Habitat Loan Purchase Program - Mississippi Home Corporation

TABLE OF CONTENTS
Page
PREAMBLE ........................................................................................................................1
ARTICLE I.....DEFINITIONS ............................................................................................2
ARTICLE II.....PROGRAM GUIDELINES .......................................................................5
Reservation Procedures..................................................................................................5
Loan Submission Procedures.........................................................................................5
MHC Conditional Commitment Letter..........................................................................6
Loan Purchase Procedures .............................................................................................6
Purchase Proceeds..........................................................................................................6
ARTICLE III.....ROUTINE SERVICING DUTIES............................................................7
Loan Servicing...............................................................................................................7
Payment Requirements ..................................................................................................7
Collection.......................................................................................................................7
Escrow Account.............................................................................................................8
Escrow Analysis ............................................................................................................8
Payment of Escrow Items ..............................................................................................8
Waiver of Escrow Requirements ...................................................................................8
Annual Statements to Mortgagors .................................................................................8
Change of Ownership ....................................................................................................9
Advances for Emergency Repairs..................................................................................9
Hazard Insurance Requirements ....................................................................................9
Hazard Insurance Claims .............................................................................................10
Uninsured Losses (Tornado, Flood, Earthquakes, etc.)...............................................11
Payment in Full ...........................................................................................................12
ARTICLE IV.....SERVICING DELINQUENT ACCOUNTS ..........................................13
General.........................................................................................................................13
Guidelines for Dealing with Delinquencies.................................................................13
Acceleration .................................................................................................................14
Abandonment...............................................................................................................14
Special Relief Provisions .............................................................................................14
Special Forbearance.....................................................................................................15
Modification.................................................................................................................15
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