PROPERTY PRESERVATION SESSION

1
PROPERTY PRESERVATION SESSION

• February 16, 2006

2
Panelists

• Caroline Reaves, First American National Default
  Outsourcing, Moderator
• Laurie Maggiano, HUD
• Leslie Bromer, HUD
• Sherilee Massier, Wells Fargo
• Joe Morrison, MT Mortgage
• Robert Klein, Safeguard Properties
• Paul Magaha, First American Field Services
• Allan Martin, MCS NOW

3
Second Bids

• Hazards
• Items over 2,500
• Requests without justification
• Second bids on smaller items

4
MM Responses

• Timeliness
• Documentation

5
Code Enforcement on Current Loans

• Servicers need direction on how to handle code
  violations or eminent domain notices on current
  loans.

6
Extensions

• How and when should an extension be approved?
• What documentation needs to be detailed on the
  extension form?
• Reasonable diligence

7
Roof Repairs vs. Tarping

• Can a property be conveyed with a tarp?
• If a tarp is denied, will an extension be granted
  to complete repairs?
• Multiple bids requests for roof repairs

8
PP Work Performed During Bankruptcy

• What are the expectations for completing
  preservation work during bankruptcy?
• If work is not done when counsel recommends that
  work not be done or when trustees dont allow
  work to be done, will this be considered
  Mortgagee Neglect?

9
MORATORIUMS

• What actions are servicers taking during
  moratorium periods?
• Are hazard insurance claims increasing?
• Significant increase in conveyances. Are the
  MMs prepared to handle this?

10
Inspection Data Fields

• Inspection data fields have not been updated
  since 1984.
• Recommended additions

11
Convey As-Is Checklist

• Prior to request to convey a property, a
  checklist is being sent to servicers to complete
  prior to conveyance.

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CONVEYANCES

• History requests prior to conveyance
• Work completed after conveyance
• Some MMs are requiring that servicers must have
  their approval PRIOR to conveyance.

13
HUD Offsets and Demands

• HUD Offsets
• Demand Letters
• Non-Performance Letters