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Regulatory Information
2008_register
executive
2010-09-23
article
Loan Guaranty: Loan Servicing and Claims Procedures Modifications
Part II
Rules and Regulations
D09002ee1bdd989b4
D09002ee1bdd98af0
United States
Department of Veterans Affairs
originator
org
United States Government Agency or Subagency
This document establishes a new series for the Department of Veterans Affairs (VA) Loan Guaranty regulations, which will be phased in over an approximately eleven-month timeframe, as mortgage servicing industry segments ``go live'' on a new computer-based tracking system being established by VA. This new series replicates existing regulations for most aspects of the VA Loan Guaranty program, but also includes changes related to several aspects of the servicing and liquidating of guaranteed housing loans in default, and the submitting of guaranty claims by loan holders. Specific topics revised in the new 4800 series include: increasing authority of servicers to implement loss-mitigation options, making incentive payments to servicers for successful loss-mitigation options, establishing a system of measuring and ranking servicer performance, establishing updated reporting requirements, permitting loan holders to review liquidation appraisals, requiring holders to calculate the net value of the security property prior to foreclosure, establishing a timeframe for when foreclosure of a defaulted loan should be completed, limiting the amount of interest and other fees and charges that may be included in a guaranty claim, establishing allowable attorneys fees to be included in the guaranty claim, establishing a deadline for the submission of guaranty claims, modifying the requirements for title evidence for properties conveyed to VA following foreclosure, modifying the requirements for how long a holder must maintain records relating to loans for which VA has paid a claim on the guaranty, and eliminating the requirement for the submission of legal procedural papers to VA. This document also includes specific revisions to three rules related to increased attorney fee allowances, establishment of a time limit for filing a claim under the guaranty, and granting authority for the Servicer Appraisal Processing Program that will be effective for all program participants upon publication of these rules.
73 FR 6294
https://www.govinfo.gov/app/details/FR-2008-02-01/08-337
08-337
fr01fe08-16
RIN 2900-AL65
8320-01-P
https://www.govinfo.gov/app/details/FR-2008-02-01/08-337
https://www.govinfo.gov/content/pkg/FR-2008-02-01/html/08-337.htm
https://www.govinfo.gov/content/pkg/FR-2008-02-01/pdf/08-337.pdf
Condominiums
Handicapped
Housing
Indians
Individuals with Disabilities
Loan Programs-Housing and Community Development
Loan Programs-Indians
Loan Programs-Veterans
Manufactured Homes
Mortgage Insurance
Reporting and Recordkeeping Requirements
Veterans
75 p.
6294
6368
73 FR 6294
Code of Federal Regulations
Title 38 Part 36
38 CFR Part 36
Regulation Identification Number 2900-AL65
RIN 2900-AL65
Loan Guaranty: Loan Servicing and Claims Procedures Modifications; Federal Register Vol. 73, Issue
RULE
08-337
II
DEPARTMENT OF VETERANS AFFAIRS
2008-02-01
8320-01-P
08-337
Final rule.
This document establishes a new series for the Department of Veterans Affairs (VA) Loan Guaranty regulations, which will be phased in over an approximately eleven-month timeframe, as mortgage servicing industry segments ``go live'' on a new computer-based tracking system being established by VA. This new series replicates existing regulations for most aspects of the VA Loan Guaranty program, but also includes changes related to several aspects of the servicing and liquidating of guaranteed housing loans in default, and the submitting of guaranty claims by loan holders. Specific topics revised in the new 4800 series include: increasing authority of servicers to implement loss-mitigation options, making incentive payments to servicers for successful loss-mitigation options, establishing a system of measuring and ranking servicer performance, establishing updated reporting requirements, permitting loan holders to review liquidation appraisals, requiring holders to calculate the net value of the security property prior to foreclosure, establishing a timeframe for when foreclosure of a defaulted loan should be completed, limiting the amount of interest and other fees and charges that may be included in a guaranty claim, establishing allowable attorneys fees to be included in the guaranty claim, establishing a deadline for the submission of guaranty claims, modifying the requirements for title evidence for properties conveyed to VA following foreclosure, modifying the requirements for how long a holder must maintain records relating to loans for which VA has paid a claim on the guaranty, and eliminating the requirement for the submission of legal procedural papers to VA. This document also includes specific revisions to three rules related to increased attorney fee allowances, establishment of a time limit for filing a claim under the guaranty, and granting authority for the Servicer Appraisal Processing Program that will be effective for all program participants upon publication of these rules.
This rule is effective February 1, 2008.
Mike Frueh, Assistant Director for Loan Management (261), Veterans Benefits Administration, Department of Veterans Affairs, 810 Vermont Avenue, NW., Washington, DC 20420, at 202-461-9521. (This is not a toll-free telephone number.)
Condominiums
Handicapped
Housing
Indians
Individuals with Disabilities
Loan Programs-Housing and Community Development
Loan Programs-Indians
Loan Programs-Veterans
Manufactured Homes
Mortgage Insurance
Reporting and Recordkeeping Requirements
Veterans
Loan Guaranty:
Loan Servicing and Claims Procedures Modifications,
http://www.homeloans.va.gov
www.homeloans.va.gov
www.va.gov
Federal Register
Vol. 73, no. 22
Office of the Federal Register, National Archives and Records Administration
2008-02-01
continuing
daily
deposited
born digital
421 p.
Table of Contents:
AE 2.7:
GS 4.107:
AE 2.106:
KF70.A2
https://www.govinfo.gov/app/details/FR-2008-02-01
P0b002ee1809abaa7
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0042-1219
0364-1406
769-004-00000-9
000582072
f:fr01fe08
https://www.govinfo.gov/app/details/FR-2008-02-01
https://www.govinfo.gov/content/pkg/FR-2008-02-01/pdf/FR-2008-02-01.pdf
https://www.govinfo.gov/content/pkg/FR-2008-02-01/xml/FR-2008-02-01.xml
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6418
DGPO
2010-09-23
2023-05-02
FR-2008-02-01
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FR
FR-2008-02-01
73
22