APPLICATION TO SELL MORTGAGE LOANS TO THE CDCU SECONDARY MARKET

Transcription

1 APPLICATION TO SELL MORTGAGE LOANS TO THE CDCU SECONDARY MARKET In order to sell residential mortgage, cooperatives and manufactured home loans to The National Federation of Community Development Credit Unions CDCU Mortgage Center LLC Secondary Market (referred herein as The CDCU Mortgage Center ) it is essential that you provide certain information about your current mortgage operations. Please complete and return this form, with attachments, to The CDCU Mortgage Center. I. CREDIT UNION INFORMATION Legal Name of Credit Union: Street Address of Principal Office: City, State, Zip: Main Phone Number: Main Fax Number: Website: Main Contact Person: Credit Union Charter #: II. ORIGINATION AND PROCESSING METHOD Number of years conducting mortgage origination: Years Does your credit union have written procedures for: Underwriting? Yes No Origination Source Percent of Total Volume: Retail % Quality Control? Yes No Telemarketing/Internet % Other % Do you currently use Fannie Mae s Desktop Underwriter (DU) to approve loans? Yes No Do you currently use Freddie Mac s Loan Prospector (LP) to approve loans? Type of mortgage loans originated: Yes No Property Type Single Family 2-4 Family Cooperative Condominium Manufactured Home Loans % of Production

2 III. AGENCY APPROVAL (if applicable) FHA/HUD # Fannie Mae # Freddie Mac # VA # Other - Name/# IV. CONTACT INFORMATION Please provide contact information for the principal individuals with each of the following responsibilities, if applicable: Department Name Phone Fax Address Manager Loan Officer (s) Processing / Underwriting Closing Servicing Loan Documents (file requests) Quality Control Secondary Market Are mortgage loans approved by credit committee or by the Loan Officer/Manager? V. CREDIT UNION BRANCHES Please list any affiliates or branches that will be involved in originating, processing, underwriting, closing, or selling loans under an agreement with The Federation. Credit Union Branch: Location: Credit Union Branch: Location: Credit Union Branch: Location: Attach additional sheets for branch locations, if necessary. 2

3 VI. SERVICING PORTFOLIO Is the loan servicing operation performed by your Credit Union? Yes No Does the Credit Union have written procedures for Loan Servicing? Yes No Do you outsource your Loan Servicing Operations? Yes No If yes, who performs your loan servicing operations? Company Name: Street Address City, State, Zip: Contact: Telephone Number: Address: Please record your servicing volume for the past calendar year. A. Portfolio Servicing: B. Servicing for: FHA/VA Fannie Mae Freddie Mac Other C. Servicing for other major investors (please list below): Number of Loans Dollar Amount Total Serviced: (A+B+C) VII. LOAN PRODUCTION INFORMATION Please indicate the dollar amount and percentage of overall annual mortgage production represented by each category for the most recent calendar year. Government $ % Conventional $ % Jumbo $ % Sub-Prime $ % Fixed-rate $ % ARM $ % 100% 100% 3

4 VIII. MORTGAGE PERFORMANCE HISTORY Please indicate the number, dollar amount and percentage of your total mortgage portfolio as of application date. Current 30-day Past Due 60-day Past Due 90-day Past Due > 90-Day Past Due In Foreclosure # $ Amount % of Portfolio IX. DISCLOSURES 1. Has your credit union ever been suspended from selling or servicing mortgages by an investor? Yes No if yes, please attach an explanation. 2. Has your credit union and/or officers been named as defendants in a lawsuit for alleged fraud or misrepresentation in connection with any real estate related activity? Yes No if yes, please attach an explanation. 3. Has your credit union and/or officers been named as a defendant in criminal proceedings, complaints, or convictions for alleged fraud or misrepresentation in connection with any real estate related activity? Yes No if yes, please attach an explanation. X. ATTACHMENTS Please attach the following information to this form: 1. The credit union s most recent year-end audited financial statement and 5300 call report. 2. The most recent year-end and quarter-end delinquency report for all mortgage loans. 3. The organizational chart for the mortgage operations of your credit union, showing all responsible staff members. Please also include the organizational chart for any branches of your credit union that will be involved in originating, processing, underwriting, closing, or selling loans under an agreement with the Federation. 4. A copy of your credit union underwriting criteria and guidelines, quality control procedures, and loan servicing procedures. 4

5 XI. ADDITIONAL CONTACT INFORMATION. Please provide contact information for all of the following officers: CEO / President / Manager Name: Signature: Home Phone: ( ) Cell Phone: ( ) Personal Home Address: Board President / Chair Name: Signature: Home Phone: ( ) Cell Phone: ( ) Personal Home Address: Board Secretary Name: Signature: Home Phone: ( ) Cell Phone: ( ) Personal Home Address: XII. AFFIRMATION I declare that I am authorized to represent the information above and that, to the best of my knowledge; the statements set forth herein are true. I understand, acknowledge, and agree that the CDCU Mortgage Center, LLC may verify the information herein through third party service providers, governmental agencies, or other sources. Name and Title Date 5

6 Please return completed applications to: National Federation of Community Development Credit Unions Attn.: Community Development Investment Program 39 Broadway, Suite 2140, New York, NY Tel: (800) or (212) Fax: (212) If you have any questions, please contact Sarah Welton at (800) or (212)