How to collect outstanding documents

Playbook: Collecting Outstanding Documents

1. Daily Follow-ups

1.1 Broker Follow-ups (HS)

• Leading up to the closing date, the Fulfillment team must follow up daily with the broker for any outstanding documents.
• As documents are received:
  • Save them in Hubspot.
  • Remove them from the task list in MA.

1.2 NHMC Solicitor Follow-ups (HS)

• A daily automated follow up will occur with NHMC’s solicitor for the following documents:
  • Tax Certificate
  • Information/Discharge Statements
  • Condo Certificates

2. Document Verification & Processing

2.1 Tax Certificate (MA)

• NHMC’s Solicitor will order the Tax Certificate.
• Upon receipt:
  • Check for any outstanding or arrears amounts.
  • If taxes are owed:
    • Navigate to “Main Applicant” in MA.
    • Select “Debts” and enter the amount as Property Tax Arrears.
    • Select PY and add.
  • If the borrower is on PAP, taxes do not need to be paid.
  • If a 1st mortgage exists in the first position and is servicing taxes, taxes do not need to be paid.

2.2 Discharge Statement (MA)

• Upon receipt:
  • Confirm the borrower’s name and address.
  • Check for any arrears and notify UW if found.
  • Verify the closing date matches NHMC’s records.
  • Confirm the expiry date:
    • If post-closing, ILR must confirm its validity or request a new statement.
  • Update payout amounts in MA. This will be automatically updated in Hubspot.

2.3 Internal NHMC Discharge Statement (MA)

• Request the discharge statement from the assigned Servicing Specialist. Use below playbook.
• Once received:
  • Send to NHMC’s solicitor for preparation on their letterhead.
  • Receive and update the discharge statement in MA. Once published this document will be automatically updated in Hubspot.
  • NHMC’s solicitor will register the discharge of charge at closing.
  • Once completed, NHMC’s solicitor will send an A&D to be signed by Arjun.
  • Save the signed A&D in Hubspot document associate to the deal.

2.4 Information Statement (HS)

• Upon receipt:
  • Confirm the borrower’s name and address.
  • Check for arrears and notify UW if found by using Notes to create internal communication. See below playbook.
  • Verify the statement date (must not be older than one month).
  • Check for prepayment penalty:
    • If higher than 3 months, add to the principal balance in MA. This will be automatically updated to Hubspot.
    • If lower, no action is needed.
    • If not listed, use Excel Prepayment Calculator to determine penalty.
    • If IRD or PPP exceeds 3 months, add to principal balance.
    • If LTV shifts beyond 80%, escalate to Hiteshi.

2.5 Condo Status Certificate & Insurance

• Verify address.
• Ensure the certificate is recent (not older than 60 days).
• Confirm no default in common expense payments:
  • If default exists, add to Debt section in MA and notify NHMC’s lawyer.
• Check monthly amount:
  • Add to Condo Fee section in MA, if not already listed.
• Review budget:
  • Look for deficits.
  • Confirm no expense increases.
• Assess Reserve Fund:
  • Should be six figures for a standard condo.
  • If insufficient, notify UW for approval by creating an internal note on the HS deal.
• Confirm no legal proceedings:
  • Escalate to Hiteshi if any exist by creating an internal note on the HS deal.
• Ensure the unit (property) is listed in the certificate.
• Condo Insurance Verification:
  • Check address and term.
  • Ensure the policy is not expired.
  • Confirm it has sufficient fire coverage.

3. Final Review & Documentation

• Ensure all documents are saved in Hubspot.
• Confirm all outstanding tasks are removed from MA.
• Escalate any discrepancies to Hiteshi or UW as required.
• Finalize and verify the deal before closing.