Skip to Content

Proposed Rule

Loan Guaranty: Loan Servicing and Claims Procedures Modifications

Document Details

Information about this document as published in the Federal Register.

Published Document

This document has been published in the Federal Register. Use the PDF linked in the document sidebar for the official electronic format.

Start Preamble

AGENCY:

Department of Veterans Affairs.

ACTION:

Supplemental notice of proposed rulemaking; reopening of comment period.

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 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.

Start Further Info

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.)

End Further Info End Preamble Start Supplemental Information

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 § 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 § 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 Start Printed Page 68499that 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

Event nameData elementsBusiness definition of data element
Header information for all event reportingVA loan number12 position unique 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 informationDate of the loanMonth, day, and year that the loan originated.
Header informationOriginal loan amountTotal amount of principal owed on the mortgage at loan origination before any payments are made on the loan.
Header informationProperty state abbreviationThe state abbreviation of the expanded property address.
Header informationCurrent servicer identification numberUnique VA-issued number for the 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.
Start Printed Page 68500
Header informationServicer loan numberUnique servicer-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 informationUnique event IDUnique event identification number for event the servicer is reporting.
Monthly loan status updateUnpaid principal balancePresent portion of the loan not yet repaid, exclusive of interest or other charges.
Monthly loan status updatePayment due date (a.k.a. date of first uncured default)Month, day, and year of the earliest payment not fully satisfied by the proper application of available credits or deposits.
Loan paid in fullDate loan was paid in fullMonth, day, and year of full satisfaction of a guaranteed loan.
Transfer of ownershipDate of transfer of ownershipMonth, day, and year that loan is assumed by another party (date of settlement).
Transfer of ownershipLast name of transferee, if applicableLast name of individual assuming the loan; reported if an individual and not an entity is assuming the loan.
Transfer of ownershipFirst name of transferee, if applicableFirst name of individual assuming the loan; reported if an individual and not an entity is assuming the loan
Transfer of ownershipMiddle initial of transferee, if applicableMiddle initial of individual assuming the loan; reported if an individual and not an entity is assuming the loan.
Transfer of ownershipSuffix of transferee, if applicableSuffix (Jr., Sr., III, etc.), if any, of individual assuming loan; reported if an individual and not an entity is assuming the loan.
Transfer of ownershipSocial security number of transferee, if applicableSocial security number of individual assuming loan; reported if an individual and not an entity is assuming the loan.
Transfer of ownershipName of entity assuming loan, if applicableName of entity assuming loan, if applicable; reported if an entity and not an individual is assuming the loan.
Transfer of ownershipTaxpayer identification number, if applicableTaxpayer identification number of entity assuming the loan; reported if an entity and not an individual is assuming the loan.
Transfer of ownershipLast name of co-transferee, if applicableLast name of second individual assuming the loan; reported if there is a co-transferee.
Transfer of ownershipFirst name of co-transferee, if applicableFirst name of second individual assuming the loan; reported if there is a co-transferee.
Transfer of ownershipMiddle initial of co-transferee, if applicableMiddle initial of second individual assuming the loan; reported if there is a co-transferee.
Transfer of ownershipSuffix of co-transferee, if applicableSuffix (Jr., Sr., III, etc.), if any, of second individual assuming loan; reported if there is a co-transferee.
Transfer of ownershipSocial security number of co-transferee, if applicableSocial security number of second individual assuming loan; reported if there is a co-transferee.
Release of liabilityDate of releaseMonth, day, and year on which the former obligor is no longer responsible for the loan.
Unauthorized transfer of ownershipDate servicer discovers unauthorized transferMonth, day, and year servicer discovers that a transfer of ownership occurred without prior approval by VA and/or servicer.
SCRA relief filedDate SCRA relief requestedMonth, day, and year assistance under the SCRA was requested (explicit request or discovery of eligibility during servicing).
SCRA relief filedEffective date of SCRA relief (can be prior to request date)Month, day, and year that the veteran became eligible for assistance under the SCRA.
SCRA relief filedExpected SCRA relief end dateMonth, day, and year the relief is expected to end pursuant to the requirements of the Act.
Partial release of securityDate partial release of security document was executedMonth, day, and year that the security document releasing a portion of the secured property is executed.
Partial release of securityAmount of the proceeds from the partial release of security that are applied to the outstanding loan balanceAmount that is applied to the outstanding loan balance from the partial release of security; if the loan to value ratio 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 securityAmount of consideration offered for the propertyAmount offered for the portion of the security being released.
Partial release of securityDate applied to principalMonth, day, and year that proceeds from the partial release of security are applied to the loan balance.
Partial release of securityUnpaid principal balance after application of proceedsLoan balance that is outstanding after application of proceeds from the partial release of security.
Partial release of securityValue of remaining securityAppraised value of the remaining security after the release is completed.
Insurable loss occurredType of damageType of property damage that resulted in an insurance claim being filed.
Insurable loss occurredFire DamageType of property damage that resulted in an insurance claim being filed is fire damage.
Insurable loss occurredNeglectType of property damage that resulted in an insurance claim being filed is neglect.
Insurable loss occurredVandalizedType of property damage that resulted in an insurance claim being filed is property vandalism.
Insurable loss occurredFreezeType of property damage that resulted in an insurance claim being filed is the result of a freeze.
Insurable loss occurredStormType of property damage that resulted in an insurance claim being filed is caused by a storm.
Start Printed Page 68501
Insurable loss occurredFloodType of property damage that resulted in an insurance claim being filed is flood damage.
Insurable loss occurredUnknownType of property damage that resulted in an insurance claim being filed is unknown.
Insurable loss occurredHurricaneType of property damage that resulted in an insurance claim being filed is caused by a hurricane.
Insurable loss occurredHailType of property damage that resulted in an insurance claim being filed is hail damage.
Insurable loss occurredTornadoType of property damage that resulted in an insurance claim being filed is tornado damage.
Insurable loss occurredWindType of property damage that resulted in an insurance claim being filed is wind damage.
Insurable loss occurredMud/LandslideType of property damage that resulted in an insurance claim being filed is mud or landslide damage.
Insurable loss occurredEarthquakeType of property damage that resulted in an insurance claim being filed is earthquake damage.
Insurable loss occurredBoiler ExplosionType of property damage that resulted in an insurance claim being filed was caused by a boiler explosion.
Insurable loss occurredUntypical DamageType of property damage that resulted in an insurance claim being filed is other than the typical specified reasons.
Insurable loss occurredDate damage discoveredMonth, day, and year the damage is discovered by the servicer.
Insurable loss occurredDate insurance claim filedMonth, day, and year that the insurance claim for damage is filed, either by the borrower or the servicer.
Insurable loss occurredTotal loss (Y/N)Decision made by the insurance company as to whether or not the property can be repaired.
Servicing transfer (transferring servicer)Servicing release dateMonth, day, and year that a servicer transfers responsibility for servicing a guaranteed loan to another servicer.
Servicing transfer (transferring servicer)Name of new servicerName of servicer receiving responsibility for servicing a guaranteed loan.
Servicing transfer (receiving servicer)Date loan acquiredMonth, day, and year on which a servicer became responsible for servicing a guaranteed loan.
Servicing transfer (receiving servicer)Previous servicer loan numberLoan number associated with the loan on the previous servicer's system.
Electronic default notificationDate of first payment on the original loanMonth, day, and year of the first scheduled payment on the loan (per the loan instruments).
Electronic default notificationPayment due dateMonth, day, and year of the earliest payment not fully satisfied by the proper application of available credits or deposits.
Electronic default notificationProperty address line 1The first line of the expanded property address.
Electronic default notificationProperty address line 2The second line of the expanded property address.
Electronic default notificationProperty address unit numberThe unit number of the expanded property address.
Electronic default notificationProperty address cityThe city name of the expanded property address.
Electronic default notificationProperty address zip codeA group of fields containing the zip code.
Electronic default notificationProperty address suffixThe zip code suffix of the expanded property address.
Electronic default notificationProperty address state abbreviationThe state abbreviation of the expanded property address.
Electronic default notificationLast name of current owner, if applicableSurname of the individual who currently owns the property; if owner is an individual and not an entity.
Electronic default notificationFirst name of current owner, if applicableFirst name of the individual who currently owns the property.
Electronic default notificationMiddle initial of current owner, if applicableFirst letter of the middle name, if any, of the individual who currently owns the property; if owner is an individual and not an entity.
Electronic default notificationSuffix of current owner, if applicableSuffix (Jr., Sr., III, etc.), if any, of the individual who currently owns the property; if owner is an individual and not an entity.
Electronic default notificationSocial security number of current owner; if current owner is an individualUnique SSA-issued number assigned to the individual who currently owns the property; if owner is an individual and not an entity.
Electronic default notificationLast name of current co-owner, if applicableSurname of the individual who currently co-owns the property, if applicable.
Electronic default notificationFirst name of current co-owner, if applicableFirst name of the individual who currently co-owns the property, if applicable.
Electronic default notificationMiddle initial of current co-owner, if applicableFirst letter of the middle name, if any, of the individual who currently co-owns the property, if applicable.
Electronic default notificationSuffix of current co-owner, if applicableSuffix (Jr., Sr., III, etc.), if any, of the individual who currently co-owns the property, if applicable.
Electronic default notificationSocial security number of current co-owner; if applicableUnique SSA-issued number assigned to the individual who currently co-owns the property, if applicable.
Electronic default notificationName of entity that is current owner, if applicableName of entity that currently owns the property, if owner is an entity and not an individual.
Electronic default notificationTaxpayer identification number, if current owner is an entityUnique IRS-issued number assigned to the entity who currently owns the property, if owner is an entity and not an individual.
Electronic default notificationMailing address line 1 (if different from property address)First line of the mailing address of current owners.
Start Printed Page 68502
Electronic default notificationMailing address line 2 (if different from property address)Second line of the mailing address of current owners.
Electronic default notificationMailing address suffix (if different from property address)The zip code suffix of the mailing address.
Electronic default notificationMailing address unit number (if different from property address)The unit number of the expanded mailing address.
Electronic default notificationMailing address city (if different from property address)The city name of the expanded mailing address.
Electronic default notificationMailing address zip code (if different from property address)A group of fields containing the zip code +4 of the expanded mailing address.
Electronic default notificationMailing address state abbreviation (if different from property address)The state abbreviation of the expanded mailing address.
Electronic default notificationInterest rate on loanRate of interest charged on the loan, expressed as a percentage, per the loan instruments.
Electronic default notificationUnpaid principal balancePresent portion of the loan not yet repaid, exclusive of interest or other charges.
Electronic default notificationPrincipal and interest (P&I) portion of monthly installmentAmount of principal and interest due monthly under the terms of the loan agreement.
Electronic default notificationTaxes and insurance (T&I) portion of monthly installmentAmount of the tax and insurance deposit due monthly under the terms of the loan agreement and determined by the servicer in accordance with Real Estate Settlement Procedures Act (RESPA).
Electronic default notificationOther portion of monthly installmentAmount due monthly that does not 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 notificationLate charges dueAmount 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.
Electronic default notificationOccupant of propertyStatus of who currently resides in the property securing the loan obligation, or reason why no one resides there.
Electronic default notificationOriginal veteranIndividual who signed the loan documents and originated the loan.
Electronic default notificationTenantIndividual who rents or leases the property securing the loan obligation.
Electronic default notificationTransfereeIndividual who purchased the property and may have assumed the loan.
Electronic default notificationVacantProperty is not occupied by anyone but appears to be maintained and is secure.
Electronic default notificationAbandonedProperty is vacant, is not being maintained, is not offered for sale or rent, and there has been no contact with the current owner.
Electronic default notificationFirst phone number (obligor 1)First phone number (obligor 1).
Electronic default notificationPhone number type for first phone number (obligor 1)Phone number type for first phone number (obligor 1).
Electronic default notificationHomeHome.
Electronic default notificationWorkWork.
Electronic default notificationCellCell.
Electronic default notificationSecond phone number (obligor 1)Second phone number (obligor 1).
Electronic default notificationPhone number type for second phone number (obligor 1)Phone number type for second phone number (obligor 1).
Electronic default notificationHomeHome.
Electronic default notificationWorkWork.
Electronic default notificationCellCell.
Electronic default notificationPhone number (obligor 2)Phone number (obligor 2).
Electronic default notificationPhone number type (obligor 2)Phone number type (obligor 2).
Electronic default notificationHomeHome.
Electronic default notificationWorkWork.
Electronic default notificationCellCell.
Electronic default notificationPhone number 1 (other authorized party)Phone number 1 (other authorized party).
Electronic default notificationPrimary reason for default (servicer may report only one)Reason obligor is unable to or did not remit monthly payments.
Electronic default notificationBusiness failureReason for default is the occupation, work, or trade in which obligor is engaged did not generate enough funds for obligor to meet his financial obligations.
Electronic default notificationCasualty lossReason for default is the damage to the property as a result of a fire, storm, accident, flood, earthquake, or other catastrophic event.
Electronic default notificationCurtailment of incomeReason for default is a reduction or the curtailment of obligor's income from employment, investment, or other sources.
Electronic default notificationDeath of borrowerReason for default is that the obligor died.
Electronic default notificationDeath of borrower's family memberReason for default is the death of 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.
Start Printed Page 68503
Electronic default notificationDistant employment transferReason for default is the result of the borrower being transferred or relocated to a distant job location.
Electronic default notificationEnergy/environmental costReason for default is the result of the borrower incurring excessive energy related costs or costs associated with removal of an environmental hazard in or near the property.
Electronic default notificationExcessive obligationsReason for default is obligor(s) incurred excessive debt in addition to the mortgage obligation or the mortgage payment has increased significantly.
Electronic default notificationFraudReason 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.
Electronic default notificationIllness of borrowerReason for default is 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 notificationIllness of borrower's familyReason for default is the result of obligor(s) incurring extraordinary expenses as the result of the illness of a family member.
Electronic default notificationInability to rent propertyReason for default is obligor has insufficient income and/or assets to make the monthly mortgage payment and the rental property is vacant.
Electronic default notificationInability to sell propertyReason for default is obligor has insufficient income and/or assets to make the monthly mortgage payment and is unable to sell the property.
Electronic default notificationIncarcerationReason for default is the result of obligor being jailed or imprisoned, regardless of whether obligor is still incarcerated.
Electronic default notificationMarital difficultiesReason for default is 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 notificationMilitary serviceReason 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.
Electronic default notificationPayment adjustmentReason for default is the result of the borrower being unable to make new payments that resulted from an increase in the monthly payment.
Electronic default notificationPayment disputeReason for default is 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 notificationProperty problemsReason for default is the result of the condition of the property such as substandard construction, expensive and extensive repairs required, etc.
Electronic default notificationServicing problemsReason for default is 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 notificationTenant not payingReason for default is the result of the obligor's tenant not paying rent.
Electronic default notificationTransfer of ownershipReason for default is the result of the obligor not making payments while sale of the property is pending.
Electronic default notificationUnemployment notificationReason for default is the result of a reduction in obligor's income due to loss of job.
Electronic default notificationBorrower never responded to outreachReason for default is unknown (unable to get contact or unable to determine the reason).
Delinquency statusUnpaid principal balance (UPB)Amount of principal due under the terms of the obligation as of payment due date.
Delinquency statusPayment due dateMonth, day, and year of the earliest payment not fully satisfied by the proper application of available credits or deposits.
Delinquency statusPrincipal and interest (P&I) portion of monthly installment, if changedAmount of principal and interest due monthly under the terms of the loan agreement, if changed from last report.
Delinquency statusTaxes and insurance (T&I) portion of monthly installment, if changedAmount of taxes and insurance due monthly under the terms of the loan agreement, if changed from last report.
Delinquency statusOther portion of monthly installment, if changedAmount due that does not pertain to principal and interest and/or taxes and insurance, due under the terms of the obligation (example is HOA fees), if changed from last report.
Delinquency statusLate charges dueAmount 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 statusExpenses incurred to dateAny costs that have been paid by the servicer and can be charged to the loan.
Contact information changeUpdated mailing address line 1 (if different from property address)First line of the mailing address of current owners, if changed from last report.
Start Printed Page 68504
Contact information changeUpdated mailing address line 2 (if different from property address)Second line of the mailing address of current owners, if changed from last report.
Contact information changeUpdated mailing address unit number (if different from property address)The unit number of the expanded mailing address, if changed from last report.
Contact information changeUpdated mailing address city (if different from property address)The city name of the expanded mailing address, if changed from last report.
Contact information changeUpdated mailing address zip code (if different from property address)A group of fields containing the zip code of the expanded mailing address, if changed from last report.
Contact information changeUpdated mailing address suffix (if different from property address)The zip code suffix of the mailing address, if changed from last report.
Contact information changeUpdated mailing address state abbreviation (if different from property address)The state abbreviation of the expanded mailing address, if changed from last report.
Contact information changeUpdated first phone number (obligor 1)First phone number (obligor 1).
Contact information changeUpdated phone number type for first phone number (obligor 1)Phone number type for first phone number (obligor 1).
Contact information changeHomeHome.
Contact information changeWorkWork.
Contact information changeCellCell.
Contact information changeUpdated second phone number (obligor 1)Second phone number (obligor 1).
Contact information changeUpdated phone number type for second phone number (obligor 1)Phone number type for second phone number (obligor 1).
Contact information changeHomeHome.
Contact information changeWorkWork.
Contact information changeCellCell.
Contact information changeUpdated phone number (obligor 2)Phone number (obligor 2).
Contact information changeUpdated phone number type (obligor 2)Phone number type (obligor 2).
Contact information changeHomeHome.
Contact information changeWorkWork.
Contact information changeCellCell.
Contact information changeUpdated phone number 1 (other authorized party)Phone number 1 (other authorized party).
Occupancy status changeDate the change in occupancy status is discovered by servicerMonth, day, and year that occupancy status change was discovered by the servicer.
Occupancy status changeOccupancy statusStatus of who currently resides in the property securing the loan obligation, or reason why no one resides there.
Occupancy status changeOriginal veteranOriginal veteran currently resides in the property securing the loan obligation.
Occupancy status changeTenantIndividual rents or leases the property securing the loan obligation.
Occupancy status changeTransfereeA conveyance was made and an individual/entity currently resides in the property securing the loan obligation.
Occupancy status changeVacantProperty is not occupied by anyone but appears to be maintained and is secure.
Occupancy status changeAbandonedProperty is vacant, is not being maintained, and is not offered for sale or rent.
Bankruptcy filedDate bankruptcy filedMonth, day, and year that obligor filed for protection under U.S. bankruptcy codes.
Bankruptcy filedType of bankruptcyType of bankruptcy (chapter number) under which the obligor filed for protection.
Bankruptcy filedChapter 7Chapter 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 filedChapter 11Chapter 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 filedChapter 12Chapter of the U.S. bankruptcy code designed to give special relief to obligor if obligor is a family farmer with seasonal income.
Bankruptcy filedChapter 13Chapter of the U.S. bankruptcy code allowing obligor to begin debt repayment without forfeiting property.
Bankruptcy filedBankruptcy case numberCase number assigned by the bankruptcy court.
Bankruptcy filedBankruptcy codeIndicates whether the mortgagor, co-mortgagor, or both are filing bankruptcy.
Bankruptcy filedOnly the obligor has filedIndicates that only the obligor has filed for bankruptcy.
Bankruptcy filedOnly the co-obligor has filedIndicates that only the co-obligor has filed for bankruptcy.
Bankruptcy filedBoth the obligor and co-obligor have filedIndicates that both obligor and co-obligor have filed for bankruptcy
Start Printed Page 68505
Bankruptcy filedName(s) of debtor(s)-report all applicableName of obligor(s) that filed petition for relief under the U.S. bankruptcy code-report all applicable.
Bankruptcy filedAlternate debtorThis field indicates the second alternate debtor (if any) for the loan.
Bankruptcy filedSocial security number (SSN)(s) of debtor(s)Unique SSA-issued number or unique IRS-issued number (TIN) of the obligor(s) that filed a petition for relief under the U.S. bankruptcy code.
Bankruptcy filedAlternate debtor social security number (SSN)This field indicates the second alternate debtor social security number (if any) for the loan.
Bankruptcy updateBankruptcy eventAny significant action taken during the bankruptcy process as defined in the eight following items.
Bankruptcy updateDate relief of stay filedDate a petition was filed by servicer requesting relief from the stay so that servicer may proceed to terminate the loan.
Bankruptcy updateDate of dischargeDate of the court order terminating bankruptcy proceedings, usually relieving the obligor of his/her obligation.
Bankruptcy updateDate of dismissalDate of the court order terminating the case without either the entry of a discharge or a denial of discharge.
Bankruptcy updateDate stay liftedDate of the court order permitting collection/termination actions against the obligor and/or the property that secures the loan.
Loss mitigation letter sentDate that the letter was sentMonth, day, and year loss mitigation (foreclosure avoidance) notice sent by the servicer.
Partial payment returnedReason why the partial payment was returnedVA-authorized reason for the return of a payment of any amount less than the full amount due under the loan terms.
Partial payment returnedTenant payments not being forwardedProperty is completely or partially tenant-occupied and rental payments are not being paid to servicer for application to the loan account.
Partial payment returnedLess than 50 percent of total due and no repayment plan is in placePayment is less than 50 percent of the total amount then due, and the amount has not been agreed to in a documented repayment plan.
Partial payment returnedPersonal checks not acceptedAmount tendered is in 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 returnedForeclosure process startedForeclosure has been started with the first action required for foreclosure under local law.
Partial payment returnedLess than one monthly installment and no repayment plan in placePayment is less than one full monthly installment, including escrow and late charges, and the amount has not been agreed to in a documented repayment plan.
Partial payment returnedLess than repayment plan agreed amountPayment is less than the amount agreed to in a documented repayment plan.
Partial payment returnedUnpaid delinquency over six months and no repayment plan in placeDelinquency of any amount has continued for at least 6 months since the account first became delinquent and no documented repayment plan has been arranged.
Partial payment returnedServicer lien would be jeopardizedHolder's lien position would be jeopardized by acceptance of partial payment.
Partial payment returnedDate partial payment returnedMonth, day, and year that servicer returned the partial payment.
Partial payment returnedAmount of partial payment returnedAmount of partial payment that servicer returned.
Default cured/loan reinstatedDate loan reinstatedMonth, day, and year 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 reversalDate of reversalMonth, day, and year the servicer discovered that a previously reported cure was in error.
Cure/reinstatement reversalPayment due dateMonth, day, and year the last full monthly obligation was applied; as of the date of the cure reversal.
Cure/reinstatement reversalReason for reversalBasis for determination that all delinquent amounts thought to be fully repaid were not.
Cure/reinstatement reversalNSF checkReason for reversal of cured default is that obligor's bank account has insufficient funds available to pay the check.
Cure/reinstatement reversalMisapplication of fundsReason for reversal of cured default is that funds were applied to the loan in error.
Cure/reinstatement reversalReporting error (includes erroneously reported servicing transferred)Reason for reversal of cured default is that the servicer reported the cure in error.
Default reported to credit bureauDate reportedMonth, day, and year that servicer reports to the credit bureau that obligor has failed to comply with the terms of the loan agreement.
Extenuating property circumstancesDate the extenuating property circumstance was discoveredThe date the property damage was discovered.
Extenuating property circumstancesType of unusual property circumstanceBasis for determination that foreclosure process should be sped up or delayed due to the condition of obligor's property.
Extenuating property circumstancesHazardous conditions or materialsReason for extenuating property 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.
Start Printed Page 68506
Extenuating property circumstancesSignificant property deteriorationReason for extenuating property circumstances is property has deteriorated significantly.
Extenuating property circumstancesCondemnedReason for 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 circumstancesNatural disasterReason for extenuating property circumstances is the result of a natural disaster, such as fire, storm, accident, flood, earthquake, or other catastrophic event.
Extenuating property circumstancesProperty seizureLaw enforcement 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 circumstancesDemolishedReason for extenuating property circumstances is property has been razed.
Extenuating property circumstancesOtherReason for extenuating property circumstances is other than one of the reasons listed.
Repayment plan approvedDate repayment plan approvedMonth, day, and year servicer approved written agreement with the obligor for reinstatement of the loan through a schedule of increased payments.
Repayment plan approvedPlan start date (month and year)Month and year that repayment plan is documented to begin.
Repayment plan approvedEstimated cure dateEstimated month, day, and year the delinquency will be fully satisfied by the proper application of available credits or deposits resulting from the repay plan.
Repayment plan infeasibleDate of determinationMonth, day, and year that servicer determines that a repay plan with the obligor is not a home retention option.
Repayment plan infeasibleReason for infeasibilityBasis for determination that repay plan with the obligor is not a home retention option.
Repayment plan infeasibleUnwilling borrower(s)Reason for infeasibility of the repay plan is that obligor does not agree to a repay plan.
Repayment plan infeasibleUnable to contactReason for infeasibility of the repay plan is that servicer is not able to contact obligor to negotiate.
Repayment plan infeasibleCurrent owner not liableReason for infeasibility of the repay plan is current owner of the property is not the obligor on the loan.
Repayment plan infeasibleProperty abandonedReason for 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 infeasibleInsufficient incomeReason for infeasibility of the repay plan is that obligor does not have enough income to meet the obligations under a repay plan.
Special forbearance approvedEstimated cure dateEstimated month, day, 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 infeasibleDate of determinationMonth, day, and year that servicer determines that neither suspension nor reduction of obligor's payments for one or more months is a home retention option.
Special forbearance infeasibleReason for infeasibilityBasis for determination that special forbearance with the obligor is not a home retention option.
Special forbearance infeasibleUnwilling borrowerReason for infeasibility of the special forbearance is that obligor does not agree to special forbearance.
Special forbearance infeasibleUnable to contactReason for infeasibility of the special forbearance is that servicer is not able to contact obligor to negotiate.
Special forbearance infeasibleInsufficient incomeReason for infeasibility of the special forbearance is that obligor does not have enough income to meet the obligations under a special forbearance.
Special forbearance infeasibleCurrent owner not liableReason for infeasibility of the special forbearance is current owner of the property is not the obligor on the loan.
Special forbearance infeasibleProperty abandonedReason for 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 infeasibleNo means to reinstateReason for 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 approvedDate modification of loan approvedMonth, day, and year 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 completeDate loan modification fully executedMonth, day, and year that servicer and 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.
Start Printed Page 68507
Loan modification completeModified loan amountTotal amount of 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 completeTermNumber of months over which the unpaid balance of the modified loan will be repaid.
Loan modification completeModified loan maturity dateMonth, day, and year that modified loan will be paid in full.
Loan modification completeInterest rateRate of interest charged on the loan, expressed as a percentage, per the modified loan instruments.
Loan modification completeDate of first paymentMonth, day, and year that first installment on modified loan is due.
Loan modification completeNew principal and interest (P&I) paymentMonthly amount due (for principal and interest) on the modified loan.
Loan modification infeasibleDate of determinationMonth, day, and year that servicer determines that loan modification is not a home retention option.
Loan modification infeasibleReason for infeasibilityBasis for determination that loan modification with the obligor is not a home retention option.
Loan modification infeasibleUnwilling borrowerReason for infeasibility of the loan modification is that obligor does not agree to a loan modification.
Loan modification infeasibleUnable to contactReason for infeasibility of the loan modification is that servicer is not able to contact obligor to negotiate.
Loan modification infeasibleInsufficient incomeReason for infeasibility of the loan modification is that obligor does not have enough income to meet the obligations under a loan modification.
Loan modification infeasibleInsufficient borrower contributionReason for infeasibility of the loan modification is that obligor has insufficient cash to satisfy all delinquent amounts not included in the new loan amount.
Loan modification infeasibleJunior lien issuesReason for infeasibility of the loan modification is that junior lien holder refuses to subordinate.
Loan modification infeasibleIneligible-prior approval deniedReason for infeasibility of the loan modification is that VA denied a prior approval of a non-conforming loan modification.
Loan modification infeasibleIneligible-not submitted for prior approvalReason for infeasibility of the loan modification is that the servicer did not submit a non-conforming loan modification for prior approval.
Loan modification infeasibleCurrent owner not liableReason for infeasibility of the loan modification is that the current owner is not legally liable on the loan.
Loan modification infeasibleGinnie Mae pooling issuesReason for 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 infeasibleProperty abandonedReason for infeasibility of the loan modification is the property is vacant, is not being maintained, and is not offered for sale or rent.
Loan modification infeasibleNot owner occupiedReason for infeasibility of the loan modification is that the owner does not currently reside in the property.
Compromise sale approvedDate purchase offer submitted by borrower for considerationMonth, day, and year that obligor submits a purchase offer to 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 approvedDate compromise sale approvedMonth, day, and year 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 approvedEstimated settlement dateEstimated month, day, 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 completeActual settlement dateActual month, day, 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 completePayoff of first mortgage loan (line 504 from HUD-1)Net proceeds from the sale, listed in line 504 from HUD-1 form (also known as the “closing statement” or “settlement sheet”), which will be applied toward the payoff of the first mortgage loan.
Compromise sale infeasibleDate of determinationMonth, day, and year that servicer determines that the compromise sale is not an alternative to foreclosure.
Compromise sale infeasibleReason for infeasibilityBasis for determination that compromise sale is not an alternative to foreclosure.
Compromise sale infeasibleNo buyersReason for infeasibility of the compromise sale is that there are no buyers interested in the obligor's property.
Compromise sale infeasibleClosing not consummatedReason for infeasibility of the compromise sale is that a potential sale did not legally close.
Compromise sale infeasibleUnwilling borrower(s)Reason for infeasibility of the compromise sale is that obligor does not agree to a compromise sale.
Compromise sale infeasibleProperty abandonedReason for 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.
Start Printed Page 68508
Compromise sale infeasibleUnable to contactReason for infeasibility of the compromise sale is that servicer is not able to contact obligor to negotiate.
Compromise sale infeasibleJunior lien issuesReason for infeasibility of the compromise sale is that junior lien holder is unwilling to participate in the compromise sale.
Compromise sale infeasibleTitle problemsReason for infeasibility of the compromise sale is that the owner is unable to provide clear title to the prospective purchaser.
Deed-in-lieu approvedDate DIL was requestedMonth, day, and year 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 approvedDate of approvalMonth, day, and year that a deed in lieu of foreclosure is approved by the servicer.
Deed-in-lieu completeDate that deed was recordedMonth, day, and year that the deed in lieu of foreclosure was recorded with the local government office.
Deed-in-lieu completeNet valueThe 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 completeTotal eligible indebtednessThe unpaid principal 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 infeasibleDate of determinationMonth, day, and year that servicer determines that the deed in lieu of foreclosure is not an alternative to foreclosure.
Deed-in-lieu infeasibleReason for infeasibilityBasis for determination that deed in lieu of foreclosure is not an alternative to foreclosure.
Deed-in-lieu infeasibleJunior 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 infeasibleTitle problemsReason for infeasibility of the deed in lieu of foreclosure is that the owner is unable to transfer clear title.
Deed-in-lieu infeasibleUnwilling borrower(s)Reason for 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 infeasibleProperty abandonedReason for 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 infeasibleUnable to contactReason for infeasibility of the deed in lieu of foreclosure is that servicer is not able to contact obligor to negotiate.
Foreclosure referralDate of referral to attorneyMonth, day, and year servicer refers obligor's loan to legal counsel to initiate the foreclosure process.
Foreclosure referralDate of most recent property inspectionMonth, day, and year of the most recently performed property inspection for the current default.
Foreclosure referralDate 30 day delinquency letter sent (if no successful phone contact)Month, day, and year that servicer sent 30 day delinquency letter (letter to 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 referralDate phone contact successfulMonth, day, and year that servicer successfully contacted obligor via telephone for the current default (“right party” contact).
Foreclosure referralUpdated reason for default at time of foreclosureBasis for determination that foreclosure process should be initiated.
Foreclosure referralBusiness failureReason for default is the occupation, work, or trade in which obligor is engaged did not generate enough funds to meet his financial obligations.
Foreclosure referralCasualty lossReason for default is the damage to the property as a result of a fire, storm, accident, flood, earthquake, or other catastrophic event.
Foreclosure referralCurtailment of incomeReason for default is a reduction or the curtailment of obligor's income from employment, investment, or other sources.
Foreclosure referralDeath of borrowerReason for default is that the obligor died.
Foreclosure referralDeath of borrower's family memberReason for default is the death of 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 referralDistant employment transferReason for default is the result of the borrower being transferred or relocated to a distant job location.
Foreclosure referralEnergy/environmental costReason for default is the result of the borrower incurring excessive energy related costs or costs associated with removal of an environmental hazard in or near the property.
Foreclosure referralExcessive obligationsReason for default is obligor incurred excessive debt in addition to the mortgage obligation or the mortgage payment has increased significantly.
Foreclosure referralFraudReason 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 referralIllness of borrowerReason for default is 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.
Start Printed Page 68509
Foreclosure referralIllness of borrower's familyReason for default is the result of obligor incurring extraordinary expenses as the result of the illness of a family member.
Foreclosure referralInability to rent propertyReason for default is obligor has insufficient income and/or assets to make the monthly mortgage payment and the rental property is vacant.
Foreclosure referralInability to sell propertyReason for default is obligor has insufficient income and/or assets to make the monthly mortgage payment and is unable to sell the property.
Foreclosure referralIncarcerationReason for default is the result of obligor being jailed or imprisoned, regardless of whether obligor is still incarcerated.
Foreclosure referralMarital difficultiesReason for default is problems associated with separation or divorce including dispute over payments during divorce settlement, reduction in income available to pay the mortgage debt, etc.
Foreclosure referralMilitary serviceReason 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 referralPayment adjustmentReason for default is the result of the borrower being unable to make new payments that resulted from an increase in the monthly payment.
Foreclosure referralPayment disputeReason 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 referralProperty problemsReason for default is the result of the condition of the property such as substandard construction, expensive and extensive repairs required, etc.
Foreclosure referralServicing problemsReason for default is 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 referralTenant not payingReason for default is the result of the obligor's tenant not paying rent.
Foreclosure referralTransfer of ownershipReason for default is the result of the obligor not making payments while sale of the property is pending.
Foreclosure referralUnemployment notificationReason for default is the result of a reduction in obligor's income due to loss of job.
Foreclosure referralBorrower never responded to outreachReason for default is unknown (unable to get contact or unable to determine the reason).
Foreclosure sale scheduledDate of scheduled foreclosure saleMonth, day, and year 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 scheduledForeclosure typeType of legal process by which the property is sold to satisfy the loan obligation.
Foreclosure sale scheduledJudicialType of foreclosure process done through court action.
Foreclosure sale scheduledNon-judicialType of foreclosure process done through the power of sale.
Substantial equity caseTotal eligible indebtednessThe unpaid principal 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 caseEstimated unpaid principal balance of all other liensThe unpaid balance of any outstanding liens against the property.
Substantial equity caseCalculated equity amount (fair market value less all liens)The fair market value of the property minus all monies owed on other liens.
Foreclosure sale postponed or cancelledDate postponed or cancelledMonth, day, and year that foreclosure sale is postponed or cancelled.
Foreclosure sale postponed or cancelledPostponed or cancelled indicatorIndicator denoting whether the foreclosure sale was postponed or whether it was cancelled.
Foreclosure sale postponed or cancelledReasonBasis for postponement or cancellation of foreclosure sale.
Foreclosure sale postponed or cancelledReinstatementReason for postponement or cancellation of foreclosure sale is to allow additional time for obligor to reinstate the loan.
Foreclosure sale postponed or cancelledBankruptcyReason for 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 cancelledRepayment planReason for 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 cancelledSpecial forbearanceReason for 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 cancelledLoan modificationReason for postponement or cancellation of foreclosure sale is servicer has modified or is considering modification of the loan that will result in loan reinstatement.
Start Printed Page 68510
Foreclosure sale postponed or cancelledPrivate saleReason for 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 cancelledCompromise saleReason for 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 cancelledTitle problemsReason for postponement or cancellation of foreclosure sale is that title search disclosed problems which must be resolved prior to foreclosure.
Foreclosure sale postponed or cancelledVA requested (includes refund consideration)Reason for postponement or cancellation of foreclosure sale is VA requested.
Foreclosure sale postponed or cancelledProcedural errors (failure to give notice, legal issues, failure to comply with foreclosure laws, incorrect publication, trustee appointments, recording issues)Reason for postponement or cancellation of foreclosure sale is procedural error, such as failure to give notice, legal issues, failure to comply with foreclosure laws, incorrect publication, trustee appointments, recording issues, etc.
Foreclosure sale postponed or cancelledLate appraisalReason for postponement or cancellation of foreclosure sale is that appraisal was not performed in time to proceed to foreclosure sale.
Foreclosure sale postponed or cancelledContested foreclosureReason for 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 cancelledProperty damageReason for 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 cancelledHazardous conditions or materials (when a municipality requires property clean-up prior to foreclosure)Reason for postponement or cancellation of foreclosure sale is municipality requires property clean-up of 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 cancelledCondemned (with need to demolish or eminent domain) or demolishedReason for postponement or cancellation of foreclosure sale is 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 cancelledNatural disasterReason for 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 cancelledProperty seizureReason for 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 cancelledSCRAReason for 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 cancelledOtherReason for postponement or cancellation of foreclosure sale is other than one of the reasons listed.
Results of saleDate of saleMonth, day, and year the foreclosure sale was held.
Results of saleSherriff's appraised value (if applicable, Kentucky, Ohio. Louisiana, and Oklahoma only)Value of the property as determined by the court-ordered sheriff's appraisal.
Results of saleSuccessful bidderDesignates whether the successful bidder was the holder or a third party.
Results of saleHolderThe property was acquired by the holder of the loan.
Results of saleThird partyThe property was acquired by a third party.
Results of saleAmount of successful bidThe amount of money bid to acquire the property.
Results of saleNet valueThe 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 saleTotal eligible indebtednessThe unpaid principal 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 custodyInsurance type (flood, earthquake, forced place, homeowner's, wind, fire)-report all applicableInformation about insurance policy(ies) in force at the time of transfer of custody to VA.
Transfer of custodyFloodReported insurance type is flood insurance.
Transfer of custodyEarthquakeReported insurance type is earthquake insurance.
Transfer of custodyForced placeReported insurance type is forced place insurance.
Transfer of custodyHomeowner'sReported insurance type is homeowner's insurance.
Transfer of custodyWindReported insurance type is wind insurance.
Transfer of custodyFireReported insurance type is fire insurance.
Start Printed Page 68511
Transfer of custodyPolicy numberUnique insurance company issued number identifying the specific insurance coverage plan.
Transfer of custodyName of carrierName of the company that provides the insurance coverage.
Transfer of custodyExpiration dateMonth, day, and year that the insurance coverage terminates.
Transfer of custodyTax parcel/identification number(s)-report as many as are applicableUnique number assigned by the local taxing authority to identify the property.
Transfer of custodyRedemption expiration date (if applicable)Month, day, and year on which the redemption period terminates.
Transfer of custodyDate of confirmation/ratification of saleMonth, day, and year the foreclosure sale was confirmed or ratified (as required by State law).
Transfer of custodyMortgage holder's payee vendor ID (per internal VA financial system)Unique VA-assigned number used to identify the payee for VA purposes; servicer reports own vendor ID if servicer is payee.
Transfer of custodyPayee loan number (if payee differs from servicer)Unique payee-assigned custody number used to identify the account.
Improper transfer of custodyReason for the improper transfer of custodyReason servicer erroneously transferred custody of a property to VA.
Improper transfer of custodyHolder wanted to keep the propertyHolder intended to retain property but conveyed to VA in error.
Improper transfer of custodyThird party was the successful bidderThird party was successful bidder so holder did not have the option to convey to VA.
Invalid sale resultsReason sale invalidatedBasis for determining that results changed or sale was invalid.
Invalid sale resultsBankruptcyReason 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 resultsContested foreclosureReason sale was determined to be invalid is that the foreclosure was contested.
Invalid sale resultsThird party fails to consummate saleReason sale was determined to be invalid is that third party purchaser did not complete the purchase requirements.
Invalid sale resultsProcedural errorsReason 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 resultsSCRAReason 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 resultsDate third party failed to consummate the saleMonth, day, and year the third party failed to consummate the sale as per consummation requirements in the applicable state (i.e. the timeframe for consummation expired).
Confirmed sale date with no transfer of custodyConfirmation or ratification date (when no transfer of custody)Month, day, and year of sale confirmation or ratification when the servicer chooses to retain the property and the property is located in a confirmation or ratification of sale state.
Basic Claim InformationClaim type (for the claim submission—initial, supplemental, appeal)Type of claim servicer is submitting, either initial, supplemental, or appeal.
Basic Claim InformationPayee vendor ID (per FMS)Unique FMS-assigned number used to identify the payee for VA purposes.
Basic Claim InformationPayee loan number (if payee differs from servicer)Unique payee-assigned number, used to identify the account.
Basic Claim InformationBorrower prepayment amountAny unscheduled payment to principal by the borrower.
Basic Claim InformationDate of prepaymentMonth, day, and year each prepayment was applied.
Basic Claim InformationInterest Rate ChangesInterest Rate Changes.
Basic Claim InformationEffective date of change for SCRA (change date), if applicableEffective date of change for SCRA (change date).
Basic Claim InformationInterest rate for SCRA change, if applicableInterest rate for SCRA change.
Basic Claim InformationARM Loans (report all changes)ARM Loans (report all changes).
Basic Claim InformationEffective date of change for ARM loans (change date)Effective date of change for ARM loans (change date).
Basic Claim InformationMargin (for ARM interest rate changes)Margin (for ARM interest rate changes).
Basic Claim InformationDate loan termination reported to credit bureausMonth, day, and year that servicer reports to the credit bureau that the loan has been terminated.
Basic Claim InformationCreditsAny monies being held to be applied to the account indebtedness.
Basic Claim InformationRefunds of insurance premiumsAny monies received from refunds of insurance premiums.
Basic Claim InformationTenant rentsAny monies received from collection of rents from tenants.
Basic Claim InformationInsurance loss informationThe following elements detail the allocation of insurance proceeds.
Basic Claim InformationDate insurance claim payment received by servicerMonth, day, and year monies were paid to servicer as a result of insurable loss.
Basic Claim InformationDate denied (if applicable)Month, day, and year that the insurance claim for damages was denied.
Basic Claim InformationProceeds from insurance claimAmount of insurance loss proceeds received.
Start Printed Page 68512
Basic Claim InformationDisposition of insurance proceedsWhether the insurance monies received were (a) applied to the unpaid principal balance, (b) used to restore the security, or (c) held in suspense.
Basic Claim InformationApplied to UPBWhether the monies were (a) above.
Basic Claim InformationUsed to restore securityWhether the monies were (b) above.
Basic Claim InformationHeld in suspenseWhether the monies were (c) above.
Basic Claim InformationAmount applied to principal (if applicable)Amount of monies from the insurance loss proceeds that were applied to the unpaid principal balance.
Basic Claim InformationDate applied to UPB (if applicable)Month, day, and year that the insurance loss proceeds were applied to the unpaid principal balance.
Basic Claim InformationEscrow credit balanceAmount of monies, if any, remaining in tax and insurance escrow account.
Basic Claim InformationSuspended credits (partial payments in suspense)Any other monies being held in suspense.
Basic Claim InformationBuydown credits from origination (seller buydowns)Any unapplied seller buydown credits from loan origination.
Basic Claim InformationBuydown credits from foreclosure (only for pre-VALERI claims)Amounts applied to (1) principal balance, (2) interest, or (3) escrow to obtain specified bid (pre-VALERI terminations). Buydown funds should have been applied, not held in suspense.
Basic Claim InformationDate of buydown or buydownsDate or dates of foreclosure buydowns (pre-VALERI terminations).
Basic Claim InformationInterest on escrowAmount of monies earned from obligor's escrow account as a result of interest payments.
Basic Claim InformationItemized Advances (payment date and amount must be provided for each)Amounts required to be advanced by the servicer to preserve and protect the property and/or the lien position. Need date and amount for every advance).
Basic Claim InformationInsuranceAmounts advanced by the servicer to obtain and/or continue insurance coverage.
Basic Claim InformationForced place (annual), must also provide effective dateAmounts advanced by the servicer to obtain and/or continue yearly forced place insurance coverage; including month, day, and year that coverage became effective.
Basic Claim InformationForced place (monthly binder)Amounts advanced by the servicer to obtain and/or continue monthly forced place insurance coverage.
Basic Claim InformationFloodAmounts advanced by the servicer to obtain and/or continue flood insurance coverage.
Basic Claim InformationHomeowner's/Fire/HazardAmounts advanced by the servicer to obtain and/or continue homeowner's, fire, and/or hazard insurance coverage.
Basic Claim InformationWindAmounts advanced by the servicer to obtain and/or continue wind insurance coverage.
Basic Claim InformationEarthquakeAmounts advanced by the servicer to obtain and/or continue earthquake insurance coverage.
Basic Claim InformationTaxesAmounts advanced by the servicer to pay amounts which were levied by a government authority upon the property.
Basic Claim InformationCityAmounts advanced by the servicer to pay city taxes.
Basic Claim InformationCounty/ParishAmounts advanced by the servicer to pay county/parish taxes.
Basic Claim InformationSchoolAmounts advanced by the servicer to pay school taxes.
Basic Claim InformationLeveeAmounts advanced by the servicer to pay levee taxes.
Basic Claim InformationTownshipAmounts advanced by the servicer to pay township taxes.
Basic Claim InformationMunicipal Utility District (MUD)Amounts advanced by the servicer to pay MUD taxes.
Basic Claim InformationPublic Utility District (PUD)Amounts advanced by the servicer to pay PUD taxes.
Basic Claim InformationSpecial assessmentsAmounts advanced by the servicer to pay special assessments against the property.
Basic Claim InformationGround rentAmounts advanced by the servicer to pay ground rent due on the property.
Basic Claim InformationAssociation feesAmounts advanced by the servicer to pay HOA, CIA, PUD, and/or condo association fees.
Basic Claim InformationProperty preservationAmounts advanced by the servicer to protect and preserve the property.
Basic Claim InformationYard maintenanceAmounts advanced by the servicer for required yard maintenance services performed on the property.
Basic Claim InformationInitial cut up to 5,000 s.f.Amounts advanced by the servicer for initial mowing services of up to 5,000 square feet.
Basic Claim InformationInitial cut 5,001-10,000 s.f.Amounts advanced by the servicer for initial mowing services of between 5,001 and 10,000 square feet.
Basic Claim InformationInitial cut 10,000 s.f. or largerAmounts advanced by the servicer for initial mowing services of greater than 10,000 square feet.
Basic Claim InformationRecut cut up to 5,000 s.f.Amounts advanced by the servicer for additional mowing services of up to 5,000 square feet.
Basic Claim InformationRecut cut 5,001-10,000 s.f.Amounts advanced by the servicer for additional mowing services of between 5,001 and 10,000 square feet.
Basic Claim InformationRecut cut 10,000 s.f. or largerAmounts advanced by the servicer for additional mowing services of greater than 10,000 square feet.
Start Printed Page 68513
Basic Claim InformationTrim shrubsAmounts advanced by the servicer for shrub trimming services performed on the property.
Basic Claim InformationSnow removalAmounts advanced by the servicer for snow removal services performed on the property.
Basic Claim InformationWinterizationAmounts advanced by the servicer to prepare the property to withstand cold winter conditions.
Basic Claim InformationDry heat-1 unitAmounts advanced by the servicer to winterize one property unit with dry heat.
Basic Claim InformationDry heat-addl. unitsAmounts advanced by the servicer to winterize any additional property units with dry heat.
Basic Claim InformationWet heat-1unitAmounts advanced by the servicer to winterize one property unit with wet heat.
Basic Claim InformationWet heat-addl. unitAmounts advanced by the servicer to winterize any additional property units with wet heat.
Basic Claim InformationRadiant heat-1 unitAmounts advanced by the servicer to winterize one property unit with radiant heat.
Basic Claim InformationRadiant heat-addl. unitAmounts advanced by the servicer to winterize any additional property units with radiant heat.
Basic Claim InformationReduced pressure zone (RPZ) valveAmounts advanced by the servicer to repair, replace, or install (as necessary to comply with state health department requirements) a reduced pressure zone (RPZ) valve.
Basic Claim InformationPools, spas, and hot tubs winterizationAmounts advanced by the servicer to winterize pools, spas, and hot tubs.
Basic Claim InformationUtilitiesAmounts advanced by the servicer to pay for necessary utility services.
Basic Claim InformationElectricityAmounts advanced by the servicer to pay for electricity.
Basic Claim InformationGasAmounts advanced by the servicer to pay for gas.
Basic Claim InformationOilAmounts advanced by the servicer to pay for oil.
Basic Claim InformationPropaneAmounts advanced by the servicer to pay for propane.
Basic Claim InformationWater and sewerAmounts advanced by the servicer to pay for water and sewer services.
Basic Claim InformationEquipment repair or replacementAmounts advanced by the servicer for necessary equipment repair or replacement.
Basic Claim InformationSump pump repairAmounts advanced by the servicer to pay for repair of a required sump pump.
Basic Claim InformationSump pump installationAmounts advanced by the servicer to pay for installation of a required sump pump.
Basic Claim InformationPumping water from basementAmounts advanced by the servicer to pay for services related to removing water from the basement of the property.
Basic Claim InformationWater well (pump, tank, and lines)Amounts advanced by the servicer to pay for necessary water well equipment repair or replacement.
Basic Claim InformationSecuringAmounts advanced by the servicer to properly secure, protect, and preserve vacant and abandoned properties.
Basic Claim InformationSecuring of the propertyAmounts advanced by the servicer to initially secure the property.
Basic Claim InformationResecure propertyAmounts advanced by the servicer to resecure the property.
Basic Claim InformationTemporary roof repairsAmounts advanced by the servicer to make required temporary roof repairs.
Basic Claim InformationPools, spas, and hot tubs securingAmounts advanced by the servicer to properly secure pools, spas, and hot tubs.
Basic Claim InformationIn-ground poolsAmounts advanced by the servicer to properly secure in-ground pools.
Basic Claim InformationAbove groundAmounts advanced by the servicer to properly secure above ground pools.
Basic Claim InformationHot tubs or spasAmounts advanced by the servicer to properly secure hot tubs or spas.
Basic Claim InformationPools, spas, and hot tubs maintenanceAmounts advanced by the servicer to pay for necessary maintenance to pools, spas, and hot tubs.
Basic Claim InformationBoardingAmounts advanced by the servicer to properly board any openings in the property (windows and doors) with plywood.
Basic Claim InformationBoarding-1/2″ plywoodAmounts advanced by the servicer to pay for boarding with 1/2″ plywood.
Basic Claim InformationBoarding-5/8″ plywoodAmounts advanced by the servicer to pay for boarding with 5/8″ plywood.
Basic Claim InformationBoarding-3/4″plywoodAmounts advanced by the servicer to pay for boarding with 3/4″ plywood.
Basic Claim InformationHazard AbatementAmounts 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 InformationDebris removalAmounts advanced by the servicer to remove debris from the property, in compliance with federal, state and local regulations.
Basic Claim InformationCubic yards removedTotal number of cubic yards of debris removed.
Start Printed Page 68514
Basic Claim InformationAmount paid per cubic yardAmounts advanced by the servicer to remove debris from the property, per cubic yard.
Basic Claim InformationNumber of units (1, 2, 3, or 4)Amounts advanced by the servicer for debris removal from one unit.
Basic Claim InformationVehicle removalAmounts advanced by the servicer to remove abandoned vehicle(s) from the property in compliance with state and local requirements.
Basic Claim InformationLiquidation expensesExpenses incurred by the servicer necessary to terminate the loan.
Basic Claim InformationAttorney feesExpenses incurred by the servicer for legal representation necessary to terminate the loan.
Basic Claim InformationForeclosure attorney feesExpenses incurred by the servicer for necessary legal representation related to terminating the loan by foreclosure.
Basic Claim InformationDIL attorney feesExpenses incurred by the servicer for necessary legal representation related to terminating the loan by deed in lieu of foreclosure.
Basic Claim InformationBankruptcy attorney fees—chapter 7Expenses incurred by the servicer for necessary legal representation related to filing for a relief of stay in a Chapter 7 bankruptcy proceeding.
Basic Claim InformationBankruptcy attorney fees—chapter 13/11Expenses incurred by the servicer for necessary legal representation related to filing for a relief of stay in a Chapter 13 or 11 bankruptcy proceeding.
Basic Claim InformationBankruptcy attorney fees—multipleExpenses incurred by the attorney fees-servicer for necessary legal multiple representation related to filing for a relief of stay in multiple bankruptcy proceedings.
Basic Claim InformationAd litem/ curator fees/ warning order attorney feesExpenses incurred by the servicer for legal representation appointed by a court to act on behalf of another party, which is necessary to terminate the loan.
Basic Claim InformationAttorney service taxExpenses incurred by the servicer for payment of taxes imposed on attorney service fees.
Basic Claim InformationAttorney fee for foreclosure restartsExpenses incurred by the servicer for 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 InformationAppraisalsExpenses incurred by the servicer to have a VA-assigned appraiser determine the market value of the property.
Basic Claim InformationSingle unitExpenses incurred by the servicer to have a VA-assigned appraiser determine the market value of the single unit property.
Basic Claim InformationDuplexExpenses incurred by the servicer to have a VA-assigned appraiser determine the market value of the two unit property.
Basic Claim InformationThree unitsExpenses incurred by the servicer to have a VA-assigned appraiser determine the market value of the three unit property.
Basic Claim InformationFour unitsExpenses incurred by the servicer to have a VA-assigned appraiser determine the market value of the four unit property.
Basic Claim InformationCondominiumExpenses incurred by the servicer to have a VA-assigned appraiser determine the market value of the condominium property.
Basic Claim InformationAppraisal service taxExpenses incurred by the servicer for payment of taxes imposed on services of appraiser.
Basic Claim InformationCourt appraisalExpenses incurred by the servicer to have a court ordered appraisal completed to determine the market value of the property.
Basic Claim InformationMileageExpenses incurred by the servicer to have a VA-assigned appraiser travel to the property to perform an appraisal.
Basic Claim InformationAppraisal updateExpenses incurred by the servicer to have a VA-assigned appraiser update the original appraisal of the property.
Basic Claim InformationTitleExpenses incurred by the servicer for title related costs necessary to terminate the loan.
Basic Claim InformationTitle searchExpenses 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 InformationTitle examinationExpenses 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 InformationTitle commitmentExpenses 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 InformationTrustee sale guaranty (TSG)Expenses incurred by 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 InformationTitle endorsementExpenses incurred by the servicer to pay required endorsement fees.
Basic Claim InformationTitle updateExpenses incurred by the servicer to pay for required updates to the title commitment.
Basic Claim InformationTitle policyExpenses incurred by the servicer to pay for the title policy.
Basic Claim InformationTitle opinion/abstracting legal opinionExpenses incurred by the servicer for a statement issued by an attorney as to the quality of title after examining an abstract of title.
Start Printed Page 68515
Basic Claim InformationAbstracting updateExpenses incurred by the servicer to pay for required updates to the abstract.
Basic Claim InformationTitle service taxExpenses incurred by the servicer to pay taxes imposed on title services.
Basic Claim InformationCertificate of regularityExpenses incurred by the servicer to establish sufficiency of probate (wills) proceedings, or other proceedings held outside the county in which the property is situated.
Basic Claim InformationFiling feesExpenses 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 InformationJudgmentExpenses incurred by the servicer as charged by public officials for the recording or filing of a judgment.
Basic Claim InformationBankruptcyExpenses incurred by the servicer as charged by public officials for the recording or filing of bankruptcy-related motions.
Basic Claim InformationLis pendensExpenses incurred by the servicer as charged by public officials for the recording or filing of notice of the filing of a suit.
Basic Claim InformationSummonsExpenses incurred by the servicer as charged by public officials for the recording or filing of a summons.
Basic Claim InformationComplaintExpenses incurred by the servicer as charged by public officials for the recording or filing of a complaint.
Basic Claim InformationPetitionExpenses incurred by the servicer as charged by public officials for the recording or filing of a petition.
Basic Claim InformationOrder confirming saleExpenses incurred by the servicer as charged by public officials for the recording or filing of an order confirming sale.
Basic Claim InformationPosting notice of saleExpenses incurred by the servicer as charged by public officials for the posting of the notice of sale.
Basic Claim InformationNotice affidavitExpenses 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 InformationMilitary affidavitExpenses incurred by the servicer for a sworn, written statement, affirming that the property owner is not entitled to any rights under the SCRA.
Basic Claim InformationNotice of publication affidavitExpenses incurred by the servicer as charged by public officials for the recording or filing of the affidavit stating that proper notice of sale was published.
Basic Claim InformationIndex numberExpenses incurred by the servicer as charged by public officials for the recording or filing of the index number.
Basic Claim InformationRequest for judicial interventionExpenses incurred by the servicer as charged by public officials for the recording or filing of a request for judicial intervention.
Basic Claim InformationRecording fees—foreclosureExpenses incurred by the servicer as charged by public officials for recording or filing foreclosure documents.
Basic Claim InformationForeclosure deed (sheriff's, trustee's, referee's, or commissioner's deed)Expenses incurred by the servicer as charged by public officials for recording or filing of the deed following foreclosure.
Basic Claim InformationAssignment of sheriff's deedExpenses incurred by the servicer as charged by public officials for recording or filing the assignment of the deed following foreclosure.
Basic Claim InformationSheriff's certificate of saleExpenses incurred by the servicer as charged by public officials for recording or filing the Sheriff's certificate of sale.
Basic Claim InformationAssignment of sheriff's certificate of saleExpenses incurred by the servicer as charged by public officials for recording or filing the assignment of the Sheriff's certificate of sale.
Basic Claim InformationDeed to VAExpenses incurred by the servicer as charged by public officials for recording or filing the deed to VA.
Basic Claim InformationNotice of foreclosureExpenses incurred by the servicer as charged by public officials for recording or filing the notice of foreclosure.
Basic Claim InformationSubstitution of trustee (appointment, agreement, or document)Expenses incurred by the servicer as charged by public officials for recording or filing the substitution of trustee.
Basic Claim InformationNotice of default/foreclosure noticeExpenses incurred by the servicer as charged by public officials for recording or filing the notice of default/foreclosure notice.
Basic Claim InformationJudgmentExpenses incurred by the servicer as charged by public officials for the recording or filing of a judgment.
Basic Claim InformationSummonsExpenses incurred by the servicer as charged by public officials for the recording or filing of a summons.
Basic Claim InformationCertificate of non-redemptionExpenses incurred by the servicer as charged by public officials for the recording or filing of a certificate of non-redemption.
Basic Claim InformationRecording Fees—DILExpenses incurred by the servicer as charged by public officials for recording or filing deed in lieu of foreclosure documents.
Basic Claim InformationWarranty deed from owner to holderExpenses incurred by the servicer as charged by public officials for recording or filing the deed from owner to holder.
Basic Claim InformationEstoppel affidavitExpenses incurred by the servicer as charged by public officials for recording or filing the estoppel affidavit.
Basic Claim InformationDeed to VAExpenses incurred by the servicer as charged by public officials for recording or filing the deed to VA.
Start Printed Page 68516
Basic Claim InformationSatisfaction of mortgageExpenses incurred by the servicer as charged by public officials for recording or filing the satisfaction of mortgage/release of mortgage.
Basic Claim InformationDeed of reconveyance/full releaseExpenses incurred by the servicer as charged by public officials for recording or filing the deed of reconveyance/full release.
Basic Claim InformationForeclosure facilitation feesExpenses incurred by the servicer as charged by public officials to facilitate the foreclosure process.
Basic Claim InformationSheriff's/administrator/commissioner fees and costs (includes court costs)Expenses payable with respect to sheriff/administrator/commissioner fees and costs.
Basic Claim InformationTrustee/referee/master in equity feesExpenses incurred by the servicer to pay the trustee/referee/master in equity for fees charged.
Basic Claim InformationAuctioneer's feeExpenses incurred by the servicer to pay the auctioneer to conduct the foreclosure sale.
Basic Claim InformationCourt recorder feeExpenses incurred by the servicer to pay the court recorder for recording services.
Basic Claim InformationProthonatory/clerk's feeExpenses incurred by the servicer to pay the prothonotary/clerk for fees charged.
Basic Claim InformationOther fees and costsExpenses incurred by the servicer to pay for any liquidation Expenses not previously listed.
Basic Claim InformationPublication of sale/advertisement in newspaper or on the internetExpenses incurred by the servicer to pay for publication/advertisement of the notice of sale in an appropriate newspaper.
Basic Claim InformationService of processExpenses incurred by the servicer to serve papers on any necessary party of interest.
Basic Claim InformationPersonal (sheriff or private entity)Expenses incurred by the servicer to pay for fees charged to personally serve papers on any necessary party of interest.
Basic Claim InformationBy publicationExpenses incurred by the servicer to pay for fees charged to serve legal notice on any necessary party of interest by publication.
Basic Claim InformationBy certified MailExpenses incurred by the servicer to send required notices by certified mail to all parties of interest.
Basic Claim InformationInvestigation feeExpenses incurred by the servicer to pay the investigator for fees charged.
Basic Claim InformationNon-extinguishable liensExpenses incurred by the servicer to pay for any liens that are not extinguished by the foreclosure action.
Basic Claim InformationCommittee fees and costsFees and costs incurred by the servicer to convene the committee to confirm the sale when there is equity and/or IRS liens.
Basic Claim InformationTransfer tax/documentary stampsExpenses incurred by the servicer for the state or local tax payable upon the transfer of a title.
Basic Claim InformationProperty inspectionsExpenses incurred by the servicer for required property inspections.
Basic Claim InformationDates inspections completedMonths, days, years, property inspections were completed.
Basic Claim InformationProperty inspection feeExpenses incurred by the servicer to pay fees charged for required property inspections.
Basic Claim InformationMunicipal lien certificateExpenses incurred by the servicer to obtain a municipal lien certificate.
Basic Claim InformationTitle V septic (Massachusetts)Expenses incurred by the servicer to inspect for and certify compliance with Title V septic requirements.
Basic Claim InformationPoundageFee charged by the court for handling the funds received from the sale of the property for third party bids.
Basic Claim InformationMennonite noticesExpenses 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 § 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. Start Printed 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.

Start Signature

Approved: November 20, 2006.

R. James Nicholson,

Secretary of Veterans Affairs.

End Signature End Supplemental Information

[FR Doc. 06-9403 Filed 11-21-06; 12:29 pm]

BILLING CODE 8320-01-P