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USFN 25th Anniversary

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BACK TO THE NMSRD

NMSRDTM - The National Mortgage Servicer's Reference DirectoryTM

TABLE OF CONTENTS (30th ed.)

 

 

 



 

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 - The newest topic 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 - The newest topic added is "Tenant Protections."

   • 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
   • 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

BACK TO TOP


CH 2: LOAN SATISFACTION AND RECONVEYANCE REQUIREMENTS

   • Introduction
   • State-by-state Review

BACK TO TOP


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

BACK TO TOP


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

BACK TO TOP


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

BACK TO TOP


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

BACK TO TOP


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

BACK TO TOP


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

BACK TO TOP


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.

BACK TO TOP


     
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