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PROPERTY PRESERVATION SESSION

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PROPERTY PRESERVATION SESSION - PowerPoint PPT Presentation


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PROPERTY PRESERVATION SESSION. February 16, 2006. Panelists. Caroline Reaves, First American National Default Outsourcing, Moderator Laurie Maggiano, HUD Leslie Bromer, HUD Sherilee Massier, Wells Fargo Joe Morrison, M&T Mortgage Robert Klein, Safeguard Properties

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Presentation Transcript
panelists
Panelists

Caroline Reaves, First American National Default Outsourcing, Moderator

Laurie Maggiano, HUD

Leslie Bromer, HUD

Sherilee Massier, Wells Fargo

Joe Morrison, M&T Mortgage

Robert Klein, Safeguard Properties

Paul Magaha, First American Field Services

Allan Martin, MCS NOW

second bids
Second Bids
  • Hazards
  • Items over $2,500
  • Requests without justification
  • Second bids on smaller items
m m responses
M&M Responses
  • Timeliness
  • Documentation
code enforcement on current loans
Code Enforcement on Current Loans

Servicers need direction on how to handle code violations or eminent domain notices on current loans.

extensions
Extensions
  • How and when should an extension be approved?
  • What documentation needs to be detailed on the extension form?
  • Reasonable diligence
roof repairs vs tarping
Roof Repairs vs. Tarping
  • Can a property be conveyed with a tarp?
  • If a tarp is denied, will an extension be granted to complete repairs?
  • Multiple bids requests for roof repairs
p p work performed during bankruptcy
P&P Work Performed During Bankruptcy
  • What are the expectations for completing preservation work during bankruptcy?
  • If work is not done when counsel recommends that work not be done or when trustees don’t allow work to be done, will this be considered Mortgagee Neglect?
moratoriums
MORATORIUMS
  • What actions are servicers taking during moratorium periods?
  • Are hazard insurance claims increasing?
  • Significant increase in conveyances. Are the M&M’s prepared to handle this?
inspection data fields
Inspection Data Fields
  • Inspection data fields have not been updated since 1984.
  • Recommended additions
convey as is checklist
Convey As-Is Checklist
  • Prior to request to convey a property, a checklist is being sent to servicers to complete prior to conveyance.
conveyances
CONVEYANCES
  • History requests prior to conveyance
  • Work completed after conveyance
  • Some M&M’s are requiring that servicers must have their approval PRIOR to conveyance.
hud offsets and demands
HUD Offsets and Demands
  • HUD Offsets
  • Demand Letters
  • Non-Performance Letters
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