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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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