NMSRD Table of Contents

 

 

CH 1: STATE SUMMARIES

CH 2: LOAN SATISFACTION AND RECONVEYANCE REQUIREMENTS

CH 3: BANKRUPTCY

CH 4: DEFICIENCY RECOVERY

CH 5: FAIR CREDIT REPORTING ACT

CH 6: FAIR DEBT COLLECTION PRACTICES

CH 7: SERVICEMEMBER'S CIVIL RELIEF ACT

CH 8: FANNIE MAE

CH 9: FREDDIE MAC

CH 10: HUD INSURED LOANS


CH 11: USDA - RURAL DEVELOPMENT

CH 12: VETERANS ADMINISTRATION

 

CH 13: PRIVATE MORTGAGE INSURANCE

 


  

CH 1: STATE SUMMARIES [and STATE STATUTES]

Chapter One of this publication addresses myriad mortgage loan management and servicing topics, state-by-state, in a summary (narrative) section and also in a statute (list) section. Examples of servicing topics covered are provided below.

In the Summary Section - One of the newest topics added is "Pre-Foreclosure Notices and Other Requirements." - sample excerpt

• Assignments
• Breach Letter Requirements
• Condemnation
• Death of an Owner/Borrower
• Deed-in-Lieu of Foreclosure
• Deficiency Judgment after Sale
• Documents needed to Initiate Foreclosure
• Eviction Synopsis
• Forbearance Agreements
• Foreclosure Synopsis - sample excerpt
• Foreclosure Timelines – one for each state, following the state's narrative
• Judicial Foreclosure - sample excerpt
• Mediation - sample excerpt
• Nonjudicial Foreclosure - sample excerpt
• Possession after Foreclosure
• Postponement of Sale
• Post-Sale/Conveyance After Foreclosure
• Pre-Foreclosure Notices & Other Requirements - sample excerpt
• Publication Requirements
• Recoverable (or Reimbursable) Fees and Costs
• Re-conveyance
• Redemption
• Reinstatement
• Sale Continuances
• Sale Rescission
• Statutes of Limitations on Foreclosure Actions
• Substitutions of Trustee

In the Statutes Section

• Abusive Home Lending Practices
• Assignment of Bids
• Assignments of Rents
• Assumption
• Bidding at Sale
• Bidding Strategies
• Debt Collection Statutes
• Deficiency Judgment after Sale
• Documentary Transfer Tax
• Due on Sale Clauses
• Equitable Subrogation
• Escrow Accounts
• Escrow Administration
• Excess Foreclosure Sale Proceeds
• Fast Track Demolitions
• Foreign Language Accommodation
• Hazardous Waste
• Home Owner Associations
• Insurance
• Insurance Losses
• Interest on Impound Accounts
• Interest Rate Increases
• Internet Publication
• Junior Liens
• Late Charges
• Loan Modifications (non-bankruptcy)
• Loan Satisfaction
• Manufactured Housing/Mobile Homes
• Mechanic’s Liens
• Military Servicemember Requirements
• Mortgage Insurance Cancellation
• Mortgagor Request
• Non-Resident Landlords
• Non-Sufficient Funds Fees
• Notary Requirements
• Notice of Default/Acceleration
• Payoff Statement Requests
• Predatory Lending
• Prepayment Penalties
• Privacy/Info Sharing
• Property Inspections
• Property Maintenance and Preservation
• Record Retention
• REO Condition Disclosure
• Resident Office
• Reverse Mortgage Servicing
• Rights of Reinstatement
• Sale of Servicing
• Short Sales
• Spousal Signature
• Super Liens
• Tax Sale Procedures
• Taxes
• Tenant Protections
• Title Evidence
• Title Insurance
• Toll-free Phone Requirements
• Vacant Property Requirements
• Water Liens

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CH 2: LOAN SATISFACTION AND RECONVEYANCE REQUIREMENTS


• Introduction
• State-by-state Review

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CH 3: BANKRUPTCY

(Part 1)
• Introduction
• The Automatic Stay
• Chapter 7
• Chapter 13
• Chapter 11
• Abusive Filings
• Foreclosure Sales, “Reasonably Equivalent Value”
• Bankruptcy Reform Overview
• Introduction and Background
• Effective Date
• Summary of Effect
• Analysis of Specific Changes
• Adoption of a Means Test
• Debtor Education
• Increased Filing Requirements
• Notice to Creditors
• Discouraging Bankruptcy Abuse
• Treatment of Secured Claims
• Valuation
• Truth in Lending Amendments
• Miscellaneous Changes to Chapter 13
• Chapter 11 Cases Filed by Individuals
• Child Support
• Consumer Protections
• Post-Discharge Communications with Debtors
• Initial Expectations
• Additional Resources
• Endnotes

(Part 2)
• Electronic Developments in the BK Courts
• Electronic Case Filing
• Electronic Access to Courts
• U.S. BK Clerks of Court Contact Information
• Chapter 13 Trustee Web Access

BACK TO TOP



CH 4: DEFICIENCY RECOVERY

• Overview
• State Chart

BACK TO TOP



CH 5: FAIR CREDIT REPORTING ACT

• Mortgage Servicers as Providers of Information
• Mortgage Servicers as Users of Consumer Reports
• Rejection of a Workout by Mortgage Servicer based on a Consumer Credit Report
• Obtaining Credit Information for Improper Purposes
• Address Discrepancies
• Mortgage Servicers as Consumer Reporting Agency
• When Borrower has Claimed ID Theft
• Sharing of Mortgage Servicing Information
• Servicing Loans Involved in BK Proceedings
• Credit
• Non-Recourse Loans
• The Bankruptcy Chapter 7 Discharge
• The Difference Between Threats and Reporting
• Civil and Criminal Penalties
• Regulatory Authority
• State Fair Credit Laws and Federal Preemption
• Endnotes

BACK TO TOP



CH 6: FAIR DEBT COLLECTION PRACTICES

• Background and Scope
• State Fair Debt Collection Practices Laws
• State Statutory Authorization
• State Contacts
• Excerpts from the Federal FDCPA
• § 1692a. Definitions
• § 1692b. Acquisition of location information
• § 1692c. Communication
• § 1692d. Harassment or abuse
• § 1692e. False or misleading representations
• § 1692f. Unfair practices
• § 1692g. Validation of debts
• § 1692h. Multiple debts
• § 1692i. Legal actions by debt collectors
• § 1692j. Furnishing certain deceptive forms
• § 1692k. Civil liability

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CH 7: SERVICEMEMBERS CIVIL RELIEF ACT

• Background
• Purpose
• Protected Parties
• Mortgage Foreclosures
• Interest Rate Reduction
• Waiver of Rights
• Tolling of Redemption
• Penalties
• Homeownership Counseling & SCRA Disclosure
• Other Provisions
• Recommendations
• Conclusion

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CH 8: FANNIE MAE

• Overview
• Hope Now Alliance
• Staffing Levels for Default-Related Activities
• Required Delinquency Management Actions
• Introduction of Adverse Action Ntoice (Form 182)
• Property Inspections (and Property Preservation Matrix)
• Loss Mitigation Fees
• Default & Loan Liquidation Reporting
• Credit Reporting
• Bankruptcies
• Commencement and Prosecution of Foreclosure
• Temporary Suspension of Foreclosure Proceedings
• Bidding Instructions
• Insurance Claims on Acquired Properties
• Foreclosure and Bankruptcy Attorneys
• Evictions
• Allowable Fees and Costs
• Fannie Mae Fee Chart
• Optimum Foreclosure Time Frames
• National Property Disposition Center
• Fannie Mae Offices

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CH 9: FREDDIE MAC

• Commencement of Foreclosure and the Home Affordable Modification Program (HAMP)
• Servicemembers Civil Relief Act (SCRA)
• Selecting Counsel or Trustee
• Foreclosure Bidding
• Preserving Deficiency Rights
• Foreclosure & Bankruptcy Time Frames
• Foreclosure Time Frames
• Allowable Fees and Expenses
• Property Preservation
• Maintenance Allowables
• Record Retention
• MERS Membership
• Disaster Relief Information
• Credit Reporting
• Freddie Mac Servicing and REO Regional Office Information

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CH 10: HUD INSURED LOANS

(Part 1)
• HUD History
• Recent Changes
• Disaster Resource Information
• Collection Requirements
• Default Reporting

(Part 2)
• HUD Loss Mitigation Programs
• Tier Ranking
• HUD’s Neighborhood Watch Program
• HUD’s Accelerated Claims Disposition Demo
• HUD Quality Control Program

(Part 3)
• Commencement of Foreclosure
• HUD Policy Regarding Mortgage Cramdowns
• Property Preservation & Post-Endorsement Fees
• Allowable Foreclosure Attorney Fees
• HUD Foreclosure Time Frames
• Foreclosure Time Frame Chart
• HUD HQ Directory
• FHA Connection
• HUD Homeownership Centers & Resource Center
• Management and Marketing Contractors
• Process for Mortgagee Appeals
• HUD Debenture Rates
• REO Preservation & Protection Cost Schedules
• Data Codes

BACK TO TOP



CH 11: USDA - RURAL DEVELOPMENT

• Single Family Housing Guaranteed Loan Program (§ 502)
• Applicant Eligibility
• Lender Approval
• Standards
• Approval
• Information
• Monthly and Quarterly Default Reporting
• LINC Training and Resource Library
• Loss Mitigation
• Servicing Plan
• Servicing Early Delinquency Loans
• Early Intervention
• Involuntary Inability to Pay
• Default Counseling
• Informal Forbearance Plans
• Borrower’s Ability (Capacity) to Cure
• Sale of the Property
• Lender’s Loss Mitigation Actions
• Loss Mitigation — General Information
• Default Status of the Loan
• Owner Occupancy
• Other Eligibility Factors
• 90-Day Review
• Curable Default
• Noncurable Default
• Monthly Evaluation
• Evaluating the Borrower’s Financial Condition
• Ineligible Borrower
• Combined Options
• Property Condition
• Servicing Plan and Loss Mitigation Checklists
• Foreclosure
• Time to Initiate Action
• Lender Reporting
• Extension Requests
• Option Failure
• Documentation
• Special Forbearance
• Special Provisions when the Cause of Default is Unemployment
• Loan Modification
• Pre-Foreclosure Sale
• Deed-in-Lieu of Foreclosure
• Liquidation
• Property Disposition Plan (PDP)
• Loss Claims and Future Recovery
• Manual & Automated GRH Loss Claim Processes
• Foreclosure Sale Bids
• Reimbursement of Attorney and Trustee Fees
• Acceptable Foreclosure Time Frames
• USDA Office Directory
• USDA National Office Staff
• USDA State Office Staff

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CH 12: VETERANS ADMINISTRATION

• History
• Loan Administration Redesign
• VA Loan Electronic Reporting Interface (VALERI)
• Overview of Changes
• VALERI Operational Information
• Servicing Changes under VALERI
• Loan Servicing
• Electronic Reporting Requirements
• Partial Payments
• Late Charges
• Prepayments
• Loss Mitigation
• Servicing Time Frames and Cutoffs
• Foreclosure Time Frames
• Attorney Fees
• Allowable Attorney Fees and Outsourcing
• Property Preservation
• Reimbursement for Expenses/Advances
• Bidding Instructions
• Right to Convey Property to the VA
• Title Documents on Conveyances
• Other Conveyance Issues
• Claims under Guaranty
• Post-Audits
• Servicer Tier Rankings
• Refunding
• Special Requirements for 4600 Repurchase
• Natural Disasters Resource Information
• Servicemembers Civil Relief Act (SCRA)
• WebGIL Application for Servicer Status Inquires
• Additional Information Sources
• VA Central Office Staff

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CH 13: PRIVATE MORTGAGE INSURANCE

• Overview
• Genworth Mortgage Insurance Corp.
• Mortgage Guaranty Insurance Corp.
• PMI Mortgage Insurance Co.
• Radian Guaranty Inc.
• Republic Mortgage Insurance Co.
• Triad Guaranty Insurance Corp.

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