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Single-Family SS Memo 18-06

Date: August 21, 2018 

SERVICING GUIDE REVISIONS: CONTACT SERVICING 

Custodial Accounting – Letters of Agreement for Custodial Accounts
(Section 11002) 

Effective immediately, the Servicer should send notification to AHFC within 10 business days when a custodial account is opened, changed or closed.

Delinquencies (Collection of Delinquencies)
(Sections 13000.06, 13000.09 and 13000.10)

The collection activity requirements have been updated for guidance with servicing delinquent loans. The changes include clarification on delinquent notices sent, early payment default borrower contact requirements, servicer documented collection efforts, forbearance, repayment plans and delinquent loan modifications.

Multi-Family Delinquency Servicing (Delinquencies and Events of Default)
(Sections 21001.01.A, 21001.01.B, 21001.05 and 21001.06)

The collection activity requirements have been updated for guidance with servicing delinquent loans. The changes include clarification on delinquent notices sent, early payment default borrower contact requirements, servicer documented collection efforts, forbearance, repayment plans and delinquent loan modifications.

Bankruptcy Proceedings (Notification)
(Sections 13000.12.A and 13000.13)

The following notification guidelines have been added:

Section 13000.12.A: The Servicer should send notification to AHFC within 10 business days after a bankruptcy case has been dismissed, discharged or closed. The guide changes in this section also include clarification of the section and notification to AHFC as material events in the bankruptcy case occur.

Section 13000.13: The Servicer should send notification to AHFC within 5 business days of a Chapter 13 Stripdown filing, default of the payment plan or granting of “Relief from Stay”.

Foreclosure Sale Third-Party Bids
(Sections 13001.14.E and 13001.14.F)

Sales proceeds on properties disposed of through a third-party bid at a foreclosure or repossession sale must now be remitted to AHFC within 5 business days of the sale.

Real Estate Owned
(Section 15000.02.D.4)

The requirement of utilities being placed in the Servicers name has been replaced with utilities are to be managed by the Servicer.

REO Disbursement Procedures
(Section 16000.03.H)

The requirement of providing invoices from the actual business that performed the work has been removed. 


GUIDE REVISIONS: CONTACT SERVICING

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