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FHA Post Foreclosure Claims February 16, 2006 Phoenix, AZ Moderator: Bob Lyons Panelists:

Rolling Defaults . . Although subsequent payments may be sufficient to advance the date of default when applied to overdue monthly payments, if the time requirement to initiate foreclosure or record a deed-in-lieu has been missed the application of such payments will not change the mortgagee's fa

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FHA Post Foreclosure Claims February 16, 2006 Phoenix, AZ Moderator: Bob Lyons Panelists:

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    1. FHA Post Foreclosure Claims February 16, 2006 Phoenix, AZ Moderator: Bob Lyons Panelists: Jodi Gaines, Vice President, Claims Recovery Financial Services LLC Leslie Bromer, U.S. Department of Housing and Urban Development Sarah Martin, U.S. Department of Housing and Urban Development Ann Thorn, Vice President, Washington Mutual Joseph Morrison, Vice President, M&T Bank Michelle Stockdale, Assistant Vice President, ABN AMRO

    2. Rolling Defaults

    3. Loss Mitigation

    4. Reasonable Diligence Two Deed Process Where possession is an issue, lenders must request that the foreclosure deed be issued in the lenders name so that any required eviction action can be taken in the lenders name. In a two deed state, the reasonable diligence timeframe is measured from the first legal action to the date the foreclosure deed records. An allowance for the time the foreclosure was delayed due to delays beyond the mortgagees control such as court, sheriff or bankruptcy delays are added to the allowable timeframe without obtaining an extension from HUD.

    5. Reasonable Diligence Two Deed Process (contd) Supporting documentation must be available in the post claim review file to be considered. The eviction must be commenced within 30 days of the foreclosure sale deed recording or expiration of redemption, confirmation or ratification (whichever is later and applicable).

    6. Reasonable Diligence Direct Deed to HUD Where possession in not an issue (the property was abandoned or HUD granted permission to convey occupied), the timeframe is measured from the first legal action to the date that title to HUD is filed for record (and the HUD-27011, Part A is filed). The total time allowed to complete foreclosure will include the state reasonable diligence time allowance and an additional 30 days. There is no regulatory provision to add any time for an eviction.

    7. Conveying Damaged Properties

    8. Conveying Damaged Properties (contd)

    9. Reconveyances

    10. Reconveyances (contd) Timeframes is which a property may be reconveyed to the servicer will all depend on the reason for the reconveyance. Damaged Property vs. Title Issues. If the M&M has a potential purchaser prior to the title package being submitted and its determined title is not clear, the M&M may submit an intent to reconvey. Once the servicer has addressed all reconveyance issues and submits a request (with required documentation) to the M&M to inspect the home, verify title is acceptable etc. The M&M should respond in a timely manner. If not, these matters need to be escalated. Properties (mobile homes) are being sold prior to submission of title and HUD will not generate a TAL to file the final Part B. These items need to be escalated.

    11. Reconveyances Accepted into Inventory Once the mortgagee clears title, completes necessary repairs and determines the property is ready to be conveyed back to HUD, the mortgagee must prepare and submit a reconvey package to the Local M&M requesting permission to convey again. A copy of the M&M approval must be included with the paper reconveyance claim, 27011 Part A, sent to the Claims Branch, ATTN: Nettie James. Write RECONVEYANCE on the reconveyance claim package. The claim will be reviewed manually and, if it passes all the edits, the claim proceeds will be disbursed via Treasurys ACH process.

    12. Mortgagee Letter 2005-30 Effective September 1, 2005

    13. Top 10 FHA Claim Mistakes Based on FHA Post Claim Reviews conducted and closed in FY 2005 ....

    14. Top 10 FHA Claim Mistakes 10. Claiming expenses incurred after conveyance date 9. Missing receipts or improper supporting documentation 8. Claiming inappropriate attorney overhead expenses. 7. Missed time requirements on Part A

    15. Top 10 FHA Claim Mistakes 6. Untimely SFDMS reporting status 68 5. Not including HIP/ insurance premium refunds due to HUD 4. Excessive Part B debenture interest 3. Unsupported or inappropriate insurance benefits. 2. P&P discrepancies

    16. The Most Common Finding on FHA Post Claim Reviews 1. Compliance Discrepancies

    17. Thank You! Time for Questions!

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