Home Loan Servicing Update - April 2006
FORECLOSURE RECOMMENDATION PACKAGES
WHEDA® no longer requires our loan originators to send in the original or copies of the Title Policy once the loan has closed. It will now be necessary for the Servicers to include copies of the Title Policy along with the items they send in when submitting a foreclosure recommendation package. Below is a complete list of the items necessary when submitting a foreclosure recommendation package:
- Copy of current Right to Cure
- Current Loan Status Report (SF 10.12)
- Detailed explanation of reason for default
- Workouts offered to borrower to cure delinquency
- Collection records for the period of the uncured default
- Copies of reports filed with the Mortgage Insurance Co.
- Payoff through the end of month
- Copies of recorded Mortgage(including all riders), Assignment and Title Policy
- Do not send Foreclosure Recommendation Package before Right to Cure has expired
DELINQUENCY RATES - 1 ST QUARTER
How Do You
Compare?
2006 |
|
Portfolio |
|
30 Day |
|
60 Day |
|
90 Day |
|
Foreclosure |
|
Bankruptcy |
JAN |
W |
1.05% |
|
0.84% |
|
0.14% |
|
0.07% |
|
0.38% |
|
0.65% |
|
L |
2.77% |
|
2.41% |
|
0.30% |
|
0.06% |
|
0.38% |
|
0.77% |
|
T |
2.22% |
|
1.91% |
|
0.25% |
|
0.06% |
|
0.38% |
|
0.73% |
|
|
|
|
|
|
|
|
|
|
|
|
|
FEB |
W |
0.76% |
|
0.57% |
|
0.15% |
|
0.04% |
|
0.29% |
|
0.59% |
|
L |
2.52% |
|
2.09% |
|
0.34% |
|
0.09% |
|
0.42% |
|
0.66% |
|
T |
1.96% |
|
1.60% |
|
0.28% |
|
0.08% |
|
0.38% |
|
0.64% |
|
|
|
|
|
|
|
|
|
|
|
|
|
MAR |
W |
0.60% |
|
0.53% |
|
0.00% |
|
0.07% |
|
0.30% |
|
0.53% |
|
L |
2.23% |
|
1.94% |
|
0.20% |
|
0.09% |
|
0.45% |
|
0.57% |
|
T |
1.70% |
|
1.48% |
|
0.14% |
|
0.08% |
|
0.40% |
|
0.56% |
(W = WHEDA L = LENDER T = TOTAL)
|
