119 / 130
119
10.01.2015 Version 4.0 – Client User Guide
C2C - Purchasing Lender
Once the two parties have been approved and set up for C2C loan transfer, the process is initiated when the Originating
Lender contacts the Purchasing Lender and provides the Collateral ID, Borrower’s Name(s), Property Address, (Street
Address, City, State and Zip), and Note Amount. The Purchasing Lender has two options when submitting a Funding
Request. They can complete the Funding Request Spreadsheet and upload it into WarehouseNow
®
or they can manually
enter the data directly into the system.
Submitting the Funding Request
For either method, you will use the above information provided by the Originating Lender.
Submitting the Purchasing Funding Request Using the Funding Request Spreadsheet
Create the Funding Request Spreadsheet
Begin by inputting the loan information into the
Funding Request Spreadsheet
.
1.
Open the
Funding Request Spreadsheet
.
2.
Enter the required loan information into the
Funding Request Spreadsheet
.
Note:
If the funding request is for a Reverse Mortgage (the
product_code
is
REVERSE or REVARM
), for Column F,
orig_upb
= amount disbursed + fees. For Column AG and AR, no FICO Score is required.
Note:
If the funding request is for a Streamline Refinance (
purpose_code
is
SR
) for Column AG and AR, no FICO Score
is required.
•
Flow or Best Efforts
o
Release_reason_code
=
2
o
Recipient_type
=
0
o
Investor_code
= 3 character
Investor Code
o
Recipient_track_location_code
= 6 character
Location Code
•
HOLD NOTE (Mandatory or Pools)
o
Release_reason_code
= leave
blank
o
Recipient_type
= leave
blank
o
Investor_code
=
HOLD NOTE
o
Recipient_track_location_code
=
HOLDN1
Note:
The note will not ship until release information is entered into WarehouseNow
®
. This will require you to complete
the
Release Request
referenced later in this guide.
3.
In the
payee1_name
field, input the
Originating Lender Payee1 Name
C2C
.
4.
Save the file.
Note:
No additional documentation is required when purchasing a loan.