RC_LA_DA_303.4 Corporate Advance Essentials

Servicers incur significant expenses during the course of handling a foreclosure, including legal fees, appraisal fees, taxes, maintenance costs, and even advertising costs. These expenses add up quickly. In most instances, a portion of these foreclosure expenses can be recovered from the borrower, a private investor, Fannie Mae, Freddie Mac, or an insurance provider. These expenses are paid from an account known as a corporate advance account

Corporate Advance Essentials defines corporate advance accounts and explains their use in the recovery process. It begins with a basic overview of corporate advance accounts. Next, it identifies which expenses can be paid using corporate advance funds. The course then describes how servicers recover corporate advance funds. Finally, it reviews Fannie Mae and Freddie Mac expense reimbursement eligibility.

This is a single-family/residential course.

Topics:

• Corporate Advance Accounts
• Valid Expenses Using Corporate Advance Funds
• Recovering Corporate Advance Funds
• Fannie Mae and Freddie Mac Expense Reimbursement Eligibility

Seat time approximately 1 hour.

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