New Consolidated Final Delivery Process
August 12, 2016
In response to your feedback, we are simplifying the final delivery process by creating a consolidated single delivery path for all loans. While maintaining the flexibility and quick funding capability of our current dual package (core/non-core) approach, the new single delivery package will reduce processing time and costs. We will identify all package issues pre-funding and approach Seller/Servicers and borrowers only once to clear them. Seller/Servicers can still select their funding date.
This change will be effective September 1, 2016, as part of the next scheduled Multifamily Guide Bulletin.
What’s Specifically Changing for Conventional (Non-SBL) Deliveries?
- Sellers may request a funding date ranging from 10 calendar days after delivery to the Mandatory Funding Date.
- A single Final Delivery Package Table of Contents – Immediate Cash Loan and TAH Unfunded Forward (Cash) at Conversion will replace the “Core” and “Non-Core” tables of contents for conventional and TAH cash loans.
- Effective September 1, 2016
- An updated Chapter 32 (09-01-2016) will appear on AllRegs® and apply to commitments issued (and early rate-lock applications received) on or after September 1, 2016.
- The current version of Chapter 32 (06-30-16) will be removed from AllRegs, but a PDF version of it will appear on the Purchase and Deliver page and it will apply to commitments issued (and early rate-lock applications received) on or before August 31, 2016.
What’s Specifically Changing for SBL Deliveries?
- Effective September 1, 2016, we will retire and remove Chapter 32 SBL from AllRegs. SBL Seller/Servicers will refer to the new Chapter 32 with an effective date of September 1, 2016. The processes described in the new Chapter 32 are the same as those in the old Chapter 32 SBL.
- The Final Delivery Instructions – SBL and the Final Delivery Package Table of Contents – SBL will now appear on the Purchase and Deliver page instead of the Small Balance Loan Documents page under Resources.
What’s Changing for All Deliveries?
- The Final Delivery Tables of Contents for all products will be reorganized so that items requiring “Original and Electronic” delivery appear before those items requiring “Electronic Only” delivery. This reordering of items will result in less use of tabs for Deliveries.
- Final Delivery Instructions will no longer track the order of the Final Delivery Package Tables of Contents; instead, the items in the Instructions will now appear in alphabetical order.
We have posted the following resources to the Purchase and Deliver page so that you can preview the changes before the September 1, 2016 effective date:
- Final Delivery Instructions – Immediate Cash and TAH Unfunded Forward (Cash) at Conversion (11/18/2016)
- Final Delivery Instructions – SBL (09/01/2016)
- Final Delivery Package Table of Contents – Immediate Cash Loan and TAH Unfunded Forward (Cash) at Conversion (09/01/2016)
- Final Delivery Package Table of Contents – SBL (11/18/2016)
We will post the following resources on September 1, 2016:
- Final Delivery Instructions – Immediate Funding Bonds and Funded Forward Bonds
- Final Delivery Package Table of Contents – Bond (Immediate Funding and Funded Forward)
- Final Delivery Package Table of Contents – Bond Unfunded Forward - Final Delivery at Conversion