Home Loan Servicing Update

Home Loan Servicing Update - October 2005

PROPERTY MAINTENANCE

It's that time of year.. Preparation for the winter months of any vacant/abandoned properties (winterizing, snow removal). Please check the WHEDA Home Loan Servicing Manual for specifics on property maintenance.

UTILITY ASSISTANCE

For Homeowners who are struggling to make their mortgage payments due to high utility bills, you can refer them to the Energy Assistance Bureau - Phone # 866-432-8947 or 866-HEATWIS.

RIGHT TO CURE COMPLIANCE

Is your Right to Cure/Notice of Acceleration in compliance with the Mortgage you are foreclosing on? Will it hold up in a court of law if contested? Does the Right to Cure you're sending reference WHEDA and not your organization? It is the Servicers responsibility to make sure the language in the Demand Letters are relative to the appropriate Mortgage documents (include WHEDA's non-owner occupancy guidelines) and that it legally complies with State and Federal Statutes. It is also your responsibility as the contracted servicer, acting on WHEDA's behalf to make certain that your company or corporation's name is reflected in this letter and not WHEDA's. Due to possible issues with the Fair Debt Collections Practices Act, WHEDA suggests you direct any inquiries or questions with regard to this to your legal counsel.

DELINQUENCY RATES - 3RD QUARTER

2005		Portfolio	30 Day	60 Day	90 Day	Foreclosure	Bankruptcy
JUL	W	1.36%	1.18%	0.13%	0.05%	0.46%	0.86%
	L	2.64%	2.24%	0.35%	0.05%	0.35%	0.73%
	T	2.25%	1.92%	0.28%	0.05%	0.39%	0.77%

AUG	W	1.13%	0.88%	0.19%	0.06%	0.36%	0.82%
	L	2.71%	2.28%	0.33%	0.10%	0.33%	0.73%
	T	2.22%	1.85%	0.28%	0.09%	0.34%	0.76%

SEP	W	1.42%	1.10%	0.21%	0.11%	0.27%	0.66%
	L	2.44%	2.15%	0.20%	0.09%	0.34%	0.76%
	T	2.11%	1.82%	0.20%	0.09%	0.32%	0.73%

(W = WHEDA L = LENDER T = TOTAL)

ESCROW SET UP

Just a friendly reminder: WHEDA requires an escrow for real estate taxes, hazard insurance, private mortgage insurance (if applicable) and flood insurance (if applicable). It is not our policy to waive escrows.

OUTSTANDING CLOSING DOCUMENTS MONTHLY REPORT

Title Policies

Outstanding Closing Documents Monthly Report - You will notice that Title Policies no longer appear on this list. This change was effective in May, 2005.
WHEDA will accept the Short Form Title Policy. You may obtain a Short Form Title Policy to assist you with cleaning up previous outstanding title policies.
You have the option to continue to use the Long Form Title Policy

Effective August 1, 2005, any document that has been outstanding longer than one year, will be charged a penalty in the amount of $50 per document, per month.

Please forward any outstanding documents to:

ATTN: DOCUMENT TRACKING
WHEDA
201 W WASHINGTON AVE STE 700
MADISON WI 53703

WHEDA would like to thank those of you that have been working hard to clean up your outstanding documents. We value our partnership with you and appreciate your efforts.

YOUR WHEDA CONTACTS AT A GLANCE

Gary Stiemke

608-267-1091

Manager

Mortgage Loan Advisors

Heidi Varesi	608-267-2818	Foreclosures/Delinquencies
Carrie Miller	608-266-8679	Bankruptcy/Credit Bureau Report
Wendy Zahler	608-266-6620	REO/Claim Filing

Loan Servicing Specialists

Loan Servicing Telephone Number 800-562-5546

Ruth Deakin	Amy Koehler	Cheryl Rogers
Arvella Steele	Julie Warne