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Information for Single-Family Lending and Real Estate Professionals
 
Program Announcement

August 26, 2021
Commission Loans-Post Closing Reminders

Dear Lending Partners,

In the last several months, we’ve noticed an uptick in sending Notes and Deeds of Trust to the incorrect loan servicer which holds up loan purchase and increases the cost on your warehouse line. On behalf of our loan servicers, Lakeview Loan Servicing and Idaho Housing Finance and Association (IHFA), the Commission would like to provide a few post-closing reminders.

Please send 2nd lien Notes and Deeds of Trust to the appropriate loan servicer as shown on the loan status tab in LenderOnline. Do not send 2nd Notes and Deeds of Trust to the Commission. Unfortunately, sending originals to the incorrect servicer or the Commission increases your costs as extension fees may apply.

Please review section 12 in the Home Advantage or House Key manual for additional details and a list of common exceptions that may delay purchase of your loan.

For loans going to Lakeview Loan Servicing, please include wiring instructions or a Bailee Letter for the second lien Notes.

In the event the Commission is unable to purchase your closed loan or the loan is repurchased by the lender, the below is required by the appropriate servicer:

For Lakeview Loan Servicing: The lender needs to prepare and send an Assignment of Mortgage (AOM) for the 2nd lien along with a return FedEX label to Lakeview. Lakeview will sign the AOM on our behalf and return to the lender to record. Lakeview may also prepare an allonge, if needed.

For IHFA: The lender will need to provide a shipping label. IHFA will prepare the Allonge and AOM for the 2nd lien Note & DOT and return to the lender to record.

Please provide to the appropriate department at your institution.

If you have additonal questions, please contact Corinna Obar at Corinna.Obar@wshfc.org.

 

 
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