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q. Property Maintenance (04/29/2024)
i. Standard
Upon becoming aware of a deterioration in the Property’s condition, the Mortgagee must notify the Borrower of the deficiency and provide the Borrower 60 Days to begin to correct the condition of the Property. The Mortgagee must continue to monitor the Property’s condition until repairs are completed.
If the Borrower fails to begin to correct the condition of the Property within 60 Days or if the Borrower fails to make satisfactory progress toward repairing the Property, the Mortgagee must proceed in accordance with Due and Payable guidance.
ii. Required Documentation
The Mortgagee must retain in the Servicing File copies of all:
• notices of deterioration of property condition;
• notices to the Borrower to correct property condition deficiencies; and
• property inspections and photos conducted in addressing the deteriorated Property.