SS Single Family Memo 17-07
Date: November 2, 2017
SERVICING GUIDE REVISIONS: CONTACT SERVICING
AHFC SERVICING GUIDE UPDATES
Multi-Family Reserves for Replacements and Other Escrows (Escrow Deposit Accounts)
Delegated authority for replacement reserves has been moved to Section 21000.04 (Reserve and Other Escrow Accounts).
Reserve Accounts (Multi-Family Servicing)
Replacement reserve requirements have been updated to include a new section for Servicer delegated replacement reserves, periodic reviews of the replacement reserve accounts and recapture of replacement reserve fund requirements.
The rent-up reserves, operating reserves, escrows for completion and equity extraction escrow sections have been updated for the required documentation, monitoring the timely transfer to the operating account and reporting requirements.
Transfer of Ownership (Security and General Procedures)
The Transfer of Ownership section has been restated for clarity of allowable types of Transfer of Ownership changes to include transfer to a Revocable Trust.
Borrower Name Changes (Security and General Procedures)
The Borrower Name Changes section has been updated to add name change notification to AHFC upon death of borrower.
Modifications (Security and General Procedures)
The Modifications section has been revised to include the requirement that obtaining Insurer/ Guarantor approval for a loan modification is the responsibility of the Servicer.
Reporting Sale Results to AHFC (Foreclosure and Repossessions)
Sections 13001.15 and 13001.16 have been combined. Clarification has been added to bidding amount and occupancy reporting information. Hazard insurance information will no longer be required when reporting sale results, as it should have already been reported to AHFC. Additionally, AHFC will now only require confirmation of square footage and tax assessed values for Conventional loans without MI.
FORM/GUIDE REVISIONS: CONTACT SERVICING
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