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
(Section 13001.06.C)

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.

Postponement
(Section 13001.12.C)

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
(Section 15000.02.A.2)

REO Case File (Form SER-90A) has been renamed Property Transfer Checklist.

Utilities
(Section 15000.02.D.4)

A section has been added to clarify the Servicers responsibilities with utilities after acquiring property.

REO DISBURSEMENT PROCEDURES

Introduction
(Section 16000.01)

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)
(Section 16000.02)

Deadline for submission of a Claim for Reimbursement has been extended to 60 days after the action (loss mitigation, foreclosure or conveyance).

MULTI-FAMILY SERVICING

Replacement Reserves
(Section 21000.04.A)

Delegated Authority for Replacement Reserves has been added.

Unauthorized Transfer of Ownership
(Section 21000.08.E)

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.

Demand Letter
(Section 21001.01.A.7)

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
(Section 21001.01.A.10)

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
(Section 21001.01.C)

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
(Section 21001.01.D)

A new section has been added for Assignment of Rents guidelines.

Servicer Notification
(Section 21001.04.A)

The Servicer notification to AHFC of adverse conditions at property has been changed from immediately to within 5 business days.

Bankruptcy Proceedings
(Section 21001.07)

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
(Section 21001.08.B)

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).

Occupancy Status
(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
(Section 21001.09.F)

Servicer must submit a valuation package and Servicer opening bid recommendation to AHFC 30 days prior to the sale.

Bidding Instructions
(Section 21001.09.G)

Bidding instructions are to be obtained by the Servicer from AHFC no later than 20 days prior to the foreclosure sale date.

Foreclosure Completion
(Section 21001.09.H)

Foreclosure should be completed within 8 months of the date of default.

Sale Results
(Section 21001.09.I)

Servicer is to notify AHFC of the sale results by 3:00 PM on the day of the sale.

Property Transfer Checklist
(Section 21001.09.J)

Property Transfer Checklist (Form SER-90A) is to be submitted to AHFC within 10 calendar days of the sale.

Real Estate Owned
(Section 21001.10)

This section has been replaced with the following statement: Refer to section 15000.

Real Estate Owned
(Section 21002)

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.)

REVISED FORMS

ATTACHMENTS