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USFN 20th Anniversary

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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

  1. 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

  1. Online Military Service Verification (available to the public - no password required)

  2. 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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  4. 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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