Property Maintenance and Preservation Policy Manual From AllRegs
Intended for lenders with a servicing portfolio, this policy manual provides guidance for inspecting, securing, maintaining and preserving collateral properties which may have been abandoned, foreclosed or otherwise in an REO status.
All the agencies require some level of property maintenance and preservation. This policy highlights all those requirements in one central resource.
There is no direct regulatory impact. Indirectly related are the Servicemember's Civil Relief Act (SCRA) and Unfair, Deceptive, or Abusive Acts or Practices (UDAAP). State and jurisdictional regulations may be impactful but are not within the scope of this policy.
Maintain one central consolidated source of relevant information for use by asset, portfolio, and property managers as well as third-party vendors.
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|1.1||Goals and Objectives||Mandatory Review||Include the point of view or culture of your organization in this section, if applicable.|
|1.2||Required Review||Mandatory Review||Be sure this accurately reflects your company’s annual policy review process.|
|2.1||Internal Controls||Mandatory Review||Include or reference related procedures in this section, as well as controls for third party vendor implementation.|
|3||Staff and Training||Mandatory Review||Include the means by which your organization provides and tracks required training.|
|4.1||Property Maintenance and Management||Recommended Best Practice||Modify this section with any requirements unique to your portfolio or business operations.|
|4.3||HUD Inspection, Preservation, and Protection Requirements||Optional Enhancement||This section is agency specific. If it does not apply, note that here or consider removing this section.|
|4.4||Second Lien Mortgage Loans||Recommended Best Practice||If your organization does not service second lien mortgages, note that here or consider removing this section.|
|4.6||VA Property Preservation Requirements||Optional Enhancement||This section is agency specific. If it does not apply, note that here or consider removing this section.|
|4.7||USDA RD Property Preservation Requirements||Optional Enhancement||This section is agency specific. If it does not apply, note that here or consider removing this section.|