Loan and REO Liquidation Reports Best Practices

(Chaired by Libby Luther & Lindsey Wright of C-III Asset Management)
 

CREFC Loan and REO Liquidation Report Best Practices
Liquidation Reports On Certificate Administrator Websites
Master Servicer & Certificate Administrator Email Addresses
Loan and REO Liquidation Reports Best Practices Comments Responses

The Loan and REO Liquidation Reports best practices working group was created to address challenges for Servicers to report consistent and timely details regarding liquidated assets. The working group has addressed the following issues:

  • Determine what codes from the IRP file can be auto populated to the Loan and REO Liquidation templates
  • Reach out to the investor community and solicit their feedback on the reporting of loan and REO resolutions
  • Establish consistent information reported on the Loan and REO Liquidation Templates (i.e. add/delete fields, participated loans, multi-property loans)
  • Clarify fields reported on the Loan and REO Liquidation Templates (i.e. total fees to special servicer affiliated entities)
  • Identify reporting contacts at the Master Servicer and Certificate Administrator for template submission

CREFC held an open comment period from July 31, 2014 to August 15, 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.