NMSRD -- The National Mortgage Servicer's
Reference DirectoryTM (26th
ed.) Links
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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.
CHAPTER 7 - 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 8 -
FANNIE MAE
HAMP -- See USFN's Client
Resource Center
Reverse Mortgages -- Announcement
SVC-2010-01 (Trial Balance Reconciliation Requirements
for Reverse Mortgage Loans, 1/15/10)
"First
Look" Initiative
(11/24/09)
Deed-for-Lease
Program (D4L) -- Announcement
09-33 (11/5/09)
Announcement 09-38
(12/24/09) and Announcement
09-27 (8/5/09) -- Miscellaneous Servicing Policy
Changes
Servicing Policy Updates "New
Modification Program Resources Available"
New Notice of Transfer of
Mortgage Loan Ownership (6/16/09) -- Lender
Letter 05-2009
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)
Miscellaneous Policy Changes -- Announcement 09-03 (2/24/09) and Property Preservation Matrix and Reference
Guide.
Servicing Policy Update -- Changes
to Loan Modification Agreements (2/3/09)
News Release -- Fannie
Mae Announces National REO Rental Policy (1/13/09)
Streamlined Loan Modification Program Webpage,
with reference to 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)
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 9
- FREDDIE MAC
HAMP -- See USFN's Client
Resource Center
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.
Home
Affordable Modification program Web page --
See Bulletin
2009-8 (4/7/09), Bulletin
2009-10 (4/21/09), Bulletin
2009-13 (5/26/09), and Bulletin
2009-19 (7/13/09) for Freddie Mac's requirements
concerning the Home Affordable Modification program. REO
Rental Initiative launched (announced 3/5/09). Further, Freddie Mac
has stopped FORECLOSURE SALES on loans eligible for the Home Affordable
Modification program. Also see Bulletin 2009-5 (3/4/09), Bulletin
2009-9 (4/16/09), Bulletin
2009-12 (5/12/09), Bulletin
2009-15 (6/26/09), Bulletin
2009-20 (7/24/09), and Bulletin
2009-21 (8/4/09) regarding Relief
Refinance MortgageSM. HAMP -- also see USFN's Client
Resource Center.
Homeowner Affordability and
Stability Plan
News
Release re New Workout Plan for High Risk Loans
(2/3/09)
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
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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.
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CHAPTER 12 - Veterans
Administration
CHAPTER 13 - 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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