Single-Family SS Memo 17-02
Date: January 31, 2017
SERVICING GUIDE REVISIONS: CONTACT SERVICING
AHFC Servicing Guide Revision Review
The following sections have been revised in the final stage of the Servicing Guide Revision Project. Areas within the Guide have been reworded to more clearly state the Servicing requirements without changing the existing requirements. Additional changes have been made to the following sections:
FORECLOSURES AND REPOSSESSIONS
Non-Judicial or Summary Foreclosure Timeline Changes
Within 7 calendar days of recording the Notice of Default (NOD), Servicer must provide a copy to AHFC and submit a TSG Certification. At least 60 days prior to the foreclosure sale date, Servicer must notify AHFC of the occupancy status and request instructions for obtaining property value. At least 20 days prior to the foreclosure sale date, Servicer must submit a valuation package to AHFC to obtain bidding instructions.
The Servicer must notify AHFC of a postponed foreclosure sale no later than 3:00 PM on the scheduled day of the sale.
Third Party Sales
(13001.14.E & 13001.14.F)
The Servicer must remit the sales proceeds to AHFC within 3 business days of the recording of the trustees deed. The Servicer must submit the Claim for Reimbursement (Form SER-70) within 60 days of the recording of the trustees deed.
REAL ESTATE OWNED
REO Case File
REO Case File (Form SER-90A) has been renamed Property Transfer Checklist.
A section has been added to clarify the Servicers responsibilities with utilities after acquiring property.
REO DISBURSEMENT PROCEDURES
Invoice copy submission is waived if charges are included in the guarantor/insurers claim payment. Deadline for appealing AHFCs claim payment determination has been extended to 60 days after notification by AHFC
Procedures for Submission of a Claim for Reimbursement (Form SER-70)
Deadline for submission of a Claim for Reimbursement has been extended to 60 days after the action (loss mitigation, foreclosure or conveyance).
Delegated Authority for Replacement Reserves has been added.
Unauthorized Transfer of Ownership
Unauthorized Transfer of Ownership notice to AHFC has been changed from immediately to within 5 business days.
MULTI-FAMILY DELINQUENCY SERVICING
Entire section expanded to state additional details on existing requirements.
A demand letter must be sent on or before the 45th day of delinquency. Servicer to consult individual loan documents and, if applicable, comply with the insurer/guarantor requirements.
Notification of Recommended Action
Submission of a Notification of Recommended Action (Form SER-71) has been changed from no later than the 45th day of delinquency to not later than the 60th day of delinquency.
Delinquent Property Inspection
This section has been expanded with additional details on the content of the inspection reports, inspection photo requirements and vacant property inspections.
Assignment of Rents
A new section has been added for Assignment of Rents guidelines.
The Servicer notification to AHFC of adverse conditions at property has been changed from immediately to within 5 business days.
The Bankruptcy Proceedings section has been replaced with the following statement: See Section 13000.12 for the Servicing guidelines on Bankruptcy Proceedings.
MULTI-FAMILY DELINQUENCY SERVICING
The following additions have been made:
Notice of Default
Within 7 calendar days of recording of the Notice of Default, the Servicer must submit a copy to AHFC and notify AHFC of liens and encumbrances on the Trustees Sale Guarantee (TSG).
(Sections 21001.09.D and 21001.09.E)
Servicer must notify AHFC of the occupancy status of the property and request instructions for determining the value of the property 60 days prior to foreclosure.
Valuation Package and Servicer Opening Bid Recommendation
Servicer must submit a valuation package and Servicer opening bid recommendation to AHFC 30 days prior to the sale.
Bidding instructions are to be obtained by the Servicer from AHFC no later than 20 days prior to the foreclosure sale date.
Foreclosure should be completed within 8 months of the date of default.
Servicer is to notify AHFC of the sale results by 3:00 PM on the day of the sale.
Property Transfer Checklist
Property Transfer Checklist (Form SER-90A) is to be submitted to AHFC within 10 calendar days of the sale.
Real Estate Owned
This section has been replaced with the following statement: Refer to section 15000.
Real Estate Owned
Section has been removed.
FORM/GUIDE REVISIONS: CONTACT SERVICING
(Only available in PDF - Adobe Acrobat or Adobe Reader is required to read/print PDF files.)
- Section 12000.09
- Section 12000.10
- Section 12004.02
- Section 13000.06
- Section 13000.07
- Section 13000.08
- Section 13000.09
- Section 13000.11
- Section 13000.12
- Section 13001.05
- Section 13001.06
- Section 13001.07
- Section 13001.08
- Section 13001.09
- Section 13001.10
- Section 13001.11
- Section 13001.12.C
- Section 13001.13.A
- Section 13001.14
- Section 15000.01
- Section 15000.02.A
- Section 15000.02.C
- Section 15000.02.D
- Section 15000.03
- Section 16000
- Section 16001
- Section 17000
- Section 21000.03.B
- Section 21000.04
- Section 21000.08.E
- Section 21001
- Section 21003.05