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VRM VA Broker Guide VRM VA Broker Guide Q3.2013

VRM VA Broker Guide - VRM Mortgage Services 2013 VRM VA...VRM VA Broker Guide Confidential Information - Property of VRM Mortgage Services 7 REV 2 Q3.2013 May, 2013 Evictions Determining

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  • VRM VA Broker Guide

    Confidential Information - Property of VRM Mortgage Services 1

    REV 2 Q3.2013

    VRM VA Broker Guide Q3.2013

  • VRM VA Broker Guide

    Confidential Information - Property of VRM Mortgage Services 2

    REV 2 Q3.2013

    Table of Contents

    Welcome Message …………… 3

    The AMS System ……………. 4

    Assignment Acceptance …… 4

    Asset Reassignments ……… 4

    Property Services Selection .. 5

    Pre-List Process………………… 5

    Occupancy ………………….. 5

    Personal Property ………….. 5

    Abandoned Animals ……….. 6

    Personal Military Items …….. 6

    Evictions ……………………. 7

    Cash for Keys ……………… 10

    Initial Broker Inspection ….. 11

    HOA ………………………… 11

    Tax Payment Options……… 12

    Property Services ……………… 13

    Initial Services ………….. 13

    Re-Key…………………… 13

    Recurring Services………. 18

    Repairs …………………………. 19

    Repairs v. Preservation …….. 19

    Repair Bids ………………… 19

    Approval of Repairs ………… 19

    Bills Paid Affidavit & Release.. 19

    Emergency Repairs ……. 20

    Listing ………………………….. 21

    Initial BPO ………………. 21

    Create Listing Agreement .. 21

    Holding for Offers ………… 21

    Sales Negotiations………………. 22

    Submitting Offers ………… 22

    Conflict of Interest ……….. 22

    Multiple Offers ………….. 23

    Renegotiation …………… 23

    Closing ………………………… 24

    Closing on Schedule ………. 24

    Closing Not on Schedule …. 24

    Close Date Extension .. 25

    Sale Fall-Through ………. 25

    Vendor Invoicing ……………….. 28

    General Notes …………. 28

    LPS Categories ……….. 28

    Contacts & Glossary …………. 31

    Resources ……………….……. 32

    Vendor: Who Does What? . … 32

    Winterization Schedule ……. 33

    Abandoned Animals ……….. 34

    Initial Service Checklist ….. 35

    Bi-Weekly Checklist ………… 36

  • VRM VA Broker Guide

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    Cheryl Travis-Johnson

    Welcome Valued Partner,

    VRM understands the value of effective partnerships. Choosing the right people, sharing a

    common mission, and being in communication with one another are vital to the success of

    our work together and our service to the Department of Veterans Affairs. We value you!

    Our mission is excellence. Simple but not always easy! In addition to the client-specific

    training and resources available to you, this practical, portable tool, the VA Vendor Resource

    Guide, is designed to give you a high level view of the asset management processes

    required by VA. The step-by-step format will also assist in your communication with our In-

    House team, as we work together to resolve issues efficiently and effectively.

    We thank you for your commitment to the VRM Vendor Partner Network and to our client, the

    Department of Veterans Affairs.

    With best regards,

    Cheryl Travis-Johnson

    Executive Vice President & Chief Operating Officer

  • VRM VA Broker Guide

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    The AMS System

    AMS is VRM’s proprietary system designed to

    interface with and manage both its Vendor partners

    and Assets. You have access to AMS and both its

    subsystems: the Vendor Management (VMS) and

    Asset Management (AMS) systems.

    In fact, all VRM Vendors are required to log into

    AMS’s AMS daily, https://AMS.vrmco.com, to

    check for new assignments, tasks, and messaging.

    PLEASE NOTE: In this document, AMS and AMS

    are used interchangeably, to refer to the VA asset

    management process and the tasks involved.

    Accepting / Declining Assignments

    Asset assignments are made to Vendors through

    AMS.

    Initial Accept/Decline Timelines:

    Brokers have two (2) calendar days to Accept or

    Decline an Asset assignment within AMS.

    If the Asset is ‘Declined’ by the assigned

    Broker/Agent, it will be reassigned to the next

    closest Broker/Agent that is Active and eligible.

    If the Broker/Agent fails to Accept the asset

    within two (2) calendar days of assignment, the

    asset will automatically be reassigned to the next

    closest Broker/Agent that is Active and eligible.

    Asset Reassignments:

    VRM reserves the right to reassign any and all

    assets, with written notice to the assigned

    Broker/Owner/Agent, for reasons including, but

    not limited to:

    Performance of Broker/Agent

    Non-Responsiveness of Broker/Agent, defined

    as failure to respond to VRM by email, phone,

    or messaging within 1-2 business days.

    Extended Days on Market (DOM), typically

    exceeding 90 days.

    Reassignment Process:

    Previously Assigned Broker/Agent must:

    1. Cease and desist all marketing efforts.

    2. Remove property from MLS, if applicable.

    3. Coordinate key exchange with newly

    assigned Broker/Agent.

    4. Provide all relevant information and/or

    documents to the newly assigned Broker.

    Newly Assigned Broker/Agent must:

    1. Coordinate key exchange.

    2. Obtain all relevant information and/or

    documents for the asset.

    3. Enter asset into MLS as soon as possible, if

    applicable.

    https://vrms.vrmco.com/

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    Selection of Local Property Services

    Vendor

    The Broker/ Agent will be provided a list of current,

    local Property Preservation Services Vendors by

    AMS. The Broker/ Agent has 24 hours to make his

    or her selection of a Property Preservation Service

    Vendor with whom to work or the selection will be

    handled internally by VRM Vendor Management.

    To do this, the Broker/ Agent should select a

    Property Services Vendor from those available in

    AMS, then:

    1. Contact them to confirm they are available to

    work on the asset.

    2. Go to AMS and ACCEPT the asset “on

    behalf of Property Services Vendor.”

    Pre-List Process (Broker/Agent)

    Occupancy Check

    The Broker/Agent has one business day to visit the

    property and attempt to determine if the property is

    vacant or occupied and, if occupied, determine the

    military status of the occupants.

    If the Broker /Agent cannot determine occupancy,

    then it should be assumed that the property is

    occupied by a tenant.

    Vacant Properties

    If the property appears to be vacant and without

    evidence of personal property, the Broker/Agent

    will post the ‘No Trespassing’ sign (see AMS

    Library) in the front window, place a lock box on

    the front door (the lock box code is the last four

    (4) digits of the REO ID #), take interior and

    exterior photos, have the Property Services

    Vendor rekey the entire property, and complete

    the ‘Enter Occupancy’ Task in AMS.

    Occupied Properties

    If the property appears to be occupied, the Broker

    /Agent will attempt to make contact with the

    Occupant(s) during the first visit. The Broker

    /Agent will also post the VA-approved ‘Notice to

    All Occupants’ (see AMS Library) flier on the

    main door.

    Service Members Civil Relief Act (SCRA)

    If the property is occupied, the Occupant may be

    protected under the Service Members Civil

    Relief Act (SCRA).

    When a property is occupied, the process is

    paused for the Broker/Agent until an Eviction

    Attorney has completed an SCRA-verification

    search, indicating if the former Mortgagor or

    Tenant is Active Military, in which case they are

    protected under SCRA.

    The Eviction Attorney must complete the SCRA

    search before the Eviction and/or Relocation

    Assistance can commence.

    Tenant

    When a Tenant informs the Broker/Agent or

    Eviction Attorney that their existing lease is

    protected under Protecting Tenants at

    Foreclosure Act (PROTAFA), the Broker/Agent

    will request a copy of the lease agreement or

    other evidence that a lease was entered into,

    between the Occupant and the former Owner

    prior to the date of foreclosure.

    Personal Property

    If the property has personal property of any

    value, the Broker/Agent will determine the

    resale value of the property, make a complete

    list, take complete, date-stamped photos, and

    then indicate the presence of personal

    property and its resale value in AMS, via the

    ‘Enter Occupancy Info’ Task.

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    Military Items

    Any personal belongings that may be

    construed as ‘Military items’ must be stored

    off-site for a period of 180 days. If such items

    are present in a property, please alert the

    Eviction Specialist and forward a detailed

    description, along with photographs.

    Abandoned Animals

    The Occupancy Inspection may reveal animals

    abandoned by former occupants. Please see

    Page 34, Figure 3, for recommendations.

    List of Personal Military Items

    The following is a list of general items that could be considered personal military belongings. This list should NOT be considered complete. Please err on the side of discretion, storing any and all articles thought to be military in nature.

    Writing materials (pens, pencils, stationary, etc.) generally embossed with a DOD or branch seal.

    Books, Study Guides or ‘Knowledge’ of a military nature.

    Back packs, duffle bags, ‘Sea Bags’, and/ or Foot lockers.

    Jewelry, including but not limited to watches bearing a branch seal, Military Academy class rings, religious medallions, etc.

    Cigarette lighters bearing Branch or Unit Seal or insignia.

    ‘Dog tags.’

    Certificates of Merit or Unit Citations.

    Medals and/or ‘Campaign’ ribbons (commonly referred to as ‘Fruit Salad).

    Uniform Devices, such as marksmanship badges, uniform breast devices, para/jump wings, aviator wings, scuba diver device, rank devices, etc.

    Flags (American flags, American Flags incased, Branch Flags, etc.)

    Papers, documents, orders. Generally, these documents will have a branch or DOD seal. Other documents will have a ‘DD’ number affixed at the bottom of the page. Additionally, please look for SSN’s, financial or personal information, as well.

    Pictures, both formal photographs and informal photos in ‘theater,’ deployment, etc.

    Swords and knives, including Commissioned- and Non-Commissioned Officer swords for ceremonial purposes, Ka-Bar/combat-styled knives, etc.

    Non-functioning Arms. (Generally, non-operating sidearm used for decoration or given as an award.)

    Dress Uniforms and/or articles of the Uniform of the Day, including belts, shoes, socks, covers, etc.

    Camouflage articles of a Battle Dress Uniform or Cammies, including boots, socks, belts, boot bands, undershirts, cammie trousers, cammie blouse and/or covers, etc.

    Additional gear, including gas masks, canteens, scuba equipment, holsters, helmets, toiletries, First aid kits, POW- MIA stainless steel wrist bands, issued sunglasses and/or goggles, etc.

    If you have any questions or concerns about

    items not listed above that might be considered

    ‘military,’ please contact your VRM Asset

    Manager. Thank you.

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    Evictions

    Determining Occupancy Status

    Before an Eviction process can be initiated, the Broker/Agent will have one business day to visit the property and determine if it is occupied, vacant, or vacant with personal property.

    Occupied

    IF THEN

    The property appears to be occupied

    The Broker will attempt to make

    contact with the occupants on

    his/her first visit and will post the

    VA-approved ‘Notice to All

    Occupants’ flier on the main door

    of the property.

    NOTE: The ‘Notice to All Occupants’ flier informs the Occupant(s) that the property has been foreclosed and provides contact information for the Occupant(s) to discuss their options.

    IF THEN

    The Listing Broker/Agent is able to make contact with the Occupant(s)

    The Broker/Agent will attempt to obtain the following information:

    Occupancy Status

    Current lease terms (if applicable)

    Determine Occupant’s intention with the home

    There are three (3) , as follow: Occupant types

    - Former Mortgagor (includes relatives of former Mortgagor)

    - Tenant (with or without a bona-fide lease)

    - Personal Property

    It is possible to have multiple Occupants and Occupant types within a home.

    Note: Any information obtained regarding tenancy

    status must be reported to VRM or military

    immediately upon notification, to ensure compliance

    with . SCRA and PROTAFA

    Occupied - Active Military Status

    IF THEN

    The property appears to be occupied and in Active Duty military status

    The Broker must immediately notify VRM via phone/email, so VRM can verify compliance with the Service members Civil Relief Act (SCRA).

    SCRA Verification

    IF THEN

    There are any Occupant(s) and/or their dependents in Active Duty military status

    Contact VRM Asset Manager. No eviction action may be initiated unless approved by the VA.

    Before an asset enters the Pre-List phase, an SCRA Verification must be completed.

    IF THEN

    The asset is deemed completely vacant, with no personal property

    The asset will move to Pre-list without SCRA Verification, per Section 501, SCRA Act.

    The asset is deemed vacant with personal property

    An ‘SCRA Verification’ Task will be triggered in AMS, to either the Eviction Specialist or Eviction Attorney, dependent upon dollar threshold of personal property.

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    Must Evict States:

    The States and Territories listed below follow the ‘Must Evict’ process for any personal property that is left behind, after an Occupant has vacated.

    Regardless of the value of the remaining personal property, the asset is required to go through the Eviction process, in the following States:

    State Abbreviation

    Alaska AK

    Colorado CO

    Connecticut CT

    Florida FL

    Georgia GA

    Hawaii HI

    Iowa IA

    Kansas KS

    Louisiana LA

    Massachusetts MA

    Maryland MD

    Michigan MI

    Minnesota MN

    Missouri MO

    North Carolina NC

    New Jersey NJ

    New Mexico NM

    New York NY

    Puerto Rico PR

    Virgin Islands VI

    Guam GU

    N. Mariana Islands MP

    Rhode Island RI

    South Carolina SC

    Tennessee TN

    Texas TX

    Utah UT

    Virginia VA

    Wisconsin WI

    Wyoming WY

    Vacant With Personal Property

    IF THEN

    The property appears to be vacant with personal property items

    The Broker/Agent will take

    Inventory of the personal property

    Interior and exterior photos of the contents

    Secure the property

    Indicate the existence of the personal property via ‘Enter Occupancy Info’ Task in AMS.

    Military articles are present in the property

    The Agent will contact VRM Eviction Specialist for further instructions regarding the ‘Military Post & Store’ Notice and off-site storage.

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    Post & Store State Matrix:

    State Requirements

    AL >$300 post and store 30 days

    AZ >$100 post and store 30 days

    AR >$300 post and store 30 days

    CA >$700 post and store 18 days

    DE >$500 post and store 14 days

    ID >$300 post and store 30 days

    IN >$300 post and store 30 days

    KY >$300 post and store 30 days *Except Jefferson & Henderson county

    ME >$750 post and store 14 days

    MS >$300 post and store 30 days

    MT >$300 post and store 30 days

    NV >$300 post and store 30 days

    NH >$300 post and store 7 days

    ND >$500 post and store 15 days

    OH >$300 post and store 30 days

    OK >$300 post and store 30 days

    OR >$500 post and store 18 days

    PA >$300 post and store 30 days

    SD >$100 post and store 30 days

    VT >$300 post and store 60 days

    WA >$50 post and store 45 days

    WV >$300 post and store 30 days

    Personal Property will be removed from the property as part of the trash-out process, which is performed by a VRM-approved Preservation Services Vendor.

    Post and Store States:

    The States listed here follow the ‘Post and Store’ process for any personal property left behind, after an Occupant has vacated.

    Personal property in these States must be posted and stored; the timelines and value requirements vary by State.

    The ‘Complete Post/Store’ Task will remain open until the “Unit Is Vacant and Has No Personal Property” Option is selected.

    When the asset has been verified as vacant and there are no personal items remaining, the Broker will indicate that the “Unit Is Vacant and Has No Personal Property”.

    This will close the Post and Store process and the Listing Broker/Agent will be tasked to ‘Enter Initial Broker Inspection.’

    * In the state of Kentucky, Jefferson and Henderson Counties follow the Eviction State process, and do not observe ‘Post and Store’.

    Exception States:

    The following States do not observe “Must Evict” or “Post & Store” requirements.

    If the property appears to be vacant with evidence of personal property in excess of $800 resale/thrift value, the Eviction process will be started.

    State

    Illinois (IL) Nebraska (NE)

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    Relocation Assistance / Cash For Keys

    If the Tenant or former Owner cooperates, the Eviction process can be shortened or stopped using the Relocation Assistance / Cash for Keys Options.

    IF THEN

    Non-SCRA Tenant- or Owner-occupied

    Cash for Keys will be offered in

    the amount of $2,000.

    SCRA-occupied by Owner or Tenant

    Cash for Keys will be offered in the amount of $3,500.

    Vacant

    IF THEN

    The property appears to be vacant with no evidence of personal property

    The Listing Broker will take

    Interior and exterior photos of the contents

    Secure the property

    Complete the ‘Enter Occupancy Info’ Task in AMS, as ‘Vacant’.

    Note: Upon Broker’s acceptance of assignment, the task to select a Property Preservation Services Vendor is opened for the Broker to complete. Once occupancy information is provided, preservation services will begin, following the protocol for the specific occupancy type.

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    Initial Broker Inspection

    The Broker/Agent performs the Initial Inspection

    to establish the property condition, accessing the

    property and completing the ‘Enter Initial Broker

    Inspection’ Task, in AMS.

    Environmental Condition

    During the Initial Inspection, the Broker/Agent will

    also identify any environmental conditions that

    exist, such as mold, defective drywall, and dead

    animals. Additionally, the Broker /Agent will

    complete a visual inspection of the interior and

    exterior of the property for deteriorated paint.

    Transfer of Utilities

    It is the responsibility of the Broker/Agent to

    transfer all utilities into his or her name within

    three (3) business days of accepting the

    assignment or upon vacancy of the asset, if the

    property is initially occupied by personal property

    and/or occupants. Once utilities have been

    transferred, the Broker/Agent will upload utility

    account information to AMS.

    Title

    Upon accepting the assignment, the Broker/Agent

    is responsible for obtaining the Foreclosure

    Attorney’s name and phone number, and the

    foreclosure Sale Date. Once obtained, that

    information must be entered into AMS, in the Title

    Tab of the Foreclosure Information section.

    If the property is a mobile home, the Broker/Agent

    is responsible for obtaining the VIN # and

    entering it into AMS, in the General Tab of the

    Property Information section.

    If there has been a ‘No Opinion’ of Title issued by

    the VA Regional Counsel, an Asset may close

    with a Quit Claim Deed (QCD).

    If Title has been ‘Disapproved’ by the VA

    Regional Counsel, an Asset may not close. If

    there is a Sale Pending, VRM will bust the sale.

    HOA Information

    As part of the Initial Inspection, the Broker/Agent

    will determine if there is an active HOA and will

    report the information in AMS.

    If there is no active HOA, the Broker / Agent will

    indicate that by checking the ‘HOA Does Not

    Apply’ box in the HOA section of AMS.

    HOA Task Requirement Steps

    1. Complete the ‘Enter HOA Information’ Task in

    AMS, thoroughly completing all the information

    required. This must be completed within 14

    calendar days of accepting the assignment.

    2. All communications and payment

    authorizations must be made through AMS

    messaging. Emails and phone calls should

    also be documented in AMS Messaging.

    3. If an HOA exists, the Broker/Agent must

    contact the HOA and get a copy of a current

    itemized statement of account or estoppel, and

    a copy of the W-9. The itemized statement

    must include the date, amount, and description

    of all fees charged. The itemized statement

    and W-9 must be uploaded into the

    Documents section of AMS by clicking the

    “Add HOA Information” link in the upper right-

    hand corner of the HOA Task page.

    4. If you have difficulty with the HOA, please

    contact the VRM HOA Coordinator

    immediately for assistance and guidance.

    The Broker/Agent is preapproved to pay

    recurring cycle payments for HOA dues,

    however, VRM must approve initial payment

    for reimbursement authorization. HOA

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    Coordinator will review all payoffs with past

    due assessments and provide reimbursement

    authorization. Any initial payoff with current

    assessments only, will be approved by your

    assigned Asset Manager. Recurring cycle

    payments will be automatically approved and

    tasked through AMS, although it will be

    Broker/Agent responsibility to maintain

    account.

    5. It is the responsibility of the Broker to ensure

    HOA assessments are brought current and

    maintained. The HOA must be brought current

    prior to a new listing going on the Market.

    6. If there are Past Due or delinquent HOA dues,

    an itemized statement of them MUST be

    submitted to the VRM HOA Coordinator for

    review via the AMS HOA Module. Payment

    authorization of delinquent HOA accounts

    must occur prior to any payment being made

    by the Broker/Agent.

    7. Once all delinquent assessments are reviewed

    and approved by VRM, payment authorization

    is sent back to Broker/Agent through AMS. It is

    the responsibility of the Broker/Agent to follow-

    up on payment authorizations and make

    appropriate payments to the Association.

    8. Once all delinquent amounts have been

    satisfied and the HOA account is current, the

    Broker/Agent is responsible for making sure all

    subsequent assessments that are invoiced

    and due are paid in a timely manner. (Pre-

    authorization of the current dues is not

    required.)

    Any penalties, interest and/or fees incurred

    after 30 days of receiving the assignment

    or, as a result of Broker/Agent inaction, will

    be the responsibility of the Broker/Agent

    and will not be reimbursed by VRM.

    9. If you have any questions, please contact your

    HOA/Tax Specialist.

    Tax Payment Options

    Taxes will be paid only by VRM or VRM’s Tax

    Vendor. VRM will not reimburse Broker/Agent for

    any taxes paid from their own funds. Do NOT make

    any payment of taxes to expedite closing.

    If taxes are current, they can be paid on the HUD-1.

    (This is immediate option, at Closing.)

    To assist with avoiding closing delays, it is

    recommended you research property taxes prior to

    listing property to determine if there are any taxes

    due.

    If taxes are due or delinquent, please notify Tax

    Coordinator listed in AMS Contacts so payment

    arrangements can be made prior to the sale of the

    property.

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    VRM Property Services Guidelines

    Initial Services

    The Broker/ Agent selects a local Property Services

    Vendor from the list provided by AMS. The Broker/

    Agent has 24 hours to make his or her selection

    of a Property Service Vendor or the selection will be

    handled internally by VRM Vendor Management.

    The Broker/ Agent selects a Property Services

    Vendor from those available by:

    1. Contacting them to confirm they are available to

    work on the asset.

    2. Scheduling a date and time to meet at the asset,

    to initiate the Rekey process.

    3. Going back into AMS to ACCEPT the asset “on

    behalf of Property Services Vendor.”

    For an overview of what tasks are the responsibility

    of Broker/Agent, Property Services, or Repair

    Vendor, please refer to the Vendor: Who Does What

    Chart on page 32.

    Rekey In preparation for the Rekey Meeting, the Broker

    /Agent needs to:

    Print a copy of the ‘VA Initial Services Checklist’

    (from the AMS Library) for the Vendor. (See also

    page 35.)

    Supply all Lockboxes necessary for asset.

    Contact Asset Manager for current Lockbox

    code. NOTE: the Property Services Vendor is

    authorized by VRM to rekey up to six (6) doors.

    Inspect the asset to determine if any out-of-

    scope work is required.

    - If yes, have the Vendor provide a bid for

    those services, which Broker / Agent will

    submit to VRM. VRM’s approval is

    required prior to initiating any out-of-

    scope services.

    Advise the Property Services Vendor to alert

    Broker immediately if, during the course of

    servicing the asset, a health or safety hazard is

    discovered.

    Once the re-key has been completed, Broker inputs

    the date of the re-key in AMS.

    Once the property has been re-keyed, the Property

    Services Vendor has five (5) business days to

    complete Initial Services.

    REMINDER: Property Services Vendors do not

    have access to AMS, thus the Broker / Agent is

    responsible for updating the AMS with all initial

    and recurring services information.

    In advance of the initial Property Services, the

    Broker/Agent will leave a ‘VA Initial Service

    Checklist’ on the kitchen counter at the asset for

    the Property Services Vendor. The Initial Checklist

    specifies all in-scope services required, in

    conjunction with the Statement of Work (SOW), and

    provides the Broker/Agent with a description of the

    work to be completed.

    The Property Services Vendor is to leave a

    completed Checklist for Broker/Agent (on kitchen

    counter) after each service. Broker/Agent is to

    upload the completed form, with photograph(s)

    and/or other documents.

    Facilitation of Field Eviction and Moving

    Services

    Provide eviction and/or moving services as requested and in accordance with local, state and federal laws. Services include labor, materials, storage, and/or dumping fees.

    For properties in Redemption or Personal Property Eviction and, in accordance with local law, a ‘Secondary Rekey’ will be requested. Secondary Rekey or Secondary Rekeying refers to the act of changing the lock/rekeying a secondary, not primary, entry point of the asset;

    NOTE: Lockboxes are not to be removed or

    reinstalled without Asset Manager’s approval.

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    generally a backdoor. A lockbox will NOT be placed on the secondary door but, rather, the primary door at a later time.

    Personal Property Eviction, Post & Store

    and Redemption

    Assets that are either listed as Vacant Personal Property Eviction, Post & Store, or Vacant Redemption should have the exterior services done immediately in order to avoid potential City or HOA Violations.

    Rekey secondary door, if available. o Do not place a lockbox on properties in

    ”Must Evict” states with the exception of the following:

    - Minnesota

    - Iowa (except Polk County) - Connecticut

    - Rhode Island

    - Wyoming

    o Place a lockbox on secondary door in all “Post & Store” states and the 5 states listed above (CT, IA, MN, RI and WY).

    Only EXTERIOR services are required. Do not proceed with interior services at this time.

    o Exceptions would be to Winterize an asset, to board/secure any openings, or secure personal items from the elements.

    o Do not place any winterization signage in the property when it is in one of the above-mentioned statuses (i.e. Post & Store, Redemption, Personal Property Eviction).

    Any debris or personal property located on the exterior of the asset should be collected, bagged, and stored in back yard or garage.

    Please contact the Property Service Company to reiterate these instructions.

    Occupied Assets should not be serviced until vacant.

    Initial Inspection.

    The Broker/Agent will perform an Initial property inspection, document findings on an Inspection

    Report, take supporting date-stamped photos, and upload.

    Timeframe: Complete task within two (2) business days of task assignment.

    Visual Lead-based Paint (LBP)

    Inspections on pre-1978 Houses

    The Listing Broker/Agent will conduct a visual inspection of the interior and exterior of the home providing photographic evidence notating peeling and/or chipping paint indicating the possibility of LBP being present.

    Timeframe: Complete task within five (5) business days of task assignment.

    Winterization, including posting

    signs/stickers

    The Property Services Vendor will perform all necessary steps to prevent system damage from cold temperatures, including shutting off water supply, draining all pipes, pressure test application of non-toxic antifreeze to plumbing system, noting the date of winterization, and posting the Warning signs. All winterizations will be performed as seasonally and geographically appropriate, typically from October 1st through April 15th. All winterizations will be completed in accordance with local, state and or federal regulations.

    Timeframe: Complete within five (5) business days of task assignment.

    VRM will NOT winterize boiler, radiant heat, and/or well systems. In Fall and Winter months, starting Oct 1, set thermostat 65 degrees; in Spring and Summer months, starting Apr 15, set thermostat at 85 degrees.

    Winterization of sprinkler systems, pools, and/or underground heating systems are out-of-scope. Repairs needed to make these systems operational are also out-of-scope. For more information, see Figure 2, on page 33.

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    Subsequent de-winterization for

    Inspection and re-winterization after

    Inspection.

    De-winterization and system check, in preparation of Homebuyer’s Inspection, includes standard de-winterization, noting the date of de-winterization and posting the Warning notice.

    Upon completion of the Inspection, the property will be re-winterized within 48 hours. Completion date is to be noted and the Warning sign posted.

    Timeframe: De-winterization and system check within three (3) business days of Inspection task assignment. Re-winterization within 48 hours of Inspection completion.

    Eliminate health and safety hazards within twenty-four (24) hours of discovery.

    Identify all health and safety hazards that exist at the subject property.

    A health and safety hazard is defined as any condition that poses an immediate threat to safety and/or well-being, or constitutes a liability risk.

    Examples include unsecured pool area, missing handrails, steps, and decking, broken glass / windows, raw garbage, infestations, etc.

    A health / safety hazard must be reported

    to VRM within 24 hours of discovery.

    Timeframe: Complete repair / elimination within twenty-four (24) hours of task notification.

    Install handrails.

    Installation, per local building code, of missing and/or substandard handrails, where three (3) or more risers and a landing are present.

    Existing handrails, however, will not be modified unless the modification is to tighten or stabilize current handrail system.

    Timeframe: Within two (2) business days of task assignment.

    Secure swimming pools, spas, water

    features, and areas, as per local code.

    Secure swimming pool, spa, water feature, and associated areas, as per local code, ensuring area fencing is secure, padlocks are installed on up to two (2) gates, and by posting No Trespassing signs supplied by Broker/Agent

    Timeframe: Within twenty-four (24) hours of discovery.

    Securing, boarding, and/or re-glazing windows, when necessary.

    Ensure all windows are secure, replacing lock mechanism or installing slider locks, if necessary.

    Boarding is defined as securing any unsecured opening that cannot be secured by normal means.

    Boarding prevents unlawful access, exposure to the elements, and to be in compliance with local, state, or federal laws.

    Window ‘glazing’ is the actual glass part of a

    window. The act of replacing glass is known as

    “re-glazing”. Reglazing (replacement of glass) will

    only be completed if it is the required method of

    local ordinance. In-Scope re-glazing is on one

    pane of glass measuring 16’’x 12’’ in overall size.

    Timeframe: Within two (2) business days of task assignment.

    Interior and Exterior Debris Removal, up

    to forty (40) cubic yards.

    Removal of interior and exterior debris, up to forty

    (40) cubic yards, including debris in all sheds and

    out buildings. For more information, refer to the

    Cubic Yard Dimensions Chart.

    NOTE: If a health/or safety hazard exists, a

    Release and Hold Harmless Agreement may

    be deemed necessary by the Asset Manager.

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    Special Disposal of Interior and Exterior

    Debris.

    Any items that require special disposal, as

    required by applicable law, will be considered an

    out-of-scope service (i.e., paint cans, oil, tires,

    methamphetamine labs, drug paraphernalia,

    weapons and/or explosives, etc.).

    Fees for Out-of-Scope Work: Fees for debris

    removal in excess of forty (40) cubic yards will be

    bid at a rate of $35.00 per cubic yard.

    For instances where subsequent debris is

    dumped on-site, an additional fee of $35.00 per

    cubic yard will apply.

    VRM review and approval will be required for any

    other special disposals, prior to initiating disposal.

    Trash-Out for Scheduled Lock-Out.

    An exception for the bid submission requirement

    can be applied on all excessive debris removal

    associated with a scheduled Lock-Out. The

    Preservation Services Company will need to

    provide the Eviction Specialist and the

    Preservation Repair Specialist with photographs

    and documentation supporting the excessive

    debris invoice. Payment of the submitted invoice

    is contingent on supplying supporting

    photographic documentation of the debris

    removed and approval from the Preservation

    Repair Department.

    Removal of One Vehicle.

    The extraction of one standard, abandoned vehicle is limited to a car, truck, ATV, or personal water craft.

    All removal(s) will be completed in compliance with local, state and/or federal law.

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    Graffiti Abatement.

    Prime, paint or chemically remove graffiti - writings, drawings, painting from all interior and/or exterior walls, ceilings, floor, or concrete.

    Every effort will be made to match existing color to enhance the overall aesthetics of the asset.

    If a chemical removal system is required, VRM will make every effort to ensure a uniform appearance.

    Smoke Detectors and all detection devices required by law.

    Verify that all smoke and carbon monoxide

    detectors are present and in working order, in

    accordance with local laws. Replace, as needed,

    and ensure in working order, including installation

    of batteries, if needed.

    Pest Control (not to include termite or

    wood-destroying organism treatment).

    Pest control is described as a one-time or on-going chemical application to treat and cure infestation risk, such as cockroaches, ants, spiders, rodents, snakes, or other commonly-known insects or pests.

    Ready-to-Show Services.

    Ready-to-Show services include removal of all

    interior and exterior debris; and, cleaning to

    include: appliances, cabinets inside and out,

    sinks, tubs, showers, toilets, sweep and mop

    floors, and carpets; clean all rain gutters and

    downspouts; clean windows (interior and exterior)

    and mirrors, and deodorize by installing air

    fresheners, and vacuum, steam clean/shampoo

    carpet.

    All light fixtures and ceiling fans will be cleaned

    and have operational light bulbs, plate covers and

    wires capped.

    Exterior cleaning includes sheds and

    outbuildings.

    Initial Lawn Service up to 15,000 sq. ft.,

    Shrub Trimming, and Grounds

    Maintenance.

    Initial lawn maintenance, described as the initial lawn cut, includes cutting, weeding, edging, trimming, blowing, removal of clippings and yard waste.

    Standard bi-weekly services include a lawn up to an area of 15,000 square feet, including front, back, and side yards.

    Prevention of further Moisture Damage.

    Assess property for moisture content and damage, provide a bid to correct and eliminate damage, and install a dehumidifier, in accordance with the amount of moisture content, size of area, and other mitigating factors.

    Sump Pumps and Pump-Outs.

    Identify if there is a sump pump and if the sump pump is operational. If the cause of a water issue is a non-operational sump pump, replacement of up to one sump pump will be performed, in conjunction with a pump-out.

    Roof Repairs (Patching and Tarping only).

    Resolve roof leaks either by patching or tarping, as a temporary measure, to help mitigate damage until a permanent, corrective maintenance plan can be formulated by the Asset Manager.

    Cover Electrical Service Panel and Outlet

    Covers.

    Electric service panel and outlet covers that warrant immediate repairs by a licensed electrician will be assessed and estimates for necessary electrical repairs submitted.

    All plate covers are to be replaced and exposed wires capped.

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    Asset Temperature Settings.

    Because of the nature of boilers, radiant heating systems, etc., temperature settings are especially important. For this reason, the thermostat of each asset should be set as follows:

    Fall & Winter months, starting Oct 1: Set thermostat at 65 degrees

    Spring & Summer months, starting Apr 15: Set thermostat at 85 degrees

    Recurring Services

    Routine Inspections and Property Services.

    On-going maintenance is completed by the

    Property Preservation Vendor on a Bi-Weekly /

    every 14 calendar day basis using the blank Bi-

    Weekly Checklist left on the kitchen counter by

    the Broker/Agent. The Checklist provides the

    Broker / Agent and Property Services Vendor with

    a description of each service that must be

    performed every 14 calendar days.

    Copies of the Bi-Weekly Checklist can be found

    in the AMS Library and a copy is on page 36 of

    this Guide.

    The on-going maintenance work is verified by the

    Broker/Agent during his or her routine, monthly

    property inspections of both the interior and

    exterior, which confirm the property is secure,

    identify its condition, and any issues that might

    need to be addressed.

    Once the Broker /Agent verifies completion of

    Initial and Bi-Weekly property services, he or she

    leaves a blank copy of the Checklist on the

    kitchen counter for the next bi-weekly service.

    Re-Inspections, Habitability Inspections,

    Repair Inspections, as needed.

    Re-inspection, Habitability Inspections and Repair

    Inspection, as requested, and in accordance with

    Investor compliance and/or city, state, or other

    federal regulation. All forms and data collection

    points will be submitted to Asset Manager for

    approval.

    Recurring Janitorial Maid Refresh.

    Recurring cleaning service shall include: clean

    appliances and cabinets inside and out, clean

    toilets, mop floors, vacuum floors and carpets,

    and clean windows, as needed. All light fixtures,

    interior and exterior, and ceiling fans shall be

    cleaned and have non-operational light bulbs

    replaced. Smoke and carbon monoxide detectors

    shall have operational batteries installed, and

    detectors must be inspected to ensure they are in

    working condition.

    Securing and Boarding, as a result of

    vandalism.

    Boarding is defined as securing any opening that

    is unsecured and cannot be secured by normal

    means. Boarding will be completed to prevent

    unlawful access, exposure to the elements, and

    in accordance with local, state, or federal laws.

    Reglazing (replacement of glass) will only be

    completed if it is the required method of local

    ordinance.

    Bi-Weekly Lawn Cut, up to 15,000 sq feet.

    Bi-weekly lawn maintenance, as seasonally and

    geographically appropriate. Lawn maintenance

    shall include: cutting, weeding, shrubs trimmed,

    clippings and incidental debris removed from the

    property.

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    Snow/Ice Removal, in compliance with

    local laws.

    As seasonally and geographically appropriate,

    snow/ice removal services will be completed by

    shoveling and/or removing snow/ice from

    sidewalks, steps to main point of access, and

    driveways, to help prevent fall/ injury while

    remaining in compliance with local, state, or other

    guidelines. Snow removal from roof is considered

    out-of-scope.

    Salting for Ice Storms.

    The application of salt/sand, to help prevent

    fall/injury, while remaining in compliance with

    local, state, or other guidelines.

    Repairs, as needed, based on the results

    of Routine Inspections.

    As necessary, secure pool area, replace missing

    hand rails, steps, and decking, repair/secure

    broken glass/windows, remove raw garbage,

    abate infestation risks, and eliminate or identify

    any other health and safety concerns not

    previously mentioned.

    Repairs

    Repairs vs. Preservation

    Repairs are defined as work done to the property

    that will add to market value, as opposed to

    maintenance work, such as removing trash or

    providing lawn service.

    Repair Bids

    Repair bids are obtained through the

    Broker/Agent’s Contractor(s) and must be

    uploaded in AMS, for review by the Asset

    Manager.

    All repair bids, regardless of dollar amount,

    MUST be uploaded into the Repairs tab within

    AMS.

    Repair Bid Threshold Requirements

    1 Bid < = $2,500

    2 Bids > $2,500 < = $10,000

    3 Bids > $10,000

    Approval of Repairs

    If repairs are approved in conjunction with the

    Initial Market Strategy, oversight of completion of

    the repairs is coordinated by the Listing Broker /

    Agent, Asset Manager and/or Associate Asset

    Manager. Once the Listing Broker/Agent reports

    completed repairs, asset proceeds to List.

    Photographs are required prior to bid approval.

    Upload those photos in either the bid or the

    Documents tab within AMS. Photos may be

    uploaded in ‘.jpg’ format.

    All Bills Paid Affidavit & Release Requirement

    All capital repair bids require an All Bills Paid

    Affidavit & Release (AMS Library) executed

    by the Contractor performing trades, prior to VRM

    approval. Repairs cannot begin or be approved

    until a copy of the signed Affidavit has been

    uploaded into the Document section of AMS.

    Repairs needed based on the results of

    routine inspections

    Repairs discovered during Inspections may

    include mold abatement /removal, repair of

    structurally unsound assets, fire, smoke, and/or

    water damage, risks caused by natural disaster,

    vandalism, underground storage containers,

    hazardous spills, and/or environmental issues.

    Any out-of-scope repairs require a bid.

    Timeframe: Within 24 hours of discovery or

    notification.

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    Sale-Contingent Repairs

    Sale-Contingent Repairs are repairs required by the

    lender or requested by the buyer prior to final loan

    approval and funding the loan. Sale-Contingent

    Repairs could include Lender-Required Repairs and

    Buyer-Contingent repairs.

    Lender-Required repairs could result from the

    appraisal, inspection, or BPO, revealing inadequacies

    in the condition of the home. Examples of such

    inadequacies could include health and safety issues,

    structural problems, zoning violations, or anything

    affecting the functional use of the home that could

    prevent loan approval.

    Buyer-Contingent Repairs could include In-Scope or

    Out of Scope repairs that were originally not

    approved by VRM but are expressly requested by the

    buyer. The costs for Buyer Contingent Repairs will

    be negotiated into the final sales price of the property.

    All Sale-Contingent Repairs will be uploaded into the

    Buyer-Contingent Repairs tab, which will house both

    a sub-tab for the lender-required repairs and buyer-

    contingent repairs.

    The Broker/Agent will provide the following for all

    Sale-Contingent Repairs:

    1. The required number of bids entered into

    AMS for review.

    2. A copy of the Contractor’s License & General

    Liability Insurance.

    3. ‘Before’ photos of the area(s) of work to be

    addressed.

    4. The appraisal and/or the Underwriter

    Condition Report showing lender required

    repairs.

    5. Additional lending institution documents and

    industry standard documents.

    6. An executed VRM All Bills Paid and Release

    of Liens Affidavit signed by the Contractor.

    Once the repairs are completed, the Broker/Agent is

    responsible for providing ‘After’ photos and

    uploading them into AMS. The photos will be kept in

    the Documents tab in AMS.

    The Broker/Agent will complete the Lender-Required

    Repair task, in order to move the asset to closing.

    Emergency Repairs

    Definition of Emergency Repairs

    In the event a property is in imminent risk of

    further damage, due to vandalism or natural

    causes, the Broker may be authorized to perform

    preventive services, to mitigate further

    damage. Such repairs are to abate the damage

    only and are NOT to include any of the actual

    repairs that may be necessary. Supporting

    photographic documentation of the damage and

    mitigation is required prior to invoice

    reimbursement.

    Type of Emergency Repairs

    Emergency Repairs are applicable only on

    expense line items:

    3.1.17 - (Boarding and/or re-glazing windows)

    3.1.25 - (Prevent further moisture damage)

    3.1.27 - (Roof Repairs - Patching/Tarping only)

    Emergency Repair Reimbursement

    As with all invoicing, emergency repair invoices

    are to be submitted through LPS.

    Escalation Issues

    If the services being provided are not up to VRM

    standards or, if you are having issues with the

    work, please contact your Asset Manager so

    VRM can assist.

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    Listing Property

    Broker Price Opinion

    Order Initial Broker BPO

    AMS will task the Listing Broker/Agent to ‘Complete

    an Initial BPO’ after Initial Services have been

    completed. The Listing Broker/Agent has five (5)

    business days to complete the BPO.

    The BPO will include three (3) Comps and ten (10)

    photographs, one photo each of the front of each

    asset, the remainder of the photos of the rear,

    street, address verification, each room, and any

    repairs needed.

    Upon completion of the BPO, the Broker will

    complete the ‘Enter Listing Broker BPO’ Task in

    AMS.

    Developing the Marketing Strategy

    Once the Estimated Market Value is established by

    the Asset Manager, he or she prepares a property-

    specific Marketing Strategy based on information

    provided in the appraisals, BPO, and comparison of

    the estimated recovery if selling the property “As-Is”

    versus Repaired.

    Create Listing Agreement (Broker/Agent)

    Completion of the’ Market Strategy’ Task triggers

    the Broker/Agent to ‘Accept Listing Agreement’

    Task, entering Asset information, photos, and the

    following VA-mandated wording in the MLS Private

    Remarks:

    “VA does not pay customary closing costs,

    including title, escrow fees, survey, or transfer

    fees unless otherwise negotiated in Offer”

    The Broker/Agent shall also include in the MLS

    Private Remarks any health and safety restrictions

    to viewing the property.

    Upon Listing, the following resources will be utilized

    by the Listing Agent to market VA REO properties to

    potential buyers:

    Local MLS (where available)

    Listing Broker/Agent-specific sites

    Other sites, such as Realtor.com, Yahoo, Trulia,

    etc.

    Confirming MLS (Asset Manager)

    Once Broker/Agent submits MLS Listing and photos

    thru AMS, the Asset Manager is tasked with ‘Confirm

    MLS.’ If the Marketing description and/or Marketing

    photos are not acceptable, the Asset Manager rejects

    the MLS and the task is fired again for the Broker /

    Agent to complete.

    If Broker/Agent is unsure about any marketing

    information to be uploaded to the MLS, please

    contact the Asset Manager to discuss.

    Holding For Offers

    The VA requires a 48 hour HOLD on each listed

    asset before offers can be presented. Upon

    acceptance of the MLS by the Asset Manager, the

    Asset status automatically changes to HOLDING

    FOR OFFERS in AMS and no offers can be entered

    for 48 hours.

    Monthly Marketing Report

    The Listing Broker/Agent provides a Monthly

    Marketing Report (MMR) every 30 calendar days

    through AMS. The MMR includes a summary of

    showings and offer activity, relevant developments

    in the local market, and reaction to the property and

    pricing from other agents and potential buyers.

    Additionally, the MMR must contain a minimum of

    two (2) recent, listed and sold comparables, to

    support the suggest market value.

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    Updating BPO and Appraisal

    An updated BPO will be completed by the Broker /

    Agent every 90 days on the market. Updated

    BPOs must use recent listed and sold comparables

    and include updated interior and exterior photos of

    the subject.

    An updated Appraisal is required at 180 days on

    market for properties listed at $100,000 or

    greater.

    Reassigned assets require an updated BPO from

    the new Broker/Agent, regardless of days on

    market.

    List Price Reductions

    The Asset Manager’s objective is to update the

    Market Strategy as conditions change with respect

    to the property’s marketability.

    Adjusting to the most current information available

    provides a competitive advantage in the Market.

    Price reductions received by the Broker/Agent must

    be updated within 24 hours in the MLS and other

    referenced sites.

    Sales Negotiations

    NOTE: The choice of Title and/or Escrow

    Office(s) is entirely up to the Buyer.

    ALSO NOTE: The Seller does not pay Title

    policy, Title fee, and/or any Escrow fees.

    Submitting Offers

    With the exception of the initial, mandatory, 48-

    hour hold, it is the duty and responsibility of the

    Broker/Agent to present all complete offers

    received to the Asset Manager within one (1)

    business day of receipt.

    Offers must be submitted through AMS for

    eligibility and consideration. Offers submitted

    outside of AMS will automatically be rejected by

    the Asset Manager.

    The Broker/Agent is responsible for ensuring all

    offers are supported by a valid and complete,

    executed contract, defined as follows:

    Buyer signed purchase contract with sales

    price, close date, and special provisions.

    Verification of Funds/Pre-Approval Letter.

    Submitted thru AMS.

    In the ‘Offers’ tab:

    The Broker/Agent will be tasked to ‘Submit Offer’.

    Enter the number of offers to be input. If more

    than one*, you will be prompted to enter the

    additional offers once the first is completed.

    * When submitting multiple offers, refer to the

    Multiple Offers section below.

    Conflict of Interest

    The following sales require approval of a VRM

    Senior Operations Manager and the VA:

    Sales to previous Mortgagors, as well as their

    family members or relatives.

    Sales to VA Employees.

    Sales to the following individuals are NOT

    allowed:

    Buyers who are affiliated with the VRM Listing

    Broker/Agent or other VRM REO Vendor.

    Buyers who are VRM Employees or their

    spouse or relatives.

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    Multiple Offer Process

    When multiple offers are received by the Listing

    Broker/Agent, he or she will immediately initiate

    the Multiple Offer process. All prospective

    Buyers must be notified of a multiple offer

    situation and encouraged to present their Highest

    and Best offer for the Seller’s consideration.

    The Broker/Agent must supply all Buyers with

    the Multiple Offer Form (AMS Library) for

    signature.

    All Buyers are given a two (2) business day

    expiration period, in which to present their

    highest and best offer to the Listing Broker

    /Agent, including a valid and complete

    executed contract.

    Additional offers received during an existing

    multiple offer process must be a highest and

    best offer and are subject to the in-process

    expiration period.

    Upon input of all responses to the request for

    highest and best offer, the Asset Manager will

    review all offers and proceed accordingly.

    The Asset Manager may request another round

    of multiple offers, accept an offer, or negotiate a

    single offer.

    Evaluating Offers

    The Asset Manager is tasked to ‘Respond to

    Offer’ within one (1) business day of

    submission. He or she must counter, decline, or

    accept an offer.

    Acceptance of Offer and Disclosure

    Upon acceptance of an offer, the Broker/Agent is

    tasked through AMS to ‘Submit Contract

    Package’. The Contract package must include the

    following:

    Buyer-signed State Contract with sales price,

    close date, and special provisions.

    All applicable Disclosures and VA Addendum.

    Buyer-signed VA Addendum, Sellers

    Disclosure, and Mold/Radon Disclosure (AMS

    Library).

    Proof of Funds/Pre-Approval Letter.

    Copy of Earnest Money Deposit.

    Incomplete or inaccurate contract package will be

    rejected. To prevent delays in processing

    and/or closing, Broker/Agent is encouraged to

    carefully check the entire set of documents,

    disclaimers, etc.

    Renegotiation of Offers

    Renegotiation of an Offer, based upon Buyer

    inspections and/or Lender requirements, is

    subject to Asset Manager-approval and must be

    submitted by the Listing Broker/Agent through

    AMS.

    Lender-required repair requests submitted to the

    Asset Manager for consideration must include the

    following:

    Lender verification of the repair requirement.

    Copy of Appraisal section indicating the required repair(s).

    Bids to complete the repair(s). (Please refer to Repair Bids, for details.)

    Photos (Before Photos)

    Buyers requesting Lender-required repairs should

    be ready and willing to increase the sales price by

    the amount of the requested repairs.

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    Closing

    PLEASE NOTE: Buyer is free to use the

    same Closing Agent as Seller, which may

    expedite Closing.

    Closing On Schedule (Broker/Agent)

    1. Submit Earnest Money

    A. Once the executed contract has been

    received, the Broker/Agent must submit the

    Earnest Money to the Buyer’s Closing Agent.

    Once Earnest Money has been submitted,

    the Broker/Agent must complete the ‘Submit

    Earnest Money’ Task in the Closing Module

    of AMS Contract Package tab, entering the

    date the money was submitted to the

    Buyer’s Closing Agent.

    2. All of the following Tasks are in the

    Closing Module, Execution tab

    A. Complete Inspection Contingency

    In the Inspection tab, the Broker/Agent must

    complete the Task by using the dropdown,

    answering ‘Yes’ or ‘Waived’ for Inspection

    Completed.

    If ‘Yes’, the Broker/Agent must enter the

    date inspection was completed.

    B. Confirm Appraisal

    In the Appraisal tab, the Broker/Agent must

    complete the Task by using the dropdown,

    answering ‘Yes’ or ‘Waived’ for Appraisal

    Completed.

    If ‘Yes’, the Broker/Agent must enter the

    date appraisal was completed.

    C. Confirm Loan Approval

    In the Loan Approval tab, the Broker/Agent

    must complete the Task by using the drop

    down menu for Finance type. For all

    financing types except Cash, complete the

    fields including: Loan Approval Confirmed,

    Loan Amount, Loan Interest Rate.

    Closing Not On Schedule (Broker/Agent)

    1. Submit Earnest Money

    A. Once the executed contract has been

    received, the Broker/Agent must submit the

    Earnest Money to the Buyer’s Closing Agent.

    Once Earnest Money has been submitted,

    the Broker/Agent must complete the ‘Submit

    Earnest Money’ Task in the Closing module,

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    Contract Package tab by entering the date

    the money was submitted to the Buyer’s

    Closing Agent.

    2. All of the following tasks are in the

    Closing Module, Execution Tab

    A. Complete Inspection Contingency

    In the Inspection tab, the Broker/Agent must

    complete the Task by using the dropdown,

    answering ‘Yes’ or ‘Waived’ for Inspection

    completed.

    If ‘Yes’, the Broker/Agent must enter the

    date the inspection was completed.

    B. Confirm Appraisal

    In the Appraisal tab, the Broker/Agent must

    complete the Task by using the dropdown,

    answering ‘Yes’ or ‘Waived’ for ‘Appraisal

    Completed.’

    If ‘Yes’, the Broker/Agent must enter the

    date the Appraisal was completed.

    C. Confirm Loan Approval

    In the Loan Approval tab, the Broker / Agent

    must complete the Task by using the drop

    down for Finance Type.

    For all financing types except Cash, the

    remaining fields must be completed,

    including; Loan Approval Confirmed, Loan

    Amount, Loan Interest Rate.

    3. Amending the Offer

    Any and all amendments must go through the

    Asset Manager. The VA-Amendment Form is

    located in the AMS Library.

    Close Date Extensions

    Once the Broker/Agent has the Buyer’s signature(s),

    the Broker/Agent must complete the following steps

    in AMS, to complete the Task.

    Enter revised Close date.

    Use dropdown to enter Reason: if reason is

    ‘Other’, the Comment Section must be

    completed.

    Upload the completed VA-Amendment form to

    AMS.

    Sale Fall-Through (Broker/Agent)

    1. The Broker/Agent must message the

    Asset Manager to alert him/her the Buyer

    wishes to cancel the sale.

    A. The Broker/Agent must get Buyer to complete

    and sign the Termination and Release form,

    located in the AMS Library.

    B. Once form has been signed, the Broker/Agent

    must upload the Termination and Release form

    to AMS.

    Closing On Schedule (Closing Agent)

    1. Confirm Earnest Money for Closing

    Vendor

    A. Once the Contract is accepted, the Closing

    Agent completes the ‘Submit Contract to

    Closing’ Task.

    Once the Earnest Money has been

    submitted by the Broker/Agent, the Closing

    Agent will complete the ‘Confirm Earnest

    Money’ Task. The Closing Agent will

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    confirm that the Earnest Money Deposit has

    been deposited with the Buyer’s Closing

    Office and enter the date confirmed, to

    complete the ‘Submit Earnest Money’ task.

    B. Once the ‘Submit Earnest Money’ Task is

    completed by the Broker, the ‘Submit HUD

    Form’ Task will become available.

    2. Submit HUD and Deed

    The ‘Deed’ Task opens when Contract is

    ‘Accepted’.

    A. Once the Closing Specialist reviews and signs

    the Deed, he or she uploads the Deed and

    overnights it to the Closing Agent.

    Once the Deed is received by the Closing

    Agent, he or she overnights the Deed to

    have it recorded.

    B. The Closing Agent enters the HUD data and

    sends the HUD to the Closing Specialist for

    approval and signature, through Messaging.

    Once the Closing Specialist receives the

    HUD, he or she reviews, approves, and

    signs the HUD, then uploads it into both

    Documents and Messages. (A copy of the

    HUD is overnighted when applicable, based

    on territory.)

    C. Closing Agent sends signed HUD and Deed to

    Buyer’s Closing Agent for Closing.

    Closing Agent should monitor and follow-up

    on Closing, to ensure a copy of the Seller

    and Buyer HUD and wire confirmation are

    received.

    3. Submit Final Closing Package

    A. Once the Asset has closed and proceeds have

    been submitted, the Closing Agent completes

    ‘Submit Final Closing Package’ Task and

    uploads Closing Package documents.

    Closing Agent monitors that the asset is

    listed as ‘Closed,’ in AMS.

    Closing Agent will receive a Closing Report

    from VRM. Closing Agent will follow-up with

    Buyer’s Closing Agent on all assets listed as

    ‘HUD Approved but Wire Not Received by

    VA’ on Wire Status, and update VRM

    Closing Specialist.

    Closing Agent should monitor and follow-up

    on assets the VA is NOT reporting wires

    received within three (3) business days of

    Closing.

    Closing Not On Schedule (Closing Agent)

    1. Confirm Earnest Money for Closing

    Vendor

    A. Once the Contract is accepted, the Closing

    Agent completes the ‘Submit Contract to

    Closing’ Task.

    Once the Earnest Money has been

    submitted by the Broker/Agent, the Closing

    Agent will complete the ‘Confirm Earnest

    Money’ Task. The Closing Agent will

    confirm the Earnest Money Deposit has

    been deposited with the Buyer’s Closing

    Office and enter the date confirmed, to

    complete the ‘Submit Earnest Money’ Task.

    B. Once the ‘Submit Earnest Money’ Task is

    completed by the Broker, the ‘Submit HUD

    Form’ Task will become available.

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    2. Submit HUD and Submit Deed

    A. Once the Closing Specialist reviews and signs

    the Deed, he or she uploads the Deed and

    overnight it to the Closing Agent.

    Once the Deed is received by the Closing

    Agent, they overnight the Deed to have it

    recorded.

    B. Broker manages Asset Extension process

    The Closing Agent and Closing Specialist

    should monitor and follow-up with the

    Broker/Agent when a Contract expires.

    See” Amendment” Section under Closing

    not on Schedule (Broker/Agent).

    C. The Closing Agent enters the HUD data and

    sends the HUD to the Closing Specialist for

    approval and signature, through Messaging.

    Once the Closing Specialist receives the

    HUD, he or she reviews, approves, and

    signs the HUD, then uploads into both

    Documents and Messages. (A copy of the

    HUD is overnighted, when applicable based

    on territory).

    D. Closing Agent sends signed HUD and deed to

    Buyer’s Closing Agent for Closing.

    Closing Agent should monitor and follow-up

    on Closing when necessary to insure a copy

    of the Seller and Buyer HUD and wire

    confirmation are received.

    3. Submit Final Closing Package

    A. Once Asset has closed and proceeds have

    been submitted, the Closing Agent completes

    ‘Submit Final Closing Package’ Task and

    uploads Closing Package documents.

    Closing Agent monitors that the Asset is

    listed as ‘Closed’ in AMS.

    Closing Agent will receive a Closing Report

    from VRM. Closing Agent will follow-up with

    Buyer’s Closing Agent on all assets listed

    as, ‘HUD Approved but Wire Not Received

    by VA’ on wire status and update VRM

    Closing Specialist.

    Closing Agent should monitor and follow-up

    on assets VA is not reporting wires received

    within three (3) business days of Closing.

    Sale Fall Through (Closing Agent)

    1. Termination and Release

    a. Once the Broker/Agent gets the Buyer to

    complete and sign the Termination and

    Release form, the document is submitted to

    the Asset Manager to complete the ‘Complete

    Release of Earnest Money’ Task. The Asset

    Manager then executes the Termination.

    The Closing Agent verifies that all funds

    have been released to the respective party

    and completes the ‘Release Earnest Money’

    Task. The Date Released is entered and

    submitted and the task goes back to

    ‘Awaiting Offer’ Task status.

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    Vendor Invoicing

    Expedite reimbursement payments and avoid

    invoice returns for correction by following these

    Guidelines. Please don’t hesitate to contact VRM

    Accounting if you have any problems.

    VRM only processes Broker/Agent reimbursements

    through LPS Invoice Management.

    VRM is listed as a Servicer on the dropdown menu

    in LPS Invoice Management. In the Servicer drop-

    down, select Vendor Resource Management - GOV.

    In the event you are reimbursed for an expense that

    is ultimately deemed non-reimbursable by our client,

    VRM will deduct the non-reimbursable amount from

    a future reimbursement.

    For security and speed of processing, ACH Direct

    Deposit is the preferred method of payment.

    General Notes

    To improve the security around reimbursement, all

    reimbursements will be made payable to the

    Brokerage firm and mailed to the mailing address on

    record in the Vendor Management database (VMS).

    For any information regarding the VMS database,

    please contact the Vendor Management Team.

    IT IS IMPORTANT THAT YOUR E-MAIL

    ADDRESS IS CORRECT IN LPS, as that is the

    address used to contact you regarding any

    problems with your invoices.

    All attachments must be sent in PDF format.

    No more than seven (7) line items per invoice

    and each line should have only the supporting

    documentation attached for that line item.

    VRM Accounting will contact you through LPS

    with any issues regarding invoice submission.

    Be advised that any Resolution sent to you must

    be resolved within one (1) business day unless

    otherwise stated, or the invoice will be denied.

    Denied invoices can be resubmitted once the

    correct information has been acquired, as long

    as it is not past 30 days after the disposition

    date.

    Please ensure you use the correct Submission

    Categories in LPS. For example, Electric bills

    need to be placed in the Electric Bill subcategory

    and not “Utilities Other”. Please refer to the LPS

    Expense Category Mapping document for

    Category / Subcategory requirements.

    Please do not submit duplicate entries as these

    delay future reimbursements.

    Proof of payment is required for reimbursement.

    All line items must have Completion date.

    Unit number MUST be on all bills for multi-unit

    assets.

    For VA assets, Vacant Property Registrations

    (VPR) are NOT reimbursable. Please do not pay

    for a Vacant Property Registration. Contact your

    Asset Manager for more information on this.

    LPS Submission Categories

    To expedite your reimbursement, use an LPS

    Subcategory that matches your expense type.

    For example, a GAS bill needs to be coded to

    the ‘Utility – GAS subcategory.’

    Submissions coded incorrectly will be

    returned to you for correction.

    CITY INSPECTIONS need to be coded to

    subcategory ‘CITY INSPECTION’.

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    LPS Submission Categories (Cont.)

    WATER and SEWER bills are both coded to

    subcategory ‘WATER;’ they do not need to be

    broken out on separate lines.

    If the Utility Bill is for more than one type of

    service, all service types must be listed as

    separate line items in LPS.

    Bill Submission Dates

    Invoices should be submitted on a regular basis,

    not accumulated until the asset closes. The final

    deadline for any invoice submission is 30

    days after the closing of a property.

    Invoices submitted after this deadline will be

    denied in LPS Invoice Management. In some

    instances, there may be some Utility Final Bills

    that have not been received by this deadline.

    Final Utility bills are due within seven (7) days

    from the date of the invoice. To expedite

    reimbursement for Utility Final Bills only, email

    VRM Accounting at [email protected]

    with the REO # and submitted invoice number so

    Accounting may review and process your invoice

    timely.

    No tolerance will be given, however, for

    submission of Repair and Non-Final Utility

    bills beyond 30 days after closing a

    property.

    VRM recommends you submit your bills as you

    pay them.

    ‘Date’ must be the date actual service was

    performed, not the date ordered.

    Make sure actual service dates are noted on bills

    from vendor before attaching them to your

    invoices.

    Re-Key Submission Notes (Broker/Agent)

    Secondary rekeys (i.e. greater than 6 rekeys done

    by Property Preservation Services Vendor) require

    approval documented in AMS prior to rekey(s) being

    done. Rekey invoices should be noted with the

    same actual service date you entered into AMS for

    the rekey date.

    Subsequent lock changes will be billed at the rate of

    $40 each if the maximum number of locks has been

    used. (See the VRM-VA Property Preservation

    Expense Delegation Matrix for approval levels.)

    A ‘Subsequent Rekey’ refers to the process of

    rekeying all locks on an asset again. This will

    generally be done when the original key has been

    stolen or misplaced.

    Repairs

    All repair invoices require an approval,

    documented in AMS, prior to initiating.

    Capital Repairs need to be listed on an approved Market Strategy prior to the initiation of the service.

    Notes on VRM Approvals

    Bids will be submitted for approval prior to

    initiating.

    Approvals need to be for exact amount of each

    line item or invoice if only one line item. (Sales

    tax needs to be included in any approval.)

    All approvals must be obtained and documented

    in AMS prior to work being done.

    Approvals needed in AMS for:

    Evictions, including Moving and Storage.

    Repairs, including capital repairs.

    Emergency Repairs need to have before and

    after photos uploaded to AMS.

    mailto:[email protected]

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    Late Utility bill and late fees on Utilities bills need

    to be approved by Asset Manager.

    Property Preservation Expenses (i.e. board-up,

    carpet removal, sump pump, winterize, yard

    maintenance, discoloration removal, etc.) need

    approval from Asset Manager.

    NOTE: For In-Scope Property Preservation Services

    work, justification is required that VRM Property

    Preservation Services vendor could not complete

    work within 24 hours and work needed is emergency

    in nature, in order to prevent further damage to

    property.

    Repairs and Capital Improvements In Excess of

    VA Guidelines ($10,000):

    All repairs over $10,000 per bid are submitted for

    approval before work is authorized by the Asset

    Manager. That approval must be documented in

    AMS.

    The invoice must be for the exact amount of the

    approval.

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    CONTACT INFORMATION:

    VRM Accounting: [email protected]

    Vendor Management: [email protected]

    Vendor Management System Support:

    [email protected]

    LPS Invoice Management Customer Support:

    (904) 854-5462

    VRM Title: [email protected]

    Property Preservation Services & Repairs:

    Mr. Chris Gary - [email protected],

    (972) 232-3494.

    Veterans Crisis Line: (800) 273-8255 (Press 1)

    GLOSSARY:

    AAM I - Associate Asset Manager I

    AAM II - Associate Asset Manager II

    ABP - All Bills Paid Affidavit

    AM - Asset Manager

    AMS - Asset Management Systems (AMS)

    BPO - Broker Price Opinion

    CFK - Cash for Keys

    DOD - Department of Defense

    DOM - Days on Market

    KYO - Know Your Options

    LPS - Invoice System

    LRP - Learning Resource Portal

    MMR - Monthly Marketing Report

    PP - Personal Property

    PROTAFA - Protecting Tenants at Foreclosure Act

    PTSD - Post-Traumatic Stress Disorder

    QCD - Quit Claim Deed

    REO - Real Estate Owned

    SCRA - Service Members’ Civil Relief Act

    VA - Veterans Affairs

    VMS - Vendor Management System (AMS)

    AMS - Vendor Resource Management System

    (combines VMS and AMS Systems)

    mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]

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    VENDOR: Who Does What?

    Vendor Occupied Vacant with

    Personal Property Vacant

    Broker/ Agent Weekly Occupancy

    Inspection

    Weekly Inspection

    Weekly Inspection

    Provide lockbox and code

    Utilities (Electricity, Water, etc.)

    Personal Property: Hazard value determination

    Assessment & Eviction Provide blank PSC Service Checklists (kitchen counter)

    BPO

    Property Preservation Instructions

    Listing

    Marketing

    Property Services Company (PSC)

    N/A

    Rekey Secondary Door Rekey asset

    Lawn service Trash-Out (40 cubic yards of debris)

    Snow removal Winterization, De-winterization, Re-winterization

    Ice treatment Lawn Service

    Snow removal

    Winterization (Vacant Redemption only)

    Ice treatment

    On-going Maintenance

    3rd Party Repair Vendor

    N/A N/A Repairs

    Figure 1 – Vendor: Who Does What?

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    VRM Winterization Schedule

    States Winterization Timeline

    AL, AZ, CA*, FL*, GA, LA, MS, MO,NM, NC, OK, SC, TX* Winterize October 1-April 15

    AK, AR, CO, CT, DC, DE, ID, IL, IN, IA, KS, KY, ME, MD, MA, MI, MN, MT, NE, NV, NH, NJ, NY, ND, OH, OR, PA, RI, SD, TN, UT, VT, VA, WA, WV, WI, WY

    Year round Winterization. Winterize immediately upon determining asset is vacant regardless of time of year.

    Caribbean, Guam, Hawaii, N. Mariana Islands., Puerto Rico, Virgin Islands

    No Winterization in the these locations

    *Select counties in CA (Los Angeles, Orange, Riverside, San Diego, Imperial) *Select counties in FL (Orange, Pinellas, Hillsborough, Polk, Osceola, Brevard, Indian River, Manatee, Hardee, Desoto, Sarasota, Highlands, Okeechobee, St. Lucie, Martin, Charlotte, Glades, Lee, Hendry, Palm Beach, Collier, Broward, Monroe, Miami-Dade), *Select counties in TX (Kinney, Real, Uvalde, Medina, Bandera, Maverick, Zavala, Frio, Dimmit, LaSalle, Webb, Zapata, Bexar, Comal, Guadalupe, Wilson, Waller, Harris, Jefferson, Karnes, Fayette, Austin, Colorado, Gonzales, Lavaca, Wharton, De Witt, Jackson, Fort Bend, Brazoria, Galveston, Chambers, Matagorda, Calhoun, Victoria, Goliad, Bee, Refugio, Aransas, San Patricio, Nueces, Jim Wells, Atascosa, McMullen, Duval, Live Oak, Kleberg, Jim Hogg, Brooks, Kennedy, Kleberg, Starr, Hidalgo, Willacy, Cameron)

    No Winterization in the these counties listed and highlighted on the maps below

    Figure 2 – Winterization Schedule

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    Figure 2 - Winterization Schedule

    Figure 2 – Winterization Schedule

    Figure 2 – Winterization

    Figure 3 – Animal Abandonment

    Animals Abandoned in Foreclosure

    Animals are sometimes abandoned in difficult times. Foreclosures are no exception. VRM strongly

    encourages its Vendor Partners to anticipate and plan for such possibilities by developing a strategy

    acceptable to local Animal Control Offices, to assist with the successful rescue of abandoned animals

    inside a home or outside, on the property.

    At Occupancy and subsequent Inspections, you are asked to check for animals.

    If entry into the house is not legally allowed, check for the sight or sound of animals, inside and

    out. Animals may have been left lose, tethered, or kenneled.

    o Be attuned to the comments of neighbors regarding any pets or livestock not taken by the

    vacating family. It may be several days before animals begin to make themselves known.

    If a period of time must elapse before you can legally enter the house, be aware abandoned pets

    may have suffered from neglect.

    The following procedures to locate and protect abandoned animals may be suitable in your jurisdiction:

    When conducting an inspection of the house and property, be alert to animal sounds, look in

    windows for pets, check the backyard, and consult with neighbors regarding the presence of pets

    and/or livestock.

    • If pets are known or suspected to be on the property, immediately call the local animal control

    agency or animal shelter and ask that an officer come to the home for suspicion of animal

    abandonment and/or neglect. All 50 states have animal neglect laws that require pet owners to

    provide sufficient food, water and shelter for pets. If a homeowner vacated the home and failed to

    provide sufficient food, water or shelter, animal control has the authority to investigate.

    • If pets are known or suspected to be on the property, immediately call the local Animal Control

    agency or Animal Shelter and ask that an Officer come to the home for suspicion of animal

    abandonment and/or neglect. All 50 states have animal neglect laws that require pet owners to

    provide sufficient food, water and shelter for pets. If a homeowner vacated the home and failed to

    provide sufficient food, water or shelter, Animal Control has the authority to investigate.

    • If a search warrant is obtained and the Officer enters the home and finds pets without sufficient

    food and water, the Officer may seize the animals and place them at the animal shelter while an

    investigation is pursued. If animals have been left outside without sufficient provisions, the search

    warrant will generally allow the Officer to seize the pets for safekeeping. If this seizure occurs

    within a time period in which the Client is waiting to legally possess the asset, the animals will be

    kept safe.

    • If the previous Owner does not return to reclaim animals, the Animal Shelter can deem the pets

    abandoned and place them for adoption and/or institute criminal animal-cruelty charges against

    the previous homeowner.

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    Figure 4 – VA Initial Service Checklist (see also AMS Library)

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