FHA 2355600004VA9102010000

Correspondent – C2C Transactions and Trailing Documents

As a reminder we have specific procedures for C2C transactions and Trailing Documents. Below are the Requirements outlined within our Selling Guide.

C2C Transactions

  • For all C2C transactions, the seller is required to inform On Q Financial, Inc. for each transaction that falls under this category.
  • To notify On Q Financial, Inc., email CorrPre-PC CorrPre-PC@onqfinancial.com with the loan # and borrower name within the subject line with any supporting documentation.

Trailing Documents

Mortgage loans purchased by On Q Financial, Inc. require delivery of all trailing documents as they become available but not to exceed 180 days from the purchase date. The post-closing team will begin reaching out monthly and continuously follow up until trailing documents are received. If you would like to be added as the main point of contact for any trailing documents, please notify CorrTrailingDocs@onqfinancial.com.

Trailing documents must include, but are not limited to:

  • Original recorded mortgage and any applicable riders or addendums;
  • Original recorded assignment of mortgage as required and all original recorded intervening assignments, if any;
  • Original final title insurance policy and any required waivers, attorney’s opinion, and/or applicable endorsements;
  • Modification Agreement (if applicable)
  • Certified copy of the recorded power of attorney, if applicable.

Documents must be shipped with a Transmittal Form listing date, tracking number, borrower’s name, document(s) enclosed, loan number, sender’s name and phone number. Trailing Documents are required to be placed in the order listed on the Transmittal.  Trailing documents are required to be overnighted or via similar tracking method.

On Q Financial, Inc. has the right to:

  • Charge/collect from the Correspondent a fee of $100, per trailing document, where they have been outstanding for more than 180 days from the purchase date.  
  • Mandate the Correspondent to repurchase mortgage loans with any trailing document outstanding 180 days from the purchase date.

Trailing documents are required to be mailed via overnight delivery to:  

On Q Financial, Inc.

Attn.: Correspondent-Trailing Documents

615 S. River Drive, Suite 170

Tempe, AZ 85281

About the Author On Q Financial, Inc.