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Document Custody
l o s General
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Training
e Session
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Presented by the Document Custody
Sub-committee Education Workgroup

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 o m
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Catch the Energy! e F
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Releaseo Your Potential!
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w w
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General Training Session Objective
o m
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ud
Did you know that Seattle is the home of where the
FISH! Philosophy emerged from a film produced by John
ra
Christensen — current CEO of ChartHouse Learning —
e F
about Seattle's world-famous Pike Place Fish Market.
u r
Using the “FISH!” philosophy, it is our goal that in
today’s session we will:
lo s
e c
 Have some fun
or
 Make your day
p F
o
 Make a difference
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 Session Agenda
o m
.c
Initial Certification
u d
Recertification ra
AGeF
Transfer Requirements
r
u DA
EN
Refreshment break
lo s
Q & A
e c
o r
Annual or Recurring Reporting Requirements

p F
Custodial Responsibilities
toMost Common Findings
Audit Tips and
Q & A w
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 Document Custody General Training
Session
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.c
ud
Today’s Speakers Are: ra
 Lydia Thornton – Fannie Mae
e F
 Tom Kumi – Ginnie Mae u r
lo s
 Kathleen Davidson – MPF Program with the
c
Federal Home Loan Bank of Chicago
e
r
 Carole Andrade – Freddie Mac
o
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 Document Custody General Training
Session
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u d
Today’s Moderators Are: a r
 Angee Nolan – JP Morgan Chase F
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
F o
o p
S t
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Sample “Go Fish” Question
o m
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ud
r a
Ginnie Fannie
e F
Freddie MPF
Mae Mae
u rMac Program

lo s
e c
or
Speaker
p
Tom F Debra Carol Kathleen
Names
to
Kumi Thompson Andrade Davidson

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w w
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 Q & A Sessions
o m
.c
 Q&A Sessions ud
 End of Phase 1 ra Q&A

 End of Phase 2 e F CARD

u r
 Stick to questions related to topics
discussed
lo s
e c
 Pass them towardo
r
 Q&A Cards Are for Submitting Questions

p F middle aisles

to
 Leave Business Card – We’ll Send
.S
Transcript.

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 TER-MI-NOL-O-GY
o m
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u d
For today, ‘Agency’ = GSE, Investor, r a etc.
e F
Related Terms: u r
 Ginnie Mae: ‘Issuer’ lo
s
e c
o r
 Fannie Mae: ‘Lender’
 Freddie Mac: ‘Seller/Servicer’
p F
 MPF: ‘PFI’ (Participating Financial Institution)
to
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 o m
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ud
r a
e F
u r
Initial
l o s
e c
r
Certification
o
p F
to
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ww
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ud
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e F
u r
Ginnie
l o s
Mae
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InitialorCertification
p F
to
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ww
w
Ginnie Mae – Form Requirements
o m
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ud
r a
 HUD11706 - Schedule of Pooled Mortgages
e F
u
 HUD11711A – Release of Security
r Interest
l o s
e c
 HUD11711B - Certification and Agreement

o r
p F
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w w
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Ginnie Mae – Initial Certification
Procedures
o m
.c
 Document Custodian Procedures:
u d
 Form HUD 11706:
r a
F
 Total number of loans reported = Collateral files received
e
r
 Completed for both issuer and custodian.
u
 Form HUD 11711B:
lo s
 Filed in related Pool Master File.

e c
 Pool number = Ginnie Mae pool/loan package number on
r
related form HUD 11706
o
checked.
p F
 Ensure one of the two boxes on the form has been

to
 Verify original executed form HUD 11711A for any

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mortgages with a second-party security interest.

w w
 Filed in related Pool Master File.

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Ginnie Mae – Initial Certification
o m
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When is the Initial Certification due to Ginnie u d
Mae by the Custodian? r a
e F
u r
 Ginnie Mae I and Ginnie Mae II Custom Securities:

 Settlement: 3rd business day

lo s
 No later than 2 business days from the settlement date.

e c
r
 Ginnie Mae II Multiple issuer single family securities
o
p F
 No later than the date published by Ginnie Mae
M on its web site.

to
.S
w w
w
Ginnie Mae – Document Requirements
o m
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 Original Note ud
ra
F
 Complete Endorsement Chain (Originator through
e
pooling issuer to blank)
u r
s
 Complete Assignment Chain (Originator to current
lo
Issuer or MERS)
e c
o r
 MOM Loans – No Assignments
 Assumptions pF
t
 Addendums,oRiders, etc.
.S
w w
w
 Ginnie Mae – Document Requirements
o m
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 Lost Instrument Bond with Limited Liability
u d
Requirements:
r a
 Name of issuer purchasing the bond
e F


Loan number of current issuer
Name of original mortgagor u r
 Legal address of property
lo s
 Amount of bond
e c


r
Name of surety or insurance company (Obligor)
o

p F
Date bond executed by surety or insurance company
Signature of representative for surety or insurance company

to
Appropriate POA and certification as required by surety or

.S
insurance company

w w
w
Ginnie Mae - Data Verification
o m
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 Mortgagor Name(s) u d
ra
 Property Address, City & State (No zip code!) (if
e F
r
property address is included on the note)
u
s
 Principal Loan Amount (alpha and numeric)
lo
c
 Interest Rate (alpha and numeric)
e
o r
 P & I (alpha and numeric)

p F
 Term of the loan (first and last payment due dates)
to
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w w
w
Ginnie Mae – Arm Data Verification
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Interest Rate Change Date u d
ra
Mortgage Margin e F
u r
Interest Rate Cap Structure
lo s
e c
 Pool type suffix on Form HUD 11706 must
o r
p F
correlate to Interest rate cap structure on the
Note.
t o
.S
w w
w
 Ginnie Mae – Note Endorsement
o m
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 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-

to
 Such signature authorized by Corporate Resolution

.S
 Such signature be notarized when required by law

w w
w
Ginnie Mae – Allonge Requirements
o m
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 Allonges may be used:
ud
r
 Acceptable practice in the jurisdiction inawhich the
property is located.
e F
 Allonges must be: u r
 Original
l o s
 Affixed (Stapled) to thec
r
 And clearly reference ethe Note
Note

 Note may referenceF o

p the Allonge but such
onot required.
reference is
S t
w .
w w
 Ginnie Mae – Electronic Documents
o m
.c
 Proposed Minimum Functional Requirements:
u d
 Registration
r a
 Transfer
e F


Interface
u r
Identification

 Prior to accepting an eNote l o s

e c
 Formal application submitted to Ginnie Mae

o r
 Approval received to act as a Ginnie Mae approved
eCustodian
p F
to
 At the present time the only eRegistry that has been
evaluatedS
w . ®
by Ginnie Mae is the MERS eRegistry

w w
Ginnie Mae – Collateral Review
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Collateral Review: u d
r
Ensure presence, completeness, accuracy and
a
e F
u r
correctness of required collateral documents.
 Compliant with investor guidelines for delivery.

lo s
Complete chain of title from original lender to
issuer.
e c
r
Verification of data agrees with form HUD 11706.
o
p F
to
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Fannie Mae
u r
lo s
e c
r
InitialFoCertification
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St
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Fannie Mae - Form Requirements
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d
 Fannie Mae Form 2005 (Schedule of Mortgages)
u
a
 Initial certification occurs within MCCS or the Document
r
Certification Application.
e F
u r
l o s
e c
o r
p F
to
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w w
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 Fannie Mae – Initial Certification
Procedures
o m
.c
 Document Custodian Procedures:
u d
 Form 2005 – Schedule of Mortgages
r a
 Lender transmits schedule electronically to both Custodian and
Fannie Mae simultaneously.
e F
documents: u r
 Custodian compares the Schedule of Mortgages to the

lo s
 To ensure the presence of required documents and

Schedule. c
 Information on the documents corresponds to that on the

e should review the

r
 The document custodian
o
to ascertain: F
documents for the individual mortgages in the pool

o p
S t
 Conformity to Fannie Mae's documentation requirements
 Properly executed
.
 Complete, and sufficient on their face.
w
w w
Fannie Mae – Initial Certification
Procedures
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ud
Document custodian electronicallyr a
F Mae
transmits its certification toeFannie
u r
s
through the MORNET Custodian
o the Document
Certification Systemclor
r e
Certification Application.
Fo
o p
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w w
 Fannie Mae - Document Requirements
o m
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 Original Note ud
 Riders, Addendums, etc. ra
e F
 Modifications, Assumptions, etc.
u r
s
 Complete Endorsement Chain (Originator to blank)
lo
c
 Original unrecorded Assignment to Fannie Mae
e
or
(MERS – no assignment)

p F
 Power of Attorney
to
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w w
w
Fannie Mae - Allonge Requirements
o m
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 Comply with State, County and Federal law u d
 Affixed (Stapled) r a
e F
 Preferred but not required
u r
 References the Note
 Loan Amount l o s
e c
 Borrower or Address of Secured Property

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

to
 Corporate Resolution must include the Officer’s Name(s)

.S
who facsimile signatures are authorized.

w w
w
Fannie Mae – NY CEMA
o m
.c
New York – Consolidation of Prior Notes
u d
and Mortgages: r a
 Fannie Mae requires: e F
u r
 A recorded (or certified copy) New York Consolidation,

o s
Extension and Modification Agreement
l
 Form 3172
e c
or
 Or an equivalent form that is Fannie Mae approved.
 An assignment to Fannie Mae (unrecorded, but in
F
recordable form)
p
to
 If additional funds are advanced:
S
 New Note and Mortgage
.
w w
w
Fannie Mae - Cooperative Share Loan
Documentation
o m
.c
u d
Co-Op Loans:
ra
F
 Lenders should contact their lead Fannie Mae
e
r
regional office to determine specific
u
lo s
cooperative share loan documentation
requirements for cooperative projects located
in most states.
e c
or
p F
to
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w w
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 Fannie Mae – NY Co-Op Loan
Documentation
o m
.c
u d
For share loans from cooperative projects
r a
located in New York:
e F
u r
 Documentation required for initial certification:
 Original recorded UCC-1
lo s
c
 Original UCC-3 - Assignment of the UCC financing statement
e
or
to Fannie Mae, in a recordable form but not filed
 Certificate of Stock, shares, membership certificate, or other

p F
contractual agreement evidencing ownership

to
 Original Co-op Recognition Agreement

.S
w w
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Fannie Mae – NY Co-Op Loan
Documentation
o m
.c
For share loans from cooperative projects locatedu d
in New York: r a
e F
u r
 Required Documentation for Collateral File:
 Executed Blanket Assignment of the Co-op Recognition

o s
Agreement’s to Fannie Mae (Fannie Mae approved form)
l
e c
 Original recorded Intervening Assignment of the UCC
financing statement (UCC-3) (if applicable)
r
 Executed blank Stock Power
o
p F
 Original Security Agreement
 Original Proprietary Lease or Occupancy Agreement
to
 Original Assignment of the Proprietary Lease or Occupancy

.S
Agreement, (if applicable)

w
 Original recorded Continuation Statement(s), (if applicable).

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

F
 Mortgage Loan Type
p
to
 Original Term (in months)

. S
 Balloon ‘Call’ Date (if applicable)

w w
w
Fannie Mae - Arm Data Verification
o m
.c
All of the Fixed Rate Fields plus:
u d
 First Interest Rate r a Value (If
 Original Index
e F
Change Date
 First Payment
r
applicable)
u
Change Date
l o s
 Mortgage Margin

 Interest Rate Ceiling c Lookback (May 2007)

r e
F o
 Interest Rate Floor  Rounding (May 2007)

o p  ARM Plan Number, if

S t present

w .
w w
Fannie Mae - Interest Only Requirements
o m
.c
d
u
a
All ARM Fields or Fixed Fields (as rapplicable)
Interest Only End Date e F
u r
l o s
e c
o r
p F
to
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w w
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Fannie Mae - Electronic Documents
o m
.c
u d
Custodial Requirements: ar
e F
 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
to
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w w
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Fannie Mae - Collateral Review
o m
.c
u d
 Data elements should match exactly what is
r a
F
printed on the Schedule of Mortgages.
e
u r
 Custodian must assure that
l o s the data delivered to

by the custodian. re
c
Fannie Mae is the same data that was certified

F o
o p
S t
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w w
 Fannie Mae – Collateral Review Tips:
o m
.c
 Custodial and Issuer Collateral Review Tips:
u d
a
 Key Points per Required Documents – Custodians should
r
have:
e F
u r
 Clear policies and procedures.
 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 F
 Quality Control:
to
 Custodian must have a quality control program that addresses

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

w w
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 o m
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ud
ra
e F
r
Freddie Mac
u
lo s
e c
or
Initial
p F Certification
to
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ww
w
Freddie Mac - Form Requirements
o m
.c
 Selling System
u d
r
 Our primary delivery and certification tool a
F
 1034E: Selling System Schedule Or Note Delivery Cover
e
Sheet
u r
 MIDANET® Deliveries lo s

e c

or
Used primarily for negotiated bulk deals
1034: Fixed-Rate Schedule

p F
1034A: ARM Schedule

to
1034S: Custodian Certification Summary

S
1034SM: Custodian Certification Schedule for Multiple
.
Contracts

w w
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Freddie Mac - Form Requirements
o m
.c
d
Freddie Mac Form 1034E from the Selling System
u
ra
e F
u r
lo s
e c
or
p F
to
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w w
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Freddie Mac - Initial Certification Process
o m
.c
d
 Selling System Deliveries Certified by Custodian
u
a
 Certification Status must be updated in the system no later
r
than 8:00 p.m. eastern time.
F
e by Freddie
r
 Selling System Deliveries certified
u
Mac’s DCS
l o s
e c
 Form 1034E and the notes must be delivered to DCS no
later than 12:30 p.m. eastern time on the final delivery date

o r
and certification must be entered in the system no later

F
than 8:00 p.m. eastern time.
p
to
. S
w w
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Freddie Mac – Initial Certification
Process
o m
.c
When is Initial Certification due to Freddie Mac by the u d
Custodian? r a
 All loan data and documentation is complete
e F
u r
 Certification by approved Custodian or Freddie Mac

lo s
 Freddie Mac has taken possession of all data, documentation

e c
and/or information required for submission
 Midanet® Deliveries
or
p F
 Form 1034S or 1034SM delivered to Freddie Mac by 12:30 p.m.
eastern time on the final delivery day for the Guarantor; on the
to
prior day to be requested funding for Cash

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

lo s
 The Custodian is not required to verify the Seller/Servicer Loan
Number.
e c
r
 Freddie Mac Acceptable Endorsements
o
p F
 Custodian must verify that the chain of endorsements is
proper and complete from the original payee on the Note to

to
the Seller delivering the Note to Freddie Mac and that the final

.S
endorsement is the blank endorsement from the Seller to
Freddie Mac.

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

e c
endorsement on each Note so endorsed.

r
 Assignments of Security Instruments from original
o
p F
Mortgagee to Seller/Servicer or to MERS prepared,
executed and recorded where required.

to
 Seller/Servicer provides Custodian with any documentation

.S
necessary to determine whether the Seller/Servicer has elected
to hold all assignments for Mortgages registered with MERS in

w wthe Mortgage files.

w
Freddie Mac - Document Requirements
o m
.c
 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)
lo s
 MERS MOM Loans – No Assignments
 Power of Attorney e c
 Assumptions or
p F
 Original Riders, Addendums, etc.
to
 Name Affidavit – Only If borrower signature is not
.S
consistent with the typed name below the signature line.

w w
w
Freddie Mac - Allonge Requirements
o m
.c
u d
 An Allonge may used if the following conditions are
met: r a
 Permanently affixed to the Note.
e F
u r
 References the borrower’s name, property address, original
principal balance.
l o s
 The form of the allonge and its use applies with all
applicable laws.
e c
or
 Does not impair Freddie Mac’s status as a “holder in due

Documents.p F
course” or any of Freddie Mac’s rights under the Purchase

to
.S
w w
w
Freddie Mac - NY CEM Loans
o m
.c
 The Original Consolidated Note for Fixed Rate,
u d
Adjustable Rate and Balloons must have the
r a
F
following verbiage inserted at the top of the
e
document:
u r
 This notes amends and restates in their entirety, and is given in

l o s
substitution for, the Notes described in Exhibit A of the New York
Consolidation, Extension and Modification Agreement dated the
c
same date as this note.
e
 NY CEMA may be a o r
certified copy and the Seller
p
warrants the copyF is a true and correct copy of the
to for recording.
original delivered
.S
w w
w
 Freddie Mac – NY CEM Loans:
o m
.c
 Exhibit A –Obligations Being Consolidated,
u d
Modified and Extended.
r a
F
 All notes, security instruments, assignments, consolidations
e
u r
agreements and related agreements that modify, consolidate
or extend prior underlying obligations and which predate the

lo s
current NY CEMA must be listed separately in Exhibit A.

c
 Exhibit B – Property Description
e
or
 Copy of Schedule A to the New York Mortgage may be used
F
but should be marked as Exhibit B to identify it as a NY CEMA
p
exhibit.
to
.S
w w
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Freddie Mac – NY CEM Loans:
o m
.c
u d
 Exhibit C –Consolidated Note Copy
r a
F
 Complete with any applicable addenda, with fixed-rate,
e
r
adjustable-rate or Balloon Note language inserted at the top
u
l
 Exhibit D – Form 3033 (NY
s
of the first page. Borrower signatures are not required.

oSingle-Family Uniform
Security Instrument) ec
o r
 All blanks completed and any applicable riders attached.

p F
Borrower signatures are not required. May be a copy.

to
.S
w w
w
Freddie Mac – Co-Ops
o m
.c
ud
a r
e F
Mortgages secured by rcooperatives
s u
are not eligible
c l o for sale to

r e Mac.
Freddie
Fo
o p
S t
w .
w w
Freddie Mac - Data Verification
o m
.c
u d
 Freddie Mac Loan Number  Interest Rate
r a
 Borrower Name F
 First P&I Date
e
 Co-borrower Name r
 Maturity Date
u
 Property Address, City,
lo s
 Principal and Interest
State, Zip
e c Amount (P&I)
 Original Note Date
or  Modification Date

F
 Original Loan Amount
p
to
.S
w w
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Freddie Mac - ARM Data Verification
o m
.c
u d
 All of the Fixed Rate Fields a
 Convertibility
r
plus:  Index
e F
 First Interest Rate r
 First Adjustment Minimum
u
Adjustment
 Mortgage Margin lo sRate

e c  First Adjustment Maximum

 Percent Rounded
or Rate
 Periodic Cap
 Life Rate Cap p F  Lookback Period

to
.S
w w
w
 Freddie Mac – Initial Interest
Requirements
o m
.c
u d
 Date of 1st P&I Payment must be the date of the
a r
1st Interest Only Payment as stated in the Note.
 Monthly P&I Payment must be the e F
r
Only payment as stated in theuNote.
first Interest

l o
 Modification/Conversion Date
s must be the first
amortizing payment datec
eof months of interest only
as stated in the note or
o
by adding the numberr
p F
period to the due date for the 1st monthly payment

to
as stated on the note.

.S
w w
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Freddie Mac – Electronic Documents
o m
.c
u d
eNote a
r
 eNotes are currently purchased onlyF
e are being
on a
u r
negotiated basis and requirements
refined.
l o s
e c
o r
p F
to
.S
w w
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Freddie Mac – Collateral Review
o m
.c
u d
 Custodial and Issuer Collateral Review Tips:
 Key Points per Required Documents: ra

e F
 Uniform instruments are required unless the loan has
been modified.
u r
 Exception:
l o s
 Exceptions to Guide requirements are allowed only if

e c
expressly permitted in writing from Freddie Mac.
 Quality Control:
o r
p F
 Seller should review deliveries before forwarding for
certification to ensure all documentation is present and
t o
data matches the note.

.S
w w
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Freddie Mac – Initial Certification Tips
o m
.c
d u
What can Custodians and Issuers r a do to
improve the Initial Certification e F Process?
 Data and Documentation should u r
l
before delivery to ensure o s
it
be reviewed
is accurate.
 Issuer and Custodianc
e should be familiar with
requirements andrcontact Freddie Mac as soon as
F
possible if thereois any question concerning a
o
requirement.p
S t
w .
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 o m
.c
Mortgage Partnership u d
r a
Finance® Program e F
u r
s
(MPF Program®)
lo
e c
or
p F
to
Initial Certification
.S
Chicago

w w
“Mortgage Partnership Finance” , “MPF” and the Mortgage Partnership Finance logo are trademarks of the Federal Home Loan Bank of

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

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

o
used to completep the original initial certification
review. S
t
w .
w w
MPF Program – Initial Certification
Process
o m
.c
u d
r a
 After receipt of the funding file, the Custodian must

e
upload data files to the eMPF website: F
u r
 Collateral Files that have not been received by Custodian

l o s
 Loans that have initial document exceptions
 Loans that have obtained initial certification

 MPF Custody importsre

c
these files into the Loan

F
Custody System and o reacts accordingly based on the

o p
information provided.
S t
w .
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MPF Program - Document Requirements
o m
.c
 Promissory Note:
u d
 Original Note
r a
F
 Or Lost Note Affidavit/Lost Instrument Bond with a certified
e
 Endorsement – Complete Endorsementu r
copy of the fully executed-Original Note

through PFI to blank)

l o s Chain (Originator

 Intervening Assignments:
e c
o r
 Certified Copy of Intervening Assignments sent for recording
F
 Complete Assignment Chain (Originator to PFI or to MERS)
p
to – Original, unrecorded Assignment
 Investor Assignment

.S‘Blank’
from PFI to

w w
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MPF Program - Document Requirements
o m
.c
MOM Loans – No Assignment Required u d
a
r
Power of Attorney – Certified F Copy
r e
Modification – Certified Copy
s u
Addendums and Riders c l o – Original
r e
Fo
Land Trust Agreement (If applicable) –
p
Certified Copy
o
S t
w .
w w
MPF Program – Allonge and Facsimile
Signature Requirements
o m
.c
 Allonges:
ud
 2 Accurate References to the Note
r a
 Needs to state “without recourse”
e F
r
 Does not need to be affixed to the Note
u
s
 Note does not need to reference allonge
lo
c
 Facsimile Signatures Require:
e
r
 PFI holds MPF Bank Harmless
o
F
 Corporate Resolution
p
o
 Certification of Facsimile Signature
t
.S
 Approval of MPF Provider

w w
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MPF Program - NY CEMA
o m
.c
d u
New York Consolidation and Modification
r a
Agreement: e F
u
 Original or Certified Copy of
r
form 3172
 Exhibits A, B, C and D os
c l
without recourse r
e
 Original Consolidated Note endorsed in blank

F o
o p
S t
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MPF Program - Data Verification
o m
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Fixed Rate Product Only...
 Borrower Name ud
 Address – City, State and Zip ra
 Loan Amount
e F
 Interest Rate
u r
 First Payment Date
 Maturity Date lo s
 P&I e c
or
 Label-Program Custodian Only
 PFI Name
p F

 to
Master Commitment Number
PFI Loan Number

.S
MPF Loan Number, if applicable

w w
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MPF Program – Electronic Documents
o m
.c
u d
eNote: a r
 At this time, we do not allow the F
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.
F o
o p
S t
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w w
FISH! Philosophy – Choose Your Attitude
o m
.c
d u
a
Acquire new knowledge whilst rthinking
over the old, and you may become e F a
u r
teacher of others.
l o s
e c
o r
Helen Keller

p F
to
.S
w w
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Initial Certification Summary:
o m
.c
ud
Ginnie Fannie Freddie
r a MPF
Mae Mae

e FMac Program

u r
Schedule
lo s Appropriate Electronic
Form 11706 2005
e c 1034 Data File
Number

or
p F Co-Borrower
Unique Note
to Term Name
Data
.S
No Zip
Loan Type Freddie Mac
Labels
Elements

w w Number

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 Initial Certification Summary
o m
.c
u d
Ginnie Fannie
r
Freddie
a MPF
Mae Mae
e F Mac Program

u r
Unique ARM Interest Rate
lo
ARM Plan,
s Convertibility,

Data Cap
e c
1st
Pmt.
1st Adj. Min,
NO ARM Data
Elements Structure
or Change Date.
Max,
Mod Date

p F
to
No – chain No – chain
Yes – PFI or
Final
Assignment .S
ends w/
Yes – Servicer
to Fannie Mae
ends w/
Approved
Servicer to

w w Issuer Servicer
Blank

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 Initial Certification
o m
.c
Ginnie
Fannie Mae
Freddie
ud MPF
Mae
r
Mac
a Program

e F
Affixed &
Preferred
Affixed – but
u r
Affixed &
Not required to
Allonge
Requirements
references
the Note
lo
specified
s
not required & specified
references
be affixed to
Note & at least

c
references

e
2 references

or Corporate

Facsimile
p F Corporate
Resolution, Corporate

Signature
to
Corporate Resolution –
Affidavit &
Attorney
Resolution,
Certification &

Requirements
.SResolution retained by the
Custodian
Opinion MPF Provider

w w Retained by
the Seller
Approval

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 o m
.c
ud
ra
e F
u r
RECERTIFICATION l o s
e c
or
p F
to
.S
w w
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 o m
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ud
ra
e F
r
Fannie Mae
u
lo s
e c
or
p F
Recertification
to
.S
ww
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Fannie Mae – Recertification Timing &
Frequency
o m
.c
Required for: u d
 Change in Document Custodian ra
 Change in Servicer e F
u r
 Fannie Mae or the Seller/Servicer request
recertification
lo s
Recertify within:
e c
or
 6 Months of File Receipt OR
F
 6 Months of Transfer Effective Date (Servicing
p
to
Transfers)

.S
w w
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Fannie Mae – Initiating the
Recertification Process
o m
.c
Servicer or Fannie Mae Initiates ud
ra
e F
Service must provide:
u r
 Trial Balance or
lo s
c
 Schedule (Form 2005)
e
or
F
Inventory recommended within 30 Days of
transfer. op
S t
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w w
Fannie Mae – Recertification Differences
From Initial Certification
o m
.c
ud
Same Documentation Requirements ra
e F
Limited Note Elements
u r
 Lender Loan ID
lo s
 Borrower Names
e c
r
 Property Address (No Zip)
o
p F
to
.S
w w
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 Fannie Mae - Recertification Process
o m
.c
Change of Issuer u d
Custodian – no change:
a
r
F
e or schedule.
Custodian must obtain manifest
u r
Note to information on l o s
Verify borrower names, property address etc. on
manifest or schedule.
e
Assignment to Fannie c Mae from the new
o r
servicer is present.

p
Complete the F recertification form when all
t
documento have been reviewed and exceptions
.S
cleared.

w w
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Fannie Mae – Recertification Ongoing
Record-Keeping
o m
.c
 To complete the recertification, Custodiandsends
a u
Servicer:
Fr
 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
F
 Custodian Keeps:
o
o p
 Copy of Form 2002
t
 Trial Balance or Schedule (Form 2005)
S
w .
w w
Fannie Mae - Recertification Tips
o m
.c
d
u
For a successful recertification:ra
 Review and recertify as soon as all
e Fof the
documents are available.
u r
 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
w w
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 o m
.c
ud
ra
e F
u r
Ginnie sMae
c l o
r e
Fo
p
oRecertification
St
w .
w w
Ginnie Mae – Recertification Timing &
Frequency
o m
.c
Required for:
u d
 Change in Document Custodian
r a
 Change in Issuer
e F
u r
Recertify within:
 12 Months lo s
e c
or
Note: Ginnie Mae ‘at its discretion’ reserves the right to require
F
reviews to protect the assets pledged in the Ginnie Mae MBS
p
o
Securities program. As such, an Issuer can request a
t
.S
recertification from the document custodian should they feel the
need to initiate one.

w w
w
Ginnie Mae – Recertification Initiating
the Process
o m
.c
d u
Issuer Pursues Ginnie Mae Approval r a
e F
Ginnie Mae Reviews Transfer u r
l o s Request and
HUD11715
e c
or
p F
Approval Distributed via GinnieNET
to
.S
w w
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Ginnie Mae –
Initiating the Recertification Process
o m
.c
ud
Issuer provides the Custodian the r a
following forms and all collateral e F files:
 Copy of Ginnie Mae approval u r
 HUD 11708 (Releases) lo
s letter

 HUD 11706 (Schedule)e c

o r
 Trial Balance Documents
p
 Original LegalFOpinions or Updates
to
.S
w w
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Ginnie Mae - Recertification
o m
.c
ud
Standard ra
e F
r
Streamlined: Limited Reconciliation &
u
Data Elements lo s
e c
or
p F
to
.S
w w
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Ginnie Mae – Recertification Ongoing
Record-Keeping
o m
.c
 Issuer & Custodian ud
 Copy of Completed Recertification ra
e F
 Pool Master File u r
 HUD11708 (Releases)
lo s
e c
 HUD11706 (Schedule) signed and dated by the

or
document custodian
F
 Trial Balance Documents
p
o
 Original Legal Opinions or Updates
t
S
 GNMA Approval Letter
.
w w
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Ginnie Mae - Tips for Successful
Recertification
o m
.c
u d
 Organize files in pool and loan number order that
match the 11706. r a
e F
r
 Have copies of the form HUDu11708 noted on
HUD 11706 for any loanslo
s
or documents released
e c
at time of review.
o r
 Have evidence p F
to of Ginnie Mae approval letter

S
authorizing the transfer.
.
w w
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 o m
.c
u d
ra
e F
FreddiesMac u r
c l o
r e
Fo
p
Recertification
o
St
w .
w w
Freddie Mac – Recertification Timing
and Frequency
o m
.c
 Recertification required for:
ud
 Transfer of Servicing w/change of
r a
custodian
e F
 Transfer of Custody
u r
 Move files within lo s
 Termination of Custodian

e c
 Recertify withino
r
 30 Days of Transfer Date

180 days p
F

to of transfer date

.S
 No electronic system for Recertification

w w
w
Freddie Mac – Initiating the
Recertification Process
o m
.c
Transferee Servicer Initiates ud
Transferor provides the Custodian the ra
e F
r
following forms and collateral files:
u
 Form 1034T
 Note lo s
e c
r
 Assignments, if applicable
o
p F
to
.S
w w
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Freddie Mac - Recertification On-Going
Record Keeping
o m
.c
u d
Transferee Custodian: ar
e F
 Paper Form 1034T& Loan List to Freddie Mac &
Servicer
u r
l o s
 Keep any related correspondence
transfer notices, error resolution
(1034T copy,
statement, data
corrections…etc)
e c
o r
F
Transferor Custodian:
p
to
 Keep Transferees’ Form 1035
.S
w w
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Freddie Mac – Tips for Successful
Recertification
o m
.c
d
u
r a to
Identify all issues as early as possible
allow time for resolution. eF
u r
o s
Contact Freddie Mac lconcerning issues for
e c
which answers are
o r not clear or when there
seems to be no
p F possible resolution

to
.S
w w
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 o m
.c
u d
a
r
MPF Program e F
u r
l o s
e c
or
F
Recertification
p
to
.S
ww
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MPF Program –Recertification Timing &
Frequency
o m
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Recertification Required for: u d
ra
 Files Returned to Custodian after Release
e F
 Files transferred to new Custodians
 Requests by MPF Provider u r
lo s
Recertify within: e c
or
 Returned Files – Same day
F
 Custodian Transfers – 60 days
p
to
 MPF Requests – Same day
.S
w w
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MPF Program – Initiating the
Recertification Process
o m
.c
No Forms for Initiating Recertification u d
r a
Initiated by…
e F
u r
 PFI – The action of the PFI returning the Collateral

l o s
File to the Custodian for reinstatement.

e c
 MPF - Transfer of Custodian
 MPF - Requests byo
r
p F MPF Provider

to
.S
w w
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MPF Program - Recertification Process
o m
.c
Same Review as Initial Certification u d
r a
e F
Electronic Data File Provided u r
l o s
 To Custodian by MPF Provider
e c
 Using the eMPF website
or
 Custodian downloads data to obtain schedule
information F
o p
S t
w .
w w
MPF Program –Tips for Successful
Recertification
o m
.c
d u
 All communication - include the MPF r a
Provider. e F
u r
l o s
 Ensure proper staff resources in place to

e c
complete the recertification on time.
or
 Ensure proper data is disseminated to MPF
Provider. p F
to
.S
w w
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Recertification Summary:
o m
.c
Ginnie Fannie Freddie u d MPF
GO FISH!
Mae Mae Macr a Program

e F
u r
Recert
lo s Returns:
1 Day,
Timeframe
1 Year

e c
6 Months
6 Months Transfer:

or 2 Months

p F Change of Return of

Initiating
to
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:
o m
.c
ud
Ginnie Fannie Freddie
r a MPF
Mae Mae
e F Mac Program

u r
Party Who
lo s
Initiates
Issuer c
Servicer or

e
Transferee
MPF Provider
With New
Custodian
or Fannie Mae Servicer

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

w w
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 Recertification Summary:
o m
.c
Ginnie Fannie Freddie
u d MPF
Mae Mae
r Mac
a Program

e F
Variations
from Initial
YES:
YES:
u r YES:
FM Ln ID NO:
Cert?
Standard
Streamlined
lo s
Streamlined Borrowers Same as Initial

e c Address

Certified
or
What
p F
11706,11708s,
1034T,
Reproducible
Custodians
to
Trial Balance,
Form 2002 &
Trial Balance or
All Relevant
Info & Release
Keep...
.S Legal Opinion, &
Ginnie Mae
2005 (Sch.) Correspond- Requests

w w Approval Ltr.
ence

w
 o m
.c
ud
ra
e F
u r
lo s
e c
or
p F
to
.S
ww
w
 o m
.c
Determine that the thing ud
ra
can and shall be done,
e F
and then we shall find u r
the way! lo s
e c
o r
AbrahamFLincoln
o p
S t
w .
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 Document Custody General Training
Session
o m
.c
ud
r a
COFFEE BREAK TIME! e F
u r
l o s
e c
or
PLEASE RETURN
TURN F
FOR
OR IN 25 MINUTES

p F
to
.S
ww
w
 o m
.c
ud
ra
e F
u r
lo s
Q & AecSession
r o
p F
to
.S
ww
w
 o m
.c
ud
r a
e F
u r
TRANSFERS l o s
e c
or
p F
to
.S
ww
w
 o m
.c
ud
ra
e F
r
Fannie Mae
u
lo s
e c
or
F
pTransfers
to
.S
ww
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Fannie Mae - Transfer Types
o m
.c
Servicing Transfers: u d
ra
 During Sale to Fannie Mae (Concurrent)
e F
 After Sale to Fannie Mae
u r
Custodian Transfers:
lo s
 Servicing Transfer
e c
r
 Requested Transfer
o
p F
Partial Pool Transfers Acceptable
t
Concurrento Transfers Acceptable
. S
w w
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Fannie Mae -Transfer Notification
o m
.c
ud
Lenders Initiate Transfers: ra
e F
 Trial Balance OR
u r
 Form 2005 (Schedule)
lo s
e c
2003 If: or
p F
 New Transferee Servicer/Custodian Relationship
to
.S
w w
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Fannie Mae - Transfer Processing
o m
.c
ud
System Tracking: r a
e F
 Ongoing Relationship with Servicer
u r
s
Endorsement Chain Ends: Seller to Blank
lo
c
Assignment Chain Ends: Servicer to
e
Fannie Mae o r
Lender to o
F
p MERS Information
Provide
St
w .
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Fannie Mae – Ongoing Record-Keeping
o m
.c
ud
Record of Completion (Transferor):
r a
 2009 (Release Request)
e F
u r
 Written Notice of Release to Servicer

l o s
Tracking/Storage:ec
 Trial Balance or o
r
p F 2005 (Schedule)
 2002 (Recertification), if applicable.
to
.S
w w
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 o m
.c
ud
ra
Ginnie Mae e F
u r
l o s
e c
or
Transfers
p F
to
.S
ww
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Ginnie Mae - Transfer Types
o m
.c
d
u
Transfer of Issuer Responsibilities r a
e F
Transfer of Custodian Responsibilities
u r
Multiple Sites Transfer s
c l o
 Change in Custodial location or storage
r e
F o
Pool Level Transfers Only
p
Concurrent Transfers
o
S t
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Ginnie Mae - Transfer Notification
o m
.c
ud
Issuers Initiate Transfers:
r a
 Ginnie Mae Approval Required
e F
 11706 to Custodian
u r
 Must Use GinnieNet
lo s
11715 needed if:
e c
or
 New Issuer/Custodial relationships

p F
 New Ginnie Mae Custodian
to
 New Custodial site
.S
w w
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Ginnie Mae - Transfer Processing
o m
.c
u d
System Tracking:
r a
 Issuer of Record & Pool
e F
Endorsement & Assignment u rChains:
l o s
 Same as Initial Certification
c
e if Transfer of Issuer
Record Assignments
o r
p F
to
.S
w w
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Ginnie Mae – Ongoing Record-Keeping
o m
.c
Record of Completion: d u
r
 11706 to PPA (Pool Processing Agent)a
e F
Tracking/Storage: u r
l o s
 Ginnie Mae Approval Letter
 HUD11708s (ReleasecRequests)
r e
 HUD 11711A oroHUD11711B (if applicable)

p F
 HUD11706 (Schedule)
t o
 Trial Balance
.
 Legal SOpinions
w w
w
 o m
.c
ud
ra
e F
r
Freddie Mac
u
lo s
c
Transfers
e
or
p F
to
.S
ww
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Freddie Mac - Transfer Types
o m
.c
u d
Concurrent Transfer of Servicing r a
e F
 Occurs at the time the mortgage is sold to Freddie Mac.

u r
Subsequent Transfer of Servicing
l o s
 After the mortgage is sold to Freddie Mac.

Transfer of Custodye c
o r
 Result of a transfer of servicing

p F
 Servicer’s choice

to
.S
w w
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Freddie Mac – Notification
o m
.c
 Concurrent Transfers
ud
 Approval Required. Notification via dataa
 Appropriate 1034 utilized. F r transmission.

 Transferee custodian certifies. re

 Subsequent Transfers s
u
 Seller/Servicer Initiates. lo
 Form 1034T utilized.e
c
o
 Transferee custodian
r delivers form 1034T to Freddie

p
Mac’s Document F Custodial Services.
 Form 1034T
to must be retained for a minimum of 3

.S immediately.
months after
destroyed
recertification, or it can be imaged and

w w
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Freddie Mac – Transfer Processing
o m
.c
 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
l
the investor and the Seller o s with sale to
and Servicer are two
different parties:
e c
or
 Endorsement chain should match up to the Seller of the

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

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

w w
Seller.

w
Freddie Mac – Ongoing Record-Keeping
o m
.c
u d
 Record of Completion (Transferor):
r a
F
 Concurrent: On-line in Selling System or 1034S for
e
MIDANET®
 Subsequent: 1034T u r
lo s
 Tracking/Storage: e c
or
 Form 1034E or Note Cover Sheet may be destroyed once

p F
certification is entered in the Selling System
 Form 1034 and 1034A, or an image of Form 1034 or 1034A and
to
Form 1034T must be retained for 3 months from certification date

.S
w w
w
 o m
.c
d u
Mortgage Partnership r a
Finance® Program e F
u r
(MPF Program®)
l o s
e c
or
p F
to Transfers
.S
w w
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MPF Program -Transfer Types
o m
.c
Transfer of Custodian d u
 Loans moved from one approved MPFaCustodian
to another F r
 Loans must be certified by newre Custodian
s u
Transfer of Servicing lo
e c
Addendum unless o r
 Does not require a new Custody Agreement/
the transfer of servicing
p F
includes the transfer to a new Custodian
to
.S
w w
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MPF Program -Transfer Notification
o m
.c
d
u
Transfers Coordinated by MPF rProvider a
 Notification
e F
 Agreement Issues
u r
No Standard Forms lo
s
e c
 All information is handled
o r
 Custodian will maintain
electronically
electronic records for
each loan held
p Fon behalf of MPF

to
.S
w w
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MPF Program - Transfer Processing
o m
.c
ud
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
.S
w w
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Transfers – Summary:
o m
.c
ud
Ginnie Fannie Freddie
r a MPF
Mae Mae
e FMac Program

u r
Concurrent
Transfers of
lo s
Servicing? YES
e c
YES YES YES

or
p F
Who
toIssuer only
Lender or
Servicer MPF Provider
Initiates?
.S Servicer

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

u r
Standard
lo s
Initiation 11706 via

e c
Trial Balance
or 2005
1034 Online or
Paper. 1034T via
No Standard
Form/
Method?
or
GinnieNET
(schedule) Email or Fax
Form

p F
to
Transfers?.S
Partial Pool
NO YES
YES – (Loan
Level)
YES – (Loan
Level)

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

e F
u r
Custodian
Stores Agency YES NO
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Ginnie Mae’s recommendation to r aIssuers
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Custodial Requirements: d u
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e
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 MPF Program - Custodian Insurance
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d
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e
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of base over $500 million
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u
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u
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u
please contact:
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 Kathleen Davidson - MPF Custody Manager
Phone: 312-616-8049
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E-mail Address: kdavidson@fhlbc.com

 Dawn Castell – Senior Custody Specialist

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Phone: 312-565-1234 c
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E-mail Address: dcasteel@fhlbc.com

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 Dan Melady – Custody Specialist
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E-mail Address: dmelady@fhlbc.com

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Designate one audit contact. u d
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e Fdocuments.
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Recurring Findings: .c
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 Errors on 11706s (Certification Schedule)
u
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or
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team.
p F
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to
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Ginnie Mae – Opportunities to Improve...
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Custodians:
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Issuers:
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 Shorten pool submission cycle.
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lo s
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e On-Site Audits:
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o
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 Fannie Mae does conduct data audits occasionally;
however these review’s do not satisfy the requirements
to
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 Gather requested information in advance.
u d
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r a
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u r
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lo s
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 Print policies and procedures.

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 Pool listings
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u d
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Access/Security ud
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Documentation & Consistent Application of ud
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 Certifications
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 Exceptions (Deficiencies)
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Tracking Systems:
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or
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Documents
p F
to
Proactive Management:
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 Annual

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 Seller/Servicer Review
u d
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p F
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t
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 Custodian – Between  and 1 day.
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FUN PAYS OFF: u d
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At Southwest Airlines Co., the corporate culture
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