Common use of Liquidation and Acquisition Expenses Clause in Contracts

Liquidation and Acquisition Expenses. Line 1 - 3 The Actual Unpaid Principal Balance, Interest accrued at Net Rate and accrued Servicing Fee. For documentation, an amortization schedule from the date of default through liquidation. Schedule should include net interest and servicing fees. Line 4 - 6 Disbursement of Taxes, Hazard and Flood Insurance and MI Insurance from date of default through liquidation. The documentation should include the date of disbursement, amount of disbursement, period of coverage, Line 7 - 11 Foreclosure expenses and property preservation. Provide documentation of all expenses and disbursements. For escrow advances, please provide a complete payment history. Line 12 Other requires complete corporate advance histories to support expense. - REO repairs > $1500 require explanation - REO reports > $3000 require evidence of a least 2 bids. - Short Sale or Charge Off require P&L supporting the decision and USBHM's approved Officer Certification Total lines 1 through 12 Credits: Line 13 - 22 Complete as applicable. Documentation required: - Copy of HUD-1 from sale of REO. If 3rd Party Sale, bid instructions and Escrow Agent/Attorney. - Proceeds Breakdown - Rental Income, if applicable - Copy of PMI/MI claims and agency payment advice - Pool Insurance Breakdown, if applicable - All other credits need to be clearly defined. Total lines 13 through 22.