SS Memo 08-04

SELLING GUIDE REVISIONS: CONTACT UNDERWRITING

Date: July 11, 2008

Mortgage Guides Update

Attached is an Update Summary highlighting revisions to AHFC’s online mortgage guides from 01/04/08 to date of this memorandum.

SERVICING GUIDE REVISION: CONTACT SERVICING

Attorney Fees and Legal Costs (SER-86)
(Section 13001.10)

AHFC is amending Section 13001.10 and the SER-86 to include actual third party filing costs as reimbursable fees and costs. Servicers should begin using the revised SER-86 effective immediately.

Assistance Provider (APIRR)
(Section 12004)

AHFC is revising the Servicing Guide Section 12004.03 and .05 to adjust the dates for providing annual compliance documentation of inspections and annual certification for all Assistance Provider Loans. The anniversary date of the loan will be the first payment due date.

Assistance Provider Certification of Status (SER-95)

Servicers should begin using the new SER-95, Certification of Status, when submitting the annual compliance documentation to AHFC. AHFC will no longer require evidence of the number of clients under assistance.

COMMON INTEREST COMMUNITIES GUIDE REVISIONS: CONTACT SERVICING

Throughout the Common Interest Communities Guide the phrase “Mortgage Holders, Insurers, or Guarantors, has been replaced by “Mortgage Holders,” to more accurately reflect the Association’s contact for servicing related issues.

Rights of Condominium Mortgage Holders
(02.V.1.a)

Any condemnation or casualty of $10,000 or more, of the Project or a unit securing its mortgage, must be reported in writing to the Mortgage Holder. Previously there has been no established dollar amount (high or low) for reporting purposes.

FORM GUIDE REVISIONS

Replacement forms are available in MSWord and PDF. (Adobe Acrobat is required to read and print PDF files.)

  • SER-86     ser86.doc     ser86.pdf
  • SER-95     ser95.doc     ser95.pdf

Attachments

Attachments in PDF only.

  • 08-02 Mortgage Guides Update Summary