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F r
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Document Custody s u General
c l o
Traininge Session
o r
p F
t o
. S
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Presented by the Document Custody
Sub-committee Education Workgroup

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Catch the Energy! F r
r e
s u
c l o
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Fo
p
o Your Potential!
Release
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General Training Session Objective
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d.c
Did you know that Seattle is the home of where the
u
FISH! Philosophy emerged from a film produced by John
a
r
Christensen — current CEO of ChartHouse Learning —
F
e
about Seattle's world-famous Pike Place Fish Market.
r
today’s session we will: s u
Using the “FISH!” philosophy, it is our goal that in

c l o
 Have some fun
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 Make your day
Fo
o p
 Make a difference

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 Session Agenda
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Initial Certification d.c
a u
Recertification
F r
Transfer Requirements AG
r eEN
Refreshment break s u DA

Q & A c l o
r e
o
Annual or Recurring Reporting Requirements
F
p
Custodial Responsibilities
oMost Common Findings
t
Audit Tips and
S
Q & A w
.
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 Document Custody General Training
Session
om
d .c
au
Today’s Speakers Are:
F r
 Lydia Thornton – Fannie Mae
r e
 Tom Kumi – Ginnie Mae
s u
c l o
 Kathleen Davidson – MPF Program with the
Federal Home Loan Bank of Chicago
r e
 Carole Andrade – Freddie Mac
Fo
op
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 Document Custody General Training
Session
om
d .c
ua
Today’s Moderators Are:
 Angee Nolan – JP Morgan Chase F
r
r e
s u
 Linda Gentry – Stewart Mortgage Information
 Linda Rogers- GMAC Bank
Division c l o – Document Custodial

r e Bank - Collateral Services

 Kelly Crunican- LaSalle
Fo
o p
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Sample “Go Fish” Question
om
d .c
au
Ginnie F r MPF
Fannie
e
Freddie
r
Mae Mae
s u Mac Program

c l o
r e
Speaker Tom Fo Debra Carol Kathleen
Names
o p
Kumi Thompson Andrade Davidson

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 Q & A Sessions
om
d.c
 Q&A Sessions
au Q&A
 End of Phase 1
F r CARD
 End of Phase 2
r e
discussed s u
 Stick to questions related to topics

c l o
r e
 Q&A Cards Are for Submitting Questions
 Pass them towardo middle aisles
p F
t
 Leave Business o Card – We’ll Send
.
Transcript.S
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 TER-MI-NOL-O-GY
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d .c
au
For today, ‘Agency’ = GSE, Investor, etc.
F r
r e
Related Terms: s u
 Ginnie Mae: ‘Issuer’
c l o
r e
 Fannie Mae: ‘Lender’
o
 Freddie Mac: ‘Seller/Servicer’
F
p
 MPF: ‘PFI’ (Participating Financial Institution)
o
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F r
r e
s u
Initial
c l o
r e
Certification
o F
op
S t
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d .c
au
F r
r e
Ginnie u
Mae
s
c l o
r e
Initialo Certification
p F
t o
w .S
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Ginnie Mae – Form Requirements
om
d .c
a u
r
 HUD11706 - Schedule of Pooled Mortgages
F
r e
s u
 HUD11711A – Release of Security Interest

c l
 HUD11711B - Certification
oand Agreement
r e
Fo
o p
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Ginnie Mae – Initial Certification
Procedures
om
 Document Custodian Procedures: d .c
 Form HUD 11706: a u
F r
 Total number of loans reported = Collateral files received

r e
 Completed for both issuer and custodian.

s u
 Filed in related Pool Master File.
 Form HUD 11711B:
c l o
r e
 Pool number = Ginnie Mae pool/loan package number on
related form HUD 11706

Fo
 Ensure one of the two boxes on the form has been
checked.
o p
t
 Verify original executed form HUD 11711A for any
S
w .
mortgages with a second-party security interest.
 Filed in related Pool Master File.

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Ginnie Mae – Initial Certification
om
d .c
When is the Initial Certification due to Ginnie
a u
Mae by the Custodian?
F r
r e
s u
 Ginnie Mae I and Ginnie Mae II Custom Securities:
 No later than 2 business days from the settlement date.
 Settlement: 3rd business day
c l o
r e
 Ginnie Mae II Multiple issuer single family securities

Fo
 No later than the date published by Ginnie Mae on its web site.

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Ginnie Mae – Document Requirements
om
d .c
 Original Note
au
F r
 Complete Endorsement Chain (Originator through
pooling issuer to blank) r e
 Complete Assignment Chain s
u
(Originator to current
Issuer or MERS) c l o
r e
o
 MOM Loans – No Assignments
 Assumptions pF
 Addendums, t oRiders, etc.
. S
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 Ginnie Mae – Document Requirements
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 Lost Instrument Bond with Limited Liability
d .c
Requirements:
a u
 Name of issuer purchasing the bond
F r
 Loan number of current issuer
r e
 Name of original mortgagor
s u


Legal address of property
Amount of bond
c l o

r e
Name of surety or insurance company (Obligor)

Fo
Date bond executed by surety or insurance company

o p
Signature of representative for surety or insurance company

S t
Appropriate POA and certification as required by surety or

.
insurance company

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Ginnie Mae - Data Verification m
.c o
 Mortgagor Name(s) u d
r a
 Property Address, City & State (No zip code!) (if
Fe
r
property address is included on the note)
u
 Principal Loan Amount (alpha
l o s and numeric)
 Interest Rate (alpha and
e c numeric)

o r
 P & I (alpha and numeric)

p
 Term of the loan F (first and last payment due dates)
t o
. S
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Ginnie Mae – Arm Data Verification m
.c o
Interest Rate Change Date u d
r a
Mortgage Margin F
e
ur
Interest Rate Cap Structure
l o s
 Pool type suffix on e c HUD 11706 must
Form
o r
correlate to Interest rate cap structure on the
p F
Note.
t o
. S
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 Ginnie Mae – Note Endorsement m
.c o
 Complete chain of endorsements from the loan
u d
originator to the pooling issuer.
r a
e F
 Endorsement in blank and without recourse by an
authorized officer of the issuer
u r
l o
 Facsimile signatures acceptable s for endorsements:

e c
 Acceptable under the laws of the relevant jurisdiction in
r
which the property is located.
o
laws
p F
 Not prohibited under the issuer’s corporate charter and by-

t o
 Such signature authorized by Corporate Resolution

. S
 Such signature be notarized when required by law

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Ginnie Mae – Allonge Requirements
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d .c
 Allonges may be used:
au
property is located. F r
 Acceptable practice in the jurisdiction in which the

r e
 Allonges must be:
s u
 Original
c l o
 Affixed (Stapled) to the Note
r e
 And clearly reference the Note
F
 Note may reference
o the Allonge but such
p
onot required.
t
reference is
S
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 Ginnie Mae – Electronic Documents
om
 Proposed Minimum Functional Requirements: d .c
Registration au

 Transfer
F r
 Interface
r e
 Identification
s u
 Prior to accepting an eNote
c l o
e
 Formal application submitted to Ginnie Mae
r
eCustodian Fo
 Approval received to act as a Ginnie Mae approved

o p
 At the present time the only eRegistry that has been
S t
.
evaluated by Ginnie Mae is the MERS® eRegistry
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Ginnie Mae – Collateral Review m
.c o
Collateral Review: u d
r
Ensure presence, completeness, accuracy and
a
e F
correctness of required collateral documents.
u r
 Compliant with investor guidelines for delivery.

o
Complete chain of title from
l s original lender to
issuer. c
eagrees with form HUD 11706.
r
Verification of data
o
p F
t o
. S
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F r
Fannie Mae r e
s u
c l o
r e
InitialFoCertification
o p
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Fannie Mae - Form Requirements
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 Fannie Mae Form 2005 (Schedule of Mortgages) d .c
a u
 Initial certification occurs within MCCS or the Document
Certification Application.
F r
r e
s u
c l o
r e
Fo
o p
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 Fannie Mae – Initial Certification
Procedures
om
 Document Custodian Procedures:
d .c
 Form 2005 – Schedule of Mortgages
a u
Fannie Mae simultaneously. F r
 Lender transmits schedule electronically to both Custodian and

r e
 Custodian compares the Schedule of Mortgages to the
documents:
s u
c l o
 To ensure the presence of required documents and
 Information on the documents corresponds to that on the
Schedule.
r e
 The document custodian should review the
o
documents for the individual mortgages in the pool
F
to ascertain:
o p
S t
 Conformity to Fannie Mae's documentation requirements
 Properly executed
.
 Complete, and sufficient on their face.
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Fannie Mae – Initial Certification
Procedures
om
d.c
au
Document custodian electronically
F r
e
transmits its certification to Fannie Mae
r
through the MORNET Custodian
s u
l o
Certification System or the Document
c
r e
Certification Application.
Fo
op
S t
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 Fannie Mae - Document Requirements
om
d.c
 Original Note
au
 Riders, Addendums, etc.
F r
 Modifications, Assumptions, etc.r e
u
 Complete Endorsement Chains(Originator to blank)
c l o
 Original unrecorded Assignment to Fannie Mae
r e
o
(MERS – no assignment)
F
p
 Power of Attorney
o
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Fannie Mae - Allonge Requirements m
.c o
 Comply with State, County and Federal law u d
 Affixed (Stapled) r a
e F
 Preferred but not required
ur
 References the Note
 Loan Amount l os
e c
 Borrower or Address of Secured Property

o
 Facsimile Signatures
rAcceptable
p F
 Requires Corporate Resolution – Held by Custodian

t o
 Corporate Resolution must include the Officer’s Name(s)
S
who facsimile signatures are authorized.
.
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Fannie Mae – NY CEMA m
.c o
New York – Consolidation of Prior Notes
u d
and Mortgages: r a
 Fannie Mae requires: e F
ur
 A recorded (or certified copy) New York Consolidation,

o s
Extension and Modification Agreement
l
 Form 3172
e c
o r
 Or an equivalent form that is Fannie Mae approved.
 An assignment to Fannie Mae (unrecorded, but in
F
recordable form)
p
t o
 If additional funds are advanced:
S
 New Note and Mortgage
.
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Fannie Mae - Cooperative Share Loan
Documentation
om
d .c
Co-Op Loans: au
r
 Lenders should contact their leadFFannie Mae
r e
regional office to determine specific
s u
cooperative share loan documentation

in most states. c l o
requirements for cooperative projects located

r e
F o
o p
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 Fannie Mae – NY Co-Op Loan
Documentation
om
d .c
For share loans from cooperativeaprojectsu
located in New York: F r
r e
s u
 Documentation required for initial certification:
 Original recorded UCC-1
c l o
 Original UCC-3 - Assignment of the UCC financing statement
r e
to Fannie Mae, in a recordable form but not filed
o
 Certificate of Stock, shares, membership certificate, or other
F
p
contractual agreement evidencing ownership
o
t
 Original Co-op Recognition Agreement

S
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Fannie Mae – NY Co-Op Loan
Documentation
om
d .c
For share loans from cooperative projects located
a u
in New York:
F r
r e
 Required Documentation for Collateral File:

s u
 Executed Blanket Assignment of the Co-op Recognition
Agreement’s to Fannie Mae (Fannie Mae approved form)
l o
 Original recorded Intervening Assignment of the UCC
c
r e
financing statement (UCC-3) (if applicable)
 Executed blank Stock Power

Fo
 Original Security Agreement
p
 Original Proprietary Lease or Occupancy Agreement
o
t
 Original Assignment of the Proprietary Lease or Occupancy
S
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Agreement, (if applicable)
 Original recorded Continuation Statement(s), (if applicable).

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Fannie Mae - Data Verification
om
 Property Address – City, State, Zip d.c
au
 Original Loan Amount
F r
 First Payment Date
r e
 Original Note Rate
s u
l
 Principal and Interest (P&I)
c o
r e
 Amortization Type (if applicable)

F
 Mortgage Loan Type o
 Original Termo p
(in months)
S t
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 Balloon ‘Call’ Date (if applicable)

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Fannie Mae - Arm Data Verification
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All of the Fixed Rate Fields plus: d .c
au
 First Interest Rate r
 Original Index Value (If
F
Change Date
r e
applicable)
 First Payment
s u
 Mortgage Margin
Change Date
 Interest Rate Ceiling
l o
c Lookback (May 2007)
r e  Rounding (May 2007)
o
 Interest Rate Floor
F
o p  ARM Plan Number, if

S t present

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Fannie Mae - Interest Only Requirements
om
d.c
au
r
All ARM Fields or Fixed Fields (as applicable)
F
Interest Only End Date r e
s u
c l o
r e
Fo
op
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Fannie Mae - Electronic Documents
om
d .c
ua
Custodial Requirements:
F r
e
 Execute an Amendment to their Custodian
Agreement with Fannie Mae r
s u
eMortgage Notes throughc l o
 Training – certification guidelines for
a consultation
process with FannieeMae.
o r
p F
t o
. S
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Fannie Mae - Collateral Review
om
.c
d
 Data elements should match exactly what
a u is

F
printed on the Schedule of Mortgages.r
r e
 Custodian must assure that s u
the data delivered to
c
Fannie Mae is the same l o
data that was certified
by the custodian. re
Fo
o p
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Fannie Mae – Collateral Review Tips: m
.c o
 Custodial and Issuer Collateral Review Tips:
u d
a
 Key Points per Required Documents – Custodians should
r
have:
e F
 Clear policies and procedures.

ur
 Understand Fannie Mae certification and custody guidelines.
 Exception:
l o s
exceptions.
e c
 Documented policy and procedures for tracking and resolving

o r
 Issuers should work with custodians to clear exceptions
quickly.

p
 Quality Control:F
t o
 Custodian must have a quality control program that addresses

. S
at the very least, certification, custody and release.

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F r
Freddie Mac r e
s u
c l o
r e
Initial FoCertification
o p
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Freddie Mac - Form Requirements
om
d .c
 Selling System
a u
 Our primary delivery and certification tool
F r
 1034E: Selling System Schedule Or Note Delivery Cover
Sheet
r e
s u
 MIDANET® Deliveries
c l o

r e
Used primarily for negotiated bulk deals

 Fo
1034: Fixed-Rate Schedule
1034A: ARM Schedule

o p
1034S: Custodian Certification Summary

S t
1034SM: Custodian Certification Schedule for Multiple
.
Contracts
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Freddie Mac - Form Requirements m
.c o
d
Freddie Mac Form 1034E from the Selling System
u
r a
e F
ur
l os
e c
o r
p F
t o
. S
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Freddie Mac - Initial Certification Process
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 Selling System Deliveries Certified by Custodian d .c
a u
 Certification Status must be updated in the system no later
than 8:00 p.m. eastern time.
F r
r e
 Selling System Deliveries certified by Freddie
Mac’s DCS s u
c l o
 Form 1034E and the notes must be delivered to DCS no

r e
later than 12:30 p.m. eastern time on the final delivery date
and certification must be entered in the system no later

Fo
than 8:00 p.m. eastern time.

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Freddie Mac – Initial Certification
Process
om
d .c
When is Initial Certification due to Freddie Mac by the
a u
Custodian?
F r
e
 All loan data and documentation is complete
r
u
 Certification by approved Custodian or Freddie Mac
s
l o
 Freddie Mac has taken possession of all data, documentation
c
and/or information required for submission
r e
 Midanet® Deliveries
Fo
 Form 1034S or 1034SM delivered to Freddie Mac by 12:30 p.m.
p
eastern time on the final delivery day for the Guarantor; on the
o
t
prior day to be requested funding for Cash

S
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Freddie Mac - Initial Certification
Process
om
d .c
 Custodian must verify the following
a u
requirements have been met:
F r
 Loan Data:
r e
1034E, 1034 and 1034A.
s u
 Note = Data in the Selling System or MIDANET® and Forms

l o
 The Custodian is not required to verify the Seller/Servicer Loan
Number. c
r e
 Freddie Mac Acceptable Endorsements

Fo
 Custodian must verify that the chain of endorsements is

o p
proper and complete from the original payee on the Note to
the Seller delivering the Note to Freddie Mac and that the final
t
endorsement is the blank endorsement from the Seller to
S
w .
Freddie Mac.

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Freddie Mac – Initial Certification
Process
om
d .c
 Custodian must verify the following requirements
a u
have been met:
F r
e
 Note Endorsed Using a Facsimile Signature Stamp:
r
 Custodian may certify.
s u
 Seller is required to maintain an opinion of counsel that use of
l o
a facsimile signature constitutes a valid signature for an
c
endorsement on each Note so endorsed.

r e
 Assignments of Security Instruments from original
o
Mortgagee to Seller/Servicer or to MERS prepared,
F
p
executed and recorded where required.
o
S t
 Seller/Servicer provides Custodian with any documentation
necessary to determine whether the Seller/Servicer has elected

w .
to hold all assignments for Mortgages registered with MERS in
the Mortgage files.

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Freddie Mac - Document Requirements m
.c o
 Original Note
u d
a
 Complete Endorsement Chain (Originator through Seller
r
to Blank)
e F
r
 Complete Assignment Chain (Originator to
u
Seller/Servicer or MERS)
l os
 MERS MOM Loans – No Assignments
 Power of Attorney ec
 Assumptions o r
 Original Riders,p F
Addendums, etc.
t
 Name Affidavito – Only If borrower signature is not
.
consistentSwith the typed name below the signature line.
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Freddie Mac - Allonge Requirements
om
d .c
u
 An Allonge may used if the following conditions are
a
met:
F r
 Permanently affixed to the Note.
r e
principal balance. s u
 References the borrower’s name, property address, original

l o
 The form of the allonge and its use applies with all
c
applicable laws.
r e
Fo
 Does not impair Freddie Mac’s status as a “holder in due
course” or any of Freddie Mac’s rights under the Purchase
Documents.
o p
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Freddie Mac - NY CEM Loans
om
 The Original Consolidated Note for Fixed Rate, d .c
Adjustable Rate and Balloons must have the
a u
following verbiage inserted at the top of the
F r
document:
r e
s u
 This notes amends and restates in their entirety, and is given in
substitution for, the Notes described in Exhibit A of the New York
l o
Consolidation, Extension and Modification Agreement dated the
same date as this note.
c
r e
 NY CEMA may be a
F ocertified copy and the Seller
p
warrants the copy is a true and correct copy of the
o for recording.
t
original delivered
S
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 Freddie Mac – NY CEM Loans:
om
 Exhibit A –Obligations Being Consolidated,
d .c
Modified and Extended.
a u
F r
 All notes, security instruments, assignments, consolidations

r e
agreements and related agreements that modify, consolidate

s u
or extend prior underlying obligations and which predate the
current NY CEMA must be listed separately in Exhibit A.

c l o
 Exhibit B – Property Description
r e
Fo
 Copy of Schedule A to the New York Mortgage may be used
but should be marked as Exhibit B to identify it as a NY CEMA
exhibit.
o p
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Freddie Mac – NY CEM Loans:
om
d .c
a u
 Exhibit C –Consolidated Note Copy
F r
 Complete with any applicable addenda, with fixed-rate,
r e
adjustable-rate or Balloon Note language inserted at the top
u
of the first page. Borrower signatures are not required.
s
l o
 Exhibit D – Form 3033 (NY Single-Family Uniform
c
Security Instrument)
r e
Fo
 All blanks completed and any applicable riders attached.
Borrower signatures are not required. May be a copy.

o p
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Freddie Mac – Co-Ops m
.c o
u d
r a
Fe
Mortgages secured by cooperatives
ur
are not eligible
l o s for sale to
c
e Mac.
Freddie
o r
p F
t o
w .S
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Freddie Mac - Data Verification
om
d.c
 Freddie Mac Loan Number  Interest Rate a u
 Borrower Name F r
 First P&I Date
 Co-borrower Name r e
 Maturity Date
 Property Address, City, s u
 Principal and Interest
State, Zip
c l o Amount (P&I)
 Original Note Date
r e  Modification Date
 Original Loan Amount
Fo
op
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Freddie Mac - ARM Data Verification
om
d.c
 All of the Fixed Rate Fields  Convertibility a u
plus:  Index F r
 First Interest Rate r e
 First Adjustment Minimum
Adjustment
s uRate
 Mortgage Margin
c l o
 First Adjustment Maximum
 Percent Rounded
o re Rate
 Periodic Cap
 Life Rate Cap p F  Lookback Period

t o
.S
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 Freddie Mac – Initial Interest
Requirements
om
d.c
u
 Date of 1st P&I Payment must be the date of the
a
r
1st Interest Only Payment as stated in the Note.
F
e
 Monthly P&I Payment must be the first Interest
r
u
Only payment as stated in the Note.
s
l o
 Modification/Conversion Date must be the first
c
r e
amortizing payment date as stated in the note or
by adding the number of months of interest only
Fo
period to the due date for the 1st monthly payment
p
as stated on the note.
o
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Freddie Mac – Electronic Documents
om
d .c
ua
eNote
F r
r e are being
 eNotes are currently purchased only on a

refined. s u
negotiated basis and requirements

c l o
r e
Fo
o p
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Freddie Mac – Collateral Review
om
d .c
 Custodial and Issuer Collateral Review Tips:
a u
 Key Points per Required Documents:
F r
been modified. r e
 Uniform instruments are required unless the loan has

 Exception:
s u
l o
 Exceptions to Guide requirements are allowed only if
c
 Quality Control: r e
expressly permitted in writing from Freddie Mac.

Fo
 Seller should review deliveries before forwarding for
p
certification to ensure all documentation is present and
o
t
data matches the note.
S
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Freddie Mac – Initial Certification Tips
om
d .c
au
What can Custodians and Issuers do to
F r
e
improve the Initial Certification Process?
r
 Data and Documentation should
s u be reviewed

 Issuer and Custodianc

l
before delivery to ensure oit is accurate.
should be familiar with
e
requirements andrcontact Freddie Mac as soon as
F
possible if thereois any question concerning a
requirement.
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Mortgage Partnership a u
F r
Finance® Program r e
(MPF Program®) s u
c l o
r e
Fo
Initial
o p Certification
S t
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“Mortgage Partnership Finance” , “MPF” and the Mortgage Partnership Finance logo are trademarks of the Federal Home Loan Bank of
Chicago

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MPF Program - Form Requirements m
.c o
u d
No forms required r a
e F
ur
os
All information is handled electronically
l
ec
r
Notification ofocertification is after
funding p
F
t o
. S
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MPF Program – Initial Certification
Process
om
d .c
 PFI sells or receives the funds for the loan.
a u
r
 Custodian is notified via e-mail that a funding file is
F
available for download.
r e
 Custodian retrieves funding file s ufrom eMPF website

c
and imports into their systeml o and either awaits the
r
Collateral File or once eit receives the Collateral File,
it compares the F o to the schedule information
data

o
used to completep the original initial certification
review. S
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MPF Program – Initial Certification
Process
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d .c
a u
upload data files to the eMPF website: F r
 After receipt of the funding file, the Custodian must

r e
s u
 Collateral Files that have not been received by Custodian
 Loans that have initial document exceptions
l o
 Loans that have obtained initial certification
c
r e
 MPF Custody imports these files into the Loan

Fo
Custody System and reacts accordingly based on the

o p
information provided.
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MPF Program - Document Requirements
om
 Promissory Note: d .c
 Original Note
a u
F r
 Or Lost Note Affidavit/Lost Instrument Bond with a certified
e
copy of the fully executed-Original Note
r
 Endorsement – Complete Endorsement
s u Chain (Originator
through PFI to blank)
c l o
 Intervening Assignments:
r e
F o
 Certified Copy of Intervening Assignments sent for recording
 Complete Assignment Chain (Originator to PFI or to MERS)
p
o – Original, unrecorded Assignment
t
 Investor Assignment
S‘Blank’
.
from PFI to
w
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MPF Program - Document Requirements
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.c
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MOM Loans – No Assignment Required
a u
Power of Attorney – Certified F
r
Copy
r e
Modification – Certified Copy
s u
Addendums and Riders c l o – Original
r e
Fo
Land Trust Agreement (If applicable) –
Certified Copy
o p
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MPF Program – Allonge and Facsimile
Signature Requirements
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 Allonges: d.c
 2 Accurate References to the Note au
 Needs to state “without recourse” F r
r e
 Does not need to be affixed to the Note
s u
 Note does not need to reference allonge
c l
 Facsimile Signatures Require:
o
 PFI holds MPF Bankr eHarmless
F o
 Corporate Resolution
o p
 Certification of Facsimile Signature
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 Approval of MPF Provider

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MPF Program - NY CEMA
om
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New York Consolidation and Modificationu
Agreement: F r
r e
u
 Original or Certified Copy of form 3172
 Exhibits A, B, C and D os
c l
without recourse r
e
 Original Consolidated Note endorsed in blank

F o
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MPF Program - Data Verification
om
Fixed Rate Product Only... d.c
 Borrower Name
au
 Address – City, State and Zip
F r
 Loan Amount
r e
 Interest Rate
 First Payment Date s u
 Maturity Date
c l o
 P&I
r e
 PFI Name Fo
 Label-Program Custodian Only


o p
Master Commitment Number

S t
PFI Loan Number

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MPF Loan Number, if applicable

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MPF Program – Electronic Documents
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d .c
u a
eNote:
 At this time, we do not allow the F
r
r e delivery of
eNotes.
s u
l o
 The MPF Provider is a member of MISMO.
 We continually assesscthe technology needed to
r
address these types eof fundings.
Fo
o p
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FISH! Philosophy – Choose Your Attitude
om
d.c
au
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Acquire new knowledge whilst thinking
F
e
over the old, and you may become a
r
teacher of others. s u
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FoHelen Keller

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Initial Certification Summary:
om
d.c
Ginnie Fannie Freddie
a u MPF
Mae Mae Mac
F r Program

r e
s u
Schedule
Form 11706 2005
c l o Appropriate Electronic

Number
r e 1034 Data File

Fo
o p Co-Borrower
Unique Note
Data
S tNo Zip
Term Name
Labels
Elements
w . Loan Type Freddie Mac
Number

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 Initial Certification Summary
om
d.c
u
Ginnie
Mae
Fannie
Mae
Freddie

FMac ra MPF
Program

r e
s u
Unique ARM
Data
Interest Rate
l o
ARM Plan,
c
Convertibility,
1st Adj. Min,

Elements
Cap
Structure
r e 1st
Pmt.
Change Date.
Max,
NO ARM Data

Fo Mod Date

o p Yes – PFI or
Final
S tNo – chain
Yes – Servicer
No – chain
Approved
Assignment
w . ends w/
Issuer
to Fannie Mae
ends w/
Servicer
Servicer to
Blank

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 Initial Certification
om
Ginnie Freddie d .c
MPF
Mae
Fannie Mae
Mac
a uProgram

F r
Preferred
r e
Allonge
Affixed &
references
Affixed – but

s
not required & u Affixed &
specified
Not required to
be affixed to
Requirements the Note

c l o
specified
references
references
Note & at least
2 references

r e
Fo Corporate
Resolution, Corporate
Facsimile
o p Corporate
Affidavit & Resolution,
Signature
S tCorporate
Resolution
Resolution –
retained by the
Attorney Certification &

Requirements

w . Custodian
Opinion
Retained by
the Seller
MPF Provider
Approval

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F r
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s u
RECERTIFICATION
c l o
r e
Fo
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F r
Fannie Mae r e
s u
c l o
r e
Fo
Recertification
p
t o
.S
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Fannie Mae – Recertification Timing &
Frequency
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d .c
Required for:
au
 Change in Document Custodian
F r
 Change in Servicer
r e
recertification s u
 Fannie Mae or the Seller/Servicer request

Recertify within: c l o
r e
 6 Months of FileoReceipt OR

Transfers)op
F
 6 Months of Transfer Effective Date (Servicing

S t
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Fannie Mae – Initiating the
Recertification Process
om
d.c
Servicer or Fannie Mae Initiates
au
F r
Service must provide: r e
 Trial Balance or s u
c
 Schedule (Form 2005) l o
r e
Fo
Inventory recommended within 30 Days of
transfer. op
S t
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Fannie Mae – Recertification Differences
From Initial Certification
om
d.c
au
Same Documentation Requirements
F r
Limited Note Elements r e
 Lender Loan ID s u
 Borrower Names c l o
r e
 Property Address (No Zip)
Fo
o p
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 Fannie Mae - Recertification Process
om
d.c
Change of Issuer
au
Custodian – no change:
F r
r e
Custodian must obtain manifest or schedule.
s u
Verify borrower names, property address etc. on
l o
Note to information on manifest or schedule.
c
e
Assignment to Fannie Mae from the new
r
Fo
servicer is present.
Complete the recertification form when all
op
S t
document have been reviewed and exceptions
cleared.
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Fannie Mae – Recertification Ongoing
Record-Keeping
om
d .c
 To complete the recertification, Custodian sends
a u
Servicer:
F r
 Form 2002 (Recertification Form)
 Copy of Trial Balance r e
s u
 Or the annotated Schedule of Mortgages (Form 2005) that

l o
reflects the composition of the MBS pool on the date of the
c
transfer and identifies the mortgages for which documents
were transferred.
r e
 Custodian Keeps: Fo
o p
 Copy of Form 2002
t
 Trial Balance or Schedule (Form 2005)
S
w .
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Fannie Mae - Recertification Tips m
.c o
u d
For a successful recertification: r a
 Review and recertify as soon as all
e Fof the
documents are available.
ur
 Communicate any issue noted
l o s immediately.
 Approach recertification
e c with the same rigor as
r
the initial certification.
o
p F
t o
. S
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F r
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Ginnie sMae u
c l o
r e
Fo
p
oRecertification
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Ginnie Mae – Recertification Timing &
Frequency
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Required for: d .c
a u
 Change in Document Custodian
 Change in Issuer F r
r e
Recertify within: s u
 12 Months
c l o
r e
Fo
Note: Ginnie Mae ‘at its discretion’ reserves the right to require
reviews to protect the assets pledged in the Ginnie Mae MBS

o p
Securities program. As such, an Issuer can request a

S t
recertification from the document custodian should they feel the
.
need to initiate one.
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Ginnie Mae – Recertification Initiating
the Process
om
d .c
au
Issuer Pursues Ginnie Mae Approval
F r
r e
Ginnie Mae Reviews Transfer s u Request and
HUD11715
c l o
r e
Fo
Approval Distributed via GinnieNET
o p
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Ginnie Mae –
Initiating the Recertification Process
om
d.c
au
Issuer provides the Custodian the
F r
e
following forms and all collateral files:
r
 Copy of Ginnie Mae approval
s uletter
 HUD 11708 (Releases) lo
 HUD 11706 (Schedule) e c
o r
 Trial Balance Documents
p
 Original Legal FOpinions or Updates
t o
. S
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Ginnie Mae - Recertification
om
d.c
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Standard
F r
r e
Streamlined: Limited Reconciliation &
s u
Data Elements
c l o
r e
Fo
op
S t
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Ginnie Mae – Recertification Ongoing
Record-Keeping
om
d .c
 Issuer & Custodian
au
 Copy of Completed Recertification
F r
r e
 Pool Master File
s u
 HUD11708 (Releases)
c l o
 HUD11706 (Schedule) signed and dated by the
r
document custodian e
Fo
 Trial Balance Documents

o p
 Original Legal Opinions or Updates

S t
 GNMA Approval Letter

w .
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Ginnie Mae - Tips for Successful
Recertification
om
d .c
u
 Organize files in pool and loan number order that
a
match the 11706.
F r
r e
 Have copies of the form HUDu11708 noted on
HUD 11706 for any loanslo
s
or documents released
at time of review. e c
o r
 Have evidence p F
of Ginnie Mae approval letter
t o
S
authorizing the transfer.
.
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F r
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FreddiesMac u
c l o
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Fo
p
Recertification
o
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Freddie Mac – Recertification Timing
and Frequency
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 Recertification required for: d .c
 Transfer of Servicing w/change of au
custodian
F r
 Transfer of Custody r e
s
 Termination of Custodian u
 Move files within
c l o
r e
 30 Days of Transfer Date
 Recertify withino
180 days p
F
of transfer date

t o
. S
 No electronic system for Recertification

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Freddie Mac – Initiating the
Recertification Process
om
d .c
Transferee Servicer Initiates ua
Transferor provides the Custodian F r the
following forms and collateral r e files:
 Form 1034T s u
 Note
c l o
r e
 Assignments, if applicable

Fo
o p
S t
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Freddie Mac - Recertification On-Going
Record Keeping
om
d .c
Transferee Custodian:
ua
F
 Paper Form 1034T& Loan List to Freddie
r Mac &
Servicer r e
s
 Keep any related correspondenceu (1034T copy,

corrections…etc) c l o
transfer notices, error resolution statement, data

r e
Fo
Transferor Custodian:
o p
S t
 Keep Transferees’ Form 1035

w .
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Freddie Mac – Tips for Successful
Recertification
om
d.c
au
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Identify all issues as early as possible to
F
allow time for resolution.
r e
s u
l o
Contact Freddie Mac concerning issues for
c
e
which answers are not clear or when there
r
Fo
seems to be no possible resolution
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F r
MPF Program
re
s u
c l o
r e
Fo
Recertification
p
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MPF Program –Recertification Timing &
Frequency
om
d.c
Recertification Required for:
au
r
 Files Returned to Custodian after Release
F
e
 Files transferred to new Custodians
r
 Requests by MPF Provider
s u
c l o
Recertify within:
r e
 CustodianF
o
 Returned Files – Same day
Transfers – 60 days
p
o – Same day
t
 MPF Requests
S
w .
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MPF Program – Initiating the
Recertification Process
om
d.c
No Forms for Initiating Recertification
a u
Initiated by… F r
r e
s u
 PFI – The action of the PFI returning the Collateral

l o
File to the Custodian for reinstatement.
c
e
 MPF - Transfer of Custodian
r
 MPF - Requests byo
p F MPF Provider

t o
. S
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MPF Program - Recertification Process m
.c o
Same Review as Initial Certification u
d
r a
e F
Electronic Data File Provided ur
l o s
 To Custodian by MPF Provider
e c
 Using the eMPF website
o r
 Custodian downloads data to obtain schedule
information F
o p
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MPF Program –Tips for Successful
Recertification
om
d .c
au
 All communication - include the MPF
F r
Provider.
r e
 Ensure proper staff resourcess u in place to
c l o
complete the recertification on time.
r e
Fo
 Ensure proper data is disseminated to MPF
Provider.
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Recertification Summary: m
.c o
Ginnie Fannie Freddie u d MPF
GO FISH!
Mae Mae Mac r a Program

e F
ur
Recert
l o s Returns:
1 Day,
Timeframe
1 Year 6 Months

e c 6 Months Transfer:

o r 2 Months

p F Change of Return of

Initiating
t o
Change of Custodian or
Change of
Released

Event(s)
.S
Issuer or
Custodian
Fannie Mae or
Servicer
Custodian Only
Collateral File,
Custody Transfer,

w w Request or Special Request

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 Recertification Summary:
om
d.c
Ginnie Fannie Freddie
a u MPF
Mae Mae Mac
F r Program

r e
Party Who s u
Initiates
Issuer c l o
Servicer or Transferee
MPF Provider
With New
Custodian
o re
Fannie Mae Servicer

p F
Initiating t o
11706 & Trial 2002 & Electronic
Forms .S Balance Trial Balance
1034T
Transmission

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 Recertification Summary:
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Ginnie Fannie Freddie d.c MPF
u
Mae Mae

F ra
Mac Program

Variations
YES: r e
YES:
from Initial
Standard
YES:
s u FM Ln ID NO:
Cert?
Streamlined
Streamlined

c l o Borrowers
Address
Same as Initial

r e
Certified
Fo 1034T,
What
o p
11706,11708s,
Form 2002 & All Relevant Reproducible
Custodians
S t
Trial Balance,
Legal Opinion, &
Trial Balance or Info & Release
Keep...

w . Ginnie Mae
Approval Ltr.
2005 (Sch.) Correspond-
ence
Requests

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F r
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s u
c l o
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Fo
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Determine that the thing
au
can and shall be done, F r
r e
and then we shall find
s u
the way!
c l o
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o
AbrahamFLincoln
o p
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 Document Custody General Training
Session
om
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COFFEE BREAK TIME! F r
r e
s u
c l o
r e
PLEASE RETURN FOR IN 25 MINUTES

Fo
o p
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F r
r e
s u
l
Q & AecSessiono
o r
p F
t o
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F r
r e
s u
TRANSFERS
c l o
r e
Fo
op
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d.c
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F r
Fannie Mae r e
s u
c l o
r e
Fo
p Transfers
t o
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ww
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Fannie Mae - Transfer Types
om
d.c
Servicing Transfers:
au
r
 During Sale to Fannie Mae (Concurrent)
F
 After Sale to Fannie Mae
r e
Custodian Transfers: s u
 Servicing Transfer c l o
r
 Requested Transfere
F o
Partial Pool Transfers Acceptable
p
o Transfers Acceptable
Concurrent
S t
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Fannie Mae -Transfer Notification m
.c o
u d
Lenders Initiate Transfers: r a
e F
 Trial Balance OR
ur
 Form 2005 (Schedule)
l os
e c
2003 If: o r
p
 New TransfereeF Servicer/Custodian Relationship
t o
. S
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Fannie Mae - Transfer Processing
om
d.c
a u
System Tracking:
F r
r e
 Ongoing Relationship with Servicer
Endorsement Chain Ends: s u Seller to Blank
c l o
Assignment Chain Ends: Servicer to
r e
Fannie Mae
Fo
Lender to o p MERS Information
Provide
S t
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Fannie Mae – Ongoing Record-Keeping
om
d.c
Record of Completion (Transferor): au
 2009 (Release Request) F r
r e
u
 Written Notice of Release to Servicer
s
c l o
Tracking/Storage:
r e
 Trial Balance or o
2005 (Schedule)
p F
 2002 (Recertification), if applicable.
t o
. S
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F r
Ginnie Mae
re
s u
c l o
r e
Transfers
Fo
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Ginnie Mae - Transfer Types
om
d.c
au
Transfer of Issuer Responsibilities
F r
e
Transfer of Custodian Responsibilities
r
Multiple Sites Transfer s u
c l o
 Change in Custodial location or storage
r e
Fo
Pool Level Transfers Only
p
Concurrent Transfers
o
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Ginnie Mae - Transfer Notification m
.c o
u d
Issuers Initiate Transfers:
r a
 Ginnie Mae Approval Required
e F
 11706 to Custodian
ur
 Must Use GinnieNet
l os
11715 needed if:
e c
o r
 New Issuer/Custodial relationships

p F
 New Ginnie Mae Custodian
t o site
 New Custodial
. S
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Ginnie Mae - Transfer Processing
om
d .c
System Tracking: au
 Issuer of Record & Pool F r
r e
Endorsement & Assignment
s u Chains:
l o
 Same as Initial Certification
c
Record Assignments r e if Transfer of Issuer
F o
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Ginnie Mae – Ongoing Record-Keeping
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Record of Completion: d.c
a u
r
 11706 to PPA (Pool Processing Agent)
F
r e
Tracking/Storage:
s u
l o
 Ginnie Mae Approval Letter
c
e
 HUD11708s (Release Requests)
r
o
 HUD 11711A or HUD11711B (if applicable)
F
p
 HUD11706 (Schedule)
o
t
 Trial Balance
S
.
 Legal Opinions
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F r
Freddie Mac
r e
u s
lo
Transfers
c
e
r
Fo
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Freddie Mac - Transfer Types
om
d .c
a u
Concurrent Transfer of Servicing
F r
e
 Occurs at the time the mortgage is sold to Freddie Mac.
r
u
Subsequent Transfer of Servicing
s
l o
 After the mortgage is sold to Freddie Mac.
c
Transfer of Custody
r e
o
 Result of a transfer of servicing
F
p
 Servicer’s choice
o
S t
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Freddie Mac – Notification m
.c o
 Concurrent Transfers
u d
r a
 Approval Required. Notification via data transmission.
 Appropriate 1034 utilized.
e F
 Transferee custodian certifies.
ur
 Subsequent Transfers
l os
c
 Seller/Servicer Initiates.
e
o r
 Form 1034T utilized.
 Transferee custodian delivers form 1034T to Freddie
F
Mac’s Document Custodial Services.
p
t o
 Form 1034T must be retained for a minimum of 3
months after recertification, or it can be imaged and
. S
destroyed immediately.

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Freddie Mac – Transfer Processing m
.c o
 Form 1035, Tri-Party Agreement:
u d
r a
 Signed only once for each seller/servicer number.
F
 New 1035 if new transferee servicer/custodian relationship.
e
u
 Simultaneous Transfer of Servicing
r with sale to
the investor and the Seller
l o s
and Servicer are two
different parties:
e c
o r
 Endorsement chain should match up to the Seller of the

p F
loan to Freddie Mac.
 Last endorsement: Seller to blank.
t o
 Assignment Chain: Ends with Servicer.

. S
 Custodian should track loans based on the Servicer not the

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Seller.

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Freddie Mac – Ongoing Record-Keeping
om
d .c
 Record of Completion (Transferor): a u
F r
 Concurrent: On-line in Selling System or 1034S for
MIDANET®
r e
 Subsequent: 1034T
s u
c l o
 Tracking/Storage:
r e
Fo
 Form 1034E or Note Cover Sheet may be destroyed once
certification is entered in the Selling System
p
 Form 1034 and 1034A, or an image of Form 1034 or 1034A and
o
t
Form 1034T must be retained for 3 months from certification date
S
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Mortgage Partnership au
F r
Finance® Program
r e
s u
(MPF Program®)
lo
e c
o r
p F
t o Transfers
.S
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MPF Program -Transfer Types
om
Transfer of Custodian d.c
au
to another F r
 Loans moved from one approved MPF Custodian

r e
 Loans must be certified by new Custodian
s u
Transfer of Servicing
c l o
r e
 Does not require a new Custody Agreement/

Fo
Addendum unless the transfer of servicing
includes the transfer to a new Custodian
op
S t
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MPF Program -Transfer Notification
om
d.c
au
Transfers Coordinated by MPF Provider
 Notification F r
 Agreement Issues r e
s u
No Standard Forms
c l o
e
 All information is handled electronically
r
Fo
 Custodian will maintain electronic records for
each loan held on behalf of MPF
o p
S t
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MPF Program - Transfer Processing m
.c o
u d
System Tracking: Seller and Servicer
r a
 ABC Bank – DEF Servicing Released
e F
u r
Concurrent Transfers: s
c
 Servicing Transfer and l o
Sale Simultaneous
r e to Servicer and Servicer to
 Endorsements = Seller
blank F o
o
 Assignmentsp = Seller to Servicer and Servicer to
blank t
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Transfers – Summary:
om
d .c
Ginnie Fannie Freddie
a u MPF
Mae Mae Mac
F r Program

r e
Concurrent
s u
Transfers of
YES c
YESl o YES YES
re
Servicing?

Fo
p
to
Who Lender or
Issuer only Servicer MPF Provider
Initiates? Servicer
. S
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Transfers – Summary:
om
d .c
Ginnie Fannie Freddie
a u MPF
Mae Mae
F
Mac r Program

r e
s u
Standard
Initiation 11706 via
c l o
Trial Balance 1034 Online or
No Standard
Form/ GinnieNET
r e or 2005
(schedule)
Paper. 1034T via
Email or Fax
Form
Method?
Fo
op
Partial Pool
S t YES – (Loan YES – (Loan
Transfers?
w . NO YES
Level) Level)

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 Transfers – Summary:
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d .c
Ginnie Fannie Freddie
a u MPF
Mae Mae Mac
F r Program

r e
Custodian
s u
Stores Agency YES NO
c l o NO NO
Approval?
r e
Fo
p
Concurrent Transfer of Servicing (During Sale)
Common
Transfer toSubsequent Transfer of Servicing (After Sale)

Reasons
w .S Transfer of Custodian Responsibilities
Multiple Sites Transfer

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F r
r e
Annual Or Recurring s u
Reporting c l o
r e
Requirements
Fo
o p
S t
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d.c
Mortgage Partnership a u
F r
Finance® Program
r e
s u
(MPF Program®)
lo
e c
o r
Annual p F or Recurring
Reportingt o Requirements
. S
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MPF Program – Custodian Reporting
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Annual Officer’s d.c
Certification
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F r
Attestation of r e
Compliance
s u
c l o
Due April 15th
r e
Annually
Fo
op
S t
Exhibit 2 in
Custody Manual

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MPF Program – Custodian Reporting m
.c o
Monthly Reports: u d
 Loans initial certified r a
e F
 Govt. Loans Final Certified
ur
 Loan Releases l os
 Govt. Loans Not Final Certified

e c
r
5th Business Day of Month
o
F
Specific File Format
p
Fed to MPF t oBanks
. S
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MPF Program - Agreements
om
d .c
 Internal templates distinguish between 3rd-party,
affiliate and self-Custodians.
au
F r
r
 Customized service and agreements.e
s u
l o
 Custody Agreement between MPF Provider and
Custodian. c
r e
F o
 Custodian Acknowledgement executed by
Custodian andpPFI.
t o
. S cover all pool and all facilities.
 Agreements

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MPF Program – Reporting Requirements
om
.c
d
u
 All re-occurring reports must be in the correct
a
format
F r
r e
u
 Data on the reports must be consistent
s
 Data on the reports must c l o
be accurate
r e
Fo
o p
S t
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d.c
u
Fannie MaeFra
r e
s u
c l o
Annual or r e Recurring
Fo
Reporting
o p
S t
Requirements
.
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Fannie Mae - Custodian Reporting
om
d.c
au
r
Annual Eligibility for Document Custodians:
F
Starting March 31, 2006
r e
s u
Audit Report Summaries
c l o
r e
Administrative Changes
Fo
op
Bailee Letters
S t
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 Fannie Mae - Lender Reporting
om
Form 582 (Lender Record Information) d .c
 Reflects Status of Mortgage Operations u
year-end r a at Fiscal

 Due by Lender Within 90 Days of its

e F Fiscal Year-
End
u r
Form 1002: Mtg. Bankers
l o s Financial
Reporting c
 Quarterly
r e
o
 Submitted Electronically
F
Fidelity oro p Insurance
E&O
S
 To Fannie
t Mae Within 30 Days
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Fannie Mae - Report Significance
om
 Annual Statement of Eligibility: d .c
au
Requirements F r
 Indicates Ability to Meet Eligibility and Operational

 Audit Report Summaries: r e

s u
 Indicates Performance
l o
 Eligibility Criteria forc
Seller/Servicers: o
r e Custodians and

p
 Administrative F
Changes
 Net Worthto
and/or External Ratings
. S
 Important to Match Entity With Ratings

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Fannie Mae - Reporting Requirements m
.c o
u d
Annual Statement of Eligibility for r a
Document Custodians F
e
 Due March 31 of Each Year.
st
ur
l o s
 Sent Directly to the Custodian Oversight and
e c
Monitoring Group at Fannie Mae.
o r
p F
t o
. S
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d.c
au
F r
Ginnie Mae
re
s u
c l o
Annualreor Recurring
o
Reporting
F Requirements
o p
S t
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Ginnie Mae – Custodian Reporting m
.c o
Non-Liquidation Inventory:
u d
All HUD11708s for: r a
 Code 6 e F
ur
Monthly 90/180 Day Reports: l os
e c
r
 90+ Days – Report to Issuer
o
F
 180+ Days – Report to Ginnie Mae
p
t o
. S
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 Ginnie Mae - Custodian/Issuer
Reporting
om
 Custodians:
d .c
 Non-Liquidation Tracking (90/180 Day HUD11708
a u
Reports)
F r
 Annual Physical Inventory
r e
 Issuers:
s u
l o
 11702 – Resolution of Board/Certificate of Authorized
c
Signatures
r e
F o
 Used to verify various HUD forms transmitted to Ginnie
Mae and the Custodian

o p
 11711A – Release of Security Interest

S t
 11711B – Certification & Agreement

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 11711A & 11711B – form used to release prior interest and
certify ownership

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Ginnie Mae - Custodian Reporting
om
Annual Pool Inventory: d.c
au
 Custodians Verify Physical Pools To:
F r
 Issuer Pool List
r e
 Master Pool Files
s u
 Reports to Issuers c l o
r e
 Major discrepancies noted and provided to
Ginnie Mae
Fo
o p
 Resolution Within 120 Days
S t
.
 Flexible Formats
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Ginnie Mae - Issuer Reporting m
.c o
11702 (Authorized Signatures):
u d
 Officers Required
r a
 Updated Annually
e F
 To Ginnie Mae &
ur
Custodian
l os
 Custodian To Verify
e c
r
11706s, 11708s, 11715s,
o
F
Endorsements, etc.
p
t o
. S
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Ginnie Mae - Issuer Reporting
om
d.c
au
11711A & B (Security Interests):
F r
r e
 11711B for every pool.
s u
 GinnieNET OR Hard Copy.
c l o
r e
 11711A per pool, if applicable.

Fo
o p
S t
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Ginnie Mae - Report Significance
om
.c
d
Non-Liquidation Inventory: Accurate a u
Release Reasons F r
r e
Annual Pool Recon: Accounting
s u for Assets
l
11702: Legitimate Signers
c o
r e
11711A&B: Enforceable Ownership
Fo
o p
S t
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d .c
u a
Freddie Mac F r
r e
s u
Annual or c l o
Recurring
r e
o
Reporting
F
p
oRequirements
S t
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Freddie Mac Reporting
om
d.c
Custodians: Annual Eligibility Certification Form
Due March 31
au
Faxed to Freddie Mac
F r
r e
s u
c l o
r e
Fo
op
S t
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Freddie Mac - Reporting
om
Seller/Servicers Report (Form 16SF):
d.c
Annual Eligibility Certification
au
Due 90 Days after FYE
Completed On-Line
F r
r e
s u
c l o
r e
Fo
o p
S t
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Freddie Mac - Reporting
om
1107SF Report: d.c
 Seller/Servicers Only au
F r
 Submit As Needed r e
s u
 Significant
c l o
Organizational
r e
Changes
Fo
o p
S t
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Freddie Mac - Report Significance
om
d .c
Annual Eligibility Certification Form –
au
Certification of Compliance F r
Form 16SF: Annual Eligibility r e Certification
s u
c l o
Report – Notification/Awareness for
Freddie Mac
r e
o
Form 1107SF:FSeller/Servicer Change
Notificationo pForm – Tracking Assets
S t
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Reporting Requirements - Summary
om
d .c
Ginnie Fannie Freddie
a u MPF
Mae Mae Mac
F r Program

r e
YES/ s u YES–
Required
Annual
YES– Pool
Inventory & c l
Lendero YES –
Eligibility
Annual

Report? 11702
o re Record
Information
Reports
Officer’s
Certification

p F
Annual
t o
Resolution
FYE + 90
Cust: March
Report
Due? .S Due w/i 120
Days
Days
31st, S/S:
FYE + 90
April 15th

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Reporting Requirements - Summary
om
d.c
Ginnie Fannie Freddie
u MPF
Mae Mae Mac
F ra Program

r e
Unique
Non-
Liquidation s
Bailee Letter
u 1107SF –
Monthly Data
Agency
Reports
90/180 Day
c l o
Notification
Change
Notification
Reports
Reports
r e
Fo
Common p Attestation of Compliance - Accountability

Report to Proof of Rightful Ownership

Reasons
w .S Performance Monitoring
Change & Asset Tracking

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au
F r
DOCUMENT r e
s u
CUSTODIAL c l o
r e
RESPONSIBILITIES
Fo
o p
S t
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d.c
a u
F r
Ginnie Mae r e
s u
c l o
Document r e Custodial
Fo
Responsibilities
o p
S t
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Ginnie Mae – Custodial Insurance
Requirements
om
Document Custodians are required to maintain insurance
d .c
a
Ginnie Mae pool and loan documents in their custody. u
coverage to indemnify Ginnie Mae against losses involving

 Financial Institution Bond to include the F r

following
coverage's:
r e
 Fidelity
s u


Premises
In Transit
c l o
 Forgery or Alteration
r
 Financial Institution Bond emust be underwritten by an
insurance carrier witho
p F an A.M. Best’s rating of B+ or better

loss payee to
 Loss Payee endorsement must name Ginnie Mae as the

. S Errors and Omissions

 Trust Operations
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 In excess of $500 million in Ginnie Mae pool and loan documents
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 Ginnie Mae – Fire Rating Requirements
om
Document Custodial Facilities: d .c
 Effective January 1, 2007:
a u
r
Facilities must provide a minimum of 2 hours of fire
F
protection
r e
s u
Attested by a written statement from:
 Insurance company of the Document Custodian
l o
 Fire Marshall of applicable jurisdiction or independent,
c
r e
qualified fire protection contractor.
Statement of compliance:
Fo
 Updated upon any significant change in facility and
p
available for inspection by Ginnie Mae.
o
t
 Prior to January 1, 2007:
S approved document custodial facilities
w .
Existing
 Minimum of 1-1/2 hours of fire protection.

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Ginnie Mae – Custodial Safekeeping
Requirements
om
d .c
A Document Custodian must maintain secure, fire
a u
F r
resistant storage facilities with adequate access
controls to ensure the safety and security of pool and
loan documents: r e
s u
 Automated form c l o
Access controls may be either in:

r e
 Employees to use a security card access reader to gain

Fo
entry to the vault.
 Electronic access record
 Manual Form
o p
S t
 Requiring two employees to be present whenever the vault is
entered.
.
 Written access long maintained.
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Ginnie Mae – Custodial Responsibilities m
.c o
u d
Ginnie Mae’s recommendation to Issuersr a
and Document Custodians: F
e
ur
 The issuers and document custodians should
l o s
subscribe to any and all updates made by Ginnie
Mae.
e c
 Please consult the o r
following web site address:
p F
t o www.ginniemae.gov
. S
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F r
Fannie Mae
r e
u s
loc
Document r e Custodial
Fo
Responsibilities
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Fannie Mae – Insurance Requirements
for Custodian
om
d .c
a u
 As of October 1, 2006, The Insurance Coverage
for a Document Custodian Must Include: F r
r e
 Fidelity Bond
 Errors and Omissions Insurance s u
 Coverage Limits: c l o
 E & O: r e
Fo
 Must be not less than $1 million per claim and $10 million in

p
the aggregate, on a claims-made basis.

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Fannie Mae – Custodial Responsibilities
om
d .c
Fire Rating Requirements: au
 Vault must be 2 hour fire rated. F
r
r e
u
Master Pool Retention Requirements:
s
l o
 Electronic or paper record
c for 6 years after
e
last pool loan has liquidated.
r
Fo
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Fannie Mae – Custodial Responsibilities
om
d.c
a u
For further information you may contact:
F r
 Debra Thompson
r e
Director of Custodian Oversight & Monitoring.
debra_d_thompson@fanniemae.com
s u
c l o
 Or visit:
r e
o
 http://www.efanniemae.com or via AllRegs®
F
op
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d.c
au
F r
Freddie Mac
re
s u
c l o
Documentr e Custodial
Fo
Responsibilities
p
t o
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Freddie Mac – Custodial Insurance
Requirements
om
d .c
 Maintain the following insurance coverage's, at a
a u
minimum:
F r
e
 Financial institution bond, or equivalent insurance,
r
covering any loss resulting from:
s u
 Employee dishonesty

c l o
 Physical damage, destruction or loss of Notes and
e
assignments while on custodian’s premises
r
Fo
 In transit (if Custodian contractually agreed to provide)
between Custodian’s premises and anywhere

o p
 Errors and omissions coverage including breach of duty,
t
neglect, misstatement, misleading statement or other
S
.
wrongful acts
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Freddie Mac – Custodial Insurance
Requirements
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d .c
au
 The required insurance coverage's must:
 Be underwritten by an insurer that hasF ra A- (A minus)
e Best Company
or better rating according to the rA.M.
s
 Be maintained in amounts deemed u adequate for the

c l
appropriate based on prudent
o
number of Notes and assignments held in custody and
business practice
r e no more than the greater of
F o
 Have a deductible amount
5% of the Custodian’s (GAAP) net worth or $100,000,

o p
but not greater than $10,000,00

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 Freddie Mac - Fire Rating Requirements
om
d .c
Custodial Requirements:
au
F r
 Be equipped with secure, fire-resistive storage
facilities with controls on access to ensure the safety
r e
and security of the Notes and assignments
s u
 Facilities must meet fire resistive requirements set
l o
by the Custodian's regulator. If no requirements set
c
by the regulator, a minimum of two hours fire
protection. r e
Fo
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 Freddie Mac - Custodial Safekeeping
Requirements
om
d .c
 Maintain Notes and assignments in such a way as to
au
ensure security and confidentiality and prohibit
F r
unauthorized access to or use of information
r e
contained in the Note and assignments.
s u
l o
 Use employees who are knowledgeable in the
c
e
handling of Notes and assignments and the functions
r
o
and duties of a Custodian.
F
o p
 Access the electronic version of the Guide at:
S t
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http://www.freddiemac.com, or via AllRegs®

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Mortgage Partnership au
F r
Finance® Program
r e
s u
(MPF Program®)
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Documentp F Custodial
t o
. S Responsibilities
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MPF Program - Custodian Insurance
Requirements
om
d .c
a
 Fidelity Bond – The Custodian is responsibleu for
the provision and maintenance, at allF r
times, of
fidelity insurance and mortgagee’sr eE&O insurance.
The insurer must be rated B+ s u
or better or affiliated
with Lloyd’s of London.c l o
r e
F o
 Type of Coverage – Based on the total dollars of
loans held in Custody or Loans Serviced –
p
whichever tisogreater
. S
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MPF Program - Custodian Insurance
Requirements
om
d.c
au
Fidelity Bond:
F r
e
 Fidelity Insurance and Mortgagee’s E & O
r
Insurance
s u
c l o
 Insurer must be rated b+ or better by the A.M.
Best Company or affiliated with Lloyd’s of
London r e
Fo
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 MPF Program - Custodian Insurance
Requirements
om
 Types of Coverage:
d .c
u
 Based on total dollars of loans held in Custody or loan
a
serviced,
F r
 Whichever is greater:
 <$100 million - $300,000 r e
s u
 <$500 million - $300,000 plus 0.15% of base over $100
million
c l o
 <$1 billion - $300,000 plus 0.15% of $400 million plus 0.125%

r e
of base over $500 million

Fo
 >$1 billion - $300,000 plus 0.15% of $400 million plus 0.125%
of base over $500 million plus 0.100% of base over $1
billion.
o p
 Deductibles:
S t
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 Fidelity- the greater of $100,000 or 5%.
 E & O – the greater of $100,000 or 5% per loss or occurrence.

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MPF Program – Custodial Responsibilities
om
d .c
a u
 Fire Rating Requirements:
 Minimum of 2 hours fire protection F r
r e
 Attested by Custodian’s insurance company, local fire

s u
marshal or an independent, qualified fire protection
contractor.
c l o
r e
Fo
o p
S t
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MPF Program – Custodial Safekeeping
Requirements
om
 To assure the safety and security of Collateral d .c
Files: au
F r
 Secured facility with adequate controls of access
 Fire resistant storage facility
r e
s u
 Controlled either by:
c l o
 An automated system to enter vault:
r e
 Use of a security card reader

Fo
 Electronic access records

p
 Or a manual system:
o
S t
 Requiring at least two employees to be present whenever the
vault is entered

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 Maintenance of a written access log

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 MPF Program - Responsibilities
om
 For further information regarding the MPF program d.c
please contact: au
F r
Phone: 312-616-8049 r e
 Kathleen Davidson - MPF Custody Manager

u
E-mail Address: kdavidson@fhlbc.com
s
l o
 Dawn Castell – Senior Custody Specialist
Phone: 312-565-1234 c
r e
E-mail Address: dcasteel@fhlbc.com

Fo
 Dan Melady – Custody Specialist

o p
Phone: 312-565-2605
E-mail Address: dmelady@fhlbc.com

S t
.
 General e-mail address: mpfcustody@fhlbc.com

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F r
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Audit Tips s& u Most
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Common r e Findings
Fo
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2 Types: ua
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s
Frequency varies forlo on-site & desk
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On-site Reviews
p F last 3 to 5 days.
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Ginnie Mae – Custodian Audit Tips m
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Designate one audit contact. u d
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Ensure availability of requested
e Fdocuments.
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Keep current eligibility information.
l o s
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factors.
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 Designate one audit contact.
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factors. s u
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Ginnie Mae – Common Custodian
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Fire-Resistance Attestation
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Recurring Findings:
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 Errors on 11708s (Release Request) r a
eF
r
 Errors on 11706s (Certification Schedule)
u
Tips to avoid repeating
l o s
these items:
c
e is available to the review
 Prepare for the audit itself. Schedule time to make sure
r
the supporting information
o
team.
p
 Make prior audit
Ffinding reports available to
management t o team.
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 Ginnie Mae – Opportunities to Improve...
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Custodians: au
 Continue to maintain Independence. F r
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Issuers:
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 Strengthen data o r e
 Shorten pool submission cycle.
reporting controls.

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Fannie Mae
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 Onsite Review Frequency:
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 Large custodians – semi-annually
 Small to mid-size custodian – annually r a
e F
 Length of Review: ur
 “Variable” 2 to 3 days
l os
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r
 Data Audits vs. Physical On-Site Audits:
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 Fannie Mae does conduct data audits occasionally;
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t o
for a physical on-site review.

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 Fannie Mae – Custodian Audit Tips
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 Gather requested information in advance. d.c
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 Set aside 1st day to meet with reviewers.
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r e
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 Fannie Mae – Issuer Audit Tips
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Access/Security
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Policies and Procedures u
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Documentation & Consistent Application of
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 Seller/Servicer Review d .c
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 Frequency varies depending on risk and exposure to
customer
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r
 Range is generally 12-36 monthse
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l o s
 No set schedule, usually performed in conjunction with
c
Seller/Servicer review.
e
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 Seller/Servicer – Varies usually 2-5 days depending on scope
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 Designate one audit contact.
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r e
s
 Ensure availability of requestedu documents.
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largest risk.
r e
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o p changes (custodians).
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a u
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Findings
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au
r
Inadequate Policies and Procedures
F
r e
Inadequate Business Continuity
s u Planning

c l o
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Inadequate Quality Control Program
F r
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Inadequate anti-predatory
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c l o
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 Custodians: d .c
au
practices.
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u
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s
 Seller/Servicer:
c l o
 Implement and execute
r e a sound QC Program.
 Implement a sound
F o anti-predatory lending program,
including an automated check of Federal and State anti-
predatory lawsp with hard stops for violations.
oproper controls around custodial funds
 Implement
S t
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Mortgage Partnershipu a
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Finance® Program
r e
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(MPF Program®)
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AudittoTips & Most Common
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Two type of Audits
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 Custodian Site Review
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 Collateral File Sample Review
r e
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= Performance based
r e
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File Sample Reviews = Annual
p 2 to 4 hours
Site Reviewolast
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Designate one audit contact u a
r
Ensure availability of requestedFdocuments
Inform staff of visit r e
s u
c o
Mark copies with MPF lloan #
r e
Forward trailing corrective docs to MPF
Provider Fo
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MPF Program – Issuer Audit Tips
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Exposure to Issuer arrangement limited to
F r
pilot program
r e
More to come as we explore s u off balance
l o
sheet capabilities forcfuture MPF fundings
r e
Fo p
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a r ed

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S t A v

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Assignments d.c
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r e
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 Missing True and Certified Copy Stamps
s
Living Trust Loans
c l o
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Construction F tooPermanent Loans
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 PFI and Custodian Issue
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MPF Program – Opportunities
to Improve...
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 Training
F r
r e
 Investor-specific Procedures
s u
c l o
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e Procedure
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Ginnie Fannie Freddie
a u MPF
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F r Program

r e
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c l o
1. On-site On-site 1. Site
Types
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r e
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Fo
Frequency
o p
Variable Variable – Variable –
of On-site
S tbased on
multiple
Variable -
TBD
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Fannie
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Freddie

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On-Site
c l o
Variable:
3 to 5 days

Duration
3 to 5 Days

r e 2 to 3 Days
Custodian:
1 full or partial
2 to 4 Hours

Fo day

Unique
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processes
largest risk

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p  Monitor aged outstanding & missing documents

to
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FISH! Philosophy - Play
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FUN PAYS OFF:
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At Southwest Airlines Co., the corporate culture
F r
makes the airline unique.
r e
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 SWA feels this fun atmosphere builds a strong sense of
community.
c l o
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competition.
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Elizabeth Pedrick Sartain, Vice President of the “People Department”

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