emasshousing

1. emasshousing.com MassHousing Lender Extranet Quick Start Guide January 2005

2. Table of Contents Item Page 2 3 4 5 7 9 15 16 17 18 19 20 21 • Introduction to the MassHousing Lender Extranet • The MHLE Home Page • Becoming a Registered User • Access Levels • Your Personalized MHLE Home Page • Functionality Overview • 3rd Party Originator • MI Underwriting Tab • MI Plus • Pre-Qualification • MERS • FAQs • Contact Us

3. Introduction to the MassHousing Lender Extranet The MassHousing Lender Extranet (MHLE) is a business to business extranet that facilitates electronic transactions between MassHousing and its lending partners over the Internet. In its current version, the MHLE is designed for use by the lending institutions that are approved sellers or servicers of MassHousing’s mortgage and mortgage insurance products. The MHLE home page can be accessed via two locations on the Internet: • Go to MassHousing’s website www.masshousing.com Click on the MHLE link located in the upper right hand corner. • Go directly to the MHLE by typing its address in your browser www.emasshousing.com

4. The MHLE Home Page 2. Dynamic information with links to: Become a MassHousing Lender, Products, Mortgage Rates and Training & Events. 1. Login section: Existing users use this area to login to their personalized home page, or request a new password (Forgot your Password?). New users utilize this section to request user accounts (Need to Register?). 1 2 4 4. Updates: keeps you informed about MassHousing activities and recent published stories. 3. Links to other MassHousing web applications: Web-Facts and Compliance and Diversity 3 5 5. Footer, which includes MassHousing’s privacy policy, legal guidelines and contact information.

5. Becoming a Registered MHLE User • Click on ‘Need to Register?’ on the MHLE General Home Page. • Fill in the three fields (Lender, Name, Email address) to complete your request to become a user. • Once your request is submitted, an email will be sent to the address you entered to thank you for your request. At the same time, an email is sent to the MHLE Administrator at your lending institution advising them that you have requested access to MHLE. The Administrator will make a decision to approve or decline your request and will assign you to the appropriate access levels. • Once your MHLE Administrator has approved your request, you will receive a follow-up email to notify you of the approval with your User Name (your email address) and password. The email will contain a hyperlink that will redirect you to the MHLE to log in and change your password. • Once you have logged in, click on ‘My Profile’. Enter your new password, then re-confirm you password. Your password may be a combination of alpha and numeric characters, but must be at least 5 characters long. Click on ‘Save Profile’ at the bottom of the screen to submit your information. After you submit this information you will be redirected to your Personalized MHLE Home Page. You should keep the information in your user account as up-to-date as possible. Make edits to your account via the ‘My Profile’ link.

6. Access Levels Three primary access levels are available • Mortgage Originators – those individuals who participate in the mortgage origination process, from initial data entry to closing the mortgage. There are seven sub-levels within this group. Access to each of the following is now ‘a la carte’; your Institutional Administrator can assign any or all of the following to each user: • Create/Edit/Save & Check Reservations and MI Applications– has the ability to create, save, check compliance and edit reservations and MI applications prior to submission. Can view the saved and approved pipeline that they have created. • Submit Reservations and MI Applications – may submit a reservation and/or submit a mortgage insurance application. Can view the saved and approved pipeline for the entire lending institution. • Modify Reservations and MI Applications –may modify an existing reservation and/or an existing mortgage insurance application. Can view the saved and approved pipeline for the entire lending institution. •  Withdraw Reservations–may withdraw an existing reservation and/or and existing mortgage insurance application. Can view the saved and approved pipeline for the entire lending institution. • Fund Reservations–may fund an existing reservation. Can view the complete pipeline summary for the entire lending institution. • Activate MI Applications–may activate an existing mortgage insurance application. Can view the complete pipeline summary for the entire lending institution. • View daily pricing on Secondary Market Products (i.e., FNMA Initiative) – may view all of mortgage rates and points including the rates and secondary market pricing for all of the FNMA Initiative products. Can view the saved pipeline summary.

7. Mortgage Servicers – those individuals who participate in the servicing aspects of a mortgage, from the time that a mortgage is closed and MI is activated through its final payment. • Servicer Access – performs the typical tasks associated with servicing the loan; has the ability to report defaults for mortgage insurance and cancel mortgage insurance coverage. Can view the default pipeline summary and cancellation summary for the entire lending institution. • Administrators – those individuals who administer the MHLE for each institution. • Institutional Administrator – may be a central IT staff person or administrator; holds the responsibility of managing the access levels of all of the users including: • creation of user accounts, • deletion of user accounts, • editing user accounts (passwords, access levels, account information) and • maintaining the Institutional Profile. Access Levels

8. Your Personalized MHLE Home Page The contents of your Personalized MHLE Home Page will be based on the Access Levels to which you were assigned by your MHLE Administrator Originator Home Page

9. Your Personalized MHLE Home Page Servicer Home Page If your personalized MHLE Home Page does not have the functionality you require, you may have been assigned to an incorrect user group and should contact your Administrator.

10. Functionality Overview The following are the functions of the MHLE available for originators and servicers: Originator Functions • New Application Create a new record and enter the information required for a reservation or mortgage insurance application. • Save Save and retrieve the information that has been entered to date for future use. • Edit Edit a saved application. • View View (but not edit) a saved application. • Check Compliance Submit your information to the MHLE to check compliance with MassHousing’s guidelines. • Submit Reservation / MI Submit an application to MassHousing, and receive an associated reservation/certificate number and a locked rate. • Add MI Add mortgage insurance to a submitted reservation. • Modify Modify aspects of a reservation/application after it has been submitted to MassHousing. • Withdraw Withdraw a reservation/application after it has been submitted to MassHousing. • Fund Enter the information necessary to request funding for a submitted reservation. • Close Mortgage Though not a formal process of the MHLE, the process for confirming receipt of required closing documents is facilitated via email. • Activate Activating a mortgage insurance policy on an application that does not have a reservation for MassHousing funds. Servicer Functions • Process Default Submit information on a new or existing default to the Mortgage Insurance Fund. • Process Cancellation Submit information to cancel mortgage insurance coverage.

11. Here is where you can access the Originator functions New Application

12. Here is where you can access the Originator functions (cont’d.) Save Check Compliance(displayed in place of ‘Save and Submit Reservation’ depending upon user’s access level)

13. Here is where you can access the Originator functions (cont’d.) Activate Modify Fund Add MI Withdraw Edit View

14. Here is where you can access the Servicer functions MI Activities

15. The MHLE utilizes ‘smart’ functionality to help new users • The system recognizes every user by their ID and password, and customizes their pages accordingly • As entries are made, the screen display is updated to reflect an accurate display of the fields i.e., ‘Condo Name’ is a required field when property type ‘Condo’ is selected • Before proceeding through the tabbed pages, the system verifies that you have completed all of the necessary information and give you a warning if anything is missed • As you continue with an existing application, the system guides you to the ‘Next Step’ available, preventing you from making mistakes with the application i.e., requesting funding when mortgage insurance has not been approved • Only users within your institution and with proper authorization levels can access your bank’s information

16. 3rd Party Originator Approved MassHousing Lenders who originate MassHousing loans through Third Party Originators (TPO). Approved MassHousing Lenders who originate MassHousing Loans can give Third Party Originators (TPO) access to the MassHousing e-business site. The TPO will be allowed to create, edit, save and check compliance for reservations and MI applications. The TPO will be able to view only those applications that they have created. The Lender’s administrator is responsible for setting up all TPO’s. Inquiries about TPO relationships should be directed to the Lender’s MassHousing Marketing Representative.

17. MI Underwriting Tab Added to this tab is a new required field “Has MIF Pre-Approved this Loan?” If you had previously sent the loan file to the Mortgage Insurance Fund at MassHousing for pre-approval, please select Yes from the dropdown, otherwise select No.

18. MI Plus The Mortgage Insurance Fund offers mortgage payment protection coverage on all insured mortgage loans. The coverage provides a direct financial benefit to the borrowers in the event that they lose their job during the first ten years of the term of their mortgage. The coverage is offered as a valued added enhancement to the basic mortgage insurance product at no additional cost to the borrower. The coverage is evidenced by an Endorsement to the Loan Loss Reserve Agreement (Master Policy). A Consumer Disclosure Statement is available for lender use with consumers and is suggested to be signed by the borrowers at closing.

19. Pre-Qualification MassHousing approved lenders now receive per-qualified leads directly into their pipeline. Prospective customers are pre-qualified for MassHousing loans using the masshousing.com website. These loans are automatically feed into a Lender’s pipeline dependent on location and loan processing activity.

20. MERS The Mortgage Electronic Registration System (MERS) is an industry-owned utility that has been developed to assist lenders, investors, and others in tracking servicing rights and beneficial interests for mortgages and deeds of trust. As members, Lenders appoint MERS as mortgagee of record and register the loan on MERS using MERS as Original Mortgagee (MOM documents) language on the original security instrument at the time the loan is closed. Effective, January 1, 2005, all MassHousing loans must be originated on MOM documents. Loans purchased from that date forward must be closed with MOM documents and must include a unique 18-digit Mortgage Identification Number (MIN) that will be generated by MassHousing at the time of loan reservation.

21. FAQs • I am the Administrator. How do I submit a new application? Answer: Administrators are initially only allowed to create, edit, and delete users and maintain the Institutional Profile. To submit a new application, the administrator must modify their own user access levels. After you log in, click on “View and Modify Users’. Locate your administrator account, and click ‘Modify’. Follow the instructions in the MassHousing Lender Administrator Manual under the section "Step-by-Step Guide for the Institutional Administrator - 1. Creation of User Accounts in the ‘Assigning appropriate Access Levels’ section to determine the access levels to give yourself. • I am getting an error message when trying to create a new user Answer: The MHLE only accepts a VALID email address for a User Name and the User Password must be at least 5 characters in length (it can contain letters and/or numbers). Please do not use other characters such as spaces, underscores or apostrophes. • I am logging in the system as Administrator. How do I add a user? Answer: The user must initiate the request by going to emasshousing.com and clicking onto the ‘Need to Register?’ link. The Admin will then receive an email regarding this request and will then be able to set up this user.

22. For further information… • Contact the MHLE Support Desk • By phone: 1-888-619-4440 • By email: e-business@masshousing.com • Access the MHLE at http://www.emasshousing.com • Contact your institution’s MassHousing representative