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Delinquency & Claims Reference Manual (12/2011)

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Loss Mitigation Overview | Preparation | Loss Mitigation | Filing Claims

CU HomeKeepers | Hardest Hit Programs | Loss Mitigation Webinar

The Basics of Claims

Claimable Expenses*

• Principal balance
  Unpaid principal balance (UPB) as of last regular payment applied



• Past due interest
  Interest accrued on UPB from last regular payment date through the claim filed date



• Attorney’s fees
  Lesser of 3% of the sum of UPB + allowable interest, or actual cost



• Property taxes
  Real estate taxes pro-rated through the claim filing date



• Hazard insurance premiums
  Claimable from the default date to the claim filing date – may be pro-rated up to claim filing date



• Preservation costs
  Limited to protect and preserve property following default. Total expenses in excess of $500 must be pre-authorized



• Appraisal
  Reasonable BPO and appraisal costs are allowed



• Supplemental claims permitted

*Terms of the applicable master policy apply

Non-Claimable Expenses

• Judgments/Liens



• Penalty interest



• Negative amortization



• HOA late charges



• Capital improvements and repairs exceeding $500 preservation allowance



• Tax penalties

Deductible from Claim

• Escrow balances



• Hazard insurance proceeds not spent on repair/restoration



• Pledged accounts



• Buydown funds or other offsets



• Receivership

Please contact your CMG MI Account Executive to facilitate discussion of claimable and non-claimable expenses with our Loss Mitigation Department.

Prevention	Preservation of Performing Loans	Mitigation for Delinquent Loans	Filing a Claim

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