Correspondent Lending New Client Orientation

1. Correspondent Lending New Client Orientation Revised on: March 17, 2014

2. www.NewPennCorrespondent.com

3. The Client Portal • Logging into the Client Portal:

4. The Client Portal • Main Landing Page • A List of Active Loans in your Pipeline • Client Administration (Portal Admin) • The Ability to Import a File 1 2 3

5. Portal Users • Portal Administrator (Portal Admin) has ability to set up Portal Users: • Designations should correlate with a user’s role in the organization: Loan Officer, Processor, Underwriter, Post Closer and Secondary. • Authority is granted or restricted for each contact regarding: Pricing Engine, Rate Lock functions and accepting/rejecting the Purchase Advice. 1 2

6. Click ‘Import New Loan’ • Select and/or add New Loan Contacts • Click ‘Ok’ Importing a New Loan 2 1 3

7. Importing a New Loan • Browse for the correct FNMA 3.2 file • Click ‘Import File’ 1 2

8. Loan Information Screen • When the import is finished, you will be taken to the Loan Information Screen • Loan data from the FNMA 3.2 import is carried forward • For Borrower email select Not Provided • Qualifying FICO Score must be added

9. Refreshing Loan Data Prior to Submission • To update a 3.2 file, select subject loan, then click on Refresh Loan Data

10. Refreshing Loan Data Prior to Submission • Click Browse, Select the 3.2 file for re-import • Click Refresh • Please re-import up-to-date 3.2 file prior to submitting loan to NPF 1 2

11. Products and Pricing • Click on Products/Pricing

12. Products and Pricing • Select your product, and enter loan criteria • Click Get Rates 1 2

13. Products and Pricing • Select the rate that returns desired premium • Click AllRegs Eligibility Check • Click Export • Click Rate Lock 4 5 3 6

14. Products and Pricing • The following message will appear if you successfully export the price to the rate lock screen

15. Locking a Loan • Check loan terms. Make necessary changes before requesting the lock using the previous guidance. • Click Lock Loan 1 2

16. Locking a Loan • Note that due to intra-day market changes, a loan must be locked within five minutes of running Product/Pricing. • If you attempt to lock a loan and more than five minutes have elapsed since you ran Product/Pricing, you will need to run again prior to locking. • If your loan was Approved prior to being locked, you will be warned that the changes will need to be approved by underwriting when the file is next submitted for review. • It is not necessary to resubmit the file, please continue to submit any applicable conditions.

17. Managing your Lock • Click on Rate Lock • ‘Purchase by Date’ is accessed through Rate Lock screen • Request a Change, Extension or Cancellation 1 2 3

18. Requesting Changes to a Locked Loan • Email your requested changes to the Lock Desk using either “Request Changes, Request Extension, Request Cancellation” buttons in the Rate Lock Screen • The email is just a request to make the change. In order for your request to be accepted, all changes must be approved and confirmed.

19. Lock Policy/Loan Delivery Pointers • We request that locked loans for UW submission be submitted to New Penn 20 days prior to lock expiration • All closed loan packages must be delivered to NPF in fundable condition by the lock expiration date • Loans must be purchased within 10 business days after the lock expiration, ‘Purchase By Date’. NPF must purchase the loan by the Purchase By Date or the loan must be extended/re-locked to be purchased by NPF • Lock Policy can be found in our Seller’s Guide located at www.newpenncorrespondent, under approved correspondent tab

20. Lock Desk Contact Information • The Lock Desk can also be reached at: LockRequest@newpennfinancial.com 877-920-PENN (7366) Option 5

21. Uploading Documents

22. Uploading Documents and Submitting a File to Underwriting • From within the loan: • Select Upload Documents (Must be PDF format only) • Select New Submission Box • Under Document File, browse for appropriate attachment (use + to browse & upload up to 6 PDF’s at the same time) • Click on Upload Document (max PDF size is 32MB) • PLEASE NOTE: Once all documents have been uploaded, click Submit to NPF

23. Uploading Documents and Submitting a File for Underwriting 2 3 4 5 1

24. Uploading and Submitting a Closed Loan Package • From within the loan: • Select Upload Documents (Must be PDF Format only) • Scroll down until you see the Closed Loan Package section • Under Document File, browse for the appropriate attachment (use + to browse & upload up to 6 PDF’s at the same time) • Click on Upload Document • Once you upload the Closed Loan Package, the “Submit to NPF button” will appear. Click on this to notify our Purchase Department that your loan is ready to be reviewed

25. Uploading and Submitting a Closed Loan Package 2 3 1 5 4

26. Conditions within the Portal • Conditions are viewable from within the portal. Conditions are updated in real time. Please check back often for any updates. • Click on View Loan Conditions

27. Upload Conditions • From within the loan: • Select Upload Documents (Must be PDF Format only) • Scroll down until you see the Condition Upload section • Under Document File, browse for the appropriate attachment (use + to browse & upload up to 6 pdf’s at the same time) • Click on Upload Document • Once you upload the Conditions, the “Submit to NPF button” will appear. Click on this to notify the appropriate NPF contact that your conditions on the loan are ready to be reviewed

28. Upload Conditions 1 2 3 4 5

29. Loan Statuses • As the loan moves through the loan cycle, the status on the Portal will update in real time • Floating loans in 3.2 Recvd status for longer than 15 days will need to be re-uploaded and will no longer be reflected in your pipeline view

30. Loan Statuses

31. Loan Statuses

32. Loan Purchase • Loans must have a CTC in underwriting before New Penn will review a closed loan package. • Once the loan has closed, the closed loan package must be uploaded through the portal and received by the lock expiration date. • Completed Correspondent Loan Delivery Checklist must be included. (Available under the Client Library tab on our website) • New Penn Financial has 10 business days from lock expiration (Purchase by Date), to purchase, before loan is subject to re-pricing.

33. Loan Purchase • Upon receipt of a closing package, the pre-purchase department will complete an audit of the loan file • Once the pre-purchase audit has been completed, a Loan Decision Letter will be sent to the Post Closing contact assigned at the loan level. Conditions are also visible in the Portal under ‘View Loan Conditions’ tab.

34. Loan Purchase • The Lender’s warehouse bank will forward the following collateral documents: • Original Note, endorsed in blank • Allonge to the Note, endorsed to New Penn Financial, LLC • Bailee Letter or Seller/Lender Release, Wire instructions • Certified copy of the Mortgage/Deed of Trust with the legal description and all applicable riders • Name Affidavit for all borrowers CUSTODIAN/WAREHOUSEBANKINFORMATION Wells Fargo Bank, N.A. ATTN: Shellpoint Correspondent Funding New Penn Financial 751 Kasota Avenue Minneapolis, MN 55414

35. Loan Purchase • Once the collateral is received by New Penn’s custodian and all deficiencies are cleared, a Purchase Advice (PA) will be prepared and available to be viewed on the portal. • The Purchase Advice will be uploaded to the portal, from the Pre-Purchase team, and will detail the terms of the purchase • The Purchase Advice can be managed by the lender through the portal • Once the Purchase Advice is accepted, the Loan will be purchased the following business day* • An Underwriting Fee of $575 (Portfolio) $475 (FHA/VA/Agency) will be netted from the wire for all loans *Purchase Advice must be approved and accepted prior to 2PM Eastern, in order for the loan to be purchased the following business day

36. Loan Purchase -Purchase Advice • Once NPF has approved a loan for purchase and prepared the Purchase Advice, the Secondary and Post Closing contacts will receive an email notification, sample below:

37. Loan Purchase -Purchase Advice • The Purchase Advice is available for view by clicking on Purchase Advice link

38. Loan Purchase -Purchase Advice • The ‘Accept’ and ‘Reject’ buttons will not become enabled until the user checks the certification box

39. Loan Purchase -Purchase Advice • If you reject the Purchase Advice, you must input a reason and then click OK

40. Loan Purchase-Purchase Advice • Once you accept the Purchase Advice, you will receive the confirmation window below:

41. Loan Purchase -Purchase Advice • If New Penn discovers an error on the Purchase Advice after it has been approved, New Penn will retract the approval • The Lender’s Secondary and Post Closing contacts will receive an email notification • Once re-approved, the loan contacts will receive another email notification letting them know the PA has been reposted for approval

42. Loan Purchase -Purchase Advice • Please note, if a Purchase Advice is not approved by 2:00PM Eastern, prior to the date the wire is scheduled, the Purchase Advice approval will be disabled until New Penn has updated calculations • Notifications will be sent to the contacts on the loan should the Purchase Advice expire • Another alert will be sent when a new Purchase Advice is posted to the portal for approval • A hard copy can be obtained by doing a print screen of the portal Purchase Advice summary

43. Loan Purchase Original Trailing Document Information: • All original trailing documents (Recorded Mortgage/Deed of Trust, final Title Policy, and, if applicable, Recorded Power of Attorney, Recorded Subordination Agreement) must be delivered to New Penn Financial, at the following address, within 120 days of the Note date: New Penn Financial Attn: Correspondent Document Processing 4000 Chemical Rd, Suite 200 Plymouth Meeting, PA 19462

44. Important Purchase Information Notice of Sale/Servicing Transfer Letter – the Goodbye Letter should reference the following servicer and address: Shellpoint Mortgage Servicing P.O. Box 19006 Greenville, SC 29602-9006 Customer Service Number: 1-800-365-7107 Monday – Friday 8am – 10pm EST, Saturday 8am – 3pm EST Overnight Mortgage Payments can be sent to: Shellpoint Mortgage Servicing Attn: Payment Processing 55 Beattie Place, Suite 110 Greenville, SC 29601

45. Important Purchase Information • For loans purchased on or before the 14th day of the month the loan will be purchased at the principal balance and the first payment will be forwarded to the new servicer. • For loans purchased on or after the 15th day of the month the loan will be purchased at a reduced balance and the lender will receive the first payment due on the loan. The effective date of the first payment due to the new servicer will be the 2nd payment due on the loan.

46. Important Purchase Information • MERS- Within 5 days of purchase, the Client must assign New Penn as the Investor and the Servicer 1007544 – New Penn Financial – Investor 1007544 – New Penn Financial – Servicer Loss Payee Clause-Homeowners Insurance/Flood Insurance/Flood Certification/PMI Certification Shellpoint Mortgage Servicing Its Successors And Or Assigns/ATIMA PO BOX 2463 Greenville, SC 29602-9006

47. Important Contacts Correspondent Sales 877-920-7366x4 correspondentinfo@newpennfinancial.com Client Manager: Franco Maglione 484-594-1438 fmaglione@newpennfinancial.com Underwriting Team Lead: Gary Kraus 484-594-1264 gkraus@newpennfinancial.com Please submit all underwriting scenarios and questions for loans not yet submitted to: CorrespondentScenarios@newpennfinancial.com 9am – 5pm Eastern Standard Time

48. THANK YOU! Thank you for doing business with New Penn! If you have any questions, please contact our Correspondent Department at: 877-920-PENN