2 Month Extension on ATP??? Tier 1 lenders?
Someone posted that tier 1 lenders are granted an automatic 2 month extension on ATP.
"Most people don't realize this little caveat - In addition to the standard four-month period to market HUD properties sold under a pre-foreclosure sale, Tier 1 lenders receive an automatic extension of two extra months to market those properties. Bank of America, Wells Fargo and Chase along with some others are currently Tier 1 lenders (rarely followed by these Servicer's"
Does anyone have proof of this? Wells Fargo is telling me that this "automatic extension" doesnt exist.
Replies to This Discussion
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Permalink Reply by Jason Sanseverino on
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Just found it. HUD 2008-43 page 13 Section K!
portal.hud.gov/hudportal/documents/huddoc?id=DOC_16788.doc -
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Permalink Reply by Kevin - Greenville, SC on
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Mortgagee Letter 2011-12 announced the FHA servicing lender's ranking in Tier 1 during Round 42 that are eligible for the following:
An additional $100 payment for each Special Forbearance Agreement executed on or after January 1, 2011. Pre-foreclosure sale time frames may be extended an additional two months without prior HUD approval; and For loans endorsed on or after February 1, 1998, lenders will be able to claim reimbursement of 75 percent for foreclosure costs (an increase from the current allowance of 66 percent) on Part B claims received by HUD on or after January 1, 2011. For loans endorsed prior to February 1, 1998, all lenders will continue to be reimbursed two thirds of the foreclosure costs. -
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TRS only measures engagement of loss mitigation, not the quality of the engagement or adherence to
all servicing requirements.
ID Name Tier22995 Wells Fargo Bank NA 1
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