Mortgage Lender 2010 Quarterly Report

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Mortgage Lender 2010 Quarterly Report

  1. 1. Commonwealth of Massachusetts DIVISION OF BANKS 1000 Washington Street, 10th Floor Boston, Massachusetts 02118 MORTGAGE LENDER (MC & ML) QUARTERLY REPORT (form not to be used for annual report) PLEASE NOTE: Quarterly Reports must be submitted on a calendar year basis, not on a fiscal year basis Check one: Quarter Ended 3/31/10 ___ 6/30/10 ___ 9/30/10 ___ 12/31/10 N/A see * *Complete annual report form for calendar year end, not quarterly report form. TO BE FILED WITHIN 45 DAYS OF THE END OF QUARTER (You may download this form from the Division’s web page at http://www.mass.gov/dob under Industry Services.) Name of Licensee ________________________________ License # MC or ML Please be advised that the Licensee is required to keep all information on the Nationwide Mortgage Licensing System current and up to date. The undersigned is authorized to attest that the attached financial statements along with the other schedules of the report have been prepared in conformance with the issued instructions and are true to the best of their knowledge and belief. This report must be signed by an authorized officer and must be attested to by at least one director. We, the undersigned directors, attest to the correctness of the attached financial statements and the other schedules of the report and declare that they have been examined by us and to the best of our knowledge and belief have been prepared in conformance with the instructions issued and are true and correct. ___________________________________ _________________________________/___/___ Signature of authorized officer Typed name and title Date signed ___________________________________ ________________________________/___/____ Signature of director Typed name and title Date signed ___________________________________ ________________________________/___/____ Signature of director Typed name and title Date signed On this _______ day _________________, __________, before me, the undersigned notary public, personally appeared the above named and proved to me through satisfactory evidence of identification, which was/were the person(s) whose name(s) is/are signed on this document, and acknowledged to me that he/she/they signed it voluntarily for its stated purpose. My Commission Expires: (Seal) ______________________________________ Notary Public 1
  2. 2. 1.) Fiscal Year End used by the Licensee: _____________________________ 2.) During the current fiscal quarter, has the Licensee serviced any mortgage loans, including loans that the Licensee originated? YES _______ NO _______ If you answered YES, you must complete the DELINQUENT & NONINTEREST EARNING LOANS and PAST DUE LOANS tables on pages 4-5 and the SERVICING PORTFOLIO table on pages 5-6, respectively. 3.) At any time during the current quarter has the Licensee had access to a warehouse line of credit to close loan applications? YES _______ NO _______ If you answered YES, you must complete the WAREHOUSING & RELATED LINES OF CREDIT table on page 6. 4.) At any time during the current fiscal quarter has the balance of any of the Licensee’s warehouse lines of credit exceeded its limit, been suspended or terminated, or have any covenant(s) of the Licensee’s warehouse line agreements been violated? YES _______ NO _______ If you answered YES, please attach an explanation. 5.) During the current fiscal quarter has the Licensee been required to repurchase any loans? YES _______ NO _______ If you answered YES, you must complete the REPURCHASED LOANS table on page 7. 6.) Does the Licensee report certain data regarding home applications, originations, and purchases to the Department of Housing and Urban Development (HUD) under the Home Mortgage Disclosure Act (HMDA)? YES _______ NO _______ 7(a) Does the Licensee act in the capacity of a MORTGAGE LENDER in reverse mortgage transactions? YES _______ NO _______ * If the Licensee is acting as a MORTGAGE LENDER, list the investors to whom reverse mortgage loans are sold to and/or assigned. ____________________________________________________________________ ____________________________________________________________________ ____________________________________________________________________ 7(b) Does the Licensee act in the capacity of a MORTGAGE BROKER in reverse mortgage transactions? YES _______ NO _______ * If the Licensee is acting as a MORTGAGE BROKER, list below the lender(s) to which reverse mortgages are brokered. ____________________________________________________________________ ____________________________________________________________________ 2
  3. 3. ____________________________________________________________________ FINANCIAL STATEMENTS Licensees are required to submit, on a quarterly basis, financial statements that include a Statement of Condition (Balance Sheet) and a year-to-date Income Statement. The financial statements for the quarterly reports are not required to be audited, but must be prepared in accordance with Generally Accepted Accounting Principles (“GAAP”); and may be prepared internally or by an independent certified public accountant (“CPA”). However, licensees are reminded that mortgage lenders are required to submit AUDITED financial statements within ninety (90) days of the end of their fiscal year, prepared by an independent CPA in accordance with GAAP, and in accordance with Generally Accepted Auditing Standards (GAAS). Financial statements must include a Balance Sheet, Income Statement, and a Statement of Cash Flows and all relevant notes thereto. In addition, if the Licensee is a subsidiary, the Licensee must also submit the consolidated financial statements of the parent company for the same period. Please be advised that licensees should not mail paper financial statements to the Division. Rather, licensees are required to file financial statements, for both the quarterly and annual reporting periods, as PDF files through the Nationwide Mortgage Licensing System (NMLS). Further information and instruction regarding the electronic submission of financial statements through NMLS is available on the NMLS website at www.stateregulatoryregistry.org PRODUCTION REPORT For the Quarter ended ____________________ IN-HOUSE ORIGINATED LOANS: The dollar amount and number of loans originated by, not purchased by, the Licensee. Includes closed loans only. Loans in the origination process are NOT included. Loans for which the company acted solely as a brokering agent are NOT included in this schedule. 1-TO-4 FAMILY RESIDENCES: 1-to-4 unit residential mortgage loans including various loan types (FHA, VA, Conventional Fixed-Rate, or Conventional ARM). NOTE: This section pertains to Massachusetts residential property as defined by M.G.L. c. 255E, §1, only. In House Originated Loans BIL MIL THOU # OF LOANS 1-4 Family Residences First Mortgages............................................. _______ _______ _______ __________ Second Mortgages........................................ _______ _______ _______ __________ Open End Equity Lines................................. _______ _______ _______ __________ Reverse Mortgages………………………….. _______ _______ _______ __________ Total 1-4 Family Residences...................... _______ _______ _______ __________ 3
  4. 4. If you answered YES to Question #2, complete the Delinquent & Non-interest Earning Loans and Past Due Loans tables below: DELINQUENT & NONINTEREST EARNING LOANS (90 OR MORE DAYS PAST DUE) As of the Quarter ended ___________________ DELINQUENT AND NONINTEREST EARNING LOANS: The dollar amount and number of all loans in the Licensee’s SERVICING portfolio whose interest payments are 90 or more days past due, are not earning interest, or are otherwise in default. Foreclosed property is considered Real Estate Owned and should not be included in delinquency figures. Foreclosure occurs when title to the property is received. Loans in the process of foreclosure should be included in delinquency reporting. Note: The information in this section should represent national data: BIL MIL THOU # OF LOANS 1-4 Family Residences First Mortgages................................................ _______ _______ _______ __________ Second Mortgages.......................................... _______ _______ _______ __________ Open End Equity Lines................................... _______ _______ _______ __________ Total Delinquent & Nonint. Earning Loans .. _______ _______ _______ __________ Note: The information in this section should represent Massachusetts data only: BIL MIL THOU # OF LOANS 1-4 Family Residences First Mortgages................................................. _______ _______ _______ __________ Second Mortgages............................................ _______ _______ _______ __________ Open End Equity Lines..................................... _______ _______ _______ __________ Total Delinquent & Nonint. Earning Loans .. _______ _______ _______ __________ 4
  5. 5. PAST DUE LOANS As of the Quarter ended ____________________ PAST DUE LOANS: A loan will be considered ‘past due’ for the purpose of this Quarterly Report when the borrower fails to submit a scheduled payment for 30-90 days after the date scheduled for payment. Note: The information in this section should represent national data: BIL MIL THOU # OF LOANS 1-4 Family Residences 30-60 days past due......................................... _______ _______ _______ __________ 60-90 days past due......................................... _______ _______ _______ __________ Total Past Due Loans .................................... _______ _______ _______ __________ Note: The information in this section should represent Massachusetts data: BIL MIL THOU # OF LOANS 1-4 Family Residences 30-60 days past due......................................... _______ _______ _______ __________ 60-90 days past due......................................... _______ _______ _______ __________ Total Past Due Loans .................................... _______ _______ _______ __________ If you answered YES to Question #2, complete the Servicing Portfolio table below: SERVICING PORTFOLIO As of the Quarter ended ____________________ The items in this section constitute the entire portfolio of loans for which the Licensee provides servicing. SERVICING FOR COMPANY AND NONAFFILIATES: The unpaid balance (UPB) in the dollar amount and number of loans for which the Licensee provides servicing. Include loans originated by the Licensee and kept in portfolio as well as loans and servicing rights purchased. 1-TO-4 FAMILY RESIDENCES: 1-to-4 unit residential mortgage loans including various loan types (FHA, VA, Conventional Fixed-Rate, or Conventional ARM). UPB OF MA LOANS SUBSERVICED FOR OTHERS: Massachusetts loans that the Licensee is servicing, as a subcontractor, for other servicing companies. 5
  6. 6. UPB OF MA LOANS SUBSERVICED BY OTHERS: Massachusetts loans that are serviced by other companies, as subcontractors, for the Licensee. NOTE: This section pertains to Massachusetts residential property as defined by M.G.L. c. 255E, §1, only. BIL MIL THOU # OF LOANS 1-4 Family Residences First Mortgages................................................ _______ _______ _______ __________ Second Mortgages.......................................... _______ _______ _______ __________ Open End Equity Lines................................... _______ _______ _______ __________ Total 1-4 Family Residences......................... _______ _______ _______ __________ UPB* of MA Loans Subserviced for Others..... _______ _______ _______ __________ UPB* of Loans Subserviced by Others............ _______ _______ _______ __________ If you answered YES to Question #3, complete the Warehousing & Related Lines of Credit table below: WAREHOUSING & RELATED LINES OF CREDIT As of the Quarter ended ___________________ List the lending institution, total available amount, outstanding balance and expiration date of the Licensee’s four largest warehouse lines of credit. If the Licensee maintains fewer than four lines of credit, please list all. Warehouse Lines TOTAL LINE OUTSTANDING EXP. DATE BALANCE 1) _________________________________ $______________ $______________ __________ 2) _________________________________ $______________ $______________ __________ 3) _________________________________ $______________ $______________ __________ 4) _________________________________ $______________ $______________ __________ 6
  7. 7. If you answered YES to Question #5, complete the Repurchased Loans table below: REPURCHASED LOANS As of the Quarter ended ___________________ REPURCHASED LOANS: Any mortgage loan that the licensee was required to buyback, or repurchase, under the terms of any sale or transfer agreement with an investor (collectively, the “Agreement”) governing such loans. The obligation to buyback the mortgage loan(s) may have been initiated by the occurrence of certain events including, without limitation, the Licensee’s breach of any representation, covenant, or warranty of the Agreement(s); a defect in the origination of the mortgage loan; or any other condition(s) set forth in the Agreement(s). Note: The information in this section should represent national data: BIL MIL THOU # OF LOANS 1-4 Family Residences First Mortgages................................................ _______ _______ _______ __________ Second Mortgages.......................................... _______ _______ _______ __________ Open End Equity Lines................................... _______ _______ _______ __________ Total Repurchased Loans…………………... _______ _______ _______ __________ Note: The information in this section should represent Massachusetts data: BIL MIL THOU # OF LOANS 1-4 Family Residences First Mortgages................................................ _______ _______ _______ __________ Second Mortgages.......................................... _______ _______ _______ __________ Open End Equity Lines................................... _______ _______ _______ __________ Total Repurchased Loans…………………... _______ _______ _______ __________ 7
  8. 8. PIPELINE REPORT As of the Quarter ended _________________ TOTAL COMMITMENTS: – Aggregate of agreements between lender and borrower to loan money at a future date. FALL OUT RATE: – Loans that did not close for the following reasons as a percentage of closed loan inventory: 1) Applicant and/or property were not approved by underwriter. 2) Property did not sell. 3) Applicant chose a competitor. FUNDING SOURCES Amount 1. Portfolio.............................................................................................. $ ___________________ 2. Other Funding Sources, excluding table funding (i.e., FNMA, lines of credit, affiliates ,etc.)..................................... _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ Total Other Funds........................................................ $ ___________________ 3. Table Funded Loans (list investors)................................................... _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ _______________________________________________________ $ ___________________ Total Table Funds........................................................ $ ___________________ Total Available Funds ................................................ $ ___________________ Total Mortgage Commitments $ _______________________ # of Loans ___________ Total Massachusetts Commitments $ _______________________ # of Loans __________ Fall out rate for the fiscal quarter ended ______________________: ______________% 8
  9. 9. BROKERED LOAN REPORT For the Quarter ended _____________________ Lenders who also hold a broker’s license must complete this section. Only list loans for residential property in Massachusetts where you did not appear as the lender on the note. Brokered Loans BIL MIL THOU # OF LOANS 1-4 Family Residences First Mortgages................................................ _______ _______ _______ __________ Second Mortgages.......................................... _______ _______ _______ __________ Open End Equity Lines................................... _______ _______ _______ __________ Reverse Mortgages……………………………. _______ _______ _______ __________ Total Massachusetts Brokered Loans........ _______ _______ _______ __________ 9

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