USFN | NMSRD Links

If you are still using a printed NMSRD, be advised that it is NOT current. The latest edition (the 27th) is 100% digital, which allows for continual updating. The online NMSRD was first released on February 9, 2010, and is accessible by online subscription only. Click here for information on ordering a new (or renewing an expired) subscription.

CHAPTER 1 - State Summaries

Click here for a listing of the state-by-state subjects addressed in narrative fashion in Chapter 1, State Summaries, NMSRD.

CHAPTER 1 - State Statutes

Click here to review the state-by-state subjects addressed in laundry-list fashion in Chapter 1, State Statutes, NMSRD.

The Housing and Economic Recovery Act of 2008 (HERA) took effect on July 30, 2008. Contained within the more than 200 pages are some significant changes to the SCRA, including those discussed below:

The first two provisions of Title II of HERA provide for: (1) The temporary increase in the maximum loan guaranty amount for certain housing loans guaranteed by the Secretary of Veterans Affairs; and, (2) Counseling on mortgage foreclosures for members of the armed forces returning from service abroad. The first two provisions do not require any additional focus from the mortgage servicer's perspective.

The third provision of Title II of HERA provides for enhancement of protections for servicemembers relating to mortgages and mortgage foreclosures. Essentially, this provision amends sections 527 (interest rate reduction) and 533 (mortgage foreclosure) of the SCRA.

The primary change to section 527 of the SCRA is that the interest rate reduction for a mortgage loan is for the period of military service AND ONE YEAR THEREAFTER. This amendment appears to be permanent at this time.

The primary change to section 533 of the SCRA is the change of time in sections (b) and (c) from 90 days to 9 MONTHS. This amendment was to sunset on 12/31/2010. However, with the signing of The Helping Heroes Keep Their Homes Act of 2010 by President Obama on December 29, 2010, the sunset was extended to December 31, 2012. Section 533 will revert back to the prior version on 1/1/2013, absent further extension.

VA Circular 26-11-3 (dated 1/26/11) contains important reminders regarding the SCRA.

Bankruptcy-Related Info: On October 20, 2008, President Bush signed into law S. 3197, the "National Guard and Reservists Debt Relief Act of 2008," which temporarily exempts members of the Armed Forces reserves and the National Guard from a means test in determining eligibility for Chapter 7 bankruptcy relief, if, after September 11, 2001, they were on active duty or performing a homeland defense activity for at least 90 days.

FHFA News Release: On October 18, 2011, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to adopt uniform improvements to foreclosure attorney networks. The release concerning that directive may be viewed here.

FHFA News Release: Fannie Mae & Freddie Mac to Align Guidelines for Servicing Delinquent Mortgages (4/28/11)

HAFA -- SVC-2010-07 (June 1, 2010) Introduction of Fannie Mae's Home Affordable Foreclosure Alternatives Program

Allowable Time Frames for Completing Foreclosure. Also see Announcement SVC-2011-07 (6/6/11), which announced the updating of the maximum number of allowable days within which routine foreclosure proceedings are to be completed in each jurisdiction, effective as of January 1, 2011, for any Fannie Mae mortgage loan referred to an attorney (or trustee) to initiate foreclosure proceedings. [Note: Information on USFN's foreclosure timelines matrix is available here.]

Announcement SVC-2010-16 (10/29/10) -- Misc. Servicing Policy Changes (including Clarification of the Mandatory Pre-filing Mediation Policy for Mortgage Loans in FLORIDA)

Announcement SVC-2010-06 (4/28/10) -- re Servicing Guide Part VII, Delinquency Management & Default Prevention; Part VIII, Foreclosures, Conveyances and Claims, and Acquired Properties.

Foreclosure and Bankruptcy Attorney Network and Attorneys' Fees and Costs, plus for historical reference, see Announcement 08-19 (8/6/08); as well as Announcement SVC-2010-05 (3/30/10) re Misc. Servicing Policy Changes (including increases in foreclosure attorney fees for New Mexico and Vermont); Announcement SVC-2011-15 (9/1/11) re Misc. Servicing Policy Changes (including increases in foreclosure attorney fees for Delaware, Hawaii, and New York); and Announcement SVC-2012-02 (1/11/12) re Attorney Fee Updates (including increases in foreclosure attorney fees for Hawaii, Iowa, Kentucky, Lousiana, New Mexico, North Dakota, Oklahoma, South Dakota, and Wisconsin).

Increase in Incentive Fees for Loss Mitigation Alternatives -- Announcement 08-20 (8/11/08)

Reverse Mortgages -- Announcement SVC-2010-01 (Trial Balance Reconciliation Requirements for Reverse Mortgage Loans, 1/15/10)

Announcement 09-25,"Trial Period Guidance for the HAMP" (7/13/09), updates policies outlined in Announcement 09-05R. Announcement 09-05R -- Policy clarifications and additional instructions regarding the Home Affordable Modification Program (4/21/09, reposted 5/15/09). Also see the FAQs re Servicing Guide Announcement 09-05R: HAMP, which were released on 7/6/09. HAMP -- also see USFN's Client Resource Center.

HMPadmin.com Servicer Web Site and Base NPV Model for the Home Affordable Modification Program

Updates to the HomeSaver Advance Foreclosure Prevention Alternative -- Announcement 09-07 (3/27/09)

FHFA News Release: On October 18, 2011, the Federal Housing Finance Agency (FHFA) directed Freddie Mac and Fannie Mae to adopt uniform improvements to foreclosure attorney networks. The release concerning that directive may be viewed here.

FHFA News Release: Fannie Mae & Freddie Mac to Align Guidelines for Servicing Delinquent Mortgages (4/28/11)

Freddie Mac Bulletin 2011-1 (1/14/11) -- Introduction of the Freddie Mac Service Loans Application (Also, this Bulletin includes extension of protections for servicemembers originally provided under the HERA amendment of the SCRA through 12/31/12.)

Freddie Mac Bulletin 2010-16 (7/16/10), includes links, on pages 4 and 5, to amended Exhibit 57A (Approved Attorney Fees & Title Expenses, most recently revised 7/25/11, pursuant to Bulletin 2011-13) and Exhibit 74 (Expense & Income Codes for Form 104SF)

Freddie Mac Bulletin 2009-22 (8/20/09), includes amendments to Exhibit 74 (Expense & Income Codes for Form 104SF) providing new expense reimbursement codes for attorney fees related to bankruptcy.

Freddie Mac Bulletin 2009-14 (6/17/09), includes link to "Exhibit 57: 1- to 4-unit Property Approved Expense Amounts" containing the updated maintenance allowables.

Bulletin 2008-6 (12/18/08) -- Changes to Selling & Servicing Requirements, includes Exhibits

Bulletin (1/9/09) and Bulletin (12/12/08) -- Streamlined Loan Modification Program

CHAPTER 10 - HUD Insured Loans

CHAPTER 11 - USDA - Rural Development

The Single Family Housing Guaranteed Loan program has provided a spreadsheet with work sheets for each state containing the contact information of Guaranteed Rural Housing (GRH) processing offices nationwide. The worksheets include point of contact, email addresses, delivery addresses, telephone numbers, and fax numbers. Further questions regarding program delivery can be made to each state or to the national office at 202.702.1452.

MGIC has created time frames to provide, by state, an appropriate time interval between the due date of the first unpaid installment and claim filing. The state time frames were established by adding the following time intervals: 4 months from the date of the first unpaid installment to initiate foreclosure action; a time period to acquire title to the property, varying by state and method of foreclosure, and 60 days from title acquistion to submit the claim. Time frames chart: click here.

NMSRD -- The National Mortgage Servicer's Reference DirectoryTM (27th ed.) Links

NMSRD -- The National Mortgage Servicer's Reference Directory^TM (27^th ed.) Links