14
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
PolicyServicingGuidelines
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,[email protected]
PolicyServicingGuidelines
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.
PolicyServicingGuidelines
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» [email protected]
§ StandardMonthly,Single,orAnnualPremiums
» MailcompletedCommitment/Certificatealongwith the initialpremiumdue,toNationalMI,2100PowellStreet,12thFloorEmeryville,CA94608
§ ElectronicactivationthroughServiceBureausBKFSandFiserv
Formoreinformation,[email protected]
INITIALPREMIUM:
NationalMIshouldreceivetheinitialpremiumwithin 30daysaftertheCommitment/Certificateeffectivedate.Dependinguponthepremiumplantype,which canallowalaterinitial premiumpayment,theLender/Servicer shallcomplywiththeactivationtermsofthatpremiumplan.
PolicyServicingGuidelines
EFFECTIVE: 10.1.2013 5 AS09/12:05
PremiumBillingandPayments
NationalMIwillissuerenewalbillsonamonthlybasisforannualandmonthlypaymentplantypes.NationalMI’smonthlybillingstatementsareavailablethe1stdayofthemonth.
BILLINGMETHODS:NationalMIoffersautomatedandmanualbillingformats:
§ BKFS
§ Fiserv
§ ExcelspreadsheetorPDFmonthlybillingstatementavailablefordownloadviaNationalMI’sAXISsystem
PAYMENTOPTIONS:§ WireTransfer–[email protected]
Instructions
§ CheckssentthroughOvernightcourierorU.S.PostalservicetoNationalMI’sLockbox:
NationalMortgageInsuranceCorporation
GeneralPayments:POBox660849Dallas,TX75266-0849
OvernightPayments:2975RegentBlvd.Lockbox660849Irving,TX75063
TAXES:Loansonpropertiesinstateslevyingsurchargesand/orlocalgovernmenttaxesrequiretaxdueinadditiontotheMIpremiumpayments.TheapplicabletaxwillbecalculatedandincludedfortheappropriateCertificatesonthemonthlybillingstatement.
PolicyServicingGuidelines
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/[email protected]
§ FaxcompletedServicingTransferFormto510.858.0341
§ MailcompletedServicingTransferFormtoNationalMI,2100PowellStreet,12thFloorEmeryville,CA94608
LOANNUMBERUPDATESANDPRINCIPALBALANCEUPDATES:ToassurethatyourCertificateisproperlybilled,pleasenotifythePolicyServicingdepartmentofloannumberandprincipalbalancechanges:
NotificationOptions:
§ ElectronicnotificationsthroughServiceBureausBKFSandFiserv
§ UpdatetheloannumberandprincipalbalanceontheMonthlyBillingStatement
§ NationalMI’sAXISsystem
§ Monthlyreconciliationreports
* TheInsuredoritsservicerorsub-servicer,asthecasemaybe,isrequiredtomaintainthefullmortgagepaymentrecordsforallloansinsuredbyNationalMIforatleast3yearsafterliquidationorsaleortransferoftheloan.UponNationalMI’srequest,theInsuredoritsservicerorsub-servicer,shallprovideevidenceofoperationalcontrolsregardingmaintenanceandqualityofitsmortgagepaymentrecord-keeping.Recordsordocumentsmaybecreatedorretainedinelectronicformwithoutstorageofpaperhard-copies,providedthattheyareretainedandremainrecoverableforthetimerequiredhereunder.
PolicyServicingGuidelines
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.
PolicyServicingGuidelines
EFFECTIVE: 10.1.2013 8 AS09/12:05
CancellationofCoverage
COVERAGECANCELLATION:
OptionstocancelaCertificate:
§ NationalMI’sAXISsystem
§ CancelviaMonthlyBillingStatement
§ FaxcompletedCancellationformto510.858.0341
§ MailcompletedCancellationformtoNationalMI,
2100PowellStreet,12thFloorEmeryville,CA94608
§ ElectronicnotificationthroughServiceBureauBKFSandFiserv
TheLender/Servicershouldnotrequestcancellationofinsurancebecauseservicinghasbeentransferredand/orsold.IfNationalMIweretoprocessacancellation,thenewServicerwouldnotreceivearenewalbillandinsurancewouldterminate.
Note:Ifacancellationoccursinerror,pleaserefertoNationalMI’sreinstatementguidelines.
REFUNDS:§ RefundablePaymentPlans
§ HOPA(ifapplicable)
RefundswillbeissuedpayabletotheLender/ServicerofrecordinaccordancewiththeServicer’srequest.
PolicyServicingGuidelines
EFFECTIVE: 10.1.2013 9 AS09/12:05
ReinstatementofCoverage
NationalMI,atitsdiscretion,mayreinstatecoveragethathasbeencancelledorterminated.TheLender/ServicermustsendallreinstatementrequeststotheNationalMIPolicyServicingdepartment.TheLender/Servicershouldexplainwhycoveragelapsedandrequestinstructionsregardingtherequirementsforthereinstatementofcoverage.
OPTIONSTOSUBMITAREINSTATEMENTREQUEST:§ FaxcompletedReinstatementRequestFormto510.858.0341
§ MailcompletedReinstatementRequestFormtoNationalMI,2100PowellStreet, 12thFloorEmeryville,CA94608
AlongwiththecompletedReinstatementRequestFormacurrent12monthpayhistoryisrequiredandwillbeevaluatedbythePolicyServicingDepartmentwhenprovidedbytheLender/Servicer.
REINSTATEMENTOFCOMMITMENT:PleasecontactthePolicyServicingdepartmentforanyreinstatementrequestsoncancelledorexpiredCommitments.DependingupontheLoanClosedDate,NationalMImayrequestsupportingdocumentation.
REINSTATEMENTOFCERTIFICATE:PleasecontactthePolicyServicingdepartmentforanyreinstatementrequestsoncancelledorexpiredCertificates.Dependinguponthecancellationdateandreason,NationalMImayrequestsupportingdocumentation.
PolicyServicingGuidelines
EFFECTIVE: 10.1.2013 10 AS09/12:05
ServicingReports
NationalMIcanprovidevariousmonthlyservicingreportstoassistinkeepingyourservicingportfoliocurrentanduptodate:
PORTFOLIO AUDITS:
§ Ad-hocrequired lenderreports
SERVICERSCORECARDS
OUTSTANDINGCOMMITMENTREPORTS
PENDINGEXPIRATIONREPORTS
PORTFOLIOAGINGREPORTS
*Additionalreports asrequested
PolicyServicingGuidelines
EFFECTIVE: 10.1.2013 11 AS09/12:05
National Mortgage Insurance Corporation | 2100 Powell Street | 12TH Floor | Emeryville, CA 94608 | 855.317.4NMI (o) | 510.858.0341 (f) | [email protected]
Cancellation Form
© National Mortgage Insurance Corporation. All rights reserved
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
PolicyServicingGuidelines
EFFECTIVE: 10.1.2013 12 AS09/12:05
National Mortgage Insurance Corporation | 2100 Powell Street | 12TH Floor | Emeryville, CA 94608 | 855.317.4NMI (o) | 510.858.0341 (f) | [email protected]
Reinstatement Request Form
© National Mortgage Insurance Corporation. All rights reserved
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
Current Servicer/Insured: Servicer Master Policy Number:
Address:
City: State: Zip Code:
By: Date: (AU T H O R I Z E D S I G N AT U R E)
Title: Phone: ( )
Email address: Fax : ( )
AS09/12:05(b)
EXHIBIT2:REINSTATEMENTREQUESTFORM
PolicyServicingGuidelines
EFFECTIVE: 10.1.2013 13 AS09/12:05
Servicing Transfer Form
National Mortgage Insurance Corporation | 2100 Powell Street | 12TH Floor | Emeryville, CA 94608 | 855.317.4NMI (o) | 510.858.0341 (f) | [email protected]
© National Mortgage Insurance Corporation. All rights reserved
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
Current Servicer/Insured: Servicer Master Policy Number:
Address:
City: State: Zip Code:
New Servicer/Insured: Servicer Master Policy Number:
Address:
City: State: Zip Code:
By: Date: (AU T H O R I Z E D S I G N AT U R E)
Title: Phone: ( )
Email address: Fax : ( )
AS09/12:05(c)
EXHIBIT3:SERVICINGTRANSFERFORM
