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7/30/2019 MGIC Default Servicing Guide
1/49
MGICs
Default Servicing Guide
DEC
2012
MGIC
7/30/2019 MGIC Default Servicing Guide
2/49
MGIC
MGICs Default Servicing Guide December 2012
Summary of Changes
MGIC has made changes within the following Sections of the Default Servicing Guide. Please review theinformation listed below to learn more.
Section Changes
Sections 1-7 Movedsupportcontactinformationtothebottomofeachpage
Section 2
Loss Mitigation
Workouts
Moveddocumentationrequirementsforthefollowingtosection5.04:
Borroweradherencewithregardtoforbearance(2.02)andrepaymentplans(2.03)
Shortsales(2.06)ordeedinlieuworkouts(2.07)thatresultinaclaim
ReplacedHAMPinformation(2.04)withalinktoourwebsitefordetailsonthisandotherUSTreasury-andGSE-sponsoredprograms
Section 5
Claim for Loss
Reorganizedcontentofentiresection
EliminatedreferencestotheoldFileaClaimpagesinMGIC/Link
Addedalistofnonclaimableitems(5.03)
Listedallclaimdocumentationrequirementsinsection5.04
Clariedclaim-lingprocess(5.05)
Addedaresourceforcheckingclaimstatus(5.06)
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MGICs Deault Servicing Guide
Introduction
page 1
Introduction
MGIC Reservation o Rights MGIC retains a ull and complete reservation o rights. Neither this document nor any
action taken by MGIC that mayappear inconsistent with this document should beconstrued as a waiver by MGIC o any rights or deenses it may have.
MGIC Master Policy MGICs Master Policy is reerred to on several occasions within this guide. To view
a copy o the Master Policy, see Master Policyholder resources at www.mgic.com/
lender-services/index.html .
MGIC Delegated Servicing
Authority
As a servicer, you are bound by the requirements under MGICs Master Policy to
mitigate MGICs loss and report certain loss mitigation measures to MGIC.
To acilitate your loss mitigation eorts, MGIC oers Delegated Servicing Authority
to help streamline your deault servicing processes. You can use this authority toapprove or complete without our prior approval loss mitigation workouts
(Section 2) that meet our Guidelines or Delegated Authority (reerred to throughout
this guide as Delegated Guidelines).
These guidelines may supersede any special delegation authority previously oered.
We reserve the right to revoke any delegation.
Delegated Guidelines apply to loans with primary coverage and/or
supplemental coverage (pool or second-layer coverage).
Use o the Term Borrowers Throughout this guide, borrowers reers to multiple borrowers or a single borrower.
Reerences Throughout the guide, you will be reerred to supporting inormation in other sectionswithin the document. For example, (2.06) means you will ind related inormation in
Section 2, subsection 6. These reerences are hyperlinked to the appropriate page in
the guide.
The guide also includes external reerences, linked to pages on our website,
www.mgic.com.
Special Notes Inormation to note will be pointed out to you with this symbol, Nte .
MGIC/Link Servicing In cases where you need to report or submit inormation to MGIC, our secure, online
servicing tool, MGIC/Link (7.01), is usually the best option. You can complete most o
your deault servicing tasks on MGIC/Link, including reporting, requesting approvals
and uploading documentation.
I youre not already an MGIC/Link user, go to www.mgic.com/signup to register or
a password.
Support I you have any questions about inormation presented in this guide, contact MGIC
Customer Service, [email protected] or 1-800-424-6442.
http://www.mgic.com/lender-services/index.htmlhttp://www.mgic.com/lender-services/index.htmlhttp://www.mgic.com/signupmailto:[email protected]:[email protected]://www.mgic.com/signuphttp://www.mgic.com/lender-services/index.htmlhttp://www.mgic.com/lender-services/index.html7/30/2019 MGIC Default Servicing Guide
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MGICs Deault Servicing Guide
Introduction
page 2
7/30/2019 MGIC Default Servicing Guide
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MGICs Deault Servicing Guide
Table o Contents
page 3
Table o Contents
1 Reporting
1.01 Reporting Requirements..........................................................................page 5
1.02 Reporting Deaults............................................................................................6
1.03 Updating Deault Status.................................................................................... 6
2 Loss Mitigation Workouts
2.01 Foreclosure Sale Postponement.......................................................................9
2.02 Forbearance...................................................................................................10
2.03 Repayment ..................................................................................................... 11
2.04 Special US Treasury, GSE Programs.............................................................. 12
2.05 Loan Modifcation ........................................................................................... 12
2.06 Short Sale.......................................................................................................14
2.07 Deed in Lieu o Foreclosure ............................................................................18
3 Foreclosure3.01 Foreclosure Commencement.........................................................................21
3.02 State Time Frame Guidelines or Loans with Primary Coverage...............22
3.03 Bankruptcy .....................................................................................................23
3.04 Foreclosure Bidding Instructions....................................................................24
3.05 Defciency Judgments .................................................................................... 26
4 Real Estate Owned (REO)
4.01 REO Property Disposition or Primary Coverage .......................................27
4.02 REO Property Disposition or Supplemental Coverage
(Pool or Second-Layer Coverage)...................................................................28
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MGICs Deault Servicing Guide
Table o Contents
page 4
5 Claim or Loss
5.01 Conditions Prior to Claim................................................................................31
5.02 Exclusions rom Coverage ..............................................................................32
5.03 Non-Claimable Items......................................................................................32
5.04 Claim Documentation Requirements..............................................................33
5.05 Filing Claims....................................................................................................35
5.06 Check Claim Status........................................................................................36
5.07 Explanation o Benefts ...................................................................................36
6 Exhibits6.01 Determining Hardship ..................................................................................... 37
6.02 MGIC Financial Analysis Form ........................................................................38
6.03 Arrearage and Principal Reduction Defned With Respect
to Loan Modifcations .....................................................................................39
6.04 State Time Frames or Loans with Primary Coverage .............................. 41
6.05 Claim or Loss Form ....................................................................................... 42
7 Deault Servicing Tools7.01 MGIC/Link Servicing.......................................................................................43
7.02 Automated Deault Reporting..........................................................................45
7.03 Secure File Transer.........................................................................................46
7.04 Electronic Funds Transer (EFT).......................................................................46
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MGICs Deault Servicing Guide
Section 1 Reporting
page 5
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Section 1:Reporting
1.01 Reporting Requirements
1.02 Reporting Deaults
1.03 Updating Deault Status
1.01 Reporting Requirements
Below is a summary o MGIC reporting requirements. Reer to the sections indicated
or guidelines, reporting/submission options, documentation requirements and
support.
1.01a Deaults Notiy MGIC when a borrower becomes 2 consecutive payments past due by iling aNotice o Delinquency (1.02).
1.01b Deault Status On a monthly basis, report to MGIC both the status o loans in deault and yourservicing eorts to remedy deault as required by the Master Policy.
1.01c HAMP Modications Report on a monthly basis:
HAMP trial status;
all other HAMP modication status updates; AND
all completed (ocial) HAMP modications.
For details, seewww.mgic.com/deault-servicing/treasury-gse-programs.html .
1.01d Loan Modications Report completed modiications that meet MGIC Delegated Guidelines to MGICwithin 30 days o the modiication eective date (2.05a).
For modiications that all outside o MGIC Delegated Guidelines (2.05b), submit
requests to MGIC or approval beore completing the modiication as required by the
Master Policy.
mailto:[email protected]://www.mgic.com/default-servicing/treasury-gse-programs.htmlhttp://www.mgic.com/default-servicing/treasury-gse-programs.htmlmailto:[email protected]7/30/2019 MGIC Default Servicing Guide
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MGICs Deault Servicing Guide
Section 1 Reporting
page 6
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
1.02 Reporting Deaults
1.02a Guidelines orReporting Deaults
Notiy MGIC when a borrower becomes 2 consecutive payments past due by iling a
Notice o Delinquency.
Reporting File a Notice o Delinquency via:
MGIC/Link Servicing - Select File/Update a Deaultin the main menu; OR
Automated Deault Reporting (ADR) - Produce your ADR le no earlier than the
20th day and report to MGIC by the 3rd-to-last business day o the month.
Nte Cntact MGIC Custmer Service with any Mrtgage Insurance Premium
questins when a lan becmes delinquent.
Support For questions regarding ADR setup, contact MGIC eCommerce Services,[email protected] 1-800-558-9900.
1.03 Updating Deault Status
Following a deault, report both the status o the loan and your servicing eorts to
remedy the deault.
1.03a Guidelines or Updating
Status viaAutomatedDeault Reporting
(ADR)
Update deault status in ADR monthly.
When updates arent reported, MGIC will send a Monthly Exception Audit (MEA)listing all loans that were previously reported as delinquent, but that are missing rom
the most recent ADR submission.
MGIC will deliver MEA reports to you through Secure File Transer (SFT). We will
notiy you via e-mail that an MEA report has been posted to SFT.
Update the MEA with the most current status o the loans previously reported as
delinquent, but that are missing rom the most recent ADR submission.
Reporting Report changes in status as they occur:
For individual loans, submit changes via MGIC/Link Servicing; select File/Update a
Deaultin the main menu.
For multiple loans, submit changes via:
ADR OR
Secure File Transer - select MEA Updates as the le recipient
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MGICs Deault Servicing Guide
Section 1 Reporting
page 7
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
1.03b Guidelines or UpdatingStatus Using a Method
Other Than ADR
MGIC mails a Monthly Delinquency Loan Status Report (MDLSR) on each loan
previously reported in deault. MGIC prints the last reported status on the MDLSR to
help you determine whether the status has changed.
Use the MDLSR to update or provide additional inormation about any o the
ollowing items:
loan status;
current principal balance;
loan due-or date;
delinquency status i a bankruptcy petition was led, include chapter, ling date
and date relie was granted;
date oreclosure proceedings commenced and whether there is a oreclosure sale
scheduled;
oreclosure sale date, i applicable; AND/OR date Borrowers Title or Good and Merchantable Title (as dened in MGICs
Master Policy) was acquired (5.01b).
You can also use the MDLSR to notiy MGIC that:
a loan in deault is now current;
a loan in deault has now been paid in ull;
Nte Paid in full des nt apply t servicing transfers, shrt sales r presales.
a servicing transer has occurred;
the loan number has changed;
the contact person or your organization has changed; AND/OR
your physical address has changed.
Reporting Whenever a change occurs to any o the inormation listed above, return the updated
deault status inormation to MGIC by the 20th o the month via:
MGIC/Link Servicing - Select File/Update a Deaultin the main menu OR
Fax 1-800-353-8781
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MGICs Deault Servicing Guide
Section 1 Reporting
page 8
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MGICs Deault Servicing Guide
Section 2 Loss Mitigation Workouts
page 9
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Section 2:Loss MitigationWorkouts
2.01 Foreclosure Sale Postponement
2.02 Forbearance
2.03 Repayment
2.04 Special US Treasury, GSE Programs
2.05 Loan Modication
2.06 Short Sale
2.07 Deed in Lieu o Foreclosure
Loan workouts can preserve homeownership or the borrowers and prevent losses
as well. The MGIC Master Policy requires you to assist and cooperate with MGIC
in preventing and mitigating MGICs loss. This means that a loan workout, such as
a repayment plan, orbearance plan or loan modiication, must be oered to any
borrowers who have the ability to cure the delinquency.
It is important to work closely with borrowers as soon as they begin to experience
problems making their mortgage payment. It may even be appropriate to extend
assistance to borrowers who are current on their mortgage loan i you learn they
are experiencing a problem. MGIC recognizes the beneits o home retention to all
involved and oers a variety o loss mitigation workout options designed to keep
borrowers in their home. MGIC relies on you to contact troubled borrowers as part
o your loss mitigation duties.
The ollowing loss mitigation workout options can be perormed as long as the terms
o the workout comply with the respective MGIC Guidelines or Delegated Authority
(Delegated Guidelines). These guidelines apply to primary coverage and/or
supplemental coverage (pool or second-layer coverage). MGIC oers delegated
authority to increase eiciency, but reserves the right to revoke this delegation onnotice.
Using Delegated Guidelines is optional; we are happy to work with you on any
workout type. I a workout is submitted or MGICs approval, MGICs nondelegated
requirements will apply, and we may request additional supporting inormation.
MGIC Reservation o Rights MGIC retains a ull and complete reservation o rights. Neither this document nor any
action taken by MGIC that may appear inconsistent with this document should be
construed as a waiver by MGIC o any rights or deenses it may have.
2.01 Foreclosure Sale Postponement2.01a Delegated Guidelines
or Foreclosure Sale
Postponement
You have delegated authority to postpone a scheduled oreclosure sale in order
to pursue a orbearance, repayment plan, loan modiication or short sale. This
delegation pertains only to the postponement o the oreclosure sale.
MGICs liability (interest and expenses) may be limited to state time rames (3.02).
Nte Lss mitigatin wrkuts that d nt meet MGICs delegated guidelines fr
frbearance (2.02), repayment plans (2.03), lan mdificatins (2.04, 2.05) r
shrt sales (2.06) must be submitted t MGIC fr prir apprval.
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MGICs Deault Servicing Guide
Section 2 Loss Mitigation Workouts
page 10
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
2.01b Nondelegated
Requirements orForeclosure Sale
Postponement
Postponing a oreclosure sale to consider a deed in lieu o oreclosure (2.07) does
not meet MGIC Delegated Guidelines and must be approved by MGIC.
Submit a oreclosure sale postponement request and documentation as described
below.
Documentation Submit the ollowing:
date o oreclosure initiation,
the timeline needed or postponement AND
inormation detailing the reason or postponing the oreclosure sale.
Submission Request approval and submit documentation via MGIC/Link Servicing. Select Other
Workout Types in the main menu.
Upon receipt o all required documentation, MGIC will respond to your request
within 5 to 7 business days.
2.02 Forbearance
2.02a Delegated Guidelinesor Forbearance Plans
You have delegated authority to complete a orbearance plan on MGIC-insured
loans that meet the ollowing criteria:
The orbearance term may not exceed 6 months rom the loan due date.
The borrower is unable to make ull monthly payments.
The orbearance plan should be part o a broader workout strategy or homeretention or sale.
At the conclusion o the orbearance agreement, one o the ollowing actions must
occur:
The loan is reinstated.
The loan is paid in ull.
A repayment plan (2.03) that results in ull reinstatement o the loan is executed.
A loan modication (2.04, 2.05) that results in ull reinstatement o the loan is
executed.
The property is sold.
2.02b NondelegatedRequirements or
Forbearance Plans
Forbearance plans alling outside o MGIC Delegated Guidelines (2.02a) must beapproved beore the plan is implemented.
Submit a request and required documentation.
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MGICs Deault Servicing Guide
Section 2 Loss Mitigation Workouts
page 11
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Documentation Submit the ollowing:
the terms o the orbearance plan;
a complete nancial package disclosing all income, assets and expenses rom the
last 2 months;
letter o hardship (6.01) written by the borrowers or a personal representative; AND
indication o the borrowers ability to resolve the delinquency.
Nte While we ask that yu make every effrt t btain required dcumentatin,
we realize that is nt always pssible. If despite yur effrts yu are unable t
prduce all f the required dcuments, submit all available dcumentatin fr
MGIC t review the wrkut request.
Submission Submit requests or approval and required documentation via MGIC/Link Servicing.
Select Other Workout Types in the main menu.
Upon receipt o all required documentation, MGIC will respond to your request
within 5 to 7 business days.
2.02c Borrower Adherence I borrowers do not adhere to the orbearance plan payment schedule:
pursue additional available workout considerations AND
proceed with oreclosure (3.01), as applicable.
2.03 Repayment
2.03a Delegated Guidelinesor Repayment Plans
You have delegated authority to complete repayment plans on MGIC-insured
loans that meet MGIC Delegated Guidelines. The repayment term may not exceed
6 months rom the loan due date.
2.03b NondelegatedRequirements or
Repayment Plans
Repayment plans alling outside o MGIC Delegated Guidelines (2.03a) must be
approvedbeore the plan is implemented.
Submit a request and required documentation as described below.
Documentation Submit the ollowing documentation and inormation:
the terms o the repayment plan; a complete nancial package disclosing all income, assets and expenses rom the
last 2 months;
a letter o hardship (6.01) written by the borrowers or a personal representative;
AND
proo o the borrowers ability to resolve the delinquency.
Nte While we ask that yu make every effrt t btain required dcumentatin,
we realize that is nt always pssible. If despite yur effrts yu are unable t
prduce all f the required dcuments, submit all available dcumentatin fr
MGIC t review the wrkut request.
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Section 2 Loss Mitigation Workouts
page 12
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Submission Submit requests or approval and required documentation via MGIC/Link Servicing.
Select Other Workout Types in the main menu.
Upon receipt o all required documentation, MGIC will respond to your request
within 5 to 7 business days.
2.03c Borrower Adherence I borrowers do not adhere to a repayment plan schedule:
pursue additional available workout considerations AND
proceed with oreclosure (3.01), as applicable.
2.04 Special US Treasury, GSE Programs
MGIC oers Delegated Guidelines or a variety o workout options on loans with
primary mortgage insurance coverage under several US Treasury- and GSE-
sponsored programs.
For details, seewww.mgic.com/deault-servicing/treasury-gse-programs.html .
2.05 Loan Modication
A loan modiication should be oered on every MGIC-insured loan when borrowers
have the inancial ability to continue paying their ull mortgage payment (including
escrows) ater the loan is modiied. Reer to 6.03 or the application o arrearage andprincipal reduction with respect to loan modiications.
2.05a Delegated Guidelinesor Loan Modications
You have delegated authority to perorm loan modiications that meet the ollowing
criteria:
The interest rate must not increase.
The modied loan term must be ully amortizing and may be extended up to 50
years rom the loan origination date.
The loan being modied must be delinquent or at risk o imminent deault. MGIC
denes an at risk loan as one that:
is due or the current month and is in imminent danger o deault due to a
known hardship (6.01) OR
has a past due or date but does not have a notice o deault reported.
You can capitalize delinquent payments (PITI), including claimable interest and
expenses, on delinquent loans, as long as the modied unpaid principal balance
(UPB), over the lie o the loan, does not exceed 105% o the original insured UPB.
mailto:[email protected]://www.mgic.com/default-servicing/treasury-gse-programs.htmlhttp://www.mgic.com/default-servicing/treasury-gse-programs.htmlmailto:[email protected]7/30/2019 MGIC Default Servicing Guide
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Section 2 Loss Mitigation Workouts
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
The principal and interest (P & I) portion o the payment must be reduced and
result in a monthly payment that the borrowers can aord:
I the P & I is reduced by 10%, you can capitalize up to 6 payments on loans
insured under a primary policy.
I the P & I is reduced by 20%, you can capitalize rom 7 to 12 payments on
loans insured under a primary policy.
For any policy containing pool coverage, i the P & I is reduced by 30%, you can
capitalize up to 6 payments.
Nte Mdificatins that meet MGIC Delegated Guidelines d nt require prir
apprval. These mdificatins must be reprted t MGIC within 30 days f the
mdificatin effective date.
Nte The capitalizatin n lans that were securitized in a nn-GSE pl with anMGIC credit enhancement will nt be cvered.
Nte When yu submit cmpleted mdificatins t MGIC that have nt been
previusly reprted, they will be evaluated accrding t MGIC guidelines in
place at the time f the mdificatin. MGIC reserves the right t adjust any
claim fr thse mdificatins cmpleted withut MGIC apprval, including
limiting the claimable UPB.
Reporting Report completed loan modiications using one o these options:
For individual modications, use MGIC/Link Servicing. Select Loan Modifcation in
the main menu.
For multiple modications, complete and submit the Loan Modication
Submission Spreadsheet via:
MGIC/Link Servicing - Select Loan Modifcation in the main menu; OR
Secure File Transer - Select Loan Modifcations as the File Recipient.
2.05b NondelegatedRequirements or Loan
Modications
Modiications that all outside o MGIC Delegated Guidelines (2.05a) must be
approved by MGICbeore you perorm the modiication.
Submit your request or approval to MGIC. Additional inormation may be requested
by MGIC as described below.
Documentation MGIC may request additional inormation, such as the ollowing: a complete nancial package disclosing all income, assets and expenses rom the
last 2 months; AND
a letter o hardship (6.01) written by the borrowers or a personal representative
indicating the reason or deault.
mailto:[email protected]://www.mgic.com/default-servicing/default-guides.htmlhttp://www.mgic.com/default-servicing/default-guides.htmlhttp://www.mgic.com/default-servicing/default-guides.htmlhttp://www.mgic.com/default-servicing/default-guides.htmlmailto:[email protected]7/30/2019 MGIC Default Servicing Guide
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Section 2 Loss Mitigation Workouts
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Submission Submit requests or approval and required documentation using one o these
options:
For individual modications, use MGIC/Link Servicing. Select Loan Modifcation in
the main menu.
For multiple modications, complete and submit the Loan Modication
Submission Spreadsheet via:
MGIC/Link Servicing - Select Loan Modifcation in the main menu; OR
Secure File Transer - Select Loan Modifcations as the File Recipient.
MGIC will respond to your request within 5 to 7 business days.
2.05c Borrower Adherence I borrowers do not adhere to modiication payment terms:
pursue additional available workout considerations AND
proceed with oreclosure (3.01), as applicable.
2.06 Short Sale
A short sale may be an appropriate workout option when all home retention options
have been exhausted, and the borrowers are unable to continue paying their ull
mortgage payment (including escrows).
2.06a Delegated Guidelines or Short Sales
2.06b Borrower Financial Analysis
2.06c Nondelegated Requirements or Short Sales
2.06d Minimum Borrower Contribution2.06e Determining Second Lien Payo Provisions or Short Sales
2.06a Delegated Guidelinesor Short Sales
You have delegated authority to complete a borrower-titled short sale on every
MGIC-insured loan where:
the borrowers dont qualiy or a loan modication and dont have the long-term
nancial ability to continue paying their ull mortgage payment (including escrows);
they are at least 60 days delinquent;
you have determined nancial hardship (6.01and 6.02); AND
the ollowing criteria have been met:
The property is owner-occupied. The loss on the sale o the property does not exceed $150,000
(Total Debt - Net Proceeds = Loss on Sale).
The sale price is based on an interior Brokers Price Opinion (BPO) or appraisal
perormed within 120 days o the sale. (Value should be determined by a broker
other than the listing agent or the buyers agent.)
The property is sold on an as is basis, with the as is value being within 90%
o the repaired value.
The net proceeds at closing are at least 82% o the as is value.
mailto:[email protected]://www.mgic.com/default-servicing/default-guides.htmlhttp://www.mgic.com/default-servicing/default-guides.htmlhttp://www.mgic.com/default-servicing/default-guides.htmlhttp://www.mgic.com/default-servicing/default-guides.htmlmailto:[email protected]7/30/2019 MGIC Default Servicing Guide
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
The sale must be an arms length transaction, and the borrower or buyer must
not receive any unds rom the sale o the property.
Third-party vendor loss mitigation ees should not be included on the claim.
you have perormed an analysis o the borrowers nancial situation (2.06b) and
results show:
monthly cash fow is less than or equal to $200;
short-term savings is less than the equivalent o 3 ull mortgage payments
(including escrow); AND
long-term savings is less than or equal to $50,000.
Nte If results f the brrwer financial analysis exceed any f these limits,
Delegated Guidelines d nt apply, and the shrt sale must be submitted t
MGIC fr review under ur nndelegated requirements (2.06c).
Submission Submit the results o the MGIC Financial Analysis (2.06b) via MGIC/Link.
Upon receipt o all required documentation, MGIC will respond to your request
within 5 to 7 business days.
2.06b Borrower FinancialAnalysis
MGIC requires that you perorm a borrower inancial analysis or all short sales to
determine whether the borrowers have surplus unds available to contribute toward
completion o the short sale.
Use MGICs Financial Analysis Form (6.02) or a comparable analysis that
measures:
monthly cash fow, short-term savings AND
long-term savings.
Nte If yu use a financial analysis frm ther than MGICs, d nt include the MI
claim payment in yur calculatins.
Surplus Funds
MGIC deems that borrowers have surplus unds i the results o the inancial analysis
show:
monthly cash fow exceeds $200; OR
short-term savings equals or exceeds the equivalent o 3 ull mortgage payments(including escrows); OR
long-term savings exceeds $50,000.
I surplus unds exist:
MGIC nondelegated requirements or short sales (2.06c) apply;
the short sale must be submitted to MGIC or review; AND
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
MGIC may require that a minimum borrower contribution (2.06d) be provided in
the orm o:
certied unds to the servicer,
an MGIC promissory note (2.06d) OR
a combination thereo.
I required, the contribution is paid at the time o closing on MGICs behal in order to
complete the sale.
N Surplus Funds
I the results show no surplus unds exist, and the loan meets MGIC Delegated
Guidelines (2.06a), you can complete the short sale without MGICs prior approval.
2.06c NondelegatedRequirements orShort Sales
Short sales that all outside o MGIC Delegated Guidelines (2.06a) require MGIC
approvalbeore the sale is completed.
Submit your request or approval to MGIC along with required documentation as
described below.
Documentation MGIC requires the ollowing documents:
a completed MGIC Financial Analysis (6.02) or comparable analysis;
documentation orall sources of income from the last two months, including
but not limited to, paystubs and any asset account that provides 1099 income
rom interest or dividends, such as checking, savings, and investment accounts;
401(k), 403(b) and Individual Retirement Accounts (IRAs); CDs, money market,
stocks, bonds, trusts and annuities;
ederal tax returns or the last year OR IRS Form 4506-T, Request or Transcript o
Tax Return, completed and signed by the borrowers;
a letter o hardship (6.01) written by the borrowers or a personal representative
indicating the reason or deault;
nancials, income and expense breakdown, current within the last 90 days;
a recent credit report dated within the last 90 days;
an estimated HUD-1 Settlement Statement or Net Sheet;
an executed Oer to Purchase agreement;
a payo statement including all ees and costs within the last 30 days; AND
a Brokers Price Opinion (BPO) or an appraisal no more than 120 days old,
including interior photographs.
Nte MGIC may request additinal dcumentatin prir t apprval f the sale.
Nte While we ask that yu make every effrt t btain required dcumentatin,
we realize that is nt always pssible. If despite yur effrts yu are unable t
prduce all f the required dcuments, submit all available dcumentatin fr
MGIC t review the wrkut request.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Nte MGIC will nt pursue a deficiency judgment n an MGIC-apprved shrt sale.
Submission Submit your request or approval and required documentation using MGIC/Link
Servicing. Select Short Sale in the main menu.
2.06d Minimum BorrowerContribution
MGIC may require a minimum borrower contribution in the orm o:
certied unds paid to the servicer at closing,
an MGIC promissory note OR
a combination thereo.
I required, the contribution is paid at the time o closing on MGICs behal in order
to complete the sale. The borrowers must sign and date the Promissory Note at the
closing o the short sale.
Resurgent Mortgage Servicing sub-services all MGIC Promissory Notes.
Nte Upn executin, send the riginal, signed Prmissry Nte payable t
MGIC t:
Resurgent Mrtgage Servicing
15 Suth Main St., Suite 600
Greenville, SC 29601
Resurgent will send the borrower a welcome letter and perorm all servicing activities
with the borrower.
Support Contact Resurgent, [email protected] 1-800-365-7107; reerence theMGIC certiicate number.
2.06e Determining SecondLien Payo Provisions
or Short Sales
Second lien payo provisions apply to second mortgages owned by a third party (a
legal entity unailiated with the servicer).
I a second mortgage exists, and the short sale has inluence on MGICs claim
settlement (i.e., a second mortgage exists and the second lien holder demands
unds to release the lien), use the ollowing to determine the allowable payo:
MGIC will agree to pay a maximum o $3,000 or an amount not to exceed 50%
o the current outstanding second lien amount to the second lien holder. This
requirement only applies i the net proceeds rom the short sale plus MGICs claim
payment will make the servicer whole.
I the short sale has no inluence on the claim settlement (i.e., MGICs percentage
option settlement amount is less than the loss on sale), MGIC has no requirements
or limitations on the second lien payo provision.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
2.07 Deed in Lieu o Foreclosure
While MGIC preers a short sale, we understand that there are situations where a
deed in lieu o oreclosure could be the only appropriate workout option.
2.07a Delegated Guidelinesor Deed in Lieu
You have delegated authority to oer a deed in lieu on MGIC-insured loans when the
borrowers have iled bankruptcy or are deceased, and these criteria are met:
The scheduled oreclosure sale date must be more than 60 days rom the date
o approval o the deed in lieu and may not be postponed to allow or deed in lieu
consideration.
The title o the property must be ree and clear o all subordinate liens.
2.07b NondelegatedRequirements or
Deed in Lieu
Deed in lieu workouts that all outside o MGIC Delegated Guidelines (2.07a) must be
approved by MGICbeore title is transerred.
MGIC may require that the borrowers provide a minimum contribution (2.07c) beore
proceeding with the deed in lieu.
Submit your request or approval to MGIC along with required documentation as
described below.
Documentation Submit the ollowing documents:
documentation orall sources of income from the last two months, including
but not limited to, paystubs and any asset account that provides 1099 income
rom interest or dividends, such as checking, savings, and investment accounts;
401(k), 403(b) and Individual Retirement Accounts (IRAs); CDs, money market,
stocks, bonds, trusts and annuities;
ederal tax returns or the last year OR IRS Form 4506-T, Request or Transcript o
Tax Return, completed and signed by the borrowers;
a letter o hardship (6.01) written by the borrowers or a personal representative
indicating the reason or deault;
nancials, income and expense breakdown, current within the last 90 days;
a recent credit report dated within the last 90 days;
a payo statement including all ees and costs within the last 30 days; AND
a Brokers Price Opinion (BPO) or an appraisal no more than 120 days old,
including interior photographs.
Nte MGIC may request additinal dcumentatin prir t apprval f the deed in
lieu.
Nte While we ask that yu make every effrt t btain required dcumentatin,
we realize that is nt always pssible. If despite yur effrts yu are unable t
prduce all f the required dcuments, submit all available dcumentatin fr
MGIC t review the wrkut request.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Nte MGIC will nt pursue a deficiency judgment n an MGIC-apprved deed in
lieu.
Submission Submit requests or approval and required documentation using MGIC/Link
Servicing. Select Deed in Lieu in the main menu.
Upon receipt o all required documentation, MGIC will respond to your request
within 5 to 7 business days.
2.07c Minimum BorrowerContribution
MGIC may require a minimum borrower contribution in the orm o:
certied unds paid to the servicer at closing,
an MGIC promissory note OR
a combination thereo.
I required, the contribution is paid at the time o closing on MGICs behal in order tocomplete the title transer.
Resurgent Mortgage Servicing sub-services all MGIC Promissory Notes.
Nte Upn executin, send the riginal, signed Prmissry Nte payable t
MGIC t:
Resurgent Mrtgage Servicing
15 Suth Main St., Suite 600
Greenville, SC 29601
Resurgent will send the borrower a welcome letter and perorm all servicing activities
with the borrower.
Support Contact Resurgent, [email protected] 1-800-365-7107; reerence the
MGIC certiicate number.
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Section 3 Foreclosure
page 21
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Section 3:Foreclosure
3.01 Foreclosure Commencement
3.02 State Time Frame Guidelines or Loans with Primary Coverage
3.03 Bankruptcy
3.04 Foreclosure Bidding Instructions
3.05 Deciency Judgments
3.01 Foreclosure Commencement
3.01a Guidelines orForeclosure
Commencement
When a deault cannot be resolved through a loan workout, oreclosure must be
initiated through legal action or publication o the Notice o Sale by the end o the 4th
month (120th day) o deault.
Nte In instances where yu receive returned keys frm hmewners and/r are
made aware f a prpertys abandnment, immediately begin the freclsure
prcess.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
3.02 State Time Frame Guidelines or Loans with
Primary Coverage
3.02a Guidelines or State TimeFrames
Individual state requirements, borrowers circumstances and the amount o time
needed to complete oreclosure vary.
MGIC monitors and evaluates state time rames to ensure that an appropriate
amount o time is available to process a oreclosure and submit a claim. We have
created a list ostate time frames (6.04)that:
establishes an appropriate time interval between the due date o the rst unpaid
installment and claim ling; and
may be extended by an additional 165 days i the borrowers bankruptcy ling
prevented timely initiation or completion o oreclosure.
Nte A claim that exceeds the state time frame may be curtailed.
State time rames are established by adding the ollowing time intervals:
4 months rom the date o the rst unpaid installment to initiate oreclosure action;
a time period to acquire title (varies by state and oreclosure method); AND
60 days rom title acquisition to submit the claim.
Documentation I the state time rame is exceeded, retain the ollowing documentation or
submission with your claim:
a chronological listing rom the oreclosing attorney detailing the events rom the
date o deault to claim ling date, including:
court delays and attorneys notes,
the reason or delay,
additional inormation regarding all court delays AND
explanations o time lapses i they are not included within the chronology
provided by the oreclosing attorney.
Nte MGIC may allw fr additinal time due t circumstances beynd yur
cntrl. All circumstances must be dcumented thrughly within the
chrnlgy prvided by the freclsing attrney.
Nte Refer t the State Time Frames table (6.04) t determine the amunt f timeMGIC allws t cmplete a freclsure.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
3.03 Bankruptcy
Dierent rules and procedures may apply to each bankruptcy proceeding. Once
you are notiied that borrowers have iled a bankruptcy petition, it is good practice
to seek the advice o an attorney amiliar with bankruptcy law to determine the best,
most cost-eective course o action or each bankruptcy case.
Prompt, diligent ollow-up on bankruptcy cases can lead to substantial net savings.
3.03a Guidelines orBorrowers Filing
Bankruptcy
Obtaining relie rom bankruptcy under a Chapter 13 iling must be completed within
60 days rom the date o the last payment under the bankruptcy plan.
Initiate oreclosure within 60 days ater:
the automatic stay is lited,
the bankruptcy case is dismissed OR
the borrowers are discharged.
Reporting I borrowers are involved in any bankruptcy proceeding, notiy MGIC via
MGIC/Link Servicing. Provide the ollowing inormation:
the type o bankruptcy led,
the ling date AND
the date the relie rom automatic stay was granted.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
3.04 Foreclosure Bidding Instructions
MGIC requires servicers to utilize the ollowing oreclosure bidding instructions to
determine the proper bid amount or properties with MGIC-insured loans.
Note that the MGIC claim payment will never exceed our percentage guaranty
option unless we elect to acquire the property.
3.04a Foreclosure Bid CalculationReerence Table
Nte If the bid calculatin exceeds the ttal mrtgage indebtedness, bid the ttal
debt.
PropertyState
Bidding InstructionsProperty
StateBidding Instructions
AK(1) Greater o 85% FMV or investor guidelines NC Greater o 85% FMV or Make Whole Amount i required by investor
AL Greater o 85% FMV or Make Whole Amount i required by investor ND(1) Greater o 85% FMV or investor guidelines
AR Greater o 85% FMV or Make Whole Amount i required by investor NE(1) Greater o 85% FMV or investor guidelines
AZ(1) Greater o 85% FMV or investor guidelines NH Greater o 85% FMV or Make Whole Amount i required by investor
CA(1) Greater o 85% FMV or investor guidelines NJ(1) Start at $100, up to greater o 85% FMV or investor guidelines
CO Greater o 85% FMV or Make Whole Amount i required by investor NM Greater o 85% FMV or Make Whole Amount i required by investor
CT(2) Greater o 85% FMV or Make Whole Amount i required by investor NV Greater o 85% FMV or Make Whole Amount i required by investor
DC Greater o 85% FMV or Make Whole Amount i required by investor NY Greater o 85% FMV or Make Whole Amount i required by investor
DE Greater o 85% FMV or Make Whole Amount i required by investor OH Start at 2/3 Sher i Appraisal, up to greater o 85% FMV or MakeWhole Amount i required by investor
FL Start at $100, up to greater o 85% FMV or Make Whole Amount irequired by investor
OK Start at 2/3 Sher i Appraisal, up to greater o 85% FMV or MakeWhole Amount i required by investor
GA(1) Greater o 85% FMV or investor guidelines OR(1) Greater o 85% FMV or investor guidelines
HI Greater o 85% FMV or Make Whole Amount i required by investor PA(1) Start at Sher i cost, up to greater o 85% FMV or Make WholeAmount i required by investor guidelines
IA(1) Greater o 85% FMV or investor guidelines RI Greater o 85% FMV or Make Whole Amount i required by investor
ID Greater o 85% FMV or Make Whole Amount i required by investor SC(3) Greater o 85% FMV or Make Whole Amount i required by investor
IL Greater o 85% FMV or Make Whole Amount i required by investor SD(1) 100% o total debt
IN Greater o 85% FMV or Make Whole Amount i required by investor TN Greater o 85% FMV or Make Whole Amount i required by investor
KS 100% o total debt TX Greater o 85% FMV or Make Whole Amount i required by investor
KY Start at 2/3 Sher i Appraisal up to 85% o FMV or Make WholeAmount i required by investor guidelines
UT Greater o 85% FMV or Make Whole Amount i required by investor
LA Start at 2/3 Sher i Appraisal up to 85% o FMV or Make WholeAmount i required by investor guidelines
VA Greater o 85% FMV or Make Whole Amount i required by investor
MA Greater o 85% FMV or Make Whole Amount i required by investor VT Greater o 85% FMV or Make Whole Amount i required by investor
MD Greater o 85% FMV or Make Whole Amount i required by investor WA(1) Greater o 85% FMV or investor guidelines
ME Greater o 85% FMV or Make Whole Amount i required by investor WI(1) Greater o 85% FMV or investor guidelinesMI Greater o 85% FMV or Make Whole Amount i required by investor WV Greater o 85% FMV or Make Whole Amount i required by investor
MN(1) Greater o 85% FMV or investor guidelines WY(1) Greater o 85% FMV or investor guidelines
MO Greater o 85% FMV or Make Whole Amount i required by investor
MS Greater o 85% FMV or Make Whole Amount i required by investor Guam(1) Greater o 85% FMV or investor guidelines
MT(1) Greater o 85% FMV or investor guidelines PuertoRico(1)
Greater o 85% FMV or investor guidelines
FooTNoTES
(1) MGIC does not pursue deciencies in these states.(2) In a strict oreclosure action, MGIC requires that you le a motion within 30 days ater the tit le vests, in order to preserve MGICs deciency rights. Please
instruct your attorney accordingly.(3) The deciency should be set orth in the initial pleadings.
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3.04b Bid CalculationComponents
Fair Market Value (FMV)
Determine the appropriate FMV rom a BPO or appraisal (drive-bys are acceptable)
dated within 120 days o the oreclosure sale. MGIC does not accept values
determined by Automated Valuation Models (AVMs).
I the variance between as-is and repaired value is 10% or less, use the as-is
value or FMV.
I the variance between as-is and repaired value is greater than 10%, use the
repaired value or FMV.
I no repaired value is provided on the BPO or appraisal, use the as-is value or
FMV.
Ttal Debt r Ttal Mrtgage Indebtedness
The total amount o debt associated with the mortgage includes principal, interest
and any additional costs (attorney ees, property preservation costs, etc.) incurred.
Make Whle Amunt
Fannie Mae and Freddie Mac deine the make whole amount as total mortgage
indebtedness less the amount o the anticipated mortgage insurance claim payment.
For questions regarding the make whole bid amount, contact your investor.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
3.05 Deciency Judgments
3.05a Guidelines orDeciency Judgments
MGIC will notiy you in writing i we determine that you should preserve our
subrogated deiciency rights.
MGIC requires you to preserve its right to a deiciency judgment i the deiciency is
estimated to exceed $30,000.
MGIC will reimburse additional accrued interest and certain expenses resulting rom
this extended redemption period or delay i:
the deciency is preserved or established at MGICs direction AND
there is an extended redemption period or a delay directly related to preserving or
establishing the deciency (beyond the usual custom and practice).
These additional amounts must be identiied clearly on the claim orm.
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Section 4 Real Estate Owned (REO)
page 27
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Section 4:Real EstateOwned (REO)
4.01 REO Property Disposition or Primary Coverage
4.02 REO Property Disposition or Supplemental Coverage
(Pool or Second-Layer Coverage)
4.01 REO Property Disposition or Primary Coverage
4.01a Guidelines or PropertyDisposition or
Primary Coverage
MGIC encourages servicers to pursue marketing o REO properties prior to claim
iling or resolution.
List price approval is not required.
Oers deemed acceptable by the insured must be submitted or approval until the
claim is resolved.
Documentation MGIC requires the ollowing documentation or oer approval:
interior valuation with photos;
cost o any repairs made; AND
sale terms including:
oer amount,
closing date,
estimated closing costs or buyer and seller AND
any other miscellaneous terms o sale.
Fr Sales With Influence n the MGIC Claim fr Lss
Include the ollowing with your claim submission:
a copy o the HUD-1 Settlement Statement (required in order to receive a claim
payment).
Nte The MGIC Sale Apprval Letter will indicate whether the ffer is with r
withut influence t the claim fr lss. If the sale has influence t the claim
fr lss and there are changes t the terms f the sale, MGICs apprval is
required.
Fr Sales With N Influence n the MGIC Claim fr Lss
You are not required to provide a copy o the HUD-1 Settlement Statement.
MGIC approval is not required or any change to the terms o sale.
Submission Send an encrypted e-mail to [email protected], including your submission
request and supporting documents.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
4.02 REO Property Disposition or Supplemental
Coverage (Pool or Second-Layer Coverage)4.02a Guidelines or REO
Property Disposition
or Supplemental
Coverage (Pool
or Second-Layer
Coverage)
MGIC will oversee the insureds marketing activity or all REO properties with
supplemental pool or second-layer coverage.
Listing Apprval
Submit marketing packages or listing approval within 30 days o property
possession.
Upon receipt, MGIC will review the package. Within 3 business days, you will receive
our response, including listing instructions and an approved minimum net sale
proceeds igure. The list price approval is valid or 60 days.
Upon listing, all o the ollowing apply: All list price reductions that may result in less than the approved minimum net sale
proceeds must be approved by MGIC.
An updated BPO is required every 90 days.
Monthly status reports o the marketing activity o each property must be provided
to MGIC.
offer Prcessing Apprval
You may negotiate any oer that will result in a net sale proceeds amount greater
than or equal to the minimum net sale proceeds amount approved by MGIC. Submit
to MGIC or approval any oers deemed acceptable by the insured that do not meet
the minimum net sales proceeds.
Documentation Listing Apprval
Submit marketing packages including:
a copy o the appraisal rom loan origination
contact name and phone number or individual with access to property
2 interior valuations with photos:
1 BPO obtained rom an agent selected by the servicer/insured AND
1 BPO obtained through MGIC Real Estate Operations (order BPOs at
an indication o the recommended marketing strategy, as is or repaired, and
the suggested list price; eviction inormation, as applicable, including start and end dates, and whether the
occupant is a tenant or borrower (as available); AND
bids or repair prior MGIC approval is required or any nonemergency repairs to
be completed on properties with supplemental coverage.
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
offer Prcessing
I you have an oer requiring MGIC approval, submit the ollowing:
a copy o the sales terms, including:
the oer amount, closing date and estimated closing costs or the buyer and
the seller; AND
any other miscellaneous terms o the oer agreement.
Nte Prvide the HUD-1 Settlement Statement as sn as its available, regardless
f when the supplemental (pl r secnd-layer cverage) claim is filed.
Submission Send an encrypted e-mail to [email protected], including your submission
request and supporting documents.
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Section 5 Claim or Loss
page 31
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Section 5:Claim or Loss
5.01 Conditions Prior to Claim
5.02 Exclusions rom Coverage
5.03 Non-Claimable Items
5.04 Claim Documentation Requirements
5.05 Filing Claims
5.06 Check Claim Status
5.07 Explanation o Benets
MGIC Reservation o Rights MGIC retains a ull and complete reservation o rights. Neither this document nor any
action taken by MGIC that may appear inconsistent with this document should be
construed as a waiver by MGIC o any rights or deenses it may have.
5.01 Conditions Prior to Claim
5.01a Guidelines orCompliance
In order to be entitled to a claim payment, you must comply with all conditions
under the MGIC Master Policy, including but not limited to the ollowing:
File the Notice o Deault and ongoing monthly reporting in a timely manner
(1.02, 1.03).
Make a good aith eort to mitigate MGICs loss (Section 2).
Commence and complete oreclosure as required by MGIC (Section 3).
Obtain MGICs approval as required on borrower-titled (5.01b) or lender-titled
sales o the property (Section 4).
File the claim or loss in a timely manner (Section 5).
Provide supporting documentation and inormation as requested by MGIC (5.04).
5.01b Guidelines or TitleAcquisition
Acquisition o title to the property is generally a prerequisite to iling a claim or loss,
subject to the ollowing requirements:
Gd and Merchantable Title
Good and Merchantable Title is title to the property that is ree and clear o all liens,
restrictions and encumbrances, including the borrowers right o redemption, other
than title exceptions permitted by MGIC.
Nte Gd and Merchantable Title is required fr all lans fr which MGIC elects
t acquire the prperty and lans with supplemental cverage (pl r
secnd-layer cverage).
Brrwers Title
Borrowers Title is title to the property as was vested in the borrower at the time o
conveyance through oreclosure or deed in lieu o oreclosure.
Nte If MGIC des nt elect t acquire title t the prperty in settlement f the
claim, nly Brrwers Title is required t file the claim.
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other Acceptable Title Transfer Scenaris
a borrower-titled short sale is closed; OR
the property is acquired by a third-party bidder at the oreclosure sale; OR
MGIC exercises its option to accelerate ling o a claim or loss.
5.02 Exclusions rom Coverage
Reer to Section 4 o MGICs Master Policy or inormation regarding situations that
may jeopardize or aect claim payments.
To view a copy o the MGIC Master Policy, see Master Policyholder resources at
www.mgic.com/lender-services/index.html .
5.03 Non-Claimable Items
Certain ees are non-claimable, including, but not limited to:
Attorney ees associated with robo-signing
Attorneys ees greater than 3% o the sum o the claimable Unpaid Principal
Balance (UPB) and interest due
Automated Valuation Model (AVM) ees
Borrower outreach/eld service/door knock ees
Expenses associated with environmental hazards
Incentive ees
Mortgage insurance premiums
Multiple BPOs conducted within the same 120-day period may be limited
Sherris deposits
Tax penalties and interest
Technology ees
Transaction ees
Vendor ees
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5.04 Claim Documentation Requirements
Providing all required documentation will expedite processing your claim.
Submit supporting claim documents beore, during or ater iling a claim.
Submitting documents does not constitute iling o a claim; you must ile a claim
separately. See claim iling options on www.mgic.com/deault-servicing/claims.html .
Nte When MGIC requests a dcument t supprt yur claim, and if after multiple
and reasnable effrts t lcate the specific dcument, yu have determined
yu will never be able t supply it, prvide fficial ntificatin t MGIC using
the Unable to Provide selectin within MGIC/Links Claim Documents feature.
5.04a Minimum DocumentationRequirements or all Claims
MGIC requires the ollowing documentation to process your claim:
a complete loan payment history rom origination to claim ling date (i unavailable,
no less than the last 12 months o borrower payment history) AND:
the running escrow account balance or the accounting o how you arrived at
the escrow account balance being claimed AND
the running suspense account balance;
a chronological, comprehensive list o your eorts and the events pertaining to:
collection,
oreclosure,
loss mitigation,
bankruptcy, other legal activities AND
i the state time rame (3.02) is exceeded, a list o events rom the date o deault
to claim ling date to explain why;
a copy o your collections and loss mitigation systems notes;
evidence o title transer (oreclosure deed);
i a third-party outbid, a copy o the third-party check;
a copy o the complete loan origination package and closing documents; AND
any other documentation requested by MGIC (5.04b).
Submission Submit supporting claim documents using MGIC/LinksClaim Documents eature.
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5.04b Potential AdditionalDocumentation
MGIC may require additional documentation in order to process your claim, based
on the speciics o the loan, certiicate or claim type.
Pay-optin ARMs r Lans with Negative Amrtizatin
a copy o the Pay-Option ARM Note
Lss Mitigatin Effrts
terms o any orbearance agreements, repayment plans or modication
agreements
servicing notes, including a complete chronology o events
Shrt Sales
your borrower-titled short sale approval letter;
a copy o the nal HUD-1 Settlement Statement;
a Brokers Price Opinion (BPO) or an appraisal no more than 120 days romapproval, including interior photographs;
contribution inormation, i applicable; AND
a copy o the executed sales contract.
Deed in Lieu
Your deed in lieu approval letter;
the Deed transerring title; AND
contribution inormation, i applicable.
REo Sales
a copy o the nal HUD-1 Settlement Statement and redemption statements;
a valuation (BPO or appraisal) with any repair addenda; AND
the approval letter containing the sale terms.
GSE Supplemental Cverage Claims (pool or second-layer coverage)
Primary coverage claim payment amount and date paid
Submission Submit supporting claim documents using MGIC/LinksClaim Documents eature.
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Section 5 Claim or Loss
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
5.04c AcquisitionDocumentation
I MGIC elects to acquire title to the property, you are required to provide MGIC or its
designee the ollowing documents prior to claim payment:
a recordable warranty deed (e.g., Grant Deed or Caliornia property, Covenant
Deed or Michigan property) containing the normal and customary warranties
and covenants in the usual and customary orm (Quit Claim Deeds are not an
acceptable orm o conveyance to MGIC);
all appropriate state and county transer orms (executed, i required);
evidence o Good and Merchantable Title;
evidence that all property taxes are paid current as o the date o acquisition; AND
i the property is subject to a homeowners association/condo assessment, a
written statement rom the association showing that:
all dues, assessments, penalties and interest are paid current; AND
all led liens have been released or satised.
Submission Submit supporting claim documents using MGIC/LinksClaim Documents eature.
5.05 Filing Claims
5.05a Primary CoverageClaims
I Fannie Mae is the investor, ile the claim on behal o Fannie Mae.
I Freddie Mac is the investor, do not ile a claim; Freddie Mac will ile directly with
MGIC.
For all other investors, its typical that you ile the claim on their behal.
Nte Servicing dcumentatin requests are sent t and typically fulfilled by the
Servicer regardless f Investr.
Time Frame Requirements A claim on a loan must be iled within 60 days* ater title transer which, could be
one o the ollowing:
a oreclosure sale has been completed OR
the property is sold as a borrower-titled short sale (5.01b) with MGIC approval, i
necessary.
*Unless a longer period o time is approved by MGIC in writing
Nte A deed in lieu f freclsure must be executed and the claim filed within 90days frm the date f apprval frm MGIC.
Submission See claim-iling options at www.mgic.com/deault-servicing/claims.html .
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Section 5 Claim or Loss
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
5.05b SupplementalCoverage (Pool
or Second-Layer
Coverage) Claims
I a loan has GSE supplemental coverage (pool or second-layer coverage), the
investor will ile the claim.
For non-GSE, insured loans with supplemental coverage (pool or second-layer
coverage), you are responsible or iling the claim.
Time Frame Requirements File within 60 days AFTER closing the sale o the property.
Submission See claim-iling options at www.mgic.com/deault-servicing/claims.html .
5.05c Supplemental/ReviewClaims
You can ile a supplemental/review claim or one or a combination o the ollowing
reasons:
To request additional expenses on a paid claim
To request that MGIC to reconsider expenses previously disallowed on a paid claim
Nte All requests must include supprting dcumentatin that has nt already
been prvided.
Time Frame Requirements File within 90 days o the initial claim payment. MGIC will not consider requests and
supporting documentation submitted ater 90 days rom the initial claim payment.
Submission When requesting additional expenses on a paid claim:
Submit additional expense inormation using the supplemental/review claim orm
on MGIC/Link Servicing.
Send all supporting documentation via Secure File Transer. Select Claimsquery
as File Recipient.
When requesting review and payment o previously disallowed items:
Send all supporting documentation viaSecure File Transer. Select Claimsquery
as File Recipient.
5.06 Check Claim Status
Regardless o how you ile a claim, check its status(7.01g)onMGIC/Link Servicing.
5.07 Explanation o Benets
To help you understand how we arrived at a claim beneit amount, reer to the
Explanation o Beneits (EOB) statement. The EOB statement includes a detailed
explanation o the interest and expense calculations and a claim summary.
Regardless o how you ile a claim, access its EOB(7.01g)onMGIC/Link Servicing.
In addition, Electronic Funds Transer (EFT) users can view and print the EOB rom
the MGIC/Link Servicing Reports menu (7.01h).
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Section 6 Exhibits
page 37
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
Section 6:Exhibits
6.01 Determining Hardship
6.02 MGIC Financial Analysis Form
6.03 Arrearage and Principal Reduction Dened With Respect to Loan Modications
6.04 State Time Frames or Loans with Primary Coverage
6.05 Claim or Loss Form
6.01 Determining Hardship
MGIC requires that you determine borrower hardship or certain loan workout
options. We deine hardship as the borrowers long-term inability to maintain
mortgage payments due to circumstances beyond their control.
To determine hardship, conduct a thorough review o the borrowers inancial
inormation (2.06b).
Here are some examples o situations MGIC may deine as hardship:
involuntary unemployment;
involuntary relocation;
divorce;
reduction in income used to sustain mortgage debt that was beyond the
borrowers control;
serious illness, long-term incapacity or death o a co-borrower; AND
call to active military duty.
These examples do not explicitly deine all potential hardship situations. I you are
not certain the borrowers situation meets MGICs hardship deinition, submit the
workout request or MGICs approval.
Submit your request or approval and required documentation to MGIC as
described below.
Documentation MGIC requires a letter o hardship, written by the borrowers or a personal
representative, indicating the reason or deault.
Submission Request approval and submit documentation via MGIC/Link Servicing. Select Other
Workout Types in the main menu.
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Section 6 Exhibits
page 38
Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
6.02 MGIC Financial Analysis Form
Use the MGIC Financial Analysis Form or a comparable analysis to measure
monthly cash low, short-term savings and long-term savings. (I you use a orm
other than MGICs, do not include the MI claim payment in your calculations.)
The orm is available on MGIC/Link Servicing. Select Short Sale in the main menu.
Enter the certiicate number and select MGIC Financial Analysis Form.
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Section 6 Exhibits
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
6.03 Arrearage and Principal Reduction Dened,
With Respect to Loan Modications6.03aArrearage
6.03b Principal Reduction
6.03c Examples
Reer to these deinitions or the application o arrearage and principal reduction
as part o a loan modiication. The table below includes examples o use and the
impact on claim payment.
6.03a Arrearage When a loan is delinquent, a modiication typically will address the arrearage
(delinquent PITI payments, including claimable interest and expenses). MGIC deinesthe options in the ollowing ways:
Capitalize arrearage. The arrearage is added to the principal balance o the loan
and included in the amortization calculation.
Nte Althugh nt cmmn, the arrearage may be identified as deferred r a
frbearance, but still amrtized. This is the same as capitalizing the arrearage.
Defer/frbear arrearage. The actual principal amount due and payable at
maturity o the loan (or sale o the property) is the original unmodied principal
amount, less any and all periodic principal payments the borrowers make until
maturity or sale. However, the contractual payment the borrowers make is
no longer ully amortized, as the arrearage is excluded rom the amortization
calculation (deer/orbear arrearage).
Balln payment arrearage. The arrearage amount is due on a specic date,
typically paid in a lump sum at the end o the mortgage term. The contractual
payment the borrower makes is no longer ully amortized as the arrearage is
excluded rom the amortization calculation.
6.03b Principal Reduction The modiication includes a component to reduce the current unpaid principalbalance (UPB). The amount o the principal reduction can be orgiven or handled as
a orbearance.
Principal reductin/frgiveness. The current UPB is reduced by a specicamount. Payments are based on the new, reduced UPB. The principal may be
orgiven:
in total at the time o the modication OR
over a period o time i the borrower remains current.
In some cases, a lender may require that the borrowers share any equity in the
property at time o payout.
Principal frbearance. The principal amount is not amortized (included in the
monthly payments), but is due in ull at the time o sale or payo o the loan.
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Section 6 Exhibits
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
6.03c Examples
Descriptin Claim Impact1
Capitalize
Arrearage (may be
called deferredor
forbearance, but it
is amortized)
UPB = $200,000Loan is delinquent by $3,000
Arrearage = $3,000 fully amortized (capitalized)
New UPB = $203,000
The borrowers are responsible or paying on a UPB f $203,000.
Claimable amount = $203,000
Forbear (defer or
balloon) arrearage
UPB = $200,000Loan is delinquent by $3,000
Arrearage = $3,000 (orbear, balloon or deer), nt amortized
New UPB = $200,000
The borrowers are responsible or paying on a UPB f $200,000with a inal payment o $3,000 due upon sale or payo o theloan, in addition to any remaining amount o the modiied UPB.
Claimable amount = $203,000
Calculate interest on
$200,000
No interest calculated on
orbearance amount o$3,000
Capitalize
arrearage; forbear
principal
UPB = $200,000Loan is delinquent by $3,000
Arrearage = $3,000 ully amortized (The amount is capitalized,but the Servicer may reer to it as orbearance, ballooned ordeerred.)
Principal = $100,000 (orbear, balloon or deer), nt amortized
New UPB = $103,000
The borrowers are responsible or paying on a UPB f $103,000with a final payment f $100,000 due upon sale or payo o the
loan, in addition to any remaining amount o the modiied UPB.
Claimable amount = $203,000
Calculate interest on
$103,000
No interest calculated on
$100,000
Forbear (defer or
balloon) arrearage;
forbear principal
UPB = $200,000Loan is delinquent by $3,000
Arrearage = $3,000 (orbear, balloon or deer), nt amortized
Principal = $100,000 (orbear, balloon or deer), nt amortized
New UPB = $100,000
The borrowers are responsible or paying on a UPB f $100,000with a final payment f $103,000 due upon sale or payo o theloan, in addition to any remaining amount o the modiied UPB.
Claimable amount = $203,000
Calculate interest on
$100,000
No interest calculated on
$103,000
Forgive (reduce)
principal2UPB = $200,000Loan is delinquent by $3,000
Arrearage = $3,000 capitalized, fully amortized Principal = $50,000 orgiven, nt amortized
New UPB = $153,000
The borrowers are responsible or paying on a UPB f $153,000.The $50,000 in principal may be completely orgiven or may bedue upon sale or payo o the loan based on the terms o theprogram.
Claimable amount = $203,000
Calculate interest on
$153,000 calculated with
interest
No interest calculated on
$50,000
1 The claimable amount listed assumes the loan modiication meets MGICs guidelines or delegated authority or that it
was reviewed and approved by MGIC.2 I the orgiveness is the result o litigation or a settlement, the orgiven amount may not be claimable.
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Section 6 Exhibits
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
6.04 State Time Frames or Loans with Primary Coverage
The table below lists the maximum number o days MGIC allows to complete a
oreclosure or loans with primary coverage in various locations.
State Method o Foreclosure
# o Days romDue Date
o 1st UnpaidInstallment toClaim Filing*
Paid ThroughDate
Prior toClaim Filing* State Method o Foreclosure
# o Days romDue Date
o 1st UnpaidInstallment toClaim Filing*
Paid ThroughDate
Prior toClaim Filing*
AL Power o Sale 240 270 MT Power o SaleJudicial w/Redemption
300660
330690
AK Trustee SaleJudicial w/Redemption
300690
330720
NE Trustee SaleJudicial
270390
300420
AZ Trustee SaleJudicial
300450
330480
NV Trustee SaleJudicial w/Redemption
300660
330690
AR Power o Sale 300 330 NH Power o Sale 240 270
CA Trustee Sa leJudicial w/Redemption 300900 330930 NJ Judicial w/o DeciencyJudicial w/Deciency 480660 510690
CO Trustee Sale w/Redemption 345 375 NM Judicial w/Redemption 360 390
CT Strict ForeclosurePower o Sale
360420
390450
NY Judicial 480 510
DE Judicial 390 420 NC Trustee Sale 240 270
DC Trustee Sale 240 270 ND Judicial w/Redemption 360 390
FL Judicial 390 420 OH Judicial w/Conrmation 450 480
GA Power o Sale 240 270 OK Judicial 360 390
Guam Non-Judicial 360 390 OR Trustee Sale 330 360
HI Judicial 390 420 PA Judicial 390 420
ID Trustee SaleJudicial w/Redemption
360540
390570
PuertoRico
Judicial 540 570
IL Judic ia l w/RedemptionJudicial w/Redemption-
Deciency
Judicial w/Redemption-Abandonment
450
480
300
480
510
330
RI Power o Sale 240 270
IN Judicial w/Redemption 420 450 SC Judicial w/o DeciencyJudicial w/Deciency
330360
360390
IA Non-JudicialJudicial w/o DeciencyJudicial w/o Deciency
(Non-Owner-Occupied)Judicial w/Deciency
300480
360660
330510
390690
SD Judicial w/Redemption 480 510
KS Judicial w/Redemption 450 480 TN Trustee Sale 240 270
KY Judicial 360 390 TX Power o SaleJudicial
220360
250390
LA Judicial 360 390 USVirginIslands
Trustee SaleJudicial w/Deciency
510 540
ME Judicial w/Redemption 510 540 UT Trustee SaleJudicial w/Redemption
330510
360540
MD Trustee Sale w/Redemption 285 315 VT Judicial w/Redemption 420 450MA Trustee Sale 390 420 VA Trustee Sale 240 270
MI Power o Salew/Redemption
Power o Sale-Abandonment
450
300
480
330
WA Trustee SaleJudicial w/Deciency
330690
360720
MN Power o Sale/RedemptionJudicial w/Deciency
450660
480690
WV Trustee Sale 270 300
MS Trustee Sale 240 270 WI Judicial w/o DeciencyJudicial w/Deciency
450630
480660
MO Trustee Sale 240 270 WY Power o Salew/Redemption
405 435
*Add up to an additional 165 days i a borrowers bankruptcy ling prevented timely initiation or completion o oreclosure.
Support Reer to MGICs State Time Frame Guidelines (3.02) or additional inormation.
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Section 6 Exhibits
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Questions? Contact MGIC Customer Service,[email protected] 1-800-424-6442.
6.05 Claim or Loss Form
File a claim or loss using MGIC/Link Servicings secure, web-based orm.
Or i youre unable to use MGIC/Link, complete the editable version o the
orm, print and ax to MGIC, 1-800-353-8781. Aull-size version is available at
www.mgic.com/deault-servicing/deault-guides.html .
Uniform Mortgage Insurance - Claim for LossMortgage Guaranty Insurance Corporation P.O. Box 525, Milwaukee, WI 53201-0525
MGIC
Insured Information
Insurance Type Claim Type
1. Primary Pool 2. Initial SupplementalOther
Mortgage Insurance Company Name Date This Claim Submitted
3. Mortgage Guaranty Insurance Corporation 4. / /
Mortgage Insurance Company Address Mortgage Insurer Telephone Number
5. P.O. Box 525, Milwaukee, WI 53201 6. 1 800 424 6442
Insureds Name Insureds Loan Number
7. 8.
Address Certicate Number
9. 10.
City State Zip Master Policy Number
11. 12.
Borrower Information
Borrower Name(s) % Coverage Type Coverage
13. 14. % 15.
Property Address City State Zip
16.
Servicer Information
Servicer Name (If dierent than Insureds name) Servicer Loan Number
17. 18.
Servicer Address (If dierent than Insureds address) City State Zip
19.
Payee Information
Payee Name (If dierent than Insureds name) Payee Loan Number
20. 21.
Payee Address (If dierent than Insureds address) City State Zip
22.
Investor Information
Investor Name (If dierent than Payees name) Investor Loan Number
23. 24.
71-20019 04/10 MGIC Claim for Loss Form Page 1 of 3
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