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"It's About Time!" was the theme of the Third Annual Property Preservation Conference held in Washington D.C. in November 2006. The steering committee, key note speakers, and panelists all shared ideas to formulate an agenda designed to reduce conveyance time frames and improve efficiencies in the servicing of loans through foreclosure and transfer of properties. The conference attendees embraced the theme and contributed their viewpoints as to what current issues extend the conveyance timelines. This collaboration led to proposed resolutions and suggested establishment of working groups to work closely with the investors to focus on reducing the inefficiencies in the current processes.
The primary focus of the conference this year was on long term goals and opportunities in streamlining the conveyance process, thus saving HUD, servicers, and M&M contractors time and money. The sessions and discussions were not designed to solve all of the issues in a two-day conference, rather to foster brainstorming of ideas and suggestions for efficiency.
WRITTEN SUMMARYClick here to view an executive summary.
Click here to view the powerpoint presentation.
PHOTOSClick here to view a photo gallery.
CONFERENCE VIDEO Click the following links to view streaming video footage of the conference:
Reception
Excerpts from reception, dinner and meet & greet
Day One
Keynote Speaker Michael Freuh
Session 1 - HUD Updates
Intro
HUD Sings
Laurie Maggiano, HUD
Flat Fee Option
Performance Benchmarks
Top Ten Ways To Save Time
Single Family Default Monitoring System
FHA Coming Attractions
- Household Chemicals Non-Hazards
- One Bid For Grass Cuts
Session II - HUD Over Allowables
Over Allowable & Bid Process
2nd Bid Process
Quality Control
2nd Bids Process
Session III - Current HUD Guidelines
25-35 Day Rule
Define 1st Time Vacancy
Bid Approvals and Extension Requests
- Date Estimates
Hazard Insurance Claims
Pre-Conveyance Inspections
Non-Performance Letters
Damaged Properties
- Mortgagor/Mortgagee Neglect
- Non-Compliance
- Appeals
Reconveyance
Utility Transfers
Demand Letters
Session IV - Quality Assurance
Full Session
Q&A
Can HUD reimburse all inspections?
Can HUD raise the allowable to expedite 2nd bids?
Roof documentation
Review 1st bid documentation prior to 2nd or 3rd bid requests
1st and 2nd bid discrepancies
Can HUD accept monetary settlements?
Conveyance of destroyed properties
P&P claims & O/A date discrepancies
MCB 10-day response time
Extensions for O/A revisions
Day Two
Keynote Speaker Ali Solis
Session I - Investor Updates
Dept. of VA
- Claim Disputes
- Number of Reimbursable Inspections
Fannie Mae Update
Freddie Mac Update
Session II - Vacant Blight
Deb Oakley Objectives
Code Enforcement Perspective, Keith Woodcock Dearborn
Jack Evans Best Practices of Servicers
Deb Oakley Brief Overview of Communication Opportunities
P&P and Inspection Costs Spent by Servicers
Reputation of Servicers
Vicki Vidal Improving Communication
Timely Deed Recording
Establish a Working Group
Code Enforcement Perspective
- Keith Woodcock Dearborn
- Doug Leeper Chula Vista
- Abdul Aquil Detroit
A better mechanism is needed for Communication
Detroit Evictions
Session III - Disaster Update
Overview
Insurance Impact
LRA Details
Hazard Insurance Settlments
Class Action Lawsuit
Best Practices
Weather High Risk
FEMA Affected Areas
Q&A
Conclusion
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