Closing & Delivery

Sovereign Prepares Documents and Funds Loan
Broker/Correspondent sends the following information to Sovereign Wholesale Closing Department 3 business days prior to closing for approved Loans. Sovereign cannot accept a Request for Closing on a loan with a "floating" interest rate.

1. Completed Sovereign Request for Closing form
2. Underwriting Disposition form showing "clear to close"
   Requests received without a clear to close will NOT be accepted.

Sovereign will prepare closing documents in Sovereign's name, and send the complete package to the address provided on the Request for Closing. Settlement check will be net any points or fees due Sovereign. Sovereign will issue a check to broker for the yield spread premium, if applicable.

Broker/Correspondent Prepares Documents and Sovereign Table-funds
Prior-approval by Sovereign is required for participation in this funding option.
Broker/Correspondent prepares settlement documents in Broker/ Correspondent name. The following information is faxed to Sovereign Wholesale Closing Department 3 business days prior to closing for approved and locked loans:

1. Completed Sovereign Request for Closing form
2. Underwriting Disposition form showing "clear to close"
   Requests received without a clear to close will NOT be accepted.
3. Copy of Title Binder
4. Note
5. Aggregate Escrow Analysis

Sovereign will send Settlement Check, net fees due Sovereign, to address indicated on Request for Closing.

Correspondent Prepares Documents and Funds loan, and delivers to Sovereign for post-funding purchase
Correspondent has funding capability, and prepares settlement documents in Correspondent's name. Loans have to be underwritten and approved by Sovereign prior to closing, and delivery is required within 5 days of rate expiration or 10 days of closing, whichever occurs first.

The attached Sovereign Loan Delivery Checklist itemizes the documentation required at delivery. Sovereign will review the documents prior to funding and notify Correspondent of any errors or missing documentation. Upon receipt of the complete file, Sovereign will wire funds to Correspondent's account.

Miscellaneous Funding Information
Assignment, Title & Closing Protection Letter:
Sovereign Bank, Federal Savings Bank
1130 Berkshire Boulevard
Wyomissing, PA 19610

Mortgagee Clause for Insurance Policy & Billing:
Sovereign Bank, ISAOA ATIMA
P.O. Box 628
Amelia, OH 45102

Mail tax and insurance bills to:
Sovereign Bank
Mail Code: 10-6438-TX5
P.O. Box 12646
Reading, PA 19612
Attention: Mortgage Escrow

Monthly Payment Remittances:
Sovereign Bank, F.S.B
Mail Code: 10-6438-MP4
P. O. Box 12649
Reading, PA 19612

Overnight Payment Remittances:
Sovereign Bank
Mail Code: 10-6438-MP4
525 Lancaster Avenue
Reading, PA 19611
Phone: 800-232-5200

Final (recorded) Documentation Submission:
Sovereign Bank
Mail Code: 10-6438-CA5
601 Penn Street
Reading, PA 19601

Closed loan files from Settlement Agents
(Sovereign prepared closing documents):
Sovereign Bank
Mail Code: 10-6438-SA3
601 Penn Street
Reading, PA 19601