[Federal Register: November 27, 2006 (Volume 71, Number 227)]
[Proposed Rules]
[Page 68498-68517]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27no06-18]
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DEPARTMENT OF VETERANS AFFAIRS
38 CFR Part 36
RIN 2900-AL65
Loan Guaranty: Loan Servicing and Claims Procedures Modifications
AGENCY: Department of Veterans Affairs.
ACTION: Supplemental notice of proposed rulemaking; reopening of
comment period.
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SUMMARY: This document provides supplemental notice regarding a
proposal to amend the Department of Veterans Affairs (VA) Loan Guaranty
regulations related to several aspects of the servicing and liquidating
of guaranteed housing loans in default, and submission of guaranty
claims by loan holders. It provides specific information regarding the
computer-based system that VA proposes to implement as part of the loan
servicing and claims procedure modifications in this rulemaking. VA is
reopening the comment period for the limited purpose of accepting
public comments concerning the supplemental information provided in
this notice.
DATES: Comments must be received on or before December 11, 2006. All
comments previously received following publication of the proposed rule
referenced above are being considered and do not need to be
resubmitted.
ADDRESSES: Written comments may be submitted through
http://www.regulations.gov; by mail or hand-delivery to the Director,
Regulations Management (00REG), Department of Veterans Affairs, 810
Vermont Ave., NW, Room 1068, Washington, DC 20420; or by fax to (202)
273-9026. Comments should indicate that they are submitted in response
to ``RIN 2900-AL65.''; Copies of comments received will be available
for public inspection in the Office of Regulation Policy and
Management, Room 1063B, between the hours of 8 a.m. and 4:30 p.m.,
Monday through Friday (except holidays). Please call (202) 273-9515 for
an appointment. In addition, during the comment period, comments may be
viewed online through the Federal Document Management System (FDMS).
Comments previously received regarding the notice of proposed
rulemaking for RIN 2900-AL65, published February 18, 2005 (70 FR 8472),
will still be considered in the rulemaking process and do not need to
be resubmitted.
FOR FURTHER INFORMATION CONTACT: Mike Frueh, Assistant Director for
Loan Management (261), Veterans Benefits Administration, Department of
Veterans Affairs, 810 Vermont Avenue, NW, Washington, DC 20420, at 202-
273-7325. (This is not a toll-free telephone number.)
SUPPLEMENTARY INFORMATION: VA published a notice of proposed rulemaking
in the Federal Register on February 18, 2005 (70 FR 8472), to amend
regulations concerning the servicing and claims submission requirements
on VA-guaranteed home loans. Included in that proposed rule were
requirements for reporting information to VA under new 38 CFR 36.4315a.
Under the Revised Reporting Requirements preamble heading, 70 FR 8474-
8475, VA stated that proposed Sec. 36.4315a would require all loan
holders to electronically report information to the Department by use
of a computer system, and that VA would be providing more specific
information on this system prior to implementation. As VA has
progressed in developing the VA Loan Electronic Reporting Interface
(VALERI) necessary to receive reports from loan servicers, it has more
clearly defined the system events and data elements that would be
reported under Sec. 36.4315a and is now ready to submit for public
comment this more detailed information on VALERI. VA identifies these
events and data elements in the supplementary information that follows.
Event Definitions
(1) Loan paid in full--when the loan obligation has been fully
satisfied by receipt of funds and not a servicing transfer.
(2) Transfer of ownership--when the title holder of the property
changes.
(3) Release of liability--when an obligor has been released from
liability.
(4) Unauthorized transfer of ownership--when the servicer discovers
[[Page 68499]]
that the loan has been assumed without prior approval (only on loans
originated on or after March 1, 1988).
(5) SCRA relief filed--when any obligor on the loan requests or is
deemed to be entitled to relief with regard to the loan under the
Servicemembers Civil Relief Act (SCRA).
(6) Partial release of security--when pursuant to 38 CFR 36.4324,
the holder has released the lien on a part of the security for the
loan.
(7) Insurable loss occurred--when an insurable loss has occurred on
the loan.
(8) Servicing transfer (transferring servicer)--when a servicer of
a loan transfers servicing to a new servicer.
(9) Servicing transfer (receiving servicer)--when the new servicer
boards the loan.
(10) Electronic Default Notification (EDN)--when the loan becomes
at least 61 days delinquent.
(11) Delinquency status--when the holder notifies VA of any updates
to the delinquency information on loans for which an EDN has been
submitted.
(12) Contact information change--when there is a change to the
contact information for current owners or a property or mailing address
change.
(13) Occupancy status change--when there is a change in property
occupancy status.
(14) Bankruptcy filed--when any owner files a petition under the
Bankruptcy Code.
(15) Bankruptcy update--when a significant event related to the
bankruptcy has occurred.
(16) Loss mitigation letter sent--when the holder sends the loss
mitigation letter to the borrower as required by 38 CFR
36.4346(g)(1)(iv).
(17) Partial payment returned--when the holder returns a partial
payment to the borrower.
(18) Default cured/loan reinstated--when a previously reported
default (i.e., an EDN was filed) has been cured and the loan
reinstated.
(19) Cure/reinstatement reversal--when a defaulted loan was
reported ``default cured/loan reinstated'' and it must later be
reversed.
(20) Default reported to credit bureau--when the holder notifies
any of the credit bureaus of a defaulted loan or loan termination.
(21) Extenuating property circumstances--when extenuating property
circumstances occur.
(22) Repayment plan approved--when the holder approves a repayment
plan.
(23) Repayment plan infeasible--when the holder determines that a
repayment plan is not feasible.
(24) Special forbearance approved--when the holder approves a
special forbearance agreement.
(25) Special forbearance infeasible--when the holder determines
that a special forbearance agreement is not feasible.
(26) Loan modification approved--when the holder approves a loan
modification.
(27) Loan modification complete--when both the holder and the
owner(s) have executed the modification agreement.
(28) Loan modification infeasible--when the holder determines the
loan modification option infeasible.
(29) Compromise sale approved--when the holder approves a
compromise sale.
(30) Compromise sale complete--when a compromise sale closes.
(31) Compromise sale infeasible--when the holder determines the
compromise sale option infeasible.
(32) Deed-in-lieu of foreclosure approved--when the holder approves
a deed-in-lieu of foreclosure.
(33) Deed-in-lieu of foreclosure complete--when the holder records
the deed-in-lieu of foreclosure.
(34) Deed-in-lieu of foreclosure infeasible--when the holder
determines the deed-in-lieu of foreclosure option infeasible.
(35) Foreclosure referral--when the loan is referred to legal
counsel for foreclosure.
(36) Foreclosure sale scheduled--when the foreclosure sale is
scheduled.
(37) Substantial equity case--when the holder determines that
equity of at least 25 percent exists per 38 CFR 36.4319a(e).
(38) Foreclosure sale postponed or cancelled--when the foreclosure
sale is postponed or cancelled.
(39) Results of sale--when the foreclosure sale is complete, the
holder reports the results of the foreclosure sale.
(40) Transfer of custody--when the holder notifies VA of the
holder's intent to convey the property.
(41) Improper transfer of custody--when the holder discovers that
the conveyance of the property to VA was improper.
(42) Invalid sale results--when the foreclosure sale is invalid.
(43) Changed sale results--when the foreclosure sale results were
changed.
(44) Confirmed sale date with no transfer of custody--when the loan
is terminated, the property is not conveyed, and the property is
located in a confirmation/ratification of sale state.
(45) Basic claim information--when the holder files a claim under
guaranty.
(46) Refunding Settlement--when VA refunds a loan and the holder
reports the tax and insurance information.
Data Element Definitions
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Business definition
Event name Data elements of data element
------------------------------------------------------------------------
Header information for all VA loan number... 12 position unique
event reporting. identifier for each
loan guaranteed by
VA. The VA Loan
Number consists of a
two-position numeric
code for the
regional office
which has
jurisdiction over
the loan (OJ), a two-
position numeric
code for the
regional office
which originated the
loan (OO), a one-
position code for
the type of loan
(T), and a seven-
position serial
number or loan
number (NNNNNNN).
The format is
OJOOTNNNNNNN. VALERI
uses the twelve-
digit VA loan number
as the primary means
of identifying loan
data.
Header information........... Date of the loan. Month, day, and year
that the loan
originated.
Header information........... Original loan Total amount of
amount. principal owed on
the mortgage at loan
origination before
any payments are
made on the loan.
Header information........... Property state The state
abbreviation. abbreviation of the
expanded property
address.
Header information........... Current servicer Unique VA-issued
identification number for the
number. servicer location
that is responsible
for billing,
collecting and
disbursing payments,
and filing reports
on the VA loan.
VALERI also uses
this as secondary
loan identification
data, as needed, to
identify records.
[[Page 68500]]
Header information........... Servicer loan Unique servicer-
number. issued number given
to the VA loan for
record keeping on
the servicer system.
VALERI also uses
this as secondary
loan identification
data, as needed, to
identify records.
Header information........... Unique event ID.. Unique event
identification
number for event the
servicer is
reporting.
Monthly loan status update... Unpaid principal Present portion of
balance. the loan not yet
repaid, exclusive of
interest or other
charges.
Monthly loan status update... Payment due date Month, day, and year
(a.k.a. date of of the earliest
first uncured payment not fully
default). satisfied by the
proper application
of available credits
or deposits.
Loan paid in full............ Date loan was Month, day, and year
paid in full. of full satisfaction
of a guaranteed
loan.
Transfer of ownership........ Date of transfer Month, day, and year
of ownership. that loan is assumed
by another party
(date of
settlement).
Transfer of ownership........ Last name of Last name of
transferee, if individual assuming
applicable. the loan; reported
if an individual and
not an entity is
assuming the loan.
Transfer of ownership........ First name of First name of
transferee, if individual assuming
applicable. the loan; reported
if an individual and
not an entity is
assuming the loan
Transfer of ownership........ Middle initial of Middle initial of
transferee, if individual assuming
applicable. the loan; reported
if an individual and
not an entity is
assuming the loan.
Transfer of ownership........ Suffix of Suffix (Jr., Sr.,
transferee, if III, etc.), if any,
applicable. of individual
assuming loan;
reported if an
individual and not
an entity is
assuming the loan.
Transfer of ownership........ Social security Social security
number of number of individual
transferee, if assuming loan;
applicable. reported if an
individual and not
an entity is
assuming the loan.
Transfer of ownership........ Name of entity Name of entity
assuming loan, assuming loan, if
if applicable. applicable; reported
if an entity and not
an individual is
assuming the loan.
Transfer of ownership........ Taxpayer Taxpayer
identification identification
number, if number of entity
applicable. assuming the loan;
reported if an
entity and not an
individual is
assuming the loan.
Transfer of ownership........ Last name of co- Last name of second
transferee, if individual assuming
applicable. the loan; reported
if there is a co-
transferee.
Transfer of ownership........ First name of co- First name of second
transferee, if individual assuming
applicable. the loan; reported
if there is a co-
transferee.
Transfer of ownership........ Middle initial Middle initial of
of co- second individual
transferee, if assuming the loan;
applicable. reported if there is
a co-transferee.
Transfer of ownership........ Suffix of co- Suffix (Jr., Sr.,
transferee, if III, etc.), if any,
applicable. of second individual
assuming loan;
reported if there is
a co-transferee.
Transfer of ownership........ Social security Social security
number of co- number of second
transferee, if individual assuming
applicable. loan; reported if
there is a co-
transferee.
Release of liability......... Date of release.. Month, day, and year
on which the former
obligor is no longer
responsible for the
loan.
Unauthorized transfer of Date servicer Month, day, and year
ownership. discovers servicer discovers
unauthorized that a transfer of
transfer. ownership occurred
without prior
approval by VA and/
or servicer.
SCRA relief filed............ Date SCRA relief Month, day, and year
requested. assistance under the
SCRA was requested
(explicit request or
discovery of
eligibility during
servicing).
SCRA relief filed............ Effective date of Month, day, and year
SCRA relief (can that the veteran
be prior to became eligible for
request date). assistance under the
SCRA.
SCRA relief filed............ Expected SCRA Month, day, and year
relief end date. the relief is
expected to end
pursuant to the
requirements of the
Act.
Partial release of security.. Date partial Month, day, and year
release of that the security
security document releasing a
document was portion of the
executed. secured property is
executed.
Partial release of security.. Amount of the Amount that is
proceeds from applied to the
the partial outstanding loan
release of balance from the
security that partial release of
are applied to security; if the
the outstanding loan to value ratio
loan balance. is greater than or
equal to 80 percent,
the servicer must
apply sufficient
proceeds from the
release to the
outstanding loan
balance to bring LTV
to less than 80
percent.
Partial release of security.. Amount of Amount offered for
consideration the portion of the
offered for the security being
property. released.
Partial release of security.. Date applied to Month, day, and year
principal. that proceeds from
the partial release
of security are
applied to the loan
balance.
Partial release of security.. Unpaid principal Loan balance that is
balance after outstanding after
application of application of
proceeds. proceeds from the
partial release of
security.
Partial release of security.. Value of Appraised value of
remaining the remaining
security. security after the
release is
completed.
Insurable loss occurred...... Type of damage... Type of property
damage that resulted
in an insurance
claim being filed.
Insurable loss occurred...... Fire Damage...... Type of property
damage that resulted
in an insurance
claim being filed is
fire damage.
Insurable loss occurred...... Neglect.......... Type of property
damage that resulted
in an insurance
claim being filed is
neglect.
Insurable loss occurred...... Vandalized....... Type of property
damage that resulted
in an insurance
claim being filed is
property vandalism.
Insurable loss occurred...... Freeze........... Type of property
damage that resulted
in an insurance
claim being filed is
the result of a
freeze.
Insurable loss occurred...... Storm............ Type of property
damage that resulted
in an insurance
claim being filed is
caused by a storm.
[[Page 68501]]
Insurable loss occurred...... Flood............ Type of property
damage that resulted
in an insurance
claim being filed is
flood damage.
Insurable loss occurred...... Unknown.......... Type of property
damage that resulted
in an insurance
claim being filed is
unknown.
Insurable loss occurred...... Hurricane........ Type of property
damage that resulted
in an insurance
claim being filed is
caused by a
hurricane.
Insurable loss occurred...... Hail............. Type of property
damage that resulted
in an insurance
claim being filed is
hail damage.
Insurable loss occurred...... Tornado.......... Type of property
damage that resulted
in an insurance
claim being filed is
tornado damage.
Insurable loss occurred...... Wind............. Type of property
damage that resulted
in an insurance
claim being filed is
wind damage.
Insurable loss occurred...... Mud/Landslide.... Type of property
damage that resulted
in an insurance
claim being filed is
mud or landslide
damage.
Insurable loss occurred...... Earthquake....... Type of property
damage that resulted
in an insurance
claim being filed is
earthquake damage.
Insurable loss occurred...... Boiler Explosion. Type of property
damage that resulted
in an insurance
claim being filed
was caused by a
boiler explosion.
Insurable loss occurred...... Untypical Damage. Type of property
damage that resulted
in an insurance
claim being filed is
other than the
typical specified
reasons.
Insurable loss occurred...... Date damage Month, day, and year
discovered. the damage is
discovered by the
servicer.
Insurable loss occurred...... Date insurance Month, day, and year
claim filed. that the insurance
claim for damage is
filed, either by the
borrower or the
servicer.
Insurable loss occurred...... Total loss (Y/N). Decision made by the
insurance company as
to whether or not
the property can be
repaired.
Servicing transfer Servicing release Month, day, and year
(transferring servicer). date. that a servicer
transfers
responsibility for
servicing a
guaranteed loan to
another servicer.
Servicing transfer Name of new Name of servicer
(transferring servicer). servicer. receiving
responsibility for
servicing a
guaranteed loan.
Servicing transfer (receiving Date loan Month, day, and year
servicer). acquired. on which a servicer
became responsible
for servicing a
guaranteed loan.
Servicing transfer (receiving Previous servicer Loan number
servicer). loan number. associated with the
loan on the previous
servicer's system.
Electronic default Date of first Month, day, and year
notification. payment on the of the first
original loan. scheduled payment on
the loan (per the
loan instruments).
Electronic default Payment due date. Month, day, and year
notification. of the earliest
payment not fully
satisfied by the
proper application
of available credits
or deposits.
Electronic default Property address The first line of the
notification. line 1. expanded property
address.
Electronic default Property address The second line of
notification. line 2. the expanded
property address.
Electronic default Property address The unit number of
notification. unit number. the expanded
property address.
Electronic default Property address The city name of the
notification. city. expanded property
address.
Electronic default Property address A group of fields
notification. zip code. containing the zip
code.
Electronic default Property address The zip code suffix
notification. suffix. of the expanded
property address.
Electronic default Property address The state
notification. state abbreviation of the
abbreviation. expanded property
address.
Electronic default Last name of Surname of the
notification. current owner, individual who
if applicable. currently owns the
property; if owner
is an individual and
not an entity.
Electronic default First name of First name of the
notification. current owner, individual who
if applicable. currently owns the
property.
Electronic default Middle initial of First letter of the
notification. current owner, middle name, if any,
if applicable. of the individual
who currently owns
the property; if
owner is an
individual and not
an entity.
Electronic default Suffix of current Suffix (Jr., Sr.,
notification. owner, if III, etc.), if any,
applicable. of the individual
who currently owns
the property; if
owner is an
individual and not
an entity.
Electronic default Social security Unique SSA-issued
notification. number of number assigned to
current owner; the individual who
if current owner currently owns the
is an individual. property; if owner
is an individual and
not an entity.
Electronic default Last name of Surname of the
notification. current co- individual who
owner, if currently co-owns
applicable. the property, if
applicable.
Electronic default First name of First name of the
notification. current co- individual who
owner, if currently co-owns
applicable. the property, if
applicable.
Electronic default Middle initial of First letter of the
notification. current co- middle name, if any,
owner, if of the individual
applicable. who currently co-
owns the property,
if applicable.
Electronic default Suffix of current Suffix (Jr., Sr.,
notification. co-owner, if III, etc.), if any,
applicable. of the individual
who currently co-
owns the property,
if applicable.
Electronic default Social security Unique SSA-issued
notification. number of number assigned to
current co- the individual who
owner; if currently co-owns
applicable. the property, if
applicable.
Electronic default Name of entity Name of entity that
notification. that is current currently owns the
owner, if property, if owner
applicable. is an entity and not
an individual.
Electronic default Taxpayer Unique IRS-issued
notification. identification number assigned to
number, if the entity who
current owner is currently owns the
an entity. property, if owner
is an entity and not
an individual.
Electronic default Mailing address First line of the
notification. line 1 (if mailing address of
different from current owners.
property
address).
[[Page 68502]]
Electronic default Mailing address Second line of the
notification. line 2 (if mailing address of
different from current owners.
property
address).
Electronic default Mailing address The zip code suffix
notification. suffix (if of the mailing
different from address.
property
address).
Electronic default Mailing address The unit number of
notification. unit number (if the expanded mailing
different from address.
property
address).
Electronic default Mailing address The city name of the
notification. city (if expanded mailing
different from address.
property
address).
Electronic default Mailing address A group of fields
notification. zip code (if containing the zip
different from code +4 of the
property expanded mailing
address). address.
Electronic default Mailing address The state
notification. state abbreviation of the
abbreviation (if expanded mailing
different from address.
property
address).
Electronic default Interest rate on Rate of interest
notification. loan. charged on the loan,
expressed as a
percentage, per the
loan instruments.
Electronic default Unpaid principal Present portion of
notification. balance. the loan not yet
repaid, exclusive of
interest or other
charges.
Electronic default Principal and Amount of principal
notification. interest (P&I) and interest due
portion of monthly under the
monthly terms of the loan
installment. agreement.
Electronic default Taxes and Amount of the tax and
notification. insurance (T&I) insurance deposit
portion of due monthly under
monthly the terms of the
installment. loan agreement and
determined by the
servicer in
accordance with Real
Estate Settlement
Procedures Act
(RESPA).
Electronic default Other portion of Amount due monthly
notification. monthly that does not
installment. pertain to principal
and interest, taxes
and insurance or
late charges due
under the terms of
the obligation as of
notice date (e.g.,
Homeowner
Association (HOA)
fees).
Electronic default Late charges due. Amount due as a
notification. result of penalties
imposed by the
servicer that a
borrower must pay
when a payment is
missed or made after
the due date under
the terms of the
obligation as of
notice date.
Electronic default Occupant of Status of who
notification. property. currently resides in
the property
securing the loan
obligation, or
reason why no one
resides there.
Electronic default Original veteran. Individual who signed
notification. the loan documents
and originated the
loan.
Electronic default Tenant........... Individual who rents
notification. or leases the
property securing
the loan obligation.
Electronic default Transferee....... Individual who
notification. purchased the
property and may
have assumed the
loan.
Electronic default Vacant........... Property is not
notification. occupied by anyone
but appears to be
maintained and is
secure.
Electronic default Abandoned........ Property is vacant,
notification. is not being
maintained, is not
offered for sale or
rent, and there has
been no contact with
the current owner.
Electronic default First phone First phone number
notification. number (obligor (obligor 1).
1).
Electronic default Phone number type Phone number type for
notification. for first phone first phone number
number (obligor (obligor 1).
1).
Electronic default Home............. Home.
notification.
Electronic default Work............. Work.
notification.
Electronic default Cell............. Cell.
notification.
Electronic default Second phone Second phone number
notification. number (obligor (obligor 1).
1).
Electronic default Phone number type Phone number type for
notification. for second phone second phone number
number (obligor (obligor 1).
1).
Electronic default Home............. Home.
notification.
Electronic default Work............. Work.
notification.
Electronic default Cell............. Cell.
notification.
Electronic default Phone number Phone number (obligor
notification. (obligor 2). 2).
Electronic default Phone number type Phone number type
notification. (obligor 2). (obligor 2).
Electronic default Home............. Home.
notification.
Electronic default Work............. Work.
notification.
Electronic default Cell............. Cell.
notification.
Electronic default Phone number 1 Phone number 1 (other
notification. (other authorized party).
authorized
party).
Electronic default Primary reason Reason obligor is
notification. for default unable to or did not
(servicer may remit monthly
report only one). payments.
Electronic default Business failure. Reason for default is
notification. the occupation,
work, or trade in
which obligor is
engaged did not
generate enough
funds for obligor to
meet his financial
obligations.
Electronic default Casualty loss.... Reason for default is
notification. the damage to the
property as a result
of a fire, storm,
accident, flood,
earthquake, or other
catastrophic event.
Electronic default Curtailment of Reason for default is
notification. income. a reduction or the
curtailment of
obligor's income
from employment,
investment, or other
sources.
Electronic default Death of borrower Reason for default is
notification. that the obligor
died.
Electronic default Death of Reason for default is
notification. borrower's the death of
family member. obligor's relative
who was contributing
towards the loan
(directly or
indirectly) and/or
that obligor has
incurred
extraordinary
expenses as a result
of such death.
[[Page 68503]]
Electronic default Distant Reason for default is
notification. employment the result of the
transfer. borrower being
transferred or
relocated to a
distant job
location.
Electronic default Energy/ Reason for default is
notification. environmental the result of the
cost. borrower incurring
excessive energy
related costs or
costs associated
with removal of an
environmental hazard
in or near the
property.
Electronic default Excessive Reason for default is
notification. obligations. obligor(s) incurred
excessive debt in
addition to the
mortgage obligation
or the mortgage
payment has
increased
significantly.
Electronic default Fraud............ Reason for default is
notification. a legal dispute
arising out of a
fraudulent or
illegal action that
occurred in
connection with the
origination of the
mortgage or at a
later date.
Electronic default Illness of Reason for default is
notification. borrower. a serious illness
that keeps the
borrower from
working and
generating income,
and/or the borrower
has incurred
extraordinary
expenses as a result
of the illness.
Electronic default Illness of Reason for default is
notification. borrower's the result of
family. obligor(s) incurring
extraordinary
expenses as the
result of the
illness of a family
member.
Electronic default Inability to rent Reason for default is
notification. property. obligor has
insufficient income
and/or assets to
make the monthly
mortgage payment and
the rental property
is vacant.
Electronic default Inability to sell Reason for default is
notification. property. obligor has
insufficient income
and/or assets to
make the monthly
mortgage payment and
is unable to sell
the property.
Electronic default Incarceration.... Reason for default is
notification. the result of
obligor being jailed
or imprisoned,
regardless of
whether obligor is
still incarcerated.
Electronic default Marital Reason for default is
notification. difficulties. problems associated
with separation or
divorce including
dispute over
payments during
divorce settlement,
reduction in income
available to pay the
mortgage debt, etc.
Electronic default Military service. Reason for default is
notification. the result of
obligor being called
into active duty
status and the
military pay is
insufficient to make
the monthly mortgage
payment.
Electronic default Payment Reason for default is
notification. adjustment. the result of the
borrower being
unable to make new
payments that
resulted from an
increase in the
monthly payment.
Electronic default Payment dispute.. Reason for default is
notification. the result of a
disagreement between
obligor and the
mortgage servicer
about the amount of
the mortgage
payment, the
acceptance of a
partial payment, the
application of
previous payments,
etc., that result in
obligor refusing to
make payments until
the dispute is
resolved.
Electronic default Property problems Reason for default is
notification. the result of the
condition of the
property such as
substandard
construction,
expensive and
extensive repairs
required, etc.
Electronic default Servicing Reason for default is
notification. problems. the result of
obligor being
dissatisfied with
the servicer of the
loan or with the
fact that servicing
has been transferred
to a new servicer.
Electronic default Tenant not paying Reason for default is
notification. the result of the
obligor's tenant not
paying rent.
Electronic default Transfer of Reason for default is
notification. ownership. the result of the
obligor not making
payments while sale
of the property is
pending.
Electronic default Unemployment Reason for default is
notification. notification. the result of a
reduction in
obligor's income due
to loss of job.
Electronic default Borrower never Reason for default is
notification. responded to unknown (unable to
outreach. get contact or
unable to determine
the reason).
Delinquency status........... Unpaid principal Amount of principal
balance (UPB). due under the terms
of the obligation as
of payment due date.
Delinquency status........... Payment due date. Month, day, and year
of the earliest
payment not fully
satisfied by the
proper application
of available credits
or deposits.
Delinquency status........... Principal and Amount of principal
interest (P&I) and interest due
portion of monthly under the
monthly terms of the loan
installment, if agreement, if
changed. changed from last
report.
Delinquency status........... Taxes and Amount of taxes and
insurance (T&I) insurance due
portion of monthly under the
monthly terms of the loan
installment, if agreement, if
changed. changed from last
report.
Delinquency status........... Other portion of Amount due that does
monthly not pertain to
installment, if principal and
changed. interest and/or
taxes and insurance,
due under the terms
of the obligation
(example is HOA
fees), if changed
from last report.
Delinquency status........... Late charges due. Amount due as a
result of penalties
imposed by the
servicer that a
borrower must pay
when a payment is
missed or made after
the due date under
the terms of the
obligation as of
notice date.
Delinquency status........... Expenses incurred Any costs that have
to date. been paid by the
servicer and can be
charged to the loan.
Contact information change... Updated mailing First line of the
address line 1 mailing address of
(if different current owners, if
from property changed from last
address). report.
[[Page 68504]]
Contact information change... Updated mailing Second line of the
address line 2 mailing address of
(if different current owners, if
from property changed from last
address). report.
Contact information change... Updated mailing The unit number of
address unit the expanded mailing
number (if address, if changed
different from from last report.
property
address).
Contact information change... Updated mailing The city name of the
address city (if expanded mailing
different from address, if changed
property from last report.
address).
Contact information change... Updated mailing A group of fields
address zip code containing the zip
(if different code of the expanded
from property mailing address, if
address). changed from last
report.
Contact information change... Updated mailing The zip code suffix
address suffix of the mailing
(if different address, if changed
from property from last report.
address).
Contact information change... Updated mailing The state
address state abbreviation of the
abbreviation (if expanded mailing
different from address, if changed
property from last report.
address).
Contact information change... Updated first First phone number
phone number (obligor 1).
(obligor 1).
Contact information change... Updated phone Phone number type for
number type for first phone number
first phone (obligor 1).
number (obligor
1).
Contact information change... Home............. Home.
Contact information change... Work............. Work.
Contact information change... Cell............. Cell.
Contact information change... Updated second Second phone number
phone number (obligor 1).
(obligor 1).
Contact information change... Updated phone Phone number type for
number type for second phone number
second phone (obligor 1).
number (obligor
1).
Contact information change... Home............. Home.
Contact information change... Work............. Work.
Contact information change... Cell............. Cell.
Contact information change... Updated phone Phone number (obligor
number (obligor 2).
2).
Contact information change... Updated phone Phone number type
number type (obligor 2).
(obligor 2).
Contact information change... Home............. Home.
Contact information change... Work............. Work.
Contact information change... Cell............. Cell.
Contact information change... Updated phone Phone number 1 (other
number 1 (other authorized party).
authorized
party).
Occupancy status change...... Date the change Month, day, and year
in occupancy that occupancy
status is status change was
discovered by discovered by the
servicer. servicer.
Occupancy status change...... Occupancy status. Status of who
currently resides in
the property
securing the loan
obligation, or
reason why no one
resides there.
Occupancy status change...... Original veteran. Original veteran
currently resides in
the property
securing the loan
obligation.
Occupancy status change...... Tenant........... Individual rents or
leases the property
securing the loan
obligation.
Occupancy status change...... Transferee....... A conveyance was made
and an individual/
entity currently
resides in the
property securing
the loan obligation.
Occupancy status change...... Vacant........... Property is not
occupied by anyone
but appears to be
maintained and is
secure.
Occupancy status change...... Abandoned........ Property is vacant,
is not being
maintained, and is
not offered for sale
or rent.
Bankruptcy filed............. Date bankruptcy Month, day, and year
filed. that obligor filed
for protection under
U.S. bankruptcy
codes.
Bankruptcy filed............. Type of Type of bankruptcy
bankruptcy. (chapter number)
under which the
obligor filed for
protection.
Bankruptcy filed............. Chapter 7........ Chapter of the U.S.
bankruptcy code
providing for the
sale of an obligor's
nonexempt property
and assets and the
distribution of the
proceeds to
creditors.
Bankruptcy filed............. Chapter 11....... Chapter of the U.S.
bankruptcy code
providing obligor or
obligor's failing
firm protection
against all
creditors while
being reorganized to
pay off debts.
Bankruptcy filed............. Chapter 12....... Chapter of the U.S.
bankruptcy code
designed to give
special relief to
obligor if obligor
is a family farmer
with seasonal
income.
Bankruptcy filed............. Chapter 13....... Chapter of the U.S.
bankruptcy code
allowing obligor to
begin debt repayment
without forfeiting
property.
Bankruptcy filed............. Bankruptcy case Case number assigned
number. by the bankruptcy
court.
Bankruptcy filed............. Bankruptcy code.. Indicates whether the
mortgagor, co-
mortgagor, or both
are filing
bankruptcy.
Bankruptcy filed............. Only the obligor Indicates that only
has filed. the obligor has
filed for
bankruptcy.
Bankruptcy filed............. Only the co- Indicates that only
obligor has the co-obligor has
filed. filed for
bankruptcy.
Bankruptcy filed............. Both the obligor Indicates that both
and co-obligor obligor and co-
have filed. obligor have filed
for bankruptcy
[[Page 68505]]
Bankruptcy filed............. Name(s) of Name of obligor(s)
debtor(s)-report that filed petition
all applicable. for relief under the
U.S. bankruptcy code-
report all
applicable.
Bankruptcy filed............. Alternate debtor. This field indicates
the second alternate
debtor (if any) for
the loan.
Bankruptcy filed............. Social security Unique SSA-issued
number (SSN)(s) number or unique IRS-
of debtor(s). issued number (TIN)
of the obligor(s)
that filed a
petition for relief
under the U.S.
bankruptcy code.
Bankruptcy filed............. Alternate debtor This field indicates
social security the second alternate
number (SSN). debtor social
security number (if
any) for the loan.
Bankruptcy update............ Bankruptcy event. Any significant
action taken during
the bankruptcy
process as defined
in the eight
following items.
Bankruptcy update............ Date relief of Date a petition was
stay filed. filed by servicer
requesting relief
from the stay so
that servicer may
proceed to terminate
the loan.
Bankruptcy update............ Date of discharge Date of the court
order terminating
bankruptcy
proceedings, usually
relieving the
obligor of his/her
obligation.
Bankruptcy update............ Date of dismissal Date of the court
order terminating
the case without
either the entry of
a discharge or a
denial of discharge.
Bankruptcy update............ Date stay lifted. Date of the court
order permitting
collection/
termination actions
against the obligor
and/or the property
that secures the
loan.
Loss mitigation letter sent.. Date that the Month, day, and year
letter was sent. loss mitigation
(foreclosure
avoidance) notice
sent by the
servicer.
Partial payment returned..... Reason why the VA-authorized reason
partial payment for the return of a
was returned. payment of any
amount less than the
full amount due
under the loan
terms.
Partial payment returned..... Tenant payments Property is
not being completely or
forwarded. partially tenant-
occupied and rental
payments are not
being paid to
servicer for
application to the
loan account.
Partial payment returned..... Less than 50 Payment is less than
percent of total 50 percent of the
due and no total amount then
repayment plan due, and the amount
is in place. has not been agreed
to in a documented
repayment plan.
Partial payment returned..... Personal checks Amount tendered is in
not accepted. the form of a
personal check and
the borrower has
been previously
notified in writing
that only cash or
certified payments
are acceptable.
Partial payment returned..... Foreclosure Foreclosure has been
process started. started with the
first action
required for
foreclosure under
local law.
Partial payment returned..... Less than one Payment is less than
monthly one full monthly
installment and installment,
no repayment including escrow and
plan in place. late charges, and
the amount has not
been agreed to in a
documented repayment
plan.
Partial payment returned..... Less than Payment is less than
repayment plan the amount agreed to
agreed amount. in a documented
repayment plan.
Partial payment returned..... Unpaid Delinquency of any
delinquency over amount has continued
six months and for at least 6
no repayment months since the
plan in place. account first became
delinquent and no
documented repayment
plan has been
arranged.
Partial payment returned..... Servicer lien Holder's lien
would be position would be
jeopardized. jeopardized by
acceptance of
partial payment.
Partial payment returned..... Date partial Month, day, and year
payment returned. that servicer
returned the partial
payment.
Partial payment returned..... Amount of partial Amount of partial
payment returned. payment that
servicer returned.
Default cured/loan reinstated Date loan Month, day, and year
reinstated. all delinquent
amounts were fully
repaid; a loan is
current if the
payment due date is
the first day of the
next month (as of
the last day of the
previous month).
Cure/reinstatement reversal.. Date of reversal. Month, day, and year
the servicer
discovered that a
previously reported
cure was in error.
Cure/reinstatement reversal.. Payment due date. Month, day, and year
the last full
monthly obligation
was applied; as of
the date of the cure
reversal.
Cure/reinstatement reversal.. Reason for Basis for
reversal. determination that
all delinquent
amounts thought to
be fully repaid were
not.
Cure/reinstatement reversal.. NSF check........ Reason for reversal
of cured default is
that obligor's bank
account has
insufficient funds
available to pay the
check.
Cure/reinstatement reversal.. Misapplication of Reason for reversal
funds. of cured default is
that funds were
applied to the loan
in error.
Cure/reinstatement reversal.. Reporting error Reason for reversal
(includes of cured default is
erroneously that the servicer
reported reported the cure in
servicing error.
transferred).
Default reported to credit Date reported.... Month, day, and year
bureau. that servicer
reports to the
credit bureau that
obligor has failed
to comply with the
terms of the loan
agreement.
Extenuating property Date the The date the property
circumstances. extenuating damage was
property discovered.
circumstance was
discovered.
Extenuating property Type of unusual Basis for
circumstances. property determination that
circumstance. foreclosure process
should be sped up or
delayed due to the
condition of
obligor's property.
Extenuating property Hazardous Reason for
circumstances. conditions or extenuating property
materials. circumstances is the
presence of
conditions or
materials on the
property which
create an immediate
or potential danger
to the public health
or safety or to the
environment.
[[Page 68506]]
Extenuating property Significant Reason for
circumstances. property extenuating property
deterioration. circumstances is
property has
deteriorated
significantly.
Extenuating property Condemned........ Reason for
circumstances. extenuating property
circumstances is
property is deemed
legally unfit for
occupancy or
continued existence
due to its physical
defects or for other
causes or the
property is being
acquired by a
governmental body
for public uses as
per receipt of
official notice from
the appropriate
local government
office.
Extenuating property Natural disaster. Reason for
circumstances. extenuating property
circumstances is the
result of a natural
disaster, such as
fire, storm,
accident, flood,
earthquake, or other
catastrophic event.
Extenuating property Property seizure. Law enforcement
circumstances. officials have taken
a property that has
been used (a) in
connection with or
acquired by illegal
activities or (b) in
satisfaction of an
unpaid judgment.
Extenuating property Demolished....... Reason for
circumstances. extenuating property
circumstances is
property has been
razed.
Extenuating property Other............ Reason for
circumstances. extenuating property
circumstances is
other than one of
the reasons listed.
Repayment plan approved...... Date repayment Month, day, and year
plan approved. servicer approved
written agreement
with the obligor for
reinstatement of the
loan through a
schedule of
increased payments.
Repayment plan approved...... Plan start date Month and year that
(month and year). repayment plan is
documented to begin.
Repayment plan approved....... Estimated cure Estimated month, day,
date. and year the
delinquency will be
fully satisfied by
the proper
application of
available credits or
deposits resulting
from the repay plan.
Repayment plan infeasible.... Date of Month, day, and year
determination. that servicer
determines that a
repay plan with the
obligor is not a
home retention
option.
Repayment plan infeasible.... Reason for Basis for
infeasibility. determination that
repay plan with the
obligor is not a
home retention
option.
Repayment plan infeasible.... Unwilling Reason for
borrower(s). infeasibility of the
repay plan is that
obligor does not
agree to a repay
plan.
Repayment plan infeasible.... Unable to contact Reason for
infeasibility of the
repay plan is that
servicer is not able
to contact obligor
to negotiate.
Repayment plan infeasible.... Current owner not Reason for
liable. infeasibility of the
repay plan is
current owner of the
property is not the
obligor on the loan.
Repayment plan infeasible.... Property Reason for
abandoned. infeasibility of the
repay plan is the
property is vacant,
is not being
maintained, is not
offered for sale or
rent, and no contact
with the borrower
has been
established.
Repayment plan infeasible.... Insufficient Reason for
income. infeasibility of the
repay plan is that
obligor does not
have enough income
to meet the
obligations under a
repay plan.
Special forbearance approved. Estimated cure Estimated month, day,
date. and year the
delinquency will be
fully satisfied by
the proper
application of
available credits or
deposits resulting
from the proposed
special forbearance.
Special forbearance Date of Month, day, and year
infeasible. determination. that servicer
determines that
neither suspension
nor reduction of
obligor's payments
for one or more
months is a home
retention option.
Special forbearance Reason for Basis for
infeasible. infeasibility. determination that
special forbearance
with the obligor is
not a home retention
option.
Special forbearance Unwilling Reason for
infeasible. borrower. infeasibility of the
special forbearance
is that obligor does
not agree to special
forbearance.
Special forbearance Unable to contact Reason for
infeasible. infeasibility of the
special forbearance
is that servicer is
not able to contact
obligor to
negotiate.
Special forbearance Insufficient Reason for
infeasible. income. infeasibility of the
special forbearance
is that obligor does
not have enough
income to meet the
obligations under a
special forbearance.
Special forbearance Current owner not Reason for
infeasible. liable. infeasibility of the
special forbearance
is current owner of
the property is not
the obligor on the
loan.
Special forbearance Property Reason for
infeasible. abandoned. infeasibility of the
special forbearance
is the property is
vacant, is not being
maintained, is not
offered for sale or
rent, and no contact
with the homeowner
has been
established.
Special forbearance No means to Reason for
infeasible. reinstate. infeasibility of the
special forbearance
is that reducing
payments and/or
forbearing payments
will have no impact
on the obligor's
inability to cure
the delinquency and
reinstate the loan.
Loan modification approved... Date modification Month, day, and year
of loan approved. that servicer
approves a permanent
change in one or
more of the terms of
the loan and usually
includes re-
amortization of the
balance due.
Loan modification complete... Date loan Month, day, and year
modification that servicer and
fully executed. borrower execute the
modification
agreement thereby
completing a
permanent change in
one or more of the
terms of the loan
that results in loan
reinstatement.
[[Page 68507]]
Loan modification complete... Modified loan Total amount of
amount. principal owed on
the mortgage after
the loan
modification and
before any payments
are made; only
unpaid principal,
accrued interest,
deficits in the
taxes and insurance
impound accounts,
and advances
required to preserve
the lien position,
such as HOA fees,
special assessments,
water and sewer
liens, etc., may be
included in the
modified
indebtedness; late
fees and other
charges may not be
capitalized.
Loan modification complete... Term............. Number of months over
which the unpaid
balance of the
modified loan will
be repaid.
Loan modification complete... Modified loan Month, day, and year
maturity date. that modified loan
will be paid in
full.
Loan modification complete... Interest rate.... Rate of interest
charged on the loan,
expressed as a
percentage, per the
modified loan
instruments.
Loan modification complete... Date of first Month, day, and year
payment. that first
installment on
modified loan is
due.
Loan modification complete... New principal and Monthly amount due
interest (P&I) (for principal and
payment. interest) on the
modified loan.
Loan modification infeasible. Date of Month, day, and year
determination. that servicer
determines that loan
modification is not
a home retention
option.
Loan modification infeasible. Reason for Basis for
infeasibility. determination that
loan modification
with the obligor is
not a home retention
option.
Loan modification infeasible. Unwilling Reason for
borrower. infeasibility of the
loan modification is
that obligor does
not agree to a loan
modification.
Loan modification infeasible. Unable to contact Reason for
infeasibility of the
loan modification is
that servicer is not
able to contact
obligor to
negotiate.
Loan modification infeasible. Insufficient Reason for
income. infeasibility of the
loan modification is
that obligor does
not have enough
income to meet the
obligations under a
loan modification.
Loan modification infeasible. Insufficient Reason for
borrower infeasibility of the
contribution. loan modification is
that obligor has
insufficient cash to
satisfy all
delinquent amounts
not included in the
new loan amount.
Loan modification infeasible. Junior lien Reason for
issues. infeasibility of the
loan modification is
that junior lien
holder refuses to
subordinate.
Loan modification infeasible. Ineligible-prior Reason for
approval denied. infeasibility of the
loan modification is
that VA denied a
prior approval of a
non-conforming loan
modification.
Loan modification infeasible. Ineligible-not Reason for
submitted for infeasibility of the
prior approval. loan modification is
that the servicer
did not submit a non-
conforming loan
modification for
prior approval.
Loan modification infeasible. Current owner not Reason for
liable. infeasibility of the
loan modification is
that the current
owner is not legally
liable on the loan.
Loan modification infeasible. Ginnie Mae Reason for
pooling issues. infeasibility of the
loan modification is
that the servicer is
unwilling to bear
the cost of
repurchasing the
loan from the pool
and/or repooling.
Loan modification infeasible. Property Reason for
abandoned. infeasibility of the
loan modification is
the property is
vacant, is not being
maintained, and is
not offered for sale
or rent.
Loan modification infeasible. Not owner Reason for
occupied. infeasibility of the
loan modification is
that the owner does
not currently reside
in the property.
Compromise sale approved..... Date purchase Month, day, and year
offer submitted that obligor submits
by borrower for a purchase offer to
consideration. the servicer for
consideration where
the proceeds of the
private sale will be
less than the amount
required to pay the
mortgage in full.
Compromise sale approved..... Date compromise Month, day, and year
sale approved. that servicer
approves obligor's
request to complete
a private sale where
the proceeds will be
less than the amount
required to pay the
mortgage in full.
Compromise sale approved..... Estimated Estimated month, day,
settlement date. and year that
obligor's property
is scheduled to
close by private
sale and the
proceeds will be
less than the amount
required to pay the
mortgage in full.
Compromise sale complete..... Actual settlement Actual month, day,
date. and year that
obligor's property
was sold to a third
party in a private
sale and the
proceeds were less
than the amount
required to pay the
mortgage in full.
Compromise sale complete..... Payoff of first Net proceeds from the
mortgage loan sale, listed in line
(line 504 from 504 from HUD-1 form
HUD-1). (also known as the
``closing
statement'' or
``settlement
sheet''), which will
be applied toward
the payoff of the
first mortgage loan.
Compromise sale infeasible... Date of Month, day, and year
determination. that servicer
determines that the
compromise sale is
not an alternative
to foreclosure.
Compromise sale infeasible... Reason for Basis for
infeasibility. determination that
compromise sale is
not an alternative
to foreclosure.
Compromise sale infeasible... No buyers........ Reason for
infeasibility of the
compromise sale is
that there are no
buyers interested in
the obligor's
property.
Compromise sale infeasible... Closing not Reason for
consummated. infeasibility of the
compromise sale is
that a potential
sale did not legally
close.
Compromise sale infeasible... Unwilling Reason for
borrower(s). infeasibility of the
compromise sale is
that obligor does
not agree to a
compromise sale.
Compromise sale infeasible... Property Reason for
abandoned. infeasibility of the
compromise sale is
the property is
vacant, is not being
maintained, is not
offered for sale or
rent, and no contact
with the homeowner
has been
established.
[[Page 68508]]
Compromise sale infeasible... Unable to contact Reason for
infeasibility of the
compromise sale is
that servicer is not
able to contact
obligor to
negotiate.
Compromise sale infeasible... Junior lien Reason for
issues. infeasibility of the
compromise sale is
that junior lien
holder is unwilling
to participate in
the compromise sale.
Compromise sale infeasible... Title problems... Reason for
infeasibility of the
compromise sale is
that the owner is
unable to provide
clear title to the
prospective
purchaser.
Deed-in-lieu approved........ Date DIL was Month, day, and year
requested. that the obligor
requests a voluntary
transfer of the
property to the
holder in exchange
for a release of all
obligations under
the mortgage.
Deed-in-lieu approved........ Date of approval. Month, day, and year
that a deed in lieu
of foreclosure is
approved by the
servicer.
Deed-in-lieu complete........ Date that deed Month, day, and year
was recorded. that the deed in
lieu of foreclosure
was recorded with
the local government
office.
Deed-in-lieu complete........ Net value........ The fair market value
of the property
minus the VA cost
factor (net value =
fair market value of
the property * (1-
the net value
factor)).
Deed-in-lieu complete........ Total eligible The unpaid principal
indebtedness. balance, accrued
unpaid interest,
allowable advances,
liquidation
expenses, and
property
preservation
expenses (if
incurred prior to
the actual
foreclosure sale
date or the end of
the foreclosure
timeframe, whichever
is earlier), less
any credits.
Deed-in-lieu infeasible...... Date of Month, day, and year
determination. that servicer
determines that the
deed in lieu of
foreclosure is not
an alternative to
foreclosure.
Deed-in-lieu infeasible...... Reason for Basis for
infeasibility. determination that
deed in lieu of
foreclosure is not
an alternative to
foreclosure.
Deed-in-lieu infeasible...... Junior lien(s)... Reason for
infeasibility of the
deed in lieu of
foreclosure is that
there is a junior
lien on the
property.
Deed-in-lieu infeasible...... Title problems... Reason for
infeasibility of the
deed in lieu of
foreclosure is that
the owner is unable
to transfer clear
title.
Deed-in-lieu infeasible...... Unwilling Reason for
borrower(s). infeasibility of the
deed in lieu of
foreclosure is that
one or more of the
owners do not agree
to a deed in lieu of
foreclosure.
Deed-in-lieu infeasible...... Property Reason for
abandoned. infeasibility of the
deed in lieu of
foreclosure is the
property is vacant,
is not being
maintained, is not
offered for sale or
rent, and contact
with the homeowner
has not been
established.
Deed-in-lieu infeasible...... Unable to contact Reason for
infeasibility of the
deed in lieu of
foreclosure is that
servicer is not able
to contact obligor
to negotiate.
Foreclosure referral......... Date of referral Month, day, and year
to attorney. servicer refers
obligor's loan to
legal counsel to
initiate the
foreclosure process.
Foreclosure referral......... Date of most Month, day, and year
recent property of the most recently
inspection. performed property
inspection for the
current default.
Foreclosure referral......... Date 30 day Month, day, and year
delinquency that servicer sent
letter sent (if 30 day delinquency
no successful letter (letter to
phone contact). the borrower if
payment has not been
received within 30
days after it was
due and telephone
contact could not be
made--38CFR
36.4346(g)).
Foreclosure referral......... Date phone Month, day, and year
contact that servicer
successful. successfully
contacted obligor
via telephone for
the current default
(``right party''
contact).
Foreclosure referral......... Updated reason Basis for
for default at determination that
time of foreclosure process
foreclosure. should be initiated.
Foreclosure referral......... Business failure. Reason for default is
the occupation,
work, or trade in
which obligor is
engaged did not
generate enough
funds to meet his
financial
obligations.
Foreclosure referral......... Casualty loss.... Reason for default is
the damage to the
property as a result
of a fire, storm,
accident, flood,
earthquake, or other
catastrophic event.
Foreclosure referral......... Curtailment of Reason for default is
income. a reduction or the
curtailment of
obligor's income
from employment,
investment, or other
sources.
Foreclosure referral......... Death of borrower Reason for default is
that the obligor
died.
Foreclosure referral......... Death of Reason for default is
borrower's the death of
family member. obligor's relative
who is contributing
towards the loan
(directly or
indirectly) and/or
that obligor has
incurred
extraordinary
expenses as a result
of such death.
Foreclosure referral......... Distant Reason for default is
employment the result of the
transfer. borrower being
transferred or
relocated to a
distant job
location.
Foreclosure referral......... Energy/ Reason for default is
environmental the result of the
cost. borrower incurring
excessive energy
related costs or
costs associated
with removal of an
environmental hazard
in or near the
property.
Foreclosure referral......... Excessive Reason for default is
obligations. obligor incurred
excessive debt in
addition to the
mortgage obligation
or the mortgage
payment has
increased
significantly.
Foreclosure referral......... Fraud............ Reason for default is
a legal dispute
arising out of a
fraudulent or
illegal action that
occurred in
connection with the
origination of the
mortgage or at a
later date.
Foreclosure referral......... Illness of Reason for default is
borrower. a serious illness
that keeps the
borrower from
working and
generating income,
and/or the borrower
has incurred
extraordinary
expenses as a result
of the illness.
[[Page 68509]]
Foreclosure referral......... Illness of Reason for default is
borrower's the result of
family. obligor incurring
extraordinary
expenses as the
result of the
illness of a family
member.
Foreclosure referral......... Inability to rent Reason for default is
property. obligor has
insufficient income
and/or assets to
make the monthly
mortgage payment and
the rental property
is vacant.
Foreclosure referral......... Inability to sell Reason for default is
property. obligor has
insufficient income
and/or assets to
make the monthly
mortgage payment and
is unable to sell
the property.
Foreclosure referral......... Incarceration.... Reason for default is
the result of
obligor being jailed
or imprisoned,
regardless of
whether obligor is
still incarcerated.
Foreclosure referral......... Marital Reason for default is
difficulties. problems associated
with separation or
divorce including
dispute over
payments during
divorce settlement,
reduction in income
available to pay the
mortgage debt, etc.
Foreclosure referral......... Military service. Reason for default is
the result of
obligor being called
into active duty
status and the
military pay is
insufficient to make
the monthly mortgage
payment.
Foreclosure referral......... Payment Reason for default is
adjustment. the result of the
borrower being
unable to make new
payments that
resulted from an
increase in the
monthly payment.
Foreclosure referral......... Payment dispute.. Reason for default is
that a disagreement
between obligor and
the mortgage
servicer about the
amount of the
mortgage payment,
the acceptance of a
partial payment, the
application of
previous payments,
etc. resulted in
obligor refusing to
make payments until
the dispute is
resolved.
Foreclosure referral......... Property problems Reason for default is
the result of the
condition of the
property such as
substandard
construction,
expensive and
extensive repairs
required, etc.
Foreclosure referral......... Servicing Reason for default is
problems. the result of
obligor being
dissatisfied with
the servicer of the
loan or with the
fact that servicing
has been transferred
to a new servicer.
Foreclosure referral......... Tenant not paying Reason for default is
the result of the
obligor's tenant not
paying rent.
Foreclosure referral......... Transfer of Reason for default is
ownership. the result of the
obligor not making
payments while sale
of the property is
pending.
Foreclosure referral......... Unemployment Reason for default is
notification. the result of a
reduction in
obligor's income due
to loss of job.
Foreclosure referral......... Borrower never Reason for default is
responded to unknown (unable to
outreach. get contact or
unable to determine
the reason).
Foreclosure sale scheduled... Date of scheduled Month, day, and year
foreclosure sale. the property will be
sold to satisfy the
loan obligation (or
month, day, and year
it is anticipated
the property will be
sold to satisfy the
loan obligation for
states such as South
Dakota).
Foreclosure sale scheduled... Foreclosure type. Type of legal process
by which the
property is sold to
satisfy the loan
obligation.
Foreclosure sale scheduled.... Judicial......... Type of foreclosure
process done through
court action.
Foreclosure sale scheduled... Non-judicial..... Type of foreclosure
process done through
the power of sale.
Substantial equity case...... Total eligible The unpaid principal
indebtedness. balance, accrued
unpaid interest,
allowable advances,
liquidation
expenses, and
property
preservation
expenses (if
incurred prior to
the actual
foreclosure sale
date or the end of
the foreclosure
timeframe, whichever
is earlier), less
any credits.
Substantial equity case...... Estimated unpaid The unpaid balance of
principal any outstanding
balance of all liens against the
other liens. property.
Substantial equity case...... Calculated equity The fair market value
amount (fair of the property
market value minus all monies
less all liens). owed on other liens.
Foreclosure sale postponed or Date postponed or Month, day, and year
cancelled. cancelled. that foreclosure
sale is postponed or
cancelled.
Foreclosure sale postponed or Postponed or Indicator denoting
cancelled. cancelled whether the
indicator. foreclosure sale was
postponed or whether
it was cancelled.
Foreclosure sale postponed or Reason........... Basis for
cancelled. postponement or
cancellation of
foreclosure sale.
Foreclosure sale postponed or Reinstatement.... Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
to allow additional
time for obligor to
reinstate the loan.
Foreclosure sale postponed or Bankruptcy....... Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
petition for relief
was filed under U.S.
bankruptcy codes by
or on behalf of the
obligor.
Foreclosure sale postponed or Repayment plan... Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
servicer has an
agreement with the
obligor for
reinstatement of the
loan through a
schedule of
increased payments.
Foreclosure sale postponed or Special Reason for
cancelled. forbearance. postponement or
cancellation of
foreclosure sale is
servicer has an
agreement with the
obligor to suspend
foreclosure for a
specified period of
time to allow for
loan reinstatement.
Foreclosure sale postponed or Loan modification Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
servicer has
modified or is
considering
modification of the
loan that will
result in loan
reinstatement.
[[Page 68510]]
Foreclosure sale postponed or Private sale..... Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
to allow additional
time for obligor to
complete a sale of
the property, in
which there is
equity.
Foreclosure sale postponed or Compromise sale.. Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
to allow additional
time to complete a
sale of the
property, even
though the sale
proceeds will be
less than the total
indebtedness.
Foreclosure sale postponed or Title problems... Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
that title search
disclosed problems
which must be
resolved prior to
foreclosure.
Foreclosure sale postponed or VA requested Reason for
cancelled. (includes refund postponement or
consideration). cancellation of
foreclosure sale is
VA requested.
Foreclosure sale postponed or Procedural errors Reason for
cancelled. (failure to give postponement or
notice, legal cancellation of
issues, failure foreclosure sale is
to comply with procedural error,
foreclosure such as failure to
laws, incorrect give notice, legal
publication, issues, failure to
trustee comply with
appointments, foreclosure laws,
recording incorrect
issues). publication, trustee
appointments,
recording issues,
etc.
Foreclosure sale postponed or Late appraisal... Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
that appraisal was
not performed in
time to proceed to
foreclosure sale.
Foreclosure sale postponed or Contested Reason for
cancelled. foreclosure. postponement or
cancellation of
foreclosure sale is
the obligor or other
party contests the
validity or priority
of the mortgage or
lien being
foreclosed or
creates an issue
with respect to
mortgage holder's
right to foreclose
it.
Foreclosure sale postponed or Property damage.. Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
damage to the
property occurred
subsequent to
completion of
liquidation
appraisal which
could change or
invalidate the bid
amount.
Foreclosure sale postponed or Hazardous Reason for
cancelled. conditions or postponement or
materials (when cancellation of
a municipality foreclosure sale is
requires municipality
property clean- requires property
up prior to clean-up of
foreclosure). hazardous conditions
and/or materials
prior to foreclosure
sale, or servicer
discovers hazardous
conditions and/or
materials that will
have an impact on
final value
determination.
Foreclosure sale postponed or Condemned (with Reason for
cancelled. need to demolish postponement or
or eminent cancellation of
domain) or foreclosure sale is
demolished. property is (a)
deemed legally unfit
for occupancy or
continued existence
due to its physical
defects or for other
causes, (b) property
is being acquired by
a governmental body
for public uses, or
(c) property has
already been torn
down as a result of
being condemned.
Foreclosure sale postponed or Natural disaster. Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
result of a natural
disaster, such as
fire, storm,
accident, flood,
earthquake, or other
catastrophic event.
Foreclosure sale postponed or Property seizure. Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
the result of law
enforcement
officials taking the
property that has
been used in
connection with or
acquired by illegal
activities or to
satisfy an unpaid
judgment.
Foreclosure sale postponed or SCRA............. Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
obligor has filed
for relief under or
is deemed to be
entitled to the
(SCRA).
Foreclosure sale postponed or Other............ Reason for
cancelled. postponement or
cancellation of
foreclosure sale is
other than one of
the reasons listed.
Results of sale.............. Date of sale..... Month, day, and year
the foreclosure sale
was held.
Results of sale.............. Sherriff's Value of the property
appraised value as determined by the
(if applicable, court-ordered
Kentucky, Ohio. sheriff's appraisal.
Louisiana, and
Oklahoma only).
Results of sale.............. Successful bidder Designates whether
the successful
bidder was the
holder or a third
party.
Results of sale.............. Holder........... The property was
acquired by the
holder of the loan.
Results of sale.............. Third party...... The property was
acquired by a third
party.
Results of sale.............. Amount of The amount of money
successful bid. bid to acquire the
property.
Results of sale.............. Net value........ The fair market value
of the property
minus the VA cost
factor (net value =
fair market value of
the property * (1-
the net value
factor)).
Results of sale.............. Total eligible The unpaid principal
indebtedness. balance, accrued
unpaid interest,
allowable advances,
liquidation
expenses, and
property
preservation
expenses (if
incurred prior to
the actual
foreclosure sale
date or the end of
the foreclosure
timeframe, whichever
is earlier), less
any credits.
Transfer of custody.......... Insurance type Information about
(flood, insurance
earthquake, policy(ies) in force
forced place, at the time of
homeowner's, transfer of custody
wind, fire)- to VA.
report all
applicable.
Transfer of custody.......... Flood............ Reported insurance
type is flood
insurance.
Transfer of custody.......... Earthquake....... Reported insurance
type is earthquake
insurance.
Transfer of custody.......... Forced place..... Reported insurance
type is forced place
insurance.
Transfer of custody.......... Homeowner's...... Reported insurance
type is homeowner's
insurance.
Transfer of custody.......... Wind............. Reported insurance
type is wind
insurance.
Transfer of custody.......... Fire............. Reported insurance
type is fire
insurance.
[[Page 68511]]
Transfer of custody.......... Policy number.... Unique insurance
company issued
number identifying
the specific
insurance coverage
plan.
Transfer of custody.......... Name of carrier.. Name of the company
that provides the
insurance coverage.
Transfer of custody.......... Expiration date.. Month, day, and year
that the insurance
coverage terminates.
Transfer of custody.......... Tax parcel/ Unique number
identification assigned by the
number(s)-report local taxing
as many as are authority to
applicable. identify the
property.
Transfer of custody.......... Redemption Month, day, and year
expiration date on which the
(if applicable). redemption period
terminates.
Transfer of custody........... Date of Month, day, and year
confirmation/ the foreclosure sale
ratification of was confirmed or
sale. ratified (as
required by State
law).
Transfer of custody.......... Mortgage holder's Unique VA-assigned
payee vendor ID number used to
(per internal VA identify the payee
financial for VA purposes;
system). servicer reports own
vendor ID if
servicer is payee.
Transfer of custody.......... Payee loan number Unique payee-assigned
(if payee custody number used
differs from to identify the
servicer). account.
Improper transfer of custody. Reason for the Reason servicer
improper erroneously
transfer of transferred custody
custody. of a property to VA.
Improper transfer of custody. Holder wanted to Holder intended to
keep the retain property but
property. conveyed to VA in
error.
Improper transfer of custody. Third party was Third party was
the successful successful bidder so
bidder. holder did not have
the option to convey
to VA.
Invalid sale results......... Reason sale Basis for determining
invalidated. that results changed
or sale was invalid.
Invalid sale results......... Bankruptcy....... Reason sale was
determined to be
invalid is that
petition for relief
was filed under U.S.
bankruptcy codes by
or on behalf of the
obligor.
Invalid sale results......... Contested Reason sale was
foreclosure. determined to be
invalid is that the
foreclosure was
contested.
Invalid sale results......... Third party fails Reason sale was
to consummate determined to be
sale. invalid is that
third party
purchaser did not
complete the
purchase
requirements.
Invalid sale results......... Procedural errors Reason sale was
determined to be
invalid is
procedural error,
such as failure to
give notice, legal
issues, failure to
comply with
foreclosure laws,
incorrect
publication, trustee
appointments,
recording issues,
etc.
Invalid sale results......... SCRA............. Reason sale was
determined to be
invalid is that
obligor has filed
for relief under or
is deemed to be
entitled to the
SCRA.
Changed sale results......... Date third party Month, day, and year
failed to the third party
consummate the failed to consummate
sale. the sale as per
consummation
requirements in the
applicable state
(i.e. the timeframe
for consummation
expired).
Confirmed sale date with no Confirmation or Month, day, and year
transfer of custody. ratification of sale confirmation
date (when no or ratification when
transfer of the servicer chooses
custody). to retain the
property and the
property is located
in a confirmation or
ratification of sale
state.
Basic Claim Information...... Claim type (for Type of claim
the claim servicer is
submission--init submitting, either
ial, initial,
supplemental, supplemental, or
appeal). appeal.
Basic Claim Information...... Payee vendor ID Unique FMS-assigned
(per FMS). number used to
identify the payee
for VA purposes.
Basic Claim Information...... Payee loan number Unique payee-assigned
(if payee number, used to
differs from identify the
servicer). account.
Basic Claim Information...... Borrower Any unscheduled
prepayment payment to principal
amount. by the borrower.
Basic Claim Information...... Date of Month, day, and year
prepayment. each prepayment was
applied.
Basic Claim Information...... Interest Rate Interest Rate
Changes. Changes.
Basic Claim Information...... Effective date of Effective date of
change for SCRA change for SCRA
(change date), (change date).
if applicable.
Basic Claim Information...... Interest rate for Interest rate for
SCRA change, if SCRA change.
applicable.
Basic Claim Information...... ARM Loans (report ARM Loans (report all
all changes). changes).
Basic Claim Information...... Effective date of Effective date of
change for ARM change for ARM loans
loans (change (change date).
date).
Basic Claim Information...... Margin (for ARM Margin (for ARM
interest rate interest rate
changes). changes).
Basic Claim Information...... Date loan Month, day, and year
termination that servicer
reported to reports to the
credit bureaus. credit bureau that
the loan has been
terminated.
Basic Claim Information...... Credits.......... Any monies being held
to be applied to the
account
indebtedness.
Basic Claim Information...... Refunds of Any monies received
insurance from refunds of
premiums. insurance premiums.
Basic Claim Information...... Tenant rents..... Any monies received
from collection of
rents from tenants.
Basic Claim Information...... Insurance loss The following
information. elements detail the
allocation of
insurance proceeds.
Basic Claim Information...... Date insurance Month, day, and year
claim payment monies were paid to
received by servicer as a result
servicer. of insurable loss.
Basic Claim Information...... Date denied (if Month, day, and year
applicable). that the insurance
claim for damages
was denied.
Basic Claim Information...... Proceeds from Amount of insurance
insurance claim. loss proceeds
received.
[[Page 68512]]
Basic Claim Information...... Disposition of Whether the insurance
insurance monies received were
proceeds. (a) applied to the
unpaid principal
balance, (b) used to
restore the
security, or (c)
held in suspense.
Basic Claim Information...... Applied to UPB... Whether the monies
were (a) above.
Basic Claim Information...... Used to restore Whether the monies
security. were (b) above.
Basic Claim Information...... Held in suspense. Whether the monies
were (c) above.
Basic Claim Information....... Amount applied to Amount of monies from
principal (if the insurance loss
applicable). proceeds that were
applied to the
unpaid principal
balance.
Basic Claim Information...... Date applied to Month, day, and year
UPB (if that the insurance
applicable). loss proceeds were
applied to the
unpaid principal
balance.
Basic Claim Information...... Escrow credit Amount of monies, if
balance. any, remaining in
tax and insurance
escrow account.
Basic Claim Information...... Suspended credits Any other monies
(partial being held in
payments in suspense.
suspense).
Basic Claim Information...... Buydown credits Any unapplied seller
from origination buydown credits from
(seller loan origination.
buydowns).
Basic Claim Information...... Buydown credits Amounts applied to
from foreclosure (1) principal
(only for pre- balance, (2)
VALERI claims). interest, or (3)
escrow to obtain
specified bid (pre-
VALERI
terminations).
Buydown funds should
have been applied,
not held in
suspense.
Basic Claim Information...... Date of buydown Date or dates of
or buydowns. foreclosure buydowns
(pre-VALERI
terminations).
Basic Claim Information...... Interest on Amount of monies
escrow. earned from
obligor's escrow
account as a result
of interest
payments.
Basic Claim Information...... Itemized Advances Amounts required to
(payment date be advanced by the
and amount must servicer to preserve
be provided for and protect the
each). property and/or the
lien position. Need
date and amount for
every advance).
Basic Claim Information...... Insurance........ Amounts advanced by
the servicer to
obtain and/or
continue insurance
coverage.
Basic Claim Information...... Forced place Amounts advanced by
(annual), must the servicer to
also provide obtain and/or
effective date. continue yearly
forced place
insurance coverage;
including month,
day, and year that
coverage became
effective.
Basic Claim Information...... Forced place Amounts advanced by
(monthly binder). the servicer to
obtain and/or
continue monthly
forced place
insurance coverage.
Basic Claim Information...... Flood............ Amounts advanced by
the servicer to
obtain and/or
continue flood
insurance coverage.
Basic Claim Information...... Homeowner's/Fire/ Amounts advanced by
Hazard. the servicer to
obtain and/or
continue
homeowner's, fire,
and/or hazard
insurance coverage.
Basic Claim Information...... Wind............. Amounts advanced by
the servicer to
obtain and/or
continue wind
insurance coverage.
Basic Claim Information...... Earthquake....... Amounts advanced by
the servicer to
obtain and/or
continue earthquake
insurance coverage.
Basic Claim Information...... Taxes............ Amounts advanced by
the servicer to pay
amounts which were
levied by a
government authority
upon the property.
Basic Claim Information...... City............. Amounts advanced by
the servicer to pay
city taxes.
Basic Claim Information...... County/Parish.... Amounts advanced by
the servicer to pay
county/parish taxes.
Basic Claim Information...... School........... Amounts advanced by
the servicer to pay
school taxes.
Basic Claim Information...... Levee............ Amounts advanced by
the servicer to pay
levee taxes.
Basic Claim Information...... Township......... Amounts advanced by
the servicer to pay
township taxes.
Basic Claim Information...... Municipal Utility Amounts advanced by
District (MUD). the servicer to pay
MUD taxes.
Basic Claim Information...... Public Utility Amounts advanced by
District (PUD). the servicer to pay
PUD taxes.
Basic Claim Information...... Special Amounts advanced by
assessments. the servicer to pay
special assessments
against the
property.
Basic Claim Information...... Ground rent...... Amounts advanced by
the servicer to pay
ground rent due on
the property.
Basic Claim Information...... Association fees. Amounts advanced by
the servicer to pay
HOA, CIA, PUD, and/
or condo association
fees.
Basic Claim Information...... Property Amounts advanced by
preservation. the servicer to
protect and preserve
the property.
Basic Claim Information...... Yard maintenance. Amounts advanced by
the servicer for
required yard
maintenance services
performed on the
property.
Basic Claim Information...... Initial cut up to Amounts advanced by
5,000 s.f.. the servicer for
initial mowing
services of up to
5,000 square feet.
Basic Claim Information...... Initial cut 5,001- Amounts advanced by
10,000 s.f.. the servicer for
initial mowing
services of between
5,001 and 10,000
square feet.
Basic Claim Information...... Initial cut Amounts advanced by
10,000 s.f. or the servicer for
larger. initial mowing
services of greater
than 10,000 square
feet.
Basic Claim Information...... Recut cut up to Amounts advanced by
5,000 s.f.. the servicer for
additional mowing
services of up to
5,000 square feet.
Basic Claim Information...... Recut cut 5,001- Amounts advanced by
10,000 s.f.. the servicer for
additional mowing
services of between
5,001 and 10,000
square feet.
Basic Claim Information...... Recut cut 10,000 Amounts advanced by
s.f. or larger. the servicer for
additional mowing
services of greater
than 10,000 square
feet.
[[Page 68513]]
Basic Claim Information...... Trim shrubs...... Amounts advanced by
the servicer for
shrub trimming
services performed
on the property.
Basic Claim Information...... Snow removal..... Amounts advanced by
the servicer for
snow removal
services performed
on the property.
Basic Claim Information...... Winterization.... Amounts advanced by
the servicer to
prepare the property
to withstand cold
winter conditions.
Basic Claim Information...... Dry heat-1 unit.. Amounts advanced by
the servicer to
winterize one
property unit with
dry heat.
Basic Claim Information...... Dry heat-addl. Amounts advanced by
units. the servicer to
winterize any
additional property
units with dry heat.
Basic Claim Information...... Wet heat-1unit... Amounts advanced by
the servicer to
winterize one
property unit with
wet heat.
Basic Claim Information...... Wet heat-addl. Amounts advanced by
unit. the servicer to
winterize any
additional property
units with wet heat.
Basic Claim Information...... Radiant heat-1 Amounts advanced by
unit. the servicer to
winterize one
property unit with
radiant heat.
Basic Claim Information...... Radiant heat- Amounts advanced by
addl. unit. the servicer to
winterize any
additional property
units with radiant
heat.
Basic Claim Information...... Reduced pressure Amounts advanced by
zone (RPZ) valve. the servicer to
repair, replace, or
install (as
necessary to comply
with state health
department
requirements) a
reduced pressure
zone (RPZ) valve.
Basic Claim Information...... Pools, spas, and Amounts advanced by
hot tubs the servicer to
winterization. winterize pools,
spas, and hot tubs.
Basic Claim Information...... Utilities........ Amounts advanced by
the servicer to pay
for necessary
utility services.
Basic Claim Information...... Electricity...... Amounts advanced by
the servicer to pay
for electricity.
Basic Claim Information...... Gas.............. Amounts advanced by
the servicer to pay
for gas.
Basic Claim Information...... Oil.............. Amounts advanced by
the servicer to pay
for oil.
Basic Claim Information...... Propane.......... Amounts advanced by
the servicer to pay
for propane.
Basic Claim Information...... Water and sewer.. Amounts advanced by
the servicer to pay
for water and sewer
services.
Basic Claim Information...... Equipment repair Amounts advanced by
or replacement. the servicer for
necessary equipment
repair or
replacement.
Basic Claim Information...... Sump pump repair. Amounts advanced by
the servicer to pay
for repair of a
required sump pump.
Basic Claim Information...... Sump pump Amounts advanced by
installation. the servicer to pay
for installation of
a required sump
pump.
Basic Claim Information...... Pumping water Amounts advanced by
from basement. the servicer to pay
for services related
to removing water
from the basement of
the property.
Basic Claim Information...... Water well (pump, Amounts advanced by
tank, and lines). the servicer to pay
for necessary water
well equipment
repair or
replacement.
Basic Claim Information...... Securing......... Amounts advanced by
the servicer to
properly secure,
protect, and
preserve vacant and
abandoned
properties.
Basic Claim Information...... Securing of the Amounts advanced by
property. the servicer to
initially secure the
property.
Basic Claim Information...... Resecure property Amounts advanced by
the servicer to
resecure the
property.
Basic Claim Information...... Temporary roof Amounts advanced by
repairs. the servicer to make
required temporary
roof repairs.
Basic Claim Information...... Pools, spas, and Amounts advanced by
hot tubs the servicer to
securing. properly secure
pools, spas, and hot
tubs.
Basic Claim Information...... In-ground pools.. Amounts advanced by
the servicer to
properly secure in-
ground pools.
Basic Claim Information...... Above ground..... Amounts advanced by
the servicer to
properly secure
above ground pools.
Basic Claim Information...... Hot tubs or spas. Amounts advanced by
the servicer to
properly secure hot
tubs or spas.
Basic Claim Information...... Pools, spas, and Amounts advanced by
hot tubs the servicer to pay
maintenance. for necessary
maintenance to
pools, spas, and hot
tubs.
Basic Claim Information...... Boarding......... Amounts advanced by
the servicer to
properly board any
openings in the
property (windows
and doors) with
plywood.
Basic Claim Information...... Boarding-\1/2\< gr- Amounts advanced by
thn-eq> plywood. the servicer to pay
for boarding with \1/
2\
plywood.
Basic Claim Information...... Boarding-\5/8\< gr- Amounts advanced by
thn-eq> plywood. the servicer to pay
for boarding with \5/
8\
plywood.
Basic Claim Information...... Boarding-\3/4\< gr- Amounts advanced by
thn-eq>plywood. the servicer to pay
for boarding with \3/
4\
plywood.
Basic Claim Information...... Hazard Abatement. Amounts advanced by
the servicer to take
necessary actions in
compliance with
federal, state and
local regulations
with regards to
environmental
hazards (such as
asbestos and radon).
Basic Claim Information...... Debris removal... Amounts advanced by
the servicer to
remove debris from
the property, in
compliance with
federal, state and
local regulations.
Basic Claim Information...... Cubic yards Total number of cubic
removed. yards of debris
removed.
[[Page 68514]]
Basic Claim Information...... Amount paid per Amounts advanced by
cubic yard. the servicer to
remove debris from
the property, per
cubic yard.
Basic Claim Information...... Number of units Amounts advanced by
(1, 2, 3, or 4). the servicer for
debris removal from
one unit.
Basic Claim Information...... Vehicle removal.. Amounts advanced by
the servicer to
remove abandoned
vehicle(s) from the
property in
compliance with
state and local
requirements.
Basic Claim Information...... Liquidation Expenses incurred by
expenses. the servicer
necessary to
terminate the loan.
Basic Claim Information...... Attorney fees.... Expenses incurred by
the servicer for
legal representation
necessary to
terminate the loan.
Basic Claim Information...... Foreclosure Expenses incurred by
attorney fees. the servicer for
necessary legal
representation
related to
terminating the loan
by foreclosure.
Basic Claim Information...... DIL attorney fees Expenses incurred by
the servicer for
necessary legal
representation
related to
terminating the loan
by deed in lieu of
foreclosure.
Basic Claim Information...... Bankruptcy Expenses incurred by
attorney fees-- the servicer for
chapter 7. necessary legal
representation
related to filing
for a relief of stay
in a Chapter 7
bankruptcy
proceeding.
Basic Claim Information...... Bankruptcy Expenses incurred by
attorney fees-- the servicer for
chapter 13/11. necessary legal
representation
related to filing
for a relief of stay
in a Chapter 13 or
11 bankruptcy
proceeding.
Basic Claim Information...... Bankruptcy Expenses incurred by
attorney fees-- the attorney fees-
multiple. servicer for
necessary legal
multiple
representation
related to filing
for a relief of stay
in multiple
bankruptcy
proceedings.
Basic Claim Information...... Ad litem/ curator Expenses incurred by
fees/ warning the servicer for
order attorney legal representation
fees. appointed by a court
to act on behalf of
another party, which
is necessary to
terminate the loan.
Basic Claim Information...... Attorney service Expenses incurred by
tax. the servicer for
payment of taxes
imposed on attorney
service fees.
Basic Claim Information...... Attorney fee for Expenses incurred by
foreclosure the servicer for
restarts. necessary legal
representation
related to
terminating the loan
in the event that
the initial
foreclosure was
cancelled (not
postponed) due to
events outside the
servicer's control
and must be
restarted.
Basic Claim Information...... Appraisals....... Expenses incurred by
the servicer to have
a VA-assigned
appraiser determine
the market value of
the property.
Basic Claim Information...... Single unit...... Expenses incurred by
the servicer to have
a VA-assigned
appraiser determine
the market value of
the single unit
property.
Basic Claim Information...... Duplex........... Expenses incurred by
the servicer to have
a VA-assigned
appraiser determine
the market value of
the two unit
property.
Basic Claim Information...... Three units...... Expenses incurred by
the servicer to have
a VA-assigned
appraiser determine
the market value of
the three unit
property.
Basic Claim Information...... Four units....... Expenses incurred by
the servicer to have
a VA-assigned
appraiser determine
the market value of
the four unit
property.
Basic Claim Information...... Condominium...... Expenses incurred by
the servicer to have
a VA-assigned
appraiser determine
the market value of
the condominium
property.
Basic Claim Information...... Appraisal service Expenses incurred by
tax. the servicer for
payment of taxes
imposed on services
of appraiser.
Basic Claim Information...... Court appraisal.. Expenses incurred by
the servicer to have
a court ordered
appraisal completed
to determine the
market value of the
property.
Basic Claim Information...... Mileage.......... Expenses incurred by
the servicer to have
a VA-assigned
appraiser travel to
the property to
perform an
appraisal.
Basic Claim Information...... Appraisal update. Expenses incurred by
the servicer to have
a VA-assigned
appraiser update the
original appraisal
of the property.
Basic Claim Information...... Title............ Expenses incurred by
the servicer for
title related costs
necessary to
terminate the loan.
Basic Claim Information...... Title search..... Expenses incurred by
the servicer for
search of records
(performed by title
company or attorney)
prior to a
foreclosure sale (to
insure a valid
foreclosure).
Basic Claim Information...... Title examination Expenses incurred by
the servicer for a
close examination of
all public records
that affect the
title to the
property, including
reviewing past
deeds, wills, and
trusts to make sure
the title has passed
correctly to each
owner and to verify
that all prior
mortgages have been
extinguished.
Basic Claim Information...... Title commitment. Expenses incurred by
the servicer for a
written commitment
from the title
company stating the
conditions under
which the title
company will insure
title to the
property.
Basic Claim Information...... Trustee sale Expenses incurred by
guaranty (TSG). the servicer for a
written commitment
from the title
company stating the
conditions under
which it will insure
title to the
property following a
proper foreclosure.
Basic Claim Information...... Title endorsement Expenses incurred by
the servicer to pay
required endorsement
fees.
Basic Claim Information...... Title update..... Expenses incurred by
the servicer to pay
for required updates
to the title
commitment.
Basic Claim Information...... Title policy..... Expenses incurred by
the servicer to pay
for the title
policy.
Basic Claim Information...... Title opinion/ Expenses incurred by
abstracting the servicer for a
legal opinion. statement issued by
an attorney as to
the quality of title
after examining an
abstract of title.
[[Page 68515]]
Basic Claim Information...... Abstracting Expenses incurred by
update. the servicer to pay
for required updates
to the abstract.
Basic Claim Information...... Title service tax Expenses incurred by
the servicer to pay
taxes imposed on
title services.
Basic Claim Information...... Certificate of Expenses incurred by
regularity. the servicer to
establish
sufficiency of
probate (wills)
proceedings, or
other proceedings
held outside the
county in which the
property is
situated.
Basic Claim Information...... Filing fees...... Expenses incurred by
the servicer as
charged by public
officials in the
property's area for
recording or filing
documents related to
the loan obligation.
Basic Claim Information...... Judgment......... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of a judgment.
Basic Claim Information...... Bankruptcy....... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of bankruptcy-
related motions.
Basic Claim Information...... Lis pendens...... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of notice of the
filing of a suit.
Basic Claim Information...... Summons.......... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of a summons.
Basic Claim Information...... Complaint........ Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of a complaint.
Basic Claim Information...... Petition......... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of a petition.
Basic Claim Information...... Order confirming Expenses incurred by
sale. the servicer as
charged by public
officials for the
recording or filing
of an order
confirming sale.
Basic Claim Information...... Posting notice of Expenses incurred by
sale. the servicer as
charged by public
officials for the
posting of the
notice of sale.
Basic Claim Information...... Notice affidavit. Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of the affidavit
stating that proper
notice of sale was
posted.
Basic Claim Information...... Military Expenses incurred by
affidavit. the servicer for a
sworn, written
statement, affirming
that the property
owner is not
entitled to any
rights under the
SCRA.
Basic Claim Information...... Notice of Expenses incurred by
publication the servicer as
affidavit. charged by public
officials for the
recording or filing
of the affidavit
stating that proper
notice of sale was
published.
Basic Claim Information...... Index number..... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of the index number.
Basic Claim Information...... Request for Expenses incurred by
judicial the servicer as
intervention. charged by public
officials for the
recording or filing
of a request for
judicial
intervention.
Basic Claim Information...... Recording fees-- Expenses incurred by
foreclosure. the servicer as
charged by public
officials for
recording or filing
foreclosure
documents.
Basic Claim Information....... Foreclosure deed Expenses incurred by
(sheriff's, the servicer as
trustee's, charged by public
referee's, or officials for
commissioner's recording or filing
deed). of the deed
following
foreclosure.
Basic Claim Information...... Assignment of Expenses incurred by
sheriff's deed. the servicer as
charged by public
officials for
recording or filing
the assignment of
the deed following
foreclosure.
Basic Claim Information...... Sheriff's Expenses incurred by
certificate of the servicer as
sale. charged by public
officials for
recording or filing
the Sheriff's
certificate of sale.
Basic Claim Information...... Assignment of Expenses incurred by
sheriff's the servicer as
certificate of charged by public
sale. officials for
recording or filing
the assignment of
the Sheriff's
certificate of sale.
Basic Claim Information....... Deed to VA....... Expenses incurred by
the servicer as
charged by public
officials for
recording or filing
the deed to VA.
Basic Claim Information...... Notice of Expenses incurred by
foreclosure. the servicer as
charged by public
officials for
recording or filing
the notice of
foreclosure.
Basic Claim Information...... Substitution of Expenses incurred by
trustee the servicer as
(appointment, charged by public
agreement, or officials for
document). recording or filing
the substitution of
trustee.
Basic Claim Information...... Notice of default/ Expenses incurred by
foreclosure the servicer as
notice. charged by public
officials for
recording or filing
the notice of
default/foreclosure
notice.
Basic Claim Information...... Judgment......... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of a judgment.
Basic Claim Information...... Summons.......... Expenses incurred by
the servicer as
charged by public
officials for the
recording or filing
of a summons.
Basic Claim Information...... Certificate of Expenses incurred by
non-redemption. the servicer as
charged by public
officials for the
recording or filing
of a certificate of
non-redemption.
Basic Claim Information...... Recording Fees-- Expenses incurred by
DIL. the servicer as
charged by public
officials for
recording or filing
deed in lieu of
foreclosure
documents.
Basic Claim Information...... Warranty deed Expenses incurred by
from owner to the servicer as
holder. charged by public
officials for
recording or filing
the deed from owner
to holder.
Basic Claim Information...... Estoppel Expenses incurred by
affidavit. the servicer as
charged by public
officials for
recording or filing
the estoppel
affidavit.
Basic Claim Information...... Deed to VA....... Expenses incurred by
the servicer as
charged by public
officials for
recording or filing
the deed to VA.
[[Page 68516]]
Basic Claim Information...... Satisfaction of Expenses incurred by
mortgage. the servicer as
charged by public
officials for
recording or filing
the satisfaction of
mortgage/release of
mortgage.
Basic Claim Information...... Deed of Expenses incurred by
reconveyance/ the servicer as
full release. charged by public
officials for
recording or filing
the deed of
reconveyance/full
release.
Basic Claim Information...... Foreclosure Expenses incurred by
facilitation the servicer as
fees. charged by public
officials to
facilitate the
foreclosure process.
Basic Claim Information...... Sheriff's/ Expenses payable with
administrator/ respect to sheriff/
commissioner administrator/
fees and costs commissioner fees
(includes court and costs.
costs).
Basic Claim Information...... Trustee/referee/ Expenses incurred by
master in equity the servicer to pay
fees. the trustee/referee/
master in equity for
fees charged.
Basic Claim Information...... Auctioneer's fee. Expenses incurred by
the servicer to pay
the auctioneer to
conduct the
foreclosure sale.
Basic Claim Information...... Court recorder Expenses incurred by
fee. the servicer to pay
the court recorder
for recording
services.
Basic Claim Information...... Prothonatory/ Expenses incurred by
clerk's fee. the servicer to pay
the prothonotary/
clerk for fees
charged.
Basic Claim Information...... Other fees and Expenses incurred by
costs. the servicer to pay
for any liquidation
Expenses not
previously listed.
Basic Claim Information...... Publication of Expenses incurred by
sale/ the servicer to pay
advertisement in for publication/
newspaper or on advertisement of the
the internet. notice of sale in an
appropriate
newspaper.
Basic Claim Information...... Service of Expenses incurred by
process. the servicer to
serve papers on any
necessary party of
interest.
Basic Claim Information...... Personal (sheriff Expenses incurred by
or private the servicer to pay
entity). for fees charged to
personally serve
papers on any
necessary party of
interest.
Basic Claim Information....... By publication... Expenses incurred by
the servicer to pay
for fees charged to
serve legal notice
on any necessary
party of interest by
publication.
Basic Claim Information...... By certified Mail Expenses incurred by
the servicer to send
required notices by
certified mail to
all parties of
interest.
Basic Claim Information...... Investigation fee Expenses incurred by
the servicer to pay
the investigator for
fees charged.
Basic Claim Information...... Non- Expenses incurred by
extinguishable the servicer to pay
liens. for any liens that
are not extinguished
by the foreclosure
action.
Basic Claim Information...... Committee fees Fees and costs
and costs. incurred by the
servicer to convene
the committee to
confirm the sale
when there is equity
and/or IRS liens.
Basic Claim Information...... Transfer tax/ Expenses incurred by
documentary the servicer for the
stamps. state or local tax
payable upon the
transfer of a title.
Basic Claim Information...... Property Expenses incurred by
inspections. the servicer for
required property
inspections.
Basic Claim Information...... Dates inspections Months, days, years,
completed. property inspections
were completed.
Basic Claim Information...... Property Expenses incurred by
inspection fee. the servicer to pay
fees charged for
required property
inspections.
Basic Claim Information...... Municipal lien Expenses incurred by
certificate. the servicer to
obtain a municipal
lien certificate.
Basic Claim Information...... Title V septic Expenses incurred by
(Massachusetts). the servicer to
inspect for and
certify compliance
with Title V septic
requirements.
Basic Claim Information...... Poundage......... Fee charged by the
court for handling
the funds received
from the sale of the
property for third
party bids.
Basic Claim Information...... Mennonite notices Expenses incurred by
the servicer to
notify every party
holding a legally
protected property
interest whose name
and address can
reasonably be
determined by
diligent efforts.
------------------------------------------------------------------------
Paperwork Reduction Act of 1995
While the proposed rule sets forth collections of information
pertaining to proposed Sec. 36.4315a, this supplemental notice
contains no new or proposed revised collections of information outside
of those referenced in the proposed rule.
Executive Order 12866
Executive Order 12866 directs agencies to assess all costs and
benefits of available regulatory alternatives and, when regulation is
necessary, to select regulatory approaches that maximize net benefits
(including potential economic, environmental, public health and safety,
and other advantages; distributive impacts; and equity). The Executive
Order classifies a ``significant regulatory action,'' requiring review
by the Office of Management and Budget (OMB) unless OMB waives such
review, as any regulatory action that is likely to result in a rule
that may: (1) Have an annual effect on the economy of $100 million or
more or adversely affect in a material way the economy, a sector of the
economy, productivity, competition, jobs, the environment, public
health or safety, or State, local, or tribal governments or
communities; (2) Create a serious inconsistency or otherwise interfere
with an action taken or planned by another agency; (3) Materially alter
the budgetary impact of entitlements, grants, user fees, or loan
programs or the rights and obligations of recipients thereof; or (4)
Raise novel legal or policy issues arising out of legal mandates, the
President's priorities, or the principles set forth in the Executive
Order.
The economic, interagency, budgetary, legal, and policy
implications of this supplemental notice of proposed rulemaking has
been examined, and it has been determined not to be a significant
regulatory action under Executive Order 12866.
[[Page 68517]]
Unfunded Mandates
The Unfunded Mandates Reform Act requires, at 2 U.S.C. 1532, that
agencies prepare an assessment of anticipated costs and benefits before
developing any rule that may result in an expenditure by State, local,
or tribal governments, in the aggregate, or by the private sector, of
$100 million or more in any given year. This supplemental notice of
proposed rulemaking would have no such effect on State, local, or
tribal governments, or the private sector.
Regulatory Flexibility Act
The Secretary hereby certifies that this supplemental notice of
proposed rulemaking would not have a significant economic impact on a
substantial number of small entities as they are defined in the
Regulatory Flexibility Act, 5 U.S.C. 601-612. This notice provides
additional information concerning the computer-based system that VA
proposed to implement in its prior rulemaking notice. The additional
information does not alone have any economic impact on small entities.
Therefore, pursuant to 5 U.S.C. 605(b), the supplemental notice of
proposed rulemaking is exempt from the initial and final regulatory
flexibility analysis requirements of sections 603 and 604.
Catalog of Federal Domestic Assistance
The Catalog of Federal Domestic Assistance Program number is
64.114, Veterans Housing Guaranteed and Insured Loans.
Approved: November 20, 2006.
R. James Nicholson,
Secretary of Veterans Affairs.
[FR Doc. 06-9403 Filed 11-21-06; 12:29 pm]
BILLING CODE 8320-01-P