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For California Table Funded Broker
Transactions Registered Prior to 05.22.11
Update for Table Funded
Broker Transactions Registered Prior to 05.22.11 Effective immediately the use of "AmTrust Bank, a Division of New York Community Bank" will be discontinued and replaced by "New York Community Bank" on those applicable loans where documents are drawn 7.01.11 or after. This company name update must be reflected in the additional documentation noted below. Again, this change only affects loans Registered prior to 5.22.11.
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Important Reminders for Warehouse Funded Loans
Warehouse funded loans
registered prior to 05.22.11 with a property address in California are
subject to the following requirements:
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The Mortgagee Clause (for all types of insurance) must read "New York Community Bank, ISAOA" or an endorsement to change the lender name must be provided.
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The Mortgage Insurance Certification needs to list "New York Community Bank" as the insured Lender or an endorsement to change the lender name must be provided.
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The "Good Bye" Letter issued by your company must list "New York Community Bank" as the new/future Servicer.
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The note endorsement must contain stamped/typed verbiage that states "Pay to the Order of New York Community Bank".
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For loans having an allonge to the Note, the allonge must have verbiage assigning the Note to New York Community Bank without recourse.
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For MERS Originated Mortgages, the MIN that needs to be listed on the Note and Security Instrument is "1009244".
Published July 1st, 2011
