Days Delinquent. 3rd Business Day of Month Two The Company receives an electronic file from its Collections Department on all 90+delinquent loans. 4th Business Day of Month Two The Company sends the electronic file to Class B Holder/Special Servicer of all 90+ delinquent loans with information designating those loans where a forbearance plan or workout is in progress and those loans where there is no plan in place. The Company and the Special Servicer have a discussion. The loans to be transferred are determined by the Class B Holder/Special Servicer. 6th Business Day of Month Two The Special Servicer informs the Company of the loans designated as Specially Serviced Mortgage Loans. The Company and the Special Servicer coordinate the transfer of servicing of the Specially Serviced Mortgage Loans. The Company prepares and mails the mortgagor notification no later than the 13th calendar day of the month. If a loan reinstates to a current or less than 90 days delinquent status before the mortgagor notification (i.e., the "goodbye letter") is sent, such loan will be removed from the transfer, and the Company will notify the Special Servicer thereof. The borrower will be instructed to send the payment due on the effective date of transfer and any past due payments to the Special Servicer. 7th Business Day of Month Two Relevant Trustee receives monthly electronic data file from the Company. The subject loan is included in the Company's report as an active loan serviced by the Company. The Company reports scheduled P&I on the subject loan. On or prior to 15th Calendar Day of Month Two The Company sends a foreclosure referral letter to the Special Servicer's foreclosure counsel with a corresponding foreclosure package. 18th Calendar Day (or Business day immediately preceding the 18th) of Month Two The Company makes its monthly remittance, including advancing scheduled P&I payment due for current month for the subject loan. Last business Day of Month Two Month-end cut-off. 1st Business Day of Month Three Effective Date. On or Before 3rd Business Day of Month Three In accordance with the Servicing Transfer Instructions: Company sends Special Servicer final transfer data (e.g., trial balance, loan files, current and previous 2 years' history records (if applicable), all default-related correspondence, and all collection, foreclosure and bankruptcy files); Company provides Special Servicer with detailed reimbursement request relating to advances; and Company sends Special Servicer a ch...
Days Delinquent. 3rd Business Day of Month Two The Company receives an electronic file from its Collections Department on all 90+delinquent loans. 4th Business Day of Month Two The Company sends the electronic file to Class B Holder/Special Servicer of all 90+ delinquent loans with information designating those loans where a forbearance plan or workout is in progress and those loans where there is no plan in place. The Company and the Special Servicer have a discussion. The loans to be transferred are determined by the Class B Holder/Special Servicer.
Days Delinquent. No Mortgage Loans is 89 days delinquent as of the Closing Date.
Days Delinquent. Borrowers whose loans are 16 days delinquent will receive written notice that late fees have been imposed. If the 16th day falls on a weekend or holiday, notices will be sent after the payment posting of the next business day. LSRs will continue to attempt telephone contact with the delinquent borrowers.
Days Delinquent. Within 5 days of sending the "16-Day Late Notice," LSRs will make at least two attempted phone contacts per week with the borrowers to discuss the delinquency of the loan and potential resolutions to the delinquency. If payment has not been received by the 21st day, the "21-Day Late Notice" is sent.
Days Delinquent. If the borrowers fail to make a payment within the month that it is due and the account is past due for two payments, a demand for payment is mailed, subject to the provisions of the applicable servicing agreement. The demand is sent via certified mail, return receipt requested, and regular, first class mail. The demand requires the borrowers to pay the full amount due to avoid further legal action. A field inspection is ordered on the 31st day of delinquency. Phone contact is continued to determine reason for default.
Days Delinquent. LSRs attempt to make telephone contact with the borrowers a minimum of two days a week to resolve the delinquency prior to referral for foreclosure.
Days Delinquent. If possible, a face-to-face interview must be arranged with the borrowers who are 35 to 45 days delinquent for the purposes of determining the cause of the default and developing a plan to cure the default. If a face-to-face interview cannot be arranged due to the borrower's lack of geographic proximity to Fairbanks, the LSR will request a second delinquency contact inspection (AKA property inspection). Delinquency contact inspectors verify who is living in the property or if the property has been abandoned.
Days Delinquent. On approximately the 62nd day of delinquency and after the expiration of the demand, if Fairbanks and the borrowers have not agreed on a plan to cure the default, the Legal Department will refer the loan to local counsel for foreclosure. The LSR will continue to contact the borrowers by telephone even after the loan has been approved for foreclosure until all avenues to cure the default have been exhausted.
Days Delinquent. Contact Borrower by phone and make arrangements for past due payment. 30 Days Delinquent • If no contact or arrangement has been made –a letter is sent requesting Borrower to contact CIC to discuss delinquency and make payment arrangements. 45 – 60 Days Delinquent • If no payment arrangement has been made, a 30 day demand letter is sent. • If there is no response to demand letter, foreclosure is instituted after expiration date as indicated in the demand letter. Contact with xxxxxxxx is documented through written notes that are maintained with the collection staff during the delinquency period. When the delinquency is resolved, the notes are placed in the CIC loan file. All delinquent loans (30, 60, 90 days, workouts, foreclosures, REO) are reviewed individually by the Investment Committee each month.
