Maintain Real Estate Collateral

Use the Real Estate tab in the Collateral panel to maintain collateral information for real estate properties.

To maintain real estate collateral

1. In the Reference Panel navigation bar, click Available Panels and then click Collateral.

2. Click the tab for the collateral to modify. The Real Estate tab appears.

Appraisal Ordered Date: Date the lender ordered an appraisal of the property.

SCRA Ordered Date: Date the lender obtained a court order to foreclose on the property as required under the Servicemembers Civil Relief Act.

Foreclosure Bid Amount: Amount the lender bid on the property at the foreclosure sale.

Internal Lien Position: Your organization's position in line in regard to benefitting from collateral liquidation. The senior position is first in line to benefit.

1st Mortgage Holder: Lender who holds the first mortgage.

Other Lien Holder Position: Position in line of other lien holders in regard to benefitting from collateral liquidation. The senior position is first in line to benefit.

1st Mortgage Balance: Balance due on the first mortgage.

Attorney Phone: Phone number of the lender's attorney.

Date Sent for Foreclosure: Date the lender sent the paperwork to the attorney to start the foreclosure process.

Attorney Demand Sent: Date the attorney sent notice to the borrower demanding that the borrower return the loan to good standing.

Attorney Demand Expiration Date: Date the demand notice expires. If the borrower doesn't pay the amount specified in the demand letter, the lender starts the foreclosure process.

Complaint filed Date: Date the lender's attorney filed a complaint for foreclosure with the court.

Foreclosure Service Date: Date the court served the borrower with the complaint for foreclosure document and a summons.

Foreclosure Sale Date: Date the sheriff scheduled an auction to sell the property.

Sequence: Client internal identifier for each piece of collateral.

Judgment Date: Date the court entered a final judgment of foreclosure against the borrower.

Foreclosure Resolution Date: Date the lender recovered the balance of the loan by forcing the sale of the asset used as collateral for the loan.

Deed Recording Date: Date the recorder or clerk recorded the sheriff's deed.

Sale Confirmation Date: Date the court approved the terms, price, and conditions of the sale.

FRB Code: Code that identifies the Federal Reserve Bank in which the lender is a member.

CB Special Comment: Credit Bureau special comment.

Deed in Lieu: Indicates whether the borrower conveyed all interest in the property to the lender to satisfy the loan and avoid foreclosure proceedings.

Type of Sale: Indicates whether the foreclosure sale is judicial (through a court process) or non-judicial (without a court's involvement).

Forced-placed Insurance: Indicates whether the lender placed an insurance policy on the property.

Property: Property occupancy, such as vacant or occupied.

PMI: Indicates whether the borrower has private mortgage insurance on the property loan.

Date of Appraisal: Date an appraiser appraised the property.

Breach Letter Date: Date the lender sent a breach letter to the borrower to notify the borrower that the loan is in default.

Property Type: Type of property, such as single family residence or raw land.

Original Value: Original appraised value of the property.

Status: Current status of the property.

Current Value: Current appraised value of the property.

FREM Loan Number: Number that First Real Estate Mortgage assigned to identify the loan.

FREM Customer Name: Name of the First Real Estate Mortgage customer.

FREM Collateral Description: Description of the First Real Estate Mortgage loan collateral.

FREM Note Date: Date the borrower signed the First Real Estate Mortgage note.

FREM Due Date: Date the First Real Estate Mortgage loan payment is due.

FREM Original Balance: Original First Real Estate Mortgage loan balance.

FREM Current Balance: Current First Real Estate Mortgage loan balance.

FREM Original Value: First Real Estate Mortgage's original appraised value of the property.

FREM Current Value: First Real Estate Mortgage's current appraised value of the property.

Judgment Amount: Total amount that the court awarded to the lender.

Property Address: Property's house number, street, city, state, and ZIP code.

Attorney Name: Name of the borrower's attorney.

2nd Mortgage Subject to First Mortgage: Indicates whether the borrower has a second mortgage on the property.

1099 A Filed Date: Date the lender filed a 1099-A with the IRS for the property foreclosure.

1099 C Filed Date: Date the lender filed a 1099-C with the IRS for the acquisition of the secured property (or the debtor's abandonment of the property) and cancellation of the debt.

Occupant Code: Code that identifies the property's usage.

Foreclosure Code: Code that identifies the foreclosure type.