This course covers the conventional foreclosure process, filing a private mortgage insurance claim, and the proper use of corporate advance funds to pay for expenses that have been incurred during foreclosure. The course also addresses the procedures involved in FHLMC and FNMA foreclosures. This course is intended for participants who are in the second step of the Default Administration track for CMS certification. It is also useful to people who work in foreclosure, default reporting, and REO, as well as anyone else who desires a thorough understanding of the foreclosure process and its effect on the mortgage service industry.

Course Outline:

Lesson 1 - Foreclosure, Claims, and Corporate Advance Overview

• The Recovery Process: Foreclosure, Claims, and Corporate Advance
• The Mortgage
• Influencers on the Recovery Process
• Servicing and the Recovery Process

Lesson 2 - Conventional Foreclosure

• Before Foreclosure
• Types of Foreclosure
• The Foreclosure Process
• Suspending the Foreclosure
• Freddie Mac Foreclosure Procedures
• Fannie Mae Foreclosure Procedures

Lesson 3 - The Claims Process

• Initiating the Claims Process
• Claimable vs. Non-Claimable Items
• The Claims Package
• Disposition of Claims Packages
• Fannie Mae and Freddie Mac Claims Procedures

Lesson 4 - Corporate Advance

• Corporate Advance Accounts
• Valid Expenses Using Corporate Advance Funds
• Recovering Corporate Advance Funds
• Fannie Mae and Freddie Mac Expense Reimbursement Eligibility

Course Credit:
Completion of this course earns five points toward MBA's Certified Mortgage Banker (CMB), or Certified Mortgage Technologist (CMT) designations. This course also earns five points towards MBA's Mortgage Servicer, Default Administration Professional Certificate (CMS Level II).