A Message from Jon K. Baymiller, CFA
President and Chief Executive Officer,
NYCB Mortgage Company, LLC
 

A Message from Jon K. Baymiller, CFA     Name Change Quick Facts     Frequently Asked Questions                        News Release

Dear Valued Client,

I'm pleased to announce that on January 3rd, 2011, we will be changing our name to NYCB Mortgage Company, LLC and will formally begin operating as a wholly-owned subsidiary of New York Community Bank.

This moment is important for our Clients, employees and New York Community Bank because it capstones the substantial completion of the integration of our operations. I'd like to take this opportunity to "Thank You!" for your strong commitment to our mortgage banking business during the last year, and reinforce the value of your relationship with NYCB Mortgage.

A Position of Strength and Opportunity. The important work of integrating our business into one of the strongest bank's in the nation positions us to seize new opportunities as we move forward. Throughout the last year, we have effectively managed the process of merging our organizations in both formal and informal ways. NYCB's disciplined credit culture and business risk management expertise has been successfully integrated within our business framework, which places integrity and risk management at the core of Client performance expectations.

Successful organizations continuously evolve and adapt, and while we have made significant strides in some areas, we recognize the importance of continuing to enhance your service and technology experience. We are now positioned to redirect our focus back onto these key differentiators.

A Commitment to Service and Innovation. Our technology platform is one of the leading loan aggregation systems in the industry. We offer more Client value at a lower cost than any of our competitors. However, we understand that our most sustainable competitive advantage is realized when we deliver consistently superior service to our Clients each and every day.

This year, we invested significant time and resources to implement new automation solutions related to the many new and complex regulatory compliance requirements. As one example, many Clients are taking advantage of the benefits of our new "Click for Zero" feature, which replaces today's paper-based TIL APR comparison process. We understand expanding a relevant set of technology solutions aimed at enhancing efficiency while reducing risk throughout the lending process is a key threshold expectation for us and for your company. Our IT development team is anxious to get back to developing innovative and differentiating business applications.

Looking Ahead
Launching a new business (which we are for NYCB) and merging organizations is not a fast and simple process. Building the right foundation for the long-term requires prudence and patience. The landscape of our industry will continue to evolve as more regulatory change unfolds (e.g. Reg Z, Dodd-Frank). The anemic real estate market will present challenges for all of us as well. Nevertheless, there is a vitally important role for the third party originator who operates with strong loan sourcing strategies and a philosophical commitment to integrity and fair pricing. Our commitment to you and this industry is steadfast and we believe our value proposition of speed, ease, control, and risk mitigation is more relevant than ever.

As NYCB Mortgage Company, LLC, we are eager to embark on this new beginning in 2011, and we thank you for your loyalty and trust, and for the continuing opportunity to provide you with industry-leading solutions and services that position you to win...each and every day!

Sincerely,

Jon K. Baymiller
President and Chief Executive Officer
NYCB Mortgage Company, LLC

• Reminder -- Verify Information in Section F of Preliminary HUD-1/1A (for loans registered on or after January 3rd, in all states except NY)

  Section F "Name & Address of Lender" where the correct address should be:

  NYCB Mortgage Company, LLC
  1801 East Ninth Street, Suite 200
  Cleveland, Ohio 44114

  * Until further notice, use New York Community Bank on all loans in the state of New York regardless of registration date.

• Reminder for Warehouse Correspondents who are MERS Members
  Within 7 days of funding, the MIN is to be transferred to the appropriate MERS ORG ID# as listed below:

1. Why did you change your name and become a LLC of NYCB?

   A: We've changed our name to align and reinforce our relationship to our parent company.

2. What is the new Mortgagee Clause?

A: The following mortgagee clauses will be required effective January 3rd, 2011:

Flood and/or Hazard Insurance

Please note that NYCB Mortgage does not order Flood Certifications. The certificate and/or mortgagee clause is to read as follows: All States except New York and Texas: NYCB Mortgage Company, LLC Its Successors And/Or Assigns Insurance Center P.O. Box 8326 Springfield, OH 45501 Re: Loan Number XXXXXX New York: New York Community Bank Its Successors And/Or Assigns Insurance Center P.O. Box 8326 Springfield, OH 45501 Re: Loan Number XXXXXX Texas: NYCB Mortgage Company, LLC Insurance Center P.O. Box 8326 Springfield, OH 45501 Re: Loan Number XXXXXX

 

Mortgage Insurance

All States except New York and Texas: NYCB Mortgage Company, LLC Its Successors And/Or Assigns Attention: Insurance Dept. 1801 East Ninth Street, Suite 200 Cleveland, OH 44114 Re: Loan Number XXXXX New York: New York Community Bank Its Successors And/Or Assigns Attention: Insurance Dept. 1801 East Ninth Street, Suite 200 Cleveland, OH 44114 Re: Loan Number XXXXX Texas: NYCB Mortgage Company, LLC Attention: Insurance Dept. 1801 East Ninth Street, Suite 200 Cleveland, OH 44114 Re: Loan Number XXXXX

Published December 16th, 2010
Revised 05/26/2011