MCC Correspondent General Guidelines and Procedures
MCC Correspondent General Guidelines and Procedures
1. Doing Business with MCC Correspondent Lending 2. Eligible Mortgage Loans 3. Loan Registration and Lock Policies 4. Loan Delivery and Purchase Procedures 5. Post Purchase Procedures 6. Product Descriptions
MCC Correspondent Client Guide, rev. 1/6/2014
Page 1 of 29
Doing Business with MCC Correspondent Lending
General
This Guide provides you general information you will need in order to transact business with Mortgage Clearing's Correspondent Division. Please direct questions to the Correspondent Division associates at their direct numbers and addresses shown below.
MCC Business Hours and Holiday Schedule
Correspondent business hours are between 8:30 a.m. and 5:00 p.m. (CT), Monday through Friday. MCC is closed on the following holidays:
New Year's Day Memorial Day Independence Day Labor Day
Thanksgiving Day The Friday after Thanksgiving Christmas Day
Correspondent Division Manager
Mark W. Franks Vice-President
918-749-2274 Ext. 234 markfranks@
Correspondent Ben Overton
Operations
Lead Underwriter
918-749-2274 Ext. 238 boverton@
Barbara Wilson Correspondent Liaison
918-749-2274 Ext. 230 bwilson@
John Nolte
918-749-2274 Ext.242
Funding & Acquisition Manager jnolte@
Loan Registration
Chris Jones Executive Vice President
918-749-2274 Ext. 243 chrisjones@
Lock Desk
mcc- 8:30 a.m. ? 5:00 p.m. CST
Loan Servicing Faith Crenshaw Servicing Portfolio Manager
918-749-2274 Ext. 212 faithc@
MCC Correspondent Client Guide, rev. 1/6/2014
Page 2 of 29
Doing Business with MCC Correspondent Lending
Wire Transfer
Send Wire To: Routing Number/ABA: For Credit Of: Account Number:
For Further Credit: Account Number: Attention:
The Bankers Bank 1030 0361 6 Triad Bank, National Association 90304
Mortgage Clearing Corporation 100-6940 Chris Jones
Mortgagee Clause
Mortgage Clearing Corporation ISAOA PO Box 702100 Tulsa, OK 74170
FHA ID
3931809996
VA ID
86501100007
USDA ID
12345678910
Mailing Address
Mortgage Clearing Corporation 5612 South Lewis Avenue Tulsa, OK 74105
MCC Correspondent Client Guide, rev. 1/6/2014
Page 3 of 29
Eligible Mortgage Loans
Eligible Property All loans must be secured by a first lien mortgage on a one-to-two family
Status
residential dwelling located in the following states:
? Arizona ? Arkansas ? Colorado ? Kansas ? Missouri ? Oklahoma ? Texas
Clients are responsible for adhering to all federal, state, and local laws and/or regulatory lending guidelines and licensing requirements.
Eligibility Restrictions
Property Type Not Eligible : ?Condominiums (except FHA) ?Attached PUD's ?Cooperatives ?Manufactured Homes ?non-ARM's length transactions ?non-conforming with Fannie Mae, FHA, VA, HUD 184, & USDA
Loan Type not eligible:
?High Cost Loans *Sec. 32*, Texas Sec. A(6) ?Temporary Interest Rate buy-downs ?Loans with non-MCC approved DPA
programs ?non-conforming with Fannie Mae, FHA, VA, HUD 184, & USDA guidelines
Seasoned Loans:
?Loans rejected by or repurchased from another investor ?non-conforming with Fannie Mae, FHA, VA, HUD 184, & USDA
Borrower Restrictions
Borrower types not eligible: ?Borrowers without Social Security Numbers ?non-Conforming in accordance with Fannie Mae FHA, VA, HUD 184, & USDA guidelines
MCC Correspondent Client Guide, rev. 1/6/2014
Page 4 of 29
Loan Registration and Lock Policies
Daily Rates
Rate sheets are published and distributed daily via email at approximately 9:30 CST. Rates and prices are valid until 5:00 p.m. CST without overnight protection. Rates are subject to change without notice.
Registration and Lock Procedures
Lock Desk Email address: locks@
All loan registrations and/or locks must be completed online at mcc-.
Lock confirmations are validated upon submission. An assigned loan number will be emailed back to the sender.
All loans must have a registered lock no later than one (1) day prior to delivery.
All post-lock changes are processed by the Lock Desk.
Lock Policies
"Best efforts" delivery is expected on all locked loans. Violations of this longstanding industry practice will be subject to price adjustments and termination of the correspondent relationship. 10 day locks are considered mandatory and may require a pair off fee.
Lock periods are available for 10, 30, 45, 60, and 90 day terms.
Lock confirmations are tied to the property address.
Locks with expiration dates that fall on a weekend or federal holiday will expire on the first business day following the stated expiration date.
Loan amount changes by more than 10% of the original principle balance will be subject to the worse of current market or original lock date price applied to the difference between the final loan amount and the loan amount on the original lock.
Loans must be closed, disbursed, and delivered within the lock period to avoid a price adjustment.
MCC Correspondent Client Guide, rev. 1/6/2014
Page 5 of 29
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