Name that COVID-call personality
I always say my name and company, even if I've already said it on this call.
Who is Jason Lane with MidFirst
This is the original authorizing statute for Reg. X, which was updated under Dodd-Frank.
What is the Real Estate Settlement Procedures Act or RESPA?
The AG's office is involved with HAF disbursements and servicers in this state.
What is New York State?
If a borrower coming out of forbearance can resume making monthly payments, their payment arrearages can be placed in this zero interest subordinate lien.
What is the FHA standalone partial claim?
This is the targeted P&I reduction amount for FHA COVID loan modifications.
What is 25%?
Some say I sound like Eeyore, but my points are solid and my sarcasm mild.
Who is Sam Racoosin with Chase?
HPC made the case that the Reg X requirements should be expanded to permanently address borrowers affected by this.
What are national emergencies and national disasters?
This state is still refusing to use the Common Data File.
What is Florida?
This "pre-waterfall" modification must be offered to all qualifying FHA borrowers coming out of forbearance.
What is the Advance Loan Modification or ALM?
18 months
What is the maximum number of missed monthly payments that can be folded into a GSE deferral?
Sometimes this person wonders if there are any participants on the COVID call.
Who is Meg Burns?
The extended nature of the CARES ACT forbearance caused challenges for servicers with this type of Reg X required analysis.
What is the Escrow analysis?
This state wanted to post a list of non-participating servicers until Meg talked them out of it.
What is California?
This newest addition to the loss mitigation toolkit may be particularly helpful to some borrowers exiting forbearance in this new, higher interest rate environment.
What is the 40-year loan modification?
December 31, 2021
The date that the Reg X temporary procedural safeguards requirements expired.
This CFPB personality has been an occasional guest speaker on HPC's COVID call.
Who is Mark McCardle?
Streamlined modifications fly in the face of this standard Reg X requirement.
What is the complete application requirement?
The collaboration agreement for this state required a foreclosure hold for 60 days upon notification that the borrower had applied for HAF.
What is Massachusetts?
Within the COVID loss mitigation waterfall, the partial claim is limited to this percent of the borrower's Unpaid Principal Balance.
What is 25?
March, 2020
What was the month of HPC's first COVID call?
While he left to help take care of his newborn baby, he's back now.
Who is Matt Douglas?
In these four scenarios, borrowers coming off of COVID forbearance were not entitled to the procedural safeguards.
What are:
1. Vacant & abandoned properties;
2. Non-responsive borrowers;
3. Already evaluated borrowers who did not qualify; and
4. Borrowers who were 120 days delinquent before March 1, 2020.
This state threatened to get in touch with their Senator if servicers refused to sign their servicer participation agreement.
What is Nevada?
There were 3 permanent FHA commissioners since March 2020 when the COVID emergency began: Brian Montgomery, Dana Wade and Julia Gordon. Name 2 out of the 3 individuals who have served in an Acting capacity since that time.
Who are Len Wolfson, Janet Gorick and Lopa Kolluri
120 days
What is the number of days a borrower must be delinquent before a servicer can initiate foreclosure under Reg. X?