Home Loan Servicing Update - July 2005
FORECLOSURE REDEMPTION PERIODS & PROPERTY MAINTENANCE
Foreclosure redemption periods can be reduced if the property is non-owner occupied or found to be vacant. This can save time and money when foreclosing. Please notify WHEDA immediately if there is knowledge to this effect.
Don't forget your property maintenance on vacant properties during the summer months. This is just as important as during the winter months. It is the Servicer's responsibility to maintain the lawns as well as protect the property against vandalism. Please check the WHEDA Home Loan Servicing Manual for specifics on property maintenance.
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 |
| Ruth Deakin |
608-267-5143 |
WHEDA Payment Processing |
| Amy Koehler |
608-267-5102 |
Home Plus Program |
| Marty Maloney |
608-267-1094 |
Closing Documents/New Loan Set Up/Construction Loans |
| Cheryl Rogers |
608-267-9581 |
Lender Serviced Loans |
| Arvella Steele |
608-267-1458 |
Hazard Insurance/PMI Insurance/Satisfactions |
DELINQUENCY RATES - 2 ND QUARTER
| 2005 |
|
Portfolio |
|
30 Day |
|
60 Day |
|
90 Day |
|
Foreclosure |
|
Bankruptcy |
APR |
W |
1.24% |
|
1.08% |
|
0.16% |
|
0.00% |
|
0.40% |
|
1.03% |
|
L |
1.81% |
|
1.59% |
|
0.18% |
|
0.04% |
|
0.42% |
|
0.76% |
|
T |
1.64% |
|
1.44% |
|
0.17% |
|
0.03% |
|
0.42% |
|
0.84% |
|
|
|
|
|
|
|
|
|
|
|
|
|
MAY |
W |
1.62% |
|
1.27% |
|
0.26% |
|
0.09% |
|
0.36% |
|
0.99% |
|
L |
2.38% |
|
2.19% |
|
0.15% |
|
0.04% |
|
0.42% |
|
0.74% |
|
T |
2.16% |
|
1.92% |
|
0.18% |
|
0.06% |
|
0.40% |
|
0.81% |
|
|
|
|
|
|
|
|
|
|
|
|
|
JUN |
W |
1.40% |
|
0.97% |
|
0.28% |
|
0.15% |
|
0.33% |
|
0.92% |
|
L |
2.62% |
|
2.31% |
|
0.26% |
|
0.05% |
|
0.36% |
|
0.75% |
|
T |
2.25% |
|
1.90% |
|
0.27% |
|
0.08% |
|
0.35% |
|
0.80% |
(W = WHEDA L = Lender T = Total)
Home PLUS
Home Plus Draws on the line of credit cannot be processed until the Home Plus documents have been received. We are discovering that borrowers want access to their line of credit on the Home Plus Loan within days following the closing. The normal turnaround time (which is stated on Home Form 12a) is 15 days from the closing. To provide them this access, we need your Home Plus documents immediately. The following forms need to be received in order to process the draw:
- Original Mortgage Note (WBA Form 458).
- Home Plus Amendment to Mortgage Note (Home Form 28).
- Original recorded Mortgage (WBA Form 428). (Copy will be accepted until recorded.)
- Original recorded Assignment of Mortgage. (Copy will be accepted until recorded.)
- Original Notice of Right of Rescission. (Not required if funds were drawn at time of closing for down payment or closing cost assistance.)
OUTSTANDING CLOSING DOCUMENTS MONTHLY REPORT FOR LENDER SERVICED LOANS
- Title Policies
- Outstanding Closing Documents Monthly Report - You will notice that Title Policies no longer show up on the list. The change was effective in May 2005 .
- If WHEDA does not service your loans, you are no longer required to submit Title Policies to WHEDA. However, WHEDA will be performing periodic audits to verify that you have obtained the title policies. Lenders will be required to provide a copy of the title insurance policy upon request. Failure to comply will result in a repurchase of the loan.
- WHEDA will accept the Short Form Title Policy, and 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.
COMMENTS/QUESTIONS
We welcome your comments and/or questions! Let us know how we can help you. Please contact Gary Stiemke at 608-267-1091.
UPCOMING UPDATES
Look for quarterly servicing updates which will be sent through the WHEDA Subscription Service.
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