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MANAGING PORTFOLIO’S

Review email for possible g-form sent from LOSSMIT to either ‘CANCEL’ or ‘POSTPONE’ the foreclosure sales. ______________________________________________________________________________________________________________________________________________________________________________________________________

o In a ‘CANCEL’ we place a notification in FOR2 to let everyone know basically what is going on and from whom it came. ____________________________________________________________________________________________________________________________________________________________________________________

o The ‘HOLD’ is placed if the account is not current (placed by us), until it is current. ____________________________________________________________________________________________________________________________________________________________________________________

RIGHTFAX (Check to see who received taxes and forwarded accordingly or work to completion). ______________________________________________________________________________________________________________________________________________________________________________________________________

o Forward to Carol (Any copy documents) ____________________________________________________________________________________________________________________________________________________________________________________

INTERCOM (Check Intercom for responses for Hold’s) ______________________________________________________________________________________________________________________________________________________________________________________________________

NEWTRAK (Go to HOME – ALL ACTIVE APPROVED - REASON ) ______________________________________________________________________________________________________________________________________________________________________________________________________

o MISSING BID ____________________________________________________________________________________________________________________________________________________________________________________

A list comes up of loans being worked by myself. __________________________________________________________________________________________________________________________________________________________________

Review the "Why’s" and any re-projections. ____________________________________________________________________________________________________________

o ISSUES (Red button, caused by selecting ‘Missing Bids;’ this is basically an update to the attorney. ____________________________________________________________________________________________________________________________________________________________________________________

Upon the resolution of the issue, go to ‘Bidding Instructions’ and in the lower right select the reason (i.e., sale postponement). __________________________________________________________________________________________________________________________________________________________________

NEWTRAK – FC CARE WORKGROUP – ALL (Only HUD’s/FHA) ______________________________________________________________________________________________________________________________________________________________________________________________________

NEWTRAK – FC FINANCIAL WORKGROUP – ALL (This report is generated when section one of the ‘Bidding Instruction’ is complete). ______________________________________________________________________________________________________________________________________________________________________________________________________

o The next thing that occurs is the notice of sale comes out via email, intercom, notes and paper report). Be sure to add to calendar and assure it is on the list. ____________________________________________________________________________________________________________________________________________________________________________________

Email Mike of the Sale date. __________________________________________________________________________________________________________________________________________________________________

o Print the NEWTRAK for this list. Review the one’s belonging to me and then go back and work. ____________________________________________________________________________________________________________________________________________________________________________________

o If the loans have a schedule date, always allow yourself sufficient time to work (at least a week before). And remember to always work the re-projections so that it doesn’t bother management (come back to haunt you thing). ____________________________________________________________________________________________________________________________________________________________________________________



NEWTRAK – FC PAYOFF AND REINSTATEMENT (Usually completed by India) – If not done by India we may receive notification and we would have to complete the work. – Reference the reinstatement notes done with Mike on 10/02/07. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: VA loans only pay interest up to the cut off date. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: CUSTOMER VERIFICATION, when a customer calls verify the name of the person speaking with the name on the account (should be the mortgagor or we should have something in office proving we have authorization to speak with them), last 4 of the SSN, and the phone number on the account (to assure we are current with the phone numbers). ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: When uploading correspondence to IAW remember to go to: FORECLOSURE, and CORRESPONDENCE, remember to deselect the check box so that the uploaded items are not showing in the ‘Task’ list. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: When 1st Lien (Senior) notification comes in GFORM format check to see if there is a 2nd Lien holder and if so, notate the system accordingly (FOR1, and FOR2). ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: When checking for the 2nd Lien in CIF, be sure to notate FOR1 and FOR2 (using FCCIF).

Miscellaneous: When it is discovered that one of the other processors is working the 1st Lien be sure to send them an email stating to the effect, "There is an active foreclosure scheduled for (the scheduled date for the 2nd Lien sale). The 2nd Lien # is (insert loan # here).

IAW Inbox

o FORE Inbox – (My name) – view items (we get our list of items to be worked from this list). ____________________________________________________________________________________________________________________________________________________________________________________

The Foreclosure Sale Notices come here as well (Add this notice to my personal Calendar and notify Mike via email. Also, notate FOR2 using FCRVW). __________________________________________________________________________________________________________________________________________________________________

BLNQ [FOR3 REPORT] (This is the report that tells us what and how many steps we have missed in the FOR3). ______________________________________________________________________________________________________________________________________________________________________________________________________

o Scan through the list of processors and locate my own processor # (FC5). ____________________________________________________________________________________________________________________________________________________________________________________

o Go to NEWTRAK; enter the loan number into the blank field to search. ____________________________________________________________________________________________________________________________________________________________________________________

If it does not pull place it out 5 days so that it doesn’t re-appear for a while giving us time. __________________________________________________________________________________________________________________________________________________________________

Go into FOR3, and place a "C" in the column for the item appearing in the BLNQ screen and then give a reason. ________________________________________________________________________________________________________________________________________________

Next check to see if there is money in suspense by going to SER1 (here we’re checking to see if any attempts to contact the mortgagor have been made at both phone numbers. Next notate FOR2 (PF5, FCRVW). ________________________________________________________________________________________________________________________________________________

Miscellaneous: Check FOR3, to assure no delinquent steps appears on the report, since the report shows what is not complete in FOR3. Basic goal is to complete every step. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: BPO’s are considered drive-by, but Appraisals are the complete pricing assessment. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: FOR1 tells us the Start Date, MARK, tells us about the BPO information. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: Joint Foreclosures, can be done with certain investors, but requires both the 1st and 2nd Lien to belong to that investor. ______________________________________________________________________________________________________________________________________________________________________________________________________

o The Setup needs to state the action. ____________________________________________________________________________________________________________________________________________________________________________________

o Check the NOTE and MORTGAGE for each loan to confirm information. ____________________________________________________________________________________________________________________________________________________________________________________

o Important note: Joint Foreclosure’s when optional are preferred, because it will ultimately save us money, but can only happen if we own both liens. ____________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous Duties: We do work on CHOFBK for Linda only. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: When checking for vacant property, check PIR1 and SAFEGUARD. This information is helpful in to people interested in buying a house. In case they need the information, so basically, we check SAFEGUARD to assure the asset (Property) is secured. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous Outbound Calls: "This Pierre, calling from HSBC Mortgage." ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous note: When dealing with Subordination or Subordinating (basically it’s when we’re waiting in line to re-coup funds). The 1st Lien will determine by who recorded 1st, so in other words we could have two 2nd loans and the 1st to record has priority. All we would need is something in writing confirming that they recorded 1st and then we may subordinate [Per Jane]. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: When rescinding a sale in NEWTRAK, simply click the close (update) to re-open. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous code: R99 – means Charged Off ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous taxes: When dealing with delinquent taxes, there is a redemption period after the sale that the mortgagor can redeem his property, providing they pay delinquent taxes. If it falls outside of the redemption period, then the taxes are paid by the tax department of the investor themselves. ______________________________________________________________________________________________________________________________________________________________________________________________________

o Miscellaneous tax sale: This is when the county takes the taxes to sale, and the mortgagor and investor both lose all true property value. ____________________________________________________________________________________________________________________________________________________________________________________

o Miscellaneous tax sale: We will only pay taxes if we are close to a tax sale. ____________________________________________________________________________________________________________________________________________________________________________________

Contact tax department (HSBC) and confirm the recommended course of action. __________________________________________________________________________________________________________________________________________________________________

The attorney is responsible for protecting our interest. __________________________________________________________________________________________________________________________________________________________________

Miscellaneous definition: Asset loans are referred to as HSBC loans and are remarketed through the REO department. ______________________________________________________________________________________________________________________________________________________________________________________________________

Miscellaneous: OPENING an ISSUE, they are opened in NEWTRAK, under FORECLOSURE, by clicking the ADD BUTTON. ______________________________________________________________________________________________________________________________________________________________________________________________________

IMPORTANT MISCELLANEOUS NOTE: ALL Payoff and Rein-statements are done through the attorney. The moment the ATTORNEY ACKNOWLEDGEMENT has been completed (In NEWTRAK, by the attorney) it filters over to FOR3, and as a result the TITLE REQUEST is ordered. This is the beginning of fees and cost for the mortgagor, and will be extremely expensive the longer it goes on without being resolved. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Applying REINSTATEMENT, PAYOFF, and QUOTES (All of which will be forwarded to the attorney, and the mortgagor must deal with the attorney). ______________________________________________________________________________________________________________________________________________________________________________________________________

o REINSTATEMENT

This request should come from the mortgagor via the attorney, but could come from Shari via email (The cover page for the Rein-statement letter usually shows the attorneys law firm). __________________________________________________________________________________________________________________________________________________________________

Review TOTAL COST and FEES ________________________________________________________________________________________________________________________________________________




Go to FOR3, type ‘A’ on the line that has the last completed actual, then ENTER. In the blank line type 727, the step number given and the comment, "Pending Reinstatement (FULLY REINSTATED)." __________________________________________________________________________________________________________________________________________________________________

Open the spreadsheet called, "RPlog.xls," and update accordingly. __________________________________________________________________________________________________________________________________________________________________

Send out a property preservation form (This step must be covered with all REINSTATEMENTS). __________________________________________________________________________________________________________________________________________________________________

 

APPLYING PAYOFF’S [Reference relevant paper work, screens, and checklist]

Search for the loan#, but if it is not present use the "QUOTE PIF.xls." Before closing the application, be sure to save it as the current loan you are working on with the date it is good through.

In order to create the payoff, go to:

o PAY1, PF1 (2x’s), this is the PAY2 screen and the place to add a Good through date (As of).

The exception to this would be HUD. If we have a HUD we would have to key the 1st day of the following month.

o PF1 (2x’s if 2nd Lien Holder), this gives us the PAY3 – 1ST MORT PERDIEM INTEREST screen, this is calculated daily..

o PF1, PAY4 screen comes up; this screen gives us the PAYOFF CALCULATION TOTALS.

Here the RECOVERABLE BALANCE is the same as Corporate Advance Deposit.

Attorney fees and Cost, can be obtained from NEWTRAK, by going to FEES and COST, click on the item, and clicking on the item again. This will give a break down on the recoverable as well as the non-recoverable fees and cost. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

o Once the check has been received, open the folder to see the quoted amount (the Good through date should be the same as the date on the PAYOFF Form).

In the event this date is not the same, we will need to adjust the amount that the mortgagor should be credited. Next we need to email SHARI, so that any additional fees (i.e., Inspection) can be waived.

SER1 and ANA1 (Provide an Escrow breakdown).

FEE1 (Gives us a breakdown of INSP, NSF, and Late Charges), type K in the next space for Prop Inspection fee, 1 & 2 (explained on the page).

o The next step would be to go through the checklist (PAYOFFS APPLICATION OF FUNDS).

The checklist is broken down into two days (Payoffs Application of Funds, and The Day after Funds are applied).

o Upon the completion of the checklist, place the checklist on top of the initial packet (check w/letter), along with the PAYOFF FORM.

o Miscellaneous: If there is no discharge information on the actual sheet put down the attorney's name that sent the information, but usually it's 'Title Company, borrower, and attorney.'

o Miscellaneous Funds Application: The 15th, if it falls on a Saturday or Sunday, it will be that previous Friday. And also, the last date of the month if it falls on a Saturday or Sunday, it will be that previous Friday. The funds should be applied before the deadlines to avoid late charges. This is the only time that we will proceed to fill certain sections of the Day 2 for the PIF checklist.