Best Practices for Reporting on Excess Liquidation Proceeds
(Chaired by Crag Zedalis of Wells Fargo)
CREFC Best Practices for Excess Liquidation Proceeds
This best practice working group was formed as a result of discussions held at CREFC’s 2014 Annual Conference IRP Committee meeting. The working group addressed reporting issues under circumstances when there is an REO loan that subsequently is sold and results in excess proceeds.
CREFC held an open comment period from October 31, 2014 to November 7, 2014 for members to submit their input on these proposed changes. The best practices were then adopted and will be incorporated into IRP Version 7.1.