1 / 17

Evaluation

Evaluation. Borrower Solicitation and response and Servicer evaluation. Servicers must comply with the evaluation hierarchy and solicitation requirements What the Servicer must do when extending a HAFA short sale offer to the Borrower.

thane
Télécharger la présentation

Evaluation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Evaluation

  2. Borrower Solicitation and response and Servicer evaluation • Servicers must comply with the evaluation hierarchy and solicitation requirements • What the Servicer must do when extending a HAFA short sale offer to the Borrower

  3. Borrower Solicitation and response and Servicer evaluation • If Freddie Mac approves the Borrower for a HAFA Deed-in-Lieu • What the Servicer must include in the evaluation notice

  4. Evaluation Criteria • If a HAFA-eligible Borrower responds to the Servicer's solicitation. • If the Borrower was previously considered for HAMP.

  5. Evaluation Criteria • The documentation • What the Servicer is not required to obtain.

  6. Evaluation Criteria • If the Servicer must order a new credit report • If a HAFA Short Sale or Deed-in-Lieu is completed

  7. Evaluation Criteria • There are a number of criteria required from the Borrower to be eligible for an SSA • Explained in the following slides.

  8. Borrower Criteria • The Borrower must currently occupy the Mortgaged Premises • The Servicer must obtain a credit report from the Borrowers

  9. Borrower Criteria • What must be submitted • What the Servicer must process

  10. Borrower Criteria • Have Cash Reserves ,determined as follows: • Principal and interest • Monthly pro rata amount for real estate taxes, property and flood insurance • Monthly pro rata amount of homeowner's association/condominium fees • Any Escrow payment shortage amounts subject to a repayment plan

  11. Cash Reserves • The process for calculating and verifying Cash Reserves: • 1) The Servicer must determine the Borrower's Cash Reserves • 2) If the Servicer observes interest, dividend income or gains/losses

  12. Cash Reserves (cont) • 3) If there are inconsistencies between the Borrower's disclosure of assets and the tax return information • 4) Based on the Cash Reserves test, if the Servicer determines that the Borrower's Cash Reserves exceed the greater of $5000 or three times the monthly payment.

  13. Mortgage Premises Criteria • The Servicer must order an interior Broker's Price Opinion (BPO) or appraisal using the 90 day "as is" marketing value from Freddie Mac's web site at https://www.bpodirect.com • The BPO or appraisal may not be more than 30 days old

  14. Mortgage Premises Criteria • The Servicer must review the BPO or appraisal • The Borrower pay in advance for the valuation to the Servicer.

  15. Mortgage Insurer Approval • If the Mortgage is covered by mortgage insurance

  16. Title Criteria • The Servicer must review readily available information provided by the Borrower

  17. Title Criteria • When the Borrower is ineligible for a HAFA Short Sale or a HAFA Deed-in-Lieu. • If the Servicer's review of the title information reveals a lien, claim, encumbrance or defect that prevents the Borrower from conveying clear, marketable title to the Mortgaged Premises

More Related