This document provides a process map and overview of the short payoff process for government loans including FHA, VA, and VA Vendee/National loans. The key steps are: 1) The homeowner submits a short payoff packet which is reviewed. 2) A negotiator is assigned and contacts the homeowner/agent to explain the process, order an appraisal if needed, and evaluate the offer. 3) The negotiator works to reconcile the short payoff with the appropriate agency and documents, aiming to close within 30 days of contact.

1. LM Short PayOff Gov't v.1
Business Architecture
"AS-IS" Process Map
Loss Mitlgatipn - Short PayOff - Government
FHA, VA, VA Vendee. VA National, Impac, 65B4C
Process Approval: Owner Dote:
Nntr-
Packet sent via Hope Team
OR Average TimeLine: 30 -> 45 days
2. SPO send out on prior call.
Ylail room put in Documen urn
3. VA IIKISI havb SIGNED
PURCHASE CONTRACT In Pe rform Review
3.3 i WRC-20
« WRC-10 Review Docs WRC-30
TeamLead |—>t SPO DOCS .» ~V°
_y No-no
Documen'um t Assign to Neg • —i HomeSaver
Period c Event
Name
^ r- 1 NG-10 NG'2° NG-30 NGJK] , NG-6°
_ . . „ 1 Order Appraisal & bvaluate
H
1
Negotiator ° n C y .^ h r = L) Review SPO Docs I
f^ I
.r ,C°"««
Customer/Aqent
, Explain Process 1
r 1
^ _
Title
* . , _ _. ,
Appraisal & Title
^7 HcmeSaver ' 1
Ho me Saver ,
k
v ' NI
C j
1 ) NoContact/No
Periodic Event 'y j Docs
Wamp Rp)ry ''•-._--[ ^ HTATo
1 ' / NG-110
Customer/ Frequency 3 times/10 days
Agent
©
Name Lag
MgtApprovcr | Frequency 21 days " Periodic Evenl
Name Titte -Lay
Frequency. 7 days
Claims
i
o
External j Appr lis^l ! •U Ttle
PEOPLE:
Note VA - can get appraisal from
Piano - FHA = 5 Neg
VA website ft done in last 6
Piano - VA Vendee & National = 1 Neg months
P i a n o - V A - 2 Neg
All links to Right - "yes" unless noted
VOLUMES (Avg Monthly): Aug-Jan 2007 = Open 247; completed 73
** All Lag times = business days

2. LM Short PayOff GoVt v.1
Note: ATP (Approval to 1. SPO Worksheet (15-20 min)
Periodic Event Participate) is good for 90 (TIGER - SPO/Dil Access db)
Name: Lag days to find buyer...can be OR
Frequency: 2-3 days extended at 30 day intervals. 2. VA - Comparison Wksheet
Needs Team Lead Approval
Contact < 3 days of closing
Close within 30 days
NGr11.0
Periodic Event
Name: Lag
Frequency: 5-10 days
0
Form 4319
Frequency: 21-28 days
O

3. LM Short PayOff Gov't v.1
Note.
1. Opens Claim Record in HS
2. Send Lotus Note
hrbm: V . I
WRC-30 / n I
NG-20 Df dine
NG-60 let er sen .
MUD MGT-10
, N§-10° NG-100 NG.HO
NG-90 Choose I 1
^ ReconcileHUD | «. Approved -- i ' '• • f WraPUP & Close .
/" n - 1 HomeJaver '
1 ) r.prtifif -i HI in Periodic Event Periodic Event
V, x/ Name: Sale $$ Name: File sent
Hud 1 ''At' Closing" Table ' "*L_J NG-110 ~"~~Saie ' ' XT-K
<^
• ' ' ; >-'w
4 '
' Completes '
1 Close SPO 1
1 J