need to be signed by the UW?
Yes
Does the Certified True Copy of the DOT/mortgage need to be County Certified?
No, it can be certified by the lender or closing agent.
When should MI be transferred to ServiSolutions?
MI should be transferred to ServiSolutions after loan purchase. Lenders are required to provide verification the MI has been activated prior to loan purchase.
When should the MI be activated?
MI activation can be completed with the MI company after loan closing. It must be activated PRIOR to the expiration date of the MI commitment. Verification of activation is required prior to loan purchase.
Is the Identity of Interest form required on FHA loans (203(b)?
This document was previously required by our compliance QC vendor but is no longer required.
If the Patriot Act Disclosure is a part of my 1003 is a separate disclosure required?
A separate disclosure is not required. With so many participating lenders using different document format ServiSolutions may on occasion condition a loan for the disclosure. If the 1003 contains the Patriot Act Disclosure information, simply advise the examiner.
Is a closed loan package acceptable documentation of a borrower’s intent to proceed?
No. Lenders are required to document the borrower’s intent to proceed. Acceptable documentation includes but is not limited to a lender/processor affidavit or signed form of Intent to Proceed.
How can a lender provide confirmation of an interest rate lock?
Lenders should rely on their company’s internal interest rate commitment process to ensure it meets the requirements for borrower disclosure, or provide the reservation printout from the HFA if a rate lock is not required by the HFA.
Does the closing agent have to sign the Tax Information Worksheet?
The signature of the closing agent is required if there is a signature line present. If there is no signature line, no signature is required.
What are the Chain on Title requirements?
Evidence of a 6-month chain of title is required for conventional and VA loans. Evidence of a minimum of a 12-month chain of title is required for FHA loans. It can be in the title commitment or in a separate chain of title page.
Why does ServiSolutions require a copy of the fee detail report?
Fee details or points and fees test reports verify all points and fees test were run and passed at closing such as HOPEA, HPML, and state specific points and fees test.
Are lenders required to submit all six (6) pages of the Conditional Commitment?
Yes. As a Ginnie Mae Master Servicer, we are required to have a complete copy of the DE Underwriters Conditional Commitment.
Where does ServiSolutions refer to the credit Report for OFAC information?
ServiSolutions staff refers to the credit report for the OFAC scan as a standard. If the credit report does not have this information, the lender must document how OFAC was checked.
Why are lenders asked to provide an updated UCD if the loan closed prior to 6/25/18?
The UCD error messages became hard stops for all loans DELIVERED to Fannie Mae on and after 6/25/18. Without an updated UCD, ServiSolutions may be unable to pool the loan.
Are lenders required to provide a payment history before ServiSolutions will purchase a loan?
If a payment has been made or was due prior to the purchase of the loan, a payment history is required as documentation of the payment. The pay history needs to contain beginning and ending escrow balances.
Currently we are writing out the signer name and the job title on the endorsement. Going forward the new requirement will be it must be typed?
To ensure note endorsements are legible, lenders are required to use the following endorsement formats:
- Alabama lenders:
- Pay to the order of Alabama Housing Finance Authority without Recourse
- Lenders Name (typed)
- Signature of Authorized Signer (original)
- Name of Signer (typed)
- Title of Authorized Signer (typed)
- Missouri, Mississippi, and North Carolina lenders:
- Pay to the order of ServiSolutions without Recourse, A Department of Alabama Housing Finance Authority
- Lenders Name (typed)
- Signature of Authorized Signer (original)
- Name of Signer (typed)
- Title of Authorized Signer (typed)
If you have any further questions, please contact Lisa Treece at
ltreece@ahfa.com
.
