NMSRD -- The National Mortgage Servicer's
Reference DirectoryTM (25th
ed.) Links
*These updates all refer to the 25th edition of the
NMSRD, which was released in September 2008. (Please check
to make sure that your edition is current. If it's not, click here for
information on ordering the 25th ed.)
CHAPTER 1 - State Summaries
- Estimated Foreclosure Timelines --
Updates for New York(New
York City and Long Island), New York(Outside
New York City and Long Island), North
Carolina, and Rhode
Island.
California update: "Enhanced" notice of sale for
loans secured by residential real property where the billing address for
the mortgage note is different from the property address. (effective
9/6/08)
CHAPTER 9 -
Servicemembers Civil Relief Act (SCRA)
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. Because those changes were implemented as the NMSRD (25th
ed.) was going to print, the following updates are being posted in this
section:
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 will remain in effect until
12/31/2010. Section 533 will revert back to the prior version on
1/1/2011.
Servicemembers
Civil Relief Act
- Online Military Service Verification (available to the
public - no password required)
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.
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CHAPTER 10 -
FANNIE MAE
Introduction of the Streamlined Loan Modification Program -- Announcement
08-33 (12/12/08)
Single-Family Master Trust Agreement, the Amended and Restated 2007
Single-Family Master Trust Agreement, and Certain Servicing
Clarifications and Changes, Including Expanded Loss Mitigation
Flexibility -- Announcement
08-31 (12/8/08)
Issuance of a Temporary Halt to Foreclosures and Evictions -- Lender
Letter 04-08 (11/20/08)
New Foreclosure and Bankruptcy Attorney Network and Attorneys' Fees
and Costs -- Announcement
08-19 (8/6/08)
Increase in Incentive Fees for Loss Mitigation Alternatives -- Announcement
08-20 (8/11/08)
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CHAPTER 11 - FREDDIE
MAC
Bulletin
2008-6 (12/18/08)
Streamlined Loan Modification Program -- Bulletin (12/12/08)
Suspension of Foreclosure Sales and Evictions (11/20/08) -- Press
Release
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CHAPTER 12 - HUD Insured
Loans
CHAPTER 13 - 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.
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CHAPTER 14 - Veterans
Administration
CHAPTER 15 - PRIVATE MORTGAGE
INSURANCE
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.
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