Policy Servicing Guidelines - National MI

transcript

PolicyServicingGuidelines

EFFECTIVE: 10.1.2013 1 AS09/12:05

TableofContents

Introduction......................................................................................................................................2 Contact Information............................................................................................................................................................2 SelfService............................................................................................................................................................................2

MIProducts/Premium PlanTypes.....................................................................................................3 Monthly Advantage............................................................................................................................................................3 StandardMonthly................................................................................................................................................................3 Annual....................................................................................................................................................................................3 Single.....................................................................................................................................................................................3

ActivatingCoverage..........................................................................................................................4 Activation Options...............................................................................................................................................................4 InitialPremium.....................................................................................................................................................................4

PremiumBillingandPayments.........................................................................................................5 BillingMethods....................................................................................................................................................................5 Payment Options..................................................................................................................................................................5 Taxes.......................................................................................................................................................................................5

CertificateAdministration.................................................................................................................6 ServiceTransfersandLoanSales.........................................................................................................................................6 LoanNumberUpdatesandPrincipalBalanceUpdates......................................................................................................6 PropertyandBorrowerNameChanges..............................................................................................................................7 AssumptionsandPartialReleases.......................................................................................................................................7

CancellationofCoverage...................................................................................................................8 CoverageCancellation........................................................................................................................................................8 Refunds..................................................................................................................................................................................8

ReinstatementofCoverage...............................................................................................................9 OptionstoSubmitaReinstatementRequest......................................................................................................................9 ReinstatementofCommitment..........................................................................................................................................9 ReinstatementofCertificate...............................................................................................................................................9

ServicingReports............................................................................................................................10 Portfolio Audits................................................................................................................................................................10 Servicer Scorecards...........................................................................................................................................................10 OutstandingCommitmentReportsPendingExpirationReports................................................................................10 PortfolioAgingReports.....................................................................................................................................................10

EXHIBITS.........................................................................................................................................11

EFFECTIVE: 10.1.2013 2 AS09/12:05

Introduction

ThededicatedPolicyServicingteamunderstandsServicers’uniquebusinesspracticesandiscommittedtohelpingServicersmaintainacurrentandaccurateportfoliooverthelongterm.Theteamismadeupofindividualswhoarepassionateabouthelpingtheirclientsbydeliveringtimelyfeedbacktoquestionsandconcerns.

NationalMIbeganwithapromisetorestoretrustinthemortgageindustry.Wearekeepingthatpromise:

§ Pioneering12monthrescissionrelief

§ Thebesttermsofcoverage

§ Sensibleandfairunderwritingapproach

§ Builttopayclaimswithouriron-cladclaimspaymentprocess

CONTACT INFORMATION:PolicyServicingdepartment

NationalMortgageInsuranceCorporation

2100PowellStreet, 12thFloor

Emeryville,CA94608

855.317.4NMI(o)

510.858.0341(f)

www.nationalmi.com

SELFSERVICE:

Foradditionalinformation regardingourself-servicecapabilities,ortorequestanaccount,pleasecontactNationalMI’sSolutionCenterdepartment,which isavailablefrom5AMto5PM,MondaythroughFridayat855.317.4NMIoremailservicing@nationalmi.com

EFFECTIVE: 10.1.2013 3 AS09/12:05

MIProducts/PremiumPlanTypes

NationalMIoffersarangeofBPMI&LPMIproductsandpaymentplantypes.OncealoanhasbeenapprovedformortgageinsurancefromNationalMI,aCommitment/Certificatewillbeissued.

MONTHLYADVANTAGE:

NationalMI’sMonthly ADVANTAGEplanoffers aCommitmenttobeactivatedwithouttheinitialpremiumpaymentbeingpaidupfront.Inordertoactivatethecoverage,wedorequiretheLoanClosedDatebeprovidedtoourPolicyServicingdepartment.

STANDARDMONTHLY:TheStandardMonthlyisamonthlypaymentplan.TheinitialpremiumandLoanClosedDatearebothrequiredupfrontinordertoactivatecoverage.

ANNUAL:TheAnnual planoffers ayearly premiumpayment.Theinitial premiumpayment isduewiththeLoanClosedDateandtherenewalpremiumisdueattheanniversarydateeachyear.

SINGLE:TheSingleoffersaone-timeupfrontMIpremiumpaymentwithnoongoingrenewal payments.Werequire receivingthefullpremiumamountandLoanClosedDatebeforethecoverageisactivatedandtheCertificateisputInForce.

EFFECTIVE: 10.1.2013 4 AS09/12:05

ActivatingCoverage

InordertoactivateNationalMIcoverage,pleasenotifyuswithin30daysoftheLoanClosedDate.LoansmustcloseonorbeforetheCommitmentexpirationdate.

Keyrequirements for activation:

§ LoanClosedDate

§ Firstpaymentdate

§ Currentloannumber(ifavailable)

§ Newservicerinformationifservicinghasbeentransferred orsold

§ Premiumpaymentforcertainproducttypes

§ CompletedandSignedCommitment/CertificateforNon-Electronicactivations

ACTIVATIONOPTIONS:§ MonthlyADVANTAGE

» NationalMI’sAXISsystem» FaxcompletedCommitment/Certificate to510.858.0341» MailcompletedCommitment/Certificate» ElectronicactivationthroughServiceBureausBKFSandFiserv» Emailservicing@nationalmi.com

§ StandardMonthly,Single,orAnnualPremiums

» MailcompletedCommitment/Certificatealongwith the initialpremiumdue,toNationalMI,2100PowellStreet,12thFloorEmeryville,CA94608

§ ElectronicactivationthroughServiceBureausBKFSandFiserv

Formoreinformation,emailservicing@nationalmi.comor855.317.4NMI

INITIALPREMIUM:

NationalMIshouldreceivetheinitialpremiumwithin 30daysaftertheCommitment/Certificateeffectivedate.Dependinguponthepremiumplantype,which canallowalaterinitial premiumpayment,theLender/Servicer shallcomplywiththeactivationtermsofthatpremiumplan.

EFFECTIVE: 10.1.2013 5 AS09/12:05

PremiumBillingandPayments

NationalMIwillissuerenewalbillsonamonthlybasisforannualandmonthlypaymentplantypes.NationalMI’smonthlybillingstatementsareavailablethe1stdayofthemonth.

BILLINGMETHODS:NationalMIoffersautomatedandmanualbillingformats:

§ BKFS

§ Fiserv

§ ExcelspreadsheetorPDFmonthlybillingstatementavailablefordownloadviaNationalMI’sAXISsystem

PAYMENTOPTIONS:§ WireTransfer–pleasecontactservicing@nationalmi.comtorequestWireTransfer

Instructions

§ CheckssentthroughOvernightcourierorU.S.PostalservicetoNationalMI’sLockbox:

NationalMortgageInsuranceCorporation

GeneralPayments:POBox660849Dallas,TX75266-0849

OvernightPayments:2975RegentBlvd.Lockbox660849Irving,TX75063

TAXES:Loansonpropertiesinstateslevyingsurchargesand/orlocalgovernmenttaxesrequiretaxdueinadditiontotheMIpremiumpayments.TheapplicabletaxwillbecalculatedandincludedfortheappropriateCertificatesonthemonthlybillingstatement.

EFFECTIVE: 10.1.2013 6 AS09/12:05

CertificateAdministration

SERVICETRANSFERSANDLOANSALES:Ifservicingrightsforaloanaresold,assignedortransferredbytheInvestor/Servicer,NationalMIshouldbenotifiedwithin30dayssothattheCertificatecanbeassociatedwiththecorrectMasterPolicyandsothatpremiumcanbeproperlybilled.ThenewServicermustbeanapprovedNationalMIMasterPolicyholder.Ifnot,followtheprocesstorequestaServicingMasterPolicyforthenewInsured/Servicer*.

InformationrequiredforaServiceTransfer/Loansale:

§ NameandaddressofnewServicerandNationalMIMasterPolicy#

§ ServiceTransfer/LoanSaleeffectivedate

§ NationalMICertificatenumber

§ NewServicer’sLoannumber(ifavailable)

OptionstoprocessaServiceTransferorLoanSale:

§ NationalMI’sAXISsystem

§ ElectronicnotificationsthroughServiceBureausBKFSandFiserv

§ EmailServiceTransfer/LoanSaletoservicing@nationalmi.com

§ FaxcompletedServicingTransferFormto510.858.0341

§ MailcompletedServicingTransferFormtoNationalMI,2100PowellStreet,12thFloorEmeryville,CA94608

LOANNUMBERUPDATESANDPRINCIPALBALANCEUPDATES:ToassurethatyourCertificateisproperlybilled,pleasenotifythePolicyServicingdepartmentofloannumberandprincipalbalancechanges:

NotificationOptions:

§ ElectronicnotificationsthroughServiceBureausBKFSandFiserv

§ UpdatetheloannumberandprincipalbalanceontheMonthlyBillingStatement

§ Monthlyreconciliationreports

§ Emailupdatestoservicing@nationalmi.com

* TheInsuredoritsservicerorsub-servicer,asthecasemaybe,isrequiredtomaintainthefullmortgagepaymentrecordsforallloansinsuredbyNationalMIforatleast3yearsafterliquidationorsaleortransferoftheloan.UponNationalMI’srequest,theInsuredoritsservicerorsub-servicer,shallprovideevidenceofoperationalcontrolsregardingmaintenanceandqualityofitsmortgagepaymentrecord-keeping.Recordsordocumentsmaybecreatedorretainedinelectronicformwithoutstorageofpaperhard-copies,providedthattheyareretainedandremainrecoverableforthetimerequiredhereunder.

EFFECTIVE: 10.1.2013 7 AS09/12:05

PROPERTYANDBORROWERNAMECHANGES:PleasecontactthePolicyServicingdepartmentforanyadministrativechangesintheborrowerorpropertyaddressinformation.Dependingupontheupdate,NationalMImayrequestsupportingdocumentation.

ASSUMPTIONSandPARTIALRELEASES:Anassumptionisachangeinownershipofthepropertywherebythepurchaseragreestoassumeprimaryliabilityforpaymentoftheseller’sexistingmortgage.Theassumptionisaccomplishedbyhavingthepurchasersigntheexistingnoteorbyexecutinganassumptionagreement,anassumptionandloanmodificationagreement,oranewnote.

NationalMIrecognizestwotypesofassumptionsandbothrequirepriorapprovalfromNationalMI:

§ Assumptionwithrelease,wherethesellerisreleasedfromliability;and

§ Assumptionwithoutrelease,wherethesellerisstillliablefortheloan’srepayment

Documentation

TheLender/ServicermustsendanassumptionrequesttoNationalMIwiththerequestedsupportingdocuments.

EFFECTIVE: 10.1.2013 8 AS09/12:05

CancellationofCoverage

COVERAGECANCELLATION:

OptionstocancelaCertificate:

§ CancelviaMonthlyBillingStatement

§ FaxcompletedCancellationformto510.858.0341

§ MailcompletedCancellationformtoNationalMI,

2100PowellStreet,12thFloorEmeryville,CA94608

§ ElectronicnotificationthroughServiceBureauBKFSandFiserv

§ Emailcancellationstoservicing@nationalmi.com

TheLender/Servicershouldnotrequestcancellationofinsurancebecauseservicinghasbeentransferredand/orsold.IfNationalMIweretoprocessacancellation,thenewServicerwouldnotreceivearenewalbillandinsurancewouldterminate.

Note:Ifacancellationoccursinerror,pleaserefertoNationalMI’sreinstatementguidelines.

REFUNDS:§ RefundablePaymentPlans

§ HOPA(ifapplicable)

RefundswillbeissuedpayabletotheLender/ServicerofrecordinaccordancewiththeServicer’srequest.

EFFECTIVE: 10.1.2013 9 AS09/12:05

ReinstatementofCoverage

NationalMI,atitsdiscretion,mayreinstatecoveragethathasbeencancelledorterminated.TheLender/ServicermustsendallreinstatementrequeststotheNationalMIPolicyServicingdepartment.TheLender/Servicershouldexplainwhycoveragelapsedandrequestinstructionsregardingtherequirementsforthereinstatementofcoverage.

OPTIONSTOSUBMITAREINSTATEMENTREQUEST:§ FaxcompletedReinstatementRequestFormto510.858.0341

§ MailcompletedReinstatementRequestFormtoNationalMI,2100PowellStreet, 12thFloorEmeryville,CA94608

§ EmailtheReinstatementRequestFormtoservicing@nationalmi.com

AlongwiththecompletedReinstatementRequestFormacurrent12monthpayhistoryisrequiredandwillbeevaluatedbythePolicyServicingDepartmentwhenprovidedbytheLender/Servicer.

REINSTATEMENTOFCOMMITMENT:PleasecontactthePolicyServicingdepartmentforanyreinstatementrequestsoncancelledorexpiredCommitments.DependingupontheLoanClosedDate,NationalMImayrequestsupportingdocumentation.

REINSTATEMENTOFCERTIFICATE:PleasecontactthePolicyServicingdepartmentforanyreinstatementrequestsoncancelledorexpiredCertificates.Dependinguponthecancellationdateandreason,NationalMImayrequestsupportingdocumentation.

EFFECTIVE: 10.1.2013 10 AS09/12:05

ServicingReports

NationalMIcanprovidevariousmonthlyservicingreportstoassistinkeepingyourservicingportfoliocurrentanduptodate:

PORTFOLIO AUDITS:

§ Ad-hocrequired lenderreports

SERVICERSCORECARDS

OUTSTANDINGCOMMITMENTREPORTS

PENDINGEXPIRATIONREPORTS

PORTFOLIOAGINGREPORTS

*Additionalreports asrequested

EFFECTIVE: 10.1.2013 11 AS09/12:05

Cancellation Form

C A N C E L L AT I O N I N S T R U C T I O N S To cancel a certificate please visit axis.nationalmi.com or complete this form and forward a signed copy to:

Attn: Policy Servicing National Mortgage Insurance Corporation 2100 Powell Street, 12TH Fl. Emeryville, CA 94608 OR

FAX form to 510.858.0341

R E A S O N F O R C A N C E L L AT I O N

R E F U N D D I S B U R S E M E N T

Current Servicer/Insured: Servicer Master Policy Number:

Address:

City: State: Zip Code:

DATE OF REQUEST: CERTIFICATE NUMBER:

Borrower Name (Last, First, MI): Borrower Address:

Borrower City, State & Zip:

By: Date: (AU T H O R I Z E D S I G N AT U R E)

Title: Phone: ( )

Email address: Fax #:

Please circle one of the following:

1 Loan paid in full

2 Loan refinanced; no insurance necessary

3 Loan paid down to %

4 Other: specify

Please indicate effective cancellation date: / /

Please circle — make check payable to:

1 Borrower and mail to servicer/insured

2 Servicer/insured and mail to servicer/insured

3 Borrower and mail to borrower

4 Servicer/insured or borrower and mail to servicer/insured

AS09/12:05(a)

EXHIBIT1:CANCELLATIONFORM

EFFECTIVE: 10.1.2013 12 AS09/12:05

Reinstatement Request Form

R E I N S TAT E M E N T R E Q U E S T To request a reinstatement please visit axis.nationalmi.comI N S T R U C T I O N S or complete this form and forward a signed copy to:

National Mortgage Insurance Corporation Attn: Policy Servicing 2100 Powell Street, 12TH Fl. Emeryville, CA 94608 OR

FAX form to 510.858.0341

CERTIFICATE BORROWER NAME SERVICER REASON FOR

NUMBER (LAST, FIRST, MI) LOAN NUMBER CANCELLATION

Address:

Title: Phone: ( )

Email address: Fax : ( )

AS09/12:05(b)

EXHIBIT2:REINSTATEMENTREQUESTFORM

EFFECTIVE: 10.1.2013 13 AS09/12:05

Servicing Transfer Form

S E R V I C I N G T R A N S F E R To transfer Certificates please visit axis.nationalmi.comI N S T R U C T I O N S or complete this form and forward a signed copy to:

National Mortgage Insurance Corporation Attn: Policy Servicing 2100 Powell Street, 12TH Fl. Emeryville, CA 94608 OR

FAX form to 510.858.0341

CERTIFICATE NEW SERVICER LOAN BORROWER NAME DATE OF

NUMBER NUMBER (IF KNOWN) (LAST, FIRST, MI) SERVICING TRANSFER

Address:

New Servicer/Insured: Servicer Master Policy Number:

Address:

Title: Phone: ( )

Email address: Fax : ( )

AS09/12:05(c)

EXHIBIT3:SERVICINGTRANSFERFORM

Policy Servicing Guidelines - National MI

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