7.1. HRSR 06-01-2020 �� Request for Action
Elk -
River
To Item Number
Housing and Redevelopment Authority 7.1
Agenda Section Meeting Date Prepared by
General Business June 1, 2020 Amanda Othoudt,EDD
Item Description Reviewed by
HRA Housing Rehabilitation Loan Program Update Cal Portner, City Administrator
Reviewed by
Action Requested
Receive update on the Rehabilitation Loan Program,provide staff direction on loan modification.
Background/Discussion
CEE is following up with the application from last month, otherwise originations are very quiet. For servicing,
one homeowner has paid their loan in full. The HRA portfolio has been very stable despite the current
conditions with only one account 365+ DPD.
We have been in contact with this borrower and they will be making a $300 payment this week via money
order.We have been in contact with the borrower and learned that they are back to working full-time. CEE
wants to make sure that they are serious about bringing the account current and about making payments,and
now that she is working full time,we are finally beginning to see good intentions.
CEE proposes a three month modification of$300.00 and if the borrower makes her payments on time,the
past due amount (including interest and late fees),will be capitalized and moved to the end of the loan,
extending the loan for 12 more months. Staff is seeking direction from the HRA.
Effective March 24, 2020, the Governor's Executive Order 20-14 prohibits mortgage holders from filing
eviction actions to recover possession of a property after termination of a redemption period. Financial
institutions are "requested" to enter a moratorium on all pending and future foreclosures and evictions against
borrowers impacted financially by virus and "strongly urged" not to assess late fees and penalties for
nonpayment related to epidemic.
CEE's legal department is reviewing the COVID-19 foreclosure moratorium order and their opinion is the
order does apply to the EDA (note owner);therefore,we need to wait until the end of the moratorium to
proceed with the Notice of Default. The order does not preclude us from continuing contact with the
borrower.
Financial Impact
N/A
The Elk River Vision
A Y�elcoming community nvith revolutionary and spirited resourcefulness, exceptional P U W E H E o s r
service, and community engagement that encourages and inspires prosperity ,g /` UR
Attachments
■ CEE Monthly Loan Report
CEE SERVICING
REPORT TYPE:TRIAL BALANCE REPORT SUMMARY
REPORT DATE:5/27/2020
REPORT PERIOD:May-20
INVESTOR:ELK RIVER
TRIAL BALANCE PER POOL AS OF 5/27/2020
POOL LOAN COUNT LOAN VOLUME UNPAID PRN BAL
HRA REHAB 14 279,949.22$192,747.61$
Grand Total 14 279,949.22$192,747.61$
TRIAL BALANCE SUMMARY PER LOAN AS OF 5/27/2020
LOAN #POOL PROPERTY CONTRACT DATE INT RATE LOAN AMOUNT UNPAID PRN BAL
19-015215 HRA REHAB 606 JEFFERSON LN NW 8/3/2015 2.25 20,650.00$11,228.70$
19-015212 HRA REHAB 525 8TH ST NW 8/3/2015 2.25 18,657.00$10,318.64$
19-015216 HRA REHAB 602 GATES AVE NW 9/3/2015 3.25 25,000.00$18,353.39$
19-015210 HRA REHAB 501 6TH ST 10/22/2015 1.25 5,837.00$501.30$
19-015207 HRA REHAB 1205 4TH ST NW 3/13/2016 4.00 25,000.00$20,749.37$
19-015204 HRA REHAB 1420 5TH ST NW 1/25/2017 2.50 22,069.00$15,263.45$
19-015214 HRA REHAB 730 JACKSON AVE NW 8/2/2017 2.75 25,000.00$ $ -
19-015208 HRA REHAB 806 HOLT AVE NW 9/10/2017 3.50 24,645.00$20,795.44$
19-015209 HRA REHAB 609 GATES AVE NW 9/22/2017 2.75 19,665.00$14,842.61$
19-015211 HRA REHAB 810 JACKSON AVE NW 10/31/2017 2.25 6,534.00$3,359.28$
19-015217 HRA REHAB 1811 MAIN ST 5/4/2018 4.25 21,640.00$19,507.97$
19-015206 HRA REHAB 870 VERNON AVE 12/27/2018 4.00 25,000.00$19,807.21$
19-016434 HRA REHAB 19135 TROY STREET NW 7/5/2019 4.00 25,000.00$23,818.10$
19-016564 HRA REHAB 403 3RD ST NW 7/15/2019 4.00 15,252.22$14,202.15$
279,949.22$192,747.61$
6 MONTH COMPARATIVE REPORT
REPORTED MONTH LOAN COUNT UNPAID PRN BAL
Dec-19 14 220,681.45$
Jan-20 14 218,927.95$
Feb-20 14 217,258.81$
Mar-20 14 214,732.74$
Apr-20 14 212,544.97$
May-20 14 192,747.61$
DocuSign Envelope ID: 214B1DB7-B0E2-4D24-B10B-CEBB4D4020A8
CEE SERVICING
REPORT TYPE:TRIAL BALANCE REPORT DETAIL
REPORT DATE:5/27/2020
REPORT PERIOD:May-20
INVESTOR:ELK RIVER
ACCOUNT DETAIL FOR ACTIVE LOANS AS OF 5/27/2020
LOAN #PORTFOLIO POOL ADDRESS CITY STATE ZIP CODE INT RATE CONTRACT MATURITY LOAN AMOUNT TERM UNPD PRN BAL RMNG TERM
19-015215 ELK RIVER RESIDENTIAL HRA REHAB 606 JEFFERSON LN NW ELK RIVER MN 55330 2.25 8/3/2015 8/1/2025 20,650.00$120 11,228.70$63
19-015212 ELK RIVER RESIDENTIAL HRA REHAB 525 8TH ST NW ELK RIVER MN 55330 2.25 8/3/2015 8/1/2025 18,657.00$120 10,318.64$64
19-015216 ELK RIVER RESIDENTIAL HRA REHAB 602 GATES AVE NW ELK RIVER MN 55330 3.25 9/3/2015 9/1/2030 25,000.00$180 18,353.39$124
19-015210 ELK RIVER RESIDENTIAL HRA REHAB 501 6TH ST ELK RIVER MN 55330 1.25 10/22/2015 11/1/2020 5,837.00$60 501.30$6
19-015207 ELK RIVER RESIDENTIAL HRA REHAB 1205 4TH ST NW ELK RIVER MN 55330 4.00 3/13/2016 3/13/2031 25,000.00$180 20,749.37$131
19-015204 ELK RIVER RESIDENTIAL HRA REHAB 1420 5TH ST NW ELK RIVER MN 55330 2.50 1/25/2017 1/1/2027 22,069.00$120 15,263.45$80
19-015214 ELK RIVER RESIDENTIAL HRA REHAB 730 JACKSON AVE NW ELK RIVER MN 55330 2.75 8/2/2017 8/1/2027 25,000.00$120 $ -0
19-015208 ELK RIVER RESIDENTIAL HRA REHAB 806 HOLT AVE NW ELK RIVER MN 55330 3.50 9/10/2017 9/1/2032 24,645.00$180 20,795.44$147
19-015209 ELK RIVER RESIDENTIAL HRA REHAB 609 GATES AVE NW ELK RIVER MN 55330 2.75 9/22/2017 9/1/2027 19,665.00$120 14,842.61$88
19-015211 ELK RIVER RESIDENTIAL HRA REHAB 810 JACKSON AVE NW ELK RIVER MN 55330 2.25 10/31/2017 11/1/2022 6,534.00$60 3,359.28$30
19-015217 ELK RIVER RESIDENTIAL HRA REHAB 1811 MAIN ST ELK RIVER MN 55330 4.25 5/4/2018 5/1/2033 21,640.00$180 19,507.97$156
19-015206 ELK RIVER RESIDENTIAL HRA REHAB 870 VERNON AVE ELK RIVER MN 55330 4.00 12/27/2018 5/1/2028 25,000.00$120 19,807.21$92
19-016434 ELK RIVER RESIDENTIAL HRA REHAB 19135 TROY STREET NW ELK RIVER MN 55330 4.00 7/5/2019 7/5/2034 25,000.00$180 23,818.10$170
19-016564 ELK RIVER RESIDENTIAL HRA REHAB 403 3RD ST NW ELK RIVER MN 55330 4.00 7/15/2019 7/15/2029 15,252.22$120 14,202.15$110
279,949.22$192,747.61$
DocuSign Envelope ID: 214B1DB7-B0E2-4D24-B10B-CEBB4D4020A8
CEE SERVICING
REPORT TYPE:AGING DELINQUENCY REPORT
REPORT DATE:5/27/2020
REPORT PERIOD:May-20
INVESTOR:ELK RIVER
AGING DELINQUENCY DETAIL PER ACCOUNT AS OF 5/27/2020
LOAN #BORROWER CONTRACT UNPD PRN BAL DPD TOTAL DUE 1 TO 15 DPD 15+ DPD 30+ DPD 60+ DPD 90+ DPD UNPD LATE FEES STATUS LAST PMNT DATE LAST PMNT AMNT
19-015215 606 JEFFERSON LN NW 8/3/2015 $11,578.58 0 -$-$-$-$-$-$-$Current Loan 5/8/2020 192.33$
19-015212 525 8TH ST NW 8/3/2015 $10,623.88 0 -$-$-$-$-$-$-$Current Loan 4/30/2020 173.77$
19-015216 602 GATES AVE NW 9/3/2015 $18,484.02 0 -$-$-$-$-$-$-$Current Loan 4/30/2020 180.00$
19-015210 501 6TH ST 10/22/2015 $700.73 0 -$-$-$-$-$-$-$Current Loan 5/26/2020 100.41$
19-015207 1205 4TH ST NW 3/13/2016 $20,749.37 422 2,466.00$-$175.67$175.67$351.34$1,763.32$118.44$365+ DPD 12/20/2019 -$
19-015204 1420 5TH ST NW 1/25/2017 $15,614.66 0 -$-$-$-$-$-$-$Current Loan 5/20/2020 208.04$
19-015214 730 JACKSON AVE NW 8/2/2017 $18,826.51 0 -$-$-$-$-$-$-$Current Loan 5/25/2020 18,668.07$
19-015208 806 HOLT AVE NW 9/10/2017 $21,072.58 0 -$-$-$-$-$-$-$Current Loan 5/5/2020 200.00$
19-015209 609 GATES AVE NW 9/22/2017 $15,148.59 0 -$-$-$-$-$-$-$Current Loan 5/10/2020 187.63$
19-015211 810 JACKSON AVE NW 10/31/2017 $3,576.30 0 -$-$-$-$-$-$-$Current Loan 5/2/2020 115.24$
19-015217 1811 MAIN ST 5/4/2018 $19,742.09 0 -$-$-$-$-$-$-$Current Loan 5/10/2020 162.79$
19-015206 870 VERNON AVE 12/27/2018 $20,145.39 0 -$-$-$-$-$-$-$Current Loan 4/27/2020 400.00$
19-016434 19135 TROY STREET NW 7/5/2019 $24,055.05 0 -$-$-$-$-$-$-$Current Loan 5/5/2020 200.00$
19-016564 403 3RD ST NW 7/15/2019 $14,414.99 0 -$-$-$-$-$-$-$Current Loan 5/15/2020 154.43$
214,732.74$2,466.00$-$175.67$175.67$351.34$1,763.32$118.44$20,942.71$
DocuSign Envelope ID: 214B1DB7-B0E2-4D24-B10B-CEBB4D4020A8
Electronic Record and Signature Disclosure
Certificate Of Completion
Envelope Id: 214B1DB7B0E24D24B10BCEBB4D4020A8 Status: Completed
Subject: Loan Servicing partial report for May 2020
Source Envelope:
Document Pages: 6 Signatures: 0 Envelope Originator:
Certificate Pages: 4 Initials: 0 Marco Landoni
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Time Zone: (UTC-06:00) Central Time (US & Canada)
212 3rd Avenue North
Minneapolis, MN 55401
mlandoni@mncee.org
IP Address: 65.121.0.34
Record Tracking
Status: Original
5/27/2020 10:05:19 AM
Holder: Marco Landoni
mlandoni@mncee.org
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Amanda M Othoudt
AOthoudt@elkrivermn.gov
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Sent: 5/27/2020 10:47:26 AM
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