Loss Draft Procedures for Other Servicers First Horizon - Palomino, Option One Mortgage - National City Mtg. Co. Bank of America - Donna ABNAMRO - Escrow Wells Fargo Home Lenders and Contacts Isabel Bill Anderson - Don Lewis Moffitt WAMU - Kathy Pedon Vice President Mortgage - Mary Hunt Questions 1) What is your "sign and release" $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 $20,000 limit going to be for current customers for GSEs and your portfolio loans? Note: This information is not representative of Private Investor or Securitization requirements. 2) On "monitored" claims, how are All checks to borrower and All checks will be made First disbursement First $20K or first 1/3 if Disbursing monitored They are not moving away First disbursement you going to handle the disbursement contractor. Unless borrower payable to the borrower immediate to borrower borrower requests, all claims in 1/3 increments. from the 2004 Fannie immediate to borrower schedule? (For example, would the submits affidavit that he/she is and a Licensed with subsequent other disbursements are Checks are payable to the Mae/Freddie Mac with subsequent first $20,000 become immediately acting as own contractor. contractor in order to disbursements made provided after inspections contractor and the Guidelines. They will deal disbursements made payable to the borrower only; with ensure payment to the payable to contractor and disbursed at % customer only. with exceptions if they payable to contractor subsequent checks payable to both contractor. and borrower. complete. arise but their intention is and borrower. the contractor and the borrower?) to take a very Additional conservative approach. disbursements based upon property inspections. Typically 1/3 disbursements unless there are regional differences in construction costs; or issues related to contractor down payment requirements. (3) How are you conveying this Updated disaster procedures Our loss Draft Emails, Special We are utilizing the banks WAMU has not made any No change in The revised policy has message to your branches and department resides at memos and Intranet. communication networks modifications to their old communication as they been published on customer service groups? our vendor. They have to get the policy changes policy. They are waiting to haven't modified their various websites and been provided with out. see what the impact is procedures. through other internal updated disaster before they change communications procedures in order to anything. It is business as channels. provide special handling usual. of insurance claims relating to these properties. 4) Additional Notes/Comments We have taken measures to ensure the second lien and Heloc loans tied to a FHHLC first liens are monitored and have arranged communication to ensure there will no duplication in inspection orders.
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