Seller/Servicer Memorandum 22-07
Date: July 27, 2022
From: Jan Miyagishima
Director, Mortgage Operations
SERVICING GUIDE REVISIONS: CONTACT SERVICING
· 4. A. The words “or closed” were removed. A new Form SER-15 or SER-16 is not required when the account is closed.
· 4. b. The words “or account closeout” were removed. A new form SER-18 is not required when the account is closed.
Cancellation of Mortgage Insurance - Clarification
· A. Automatic termination for Conventional Mortgage Insurance changed from 80% to 78%, to align with MI requirements.
This change originated with the June 14, 2021 guide update, however is effective the date of this memo.
Foreclosure and Repossessions
· Servicer to provide AHFC with a recommendation for type of value(s) necessary to determine bid amount for the sale.
· Remitting Third Party Sale Proceeds to AHFC changed from 3 business days to 5 business days.
· AHFC will no longer be providing a confirmation number. Servicers will now receive a confirmation response email from AHFC.
Real Estate Owned
· Change due to USDA eliminating need for REO disposition plans: Servicer will maintain coverage until the claim settlement date. AHFC will maintain coverage from settlement claim date through date of property disposal.