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1. What percentage of the 4.0% program assistance are we required to use?
2. Where should the borrower send their monthly payment?
3. What is the Customer Service phone number?
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5. How should we endorse the original note to U.S. Bank?
6. Can we use a letter-of-intent as correction for a legal assignment?
7. Does a co-signer execute/sign the mortgage and the bond documents?
8. Can we submit photocopies of bond documents for compliance approval?
9. What is required for compliance approval?
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11. Can we waive escrows on a bond loan?
12. What are your agency approval numbers?
13. What is your Hazard Insurance Loss payee clause?
14. Can hazard insurance be listed as POC on the HUD-1?
15. What is your hazard insurance deductible limit?
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20. Who needs to endorse a Second Mortgage Note to U.S. Bank?
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23. Does U.S. Bank approve secondary financing?
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25. What steps are necessary to participate in the Bond Program?
26. What type of training is offered and how do we sign up?
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28. Can we originate a Fannie Mae 100% Loan in the Bond Program?
29. Can we use a Fannie Mae Flexible loan product?
View Contact information.
1. What percentage of the program assistance are we required to use?
Refer to the specific program description and requirements. In most cases, you must utilize the full percentage of assistance, but can apply the excess assistance not needed for closing costs against the principal, as a principal curtailment. Always refer to the specific Bond Program Guidelines to verify.
2. Where should the borrower send their monthly payment?
Before the first statement is generated (during review period), payments should be sent to:
U.S. Bank Home Mortgage
P.O. Box 468002
Bedford, OH 44146-8002
Once the loan is on our servicing system, borrowers will receive a monthly payment statement similar to a credit card statement.
Once the statement is received, payments can be made:
to the St. Louis, Missouri payment address listed on the statement.
at any U.S. Bank Branch - borrowers will need their loan number for this transaction.
3. What Customer Service number?
The toll free Customer Service number is 800-240-7890. The hours of Operation are 7:00am to 8:00pm EST, Monday through Friday.
4. Who should we use as the Trustee on the Deed of Trust? We are in a "Deed of Trust" state.
Lenders may use:
U.S. Bank Trust Company
National Association.
111 SW Fifth Avenue
Portland, OR 97204
5. How should we endorse the original note to U.S. Bank?
Your note endorsement should be made to, "U.S. Bank N.A., without recourse."
6. Can we use a letter-of-intent as correction for a legal assignment?
No. Our custodian requires a corrected, re-recorded assignment for pooling purposes.
7. Does a co-signer execute/sign the mortgage and the bond documents?
No. Co-signers do not take title, and therefore do not execute/sign the mortgage or the bond documents.
8. Can we submit photocopies of bond documents for compliance approval?
No. All submissions for Final Compliance Approval must include original documentation.
9. What is required for compliance approval?
Programs that are administered by eHousing Plus can be accessed via the McWeb website. Login to the lender portal at www.mrbp.usbank.com and select "Bond Programs" on the left to access the Lender and Working Group portals.
If the Housing Finance Authority or another entity administers a program, contact them directly for a list of compliance conditions.
10. How can we become a U.S. Bank Home Mortgage correspondent and participate in this program?
Contact the MRBP Help Desk at mrbp.helpdesk@usbank.com to request an online Correspondent Lender Application. Submit the completed application and required documentation to U.S. Bank Home Mortgage (address listed on the application). Your application will be reviewed, and you will be contacted when it is approved or if additional information is required.
11. Can we waive escrows on a bond loan?
No. All bond loans must be escrowed as dictated by the mortgage.
12. What are your agency approval numbers?
| RD Lender ID | 310841368 |
| FHA Lender ID | 1600109993 |
| VA Lender ID | 21302839034 |
13. What is your Hazard Insurance Loss payee clause?
U.S. Bank N.A. its successors and or assigns as their interest may appear.
c/o U.S. Bank Home Mortgage
P.O. Box 7298
Springfield, OH 45501-7298
14. Can hazard insurance be listed as POC on the HUD-1?
POC is acceptable if there is evidence in the loan file proving that the premium has been satisfied (i.e. POC must read as payable to the insurance company, NOT to the lender). We will accept a paid receipt or written confirmation from the insurance agent that the policy is paid and in force.
15. What is your hazard insurance deductible limit?
- Homeowner and wind deductibles - cannot exceed 5% of the dwelling coverage for one-family to four-family properties.
- Flood insurance deductibles - cannot exceed $5,000 of the dwelling coverage for a single-family dwelling, unless a higher amount is required by state law.
Please note that these limits do not supersede any existing program requirements. Meaning, if a program has a different deductible requirement, it must be followed.
16. What type of coverage do you require on Hazard Insurance - replacement cost or the loan amount?
The coverage amount must be for at least the amount of the loan or for full replacement coverage. (Some states limit required coverage to amount of improvements).
17. Who should we contact about registering, making changes to, or canceling a loan on the MRBP website, (McWeb)?
Contact the Bond Compliance Office at: (888) 643-7974, or email: paloma@hdsoftware.net.
18. What Down Payment Assistance/Second Mortgage Programs are U.S. Bank Home Mortgage approved?
Contact the Second Mortgage DPA Product Manager for a current listing of approved programs.
19. Whose name should be used to close a Second Mortgage Note and Mortgage/Deed of Trust?
The Second Mortgages should be closed in the name of the entity furnishing the funds (i.e. the Housing Finance Authority).
20. Who needs to endorse a Second Mortgage Note to U.S. Bank?
The Notes should be in the name of the entity furnishing the funds (i.e. the Housing Finance Authority).
21. What documentation should be included when submitting a Second Mortgage loan file to U.S. Bank Home Mortgage?
For the Second Mortgage submission include:
The Note
Mortgage/Deed of Trust
Final TIL (amortizing seconds only)
DPA Disclosure
22. Can we use secondary financing from a source not affiliated with the Mortgage Revenue Bond Program?
Yes, as long as the HFA approves the use of additional financing. Secondary financing used with FHA loans must meet the FHA requirements (refer to HUD 4155.1 rev 5, second 5, subsection 1-13). Fannie Mae loans must have a second mortgage that complies with the Fannie Mae Community Seconds guidelines (refer Fannie Mae Selling Guide, Section 8 Community Lending, Chapter 2).
23. Does U.S. Bank approve secondary financing?
Yes. U.S. Bank Home Mortgage will approve your secondary financing programs only if U.S. Bank Home Mortgage is providing an underwriting service for your company. The funding source for DPA program must be stated in the source of funds section of the 1003, and stated on the HUD-1. Make sure the DPA program meets FHA, VA, Fannie Mae, Freddie Mac, or RD requirements.
On the 1008 (loan transmittal) or mortgage credit analysis worksheet (MCAW) include the:
loan product
down payment source
loan amount
24. Why do we need to define the type of secondary financing used on the HUD-1?
In the event of an agency audit we have to be able to identify the source of funds used for all secondary financing. We may ask for clarification of the terminology you used on the HUD-1, or we may ask for a program summary. Additionally, HUD requires this to be identified on FHA loans. Non-disclosure of the source of funds on FHA loans may render the loan uninsurable by HUD.
25. What steps are necessary to participate in the Bond Program?
To participate in the Bond Program:
- Contact the Housing Finance Authority to obtain Program Information and Documentation.
- Execute an Origination Agreement with the HFA.
- Contact your U.S. Bank Client Support Executive to receive the documentation needed by U.S. Bank Home Mortgage to become a participating lender. If you require U.S. Bank Home Mortgage Correspondent Services, an application will be provided to you at this time.
26. What type of training is offered and how do we sign up?
Lender Training is typically conducted at the outset of a new program. If you have contacted the Housing Finance Authority and taken steps to become an approved participating lender, you will be notified of all scheduled trainings. If you are new to the program or require "refresher" trainings, contact your Client Support Executive to schedule off-cycle trainings. See contacts listed below.
27. Who should we contact with Underwriting questions not covered by the Bond Program or Lender Guidelines?
Underwriters may contact the U.S. Bank Home Mortgage Underwriting Department for assistance.
28. Can we originate a Fannie Mae 100% Loan in the Bond Program?
The only 100% LTV loan product allowed is the Fannie Mae MyCommunityMortgage 100 (MCM) Loan Product. Please verify with your bond program guidelines to make sure the MCM 100 is allowed.
29. Can we use a Fannie Mae Flexible loan product?
No. Fannie Mae Flexible loan products are not allowed. Please check your Lender Guide for the loan products permissible with the bond program or call the Underwriting Manager for a list of allowable products.
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