Acronyms | Foreclosure | Systems | General Servicing | Property Preservation |
---|---|---|---|---|
What is Federal Housing Administration?
FHA
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What is Judicial?
Filing a complaint or petition is the first legal action in a _________ foreclosure.
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Loanserv/Sagent/Fiserv?
System used to track loan-level data and servicing activities.
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What are fee schedules/guidelines?
Every state has a cap and CMS follows this to stay compliant.
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What is a fee approval?
This is needed when the cost exceeds the allowed amount.
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What is Housing and Urban Development?
HUD
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Diligence/FCL Sale timeframe?
For FHA, this timeframe begins after First Legal is filed and recorded.
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What is INST/SEC? (Institution Security)
Screen used in Loanserv to look up a Teller ID.
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What is Report 17?
This enterprise report is used to support escrow advances.
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What is PPT?
This filter in Lonserv can be used to view only property preservation tasks/notes.
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What is Principal, Interest, Taxes, and Insurance?
PITI
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What is Litigation?
Legal action resulting from a contested foreclosure.
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What is Equator?
System where you can obtain short sale and REO information.
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What is Tier 1?
CMS is rated this tier for mortgage servicing.
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What is a work order?
You can view this document to see notes from the vendor for services rendered.
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What is Federal Emergency Management Agency?
FEMA
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What is a restart?
This is needed in some states when a foreclosure action is interrupted by an event.
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What is Tempo?
System where you can find a title package.
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What is title curative?
Uncured liens can lead to CMS having to do this before conveying a property.
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What is a hazard claim?
A request for financial assistance to repair a home’s structure after damage.
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What is Federal National Mortgage Association?
FNMA
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What a sheriff deposit?
It is not uncommon to see this refund included with 3rd party proceeds
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What is P360?
System used to request reimbursement on FNMA claims.
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What are fee schedules/guidelines? $500
Every state has a cap and CMS follows this to stay compliant.
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What is an inspection?
This provides evidence of a property's condition.
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