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27 Page Settlement

27 Page Settlement

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Published by felixsalmon

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Categories:Types, Business/Law
Published by: felixsalmon on Mar 07, 2011
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03/28/2011

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SETTLEMENTTERMS(03/03/11)TheRemediesoutlinedbelowareintendedtoapplytoloanssecuredbyowner-occupiedpropertiesthatserveastheprimaryresidenceoftheborrower.ReferencestoServicersshallincludeServicers'agents,successors,andassignees.ReferencestoThirdPartiesshallincludeServiceraffiliates.
I.ForeclosureandBankruptcyInformationandDocumentation
Theseprovisionsapplytonon-judicialforeclosurestatestothemaximumextentpossible.Instateswhereforeclosureaffidavitsarenotrequiredbylaw,ServicershallprovideborrowerswithaswornstatementsettingforthfactssupportingServicer'sorholder'srighttoforecloseandcontainingtheinformationrequiredinparagraphsI.B.12(accountstatement),
I.e.
1and2(ownershipcertification),andII.B.4(lossmitigationaffidavit)herein.Servicershallprovidethisstatementtotheborroweraspartofthefirstnoticeofforeclosure.Theseprovisionsalsoapplytobankruptcyproceedingstothemaximumextentpossible,includingproofsofclaimandmotionsforrelieffromstayfiledbyoronbehalfofServicer.Theterms"affidavit"and"swornstatement"shallapplytoforeclosureaffidavits,swornstatementsinnon-judicialforeclosurestates,andaffidavitsandswornstatementsfiled
in
bankruptcyproceedings.A.StandardsforAffidavitsandSwornStatementsinForeclosureandBankruptcyProceedings1.Affidavitsandswornstatementsshallsetforthadetaileddescriptionofthebasisofaffiant'sclaimedpersonalknowledgeofinformationcontainedintheaffidavitorswornstatement,includingsourcesofallinformationrecitedandastatementastowhythesourcesareaccurate,completeandreliable.2.Allaffidavitsandswornstatementsshallbebasedontheaffiant'sreviewandpersonalknowledgeoftheaccuracyandcompletenessoftheassertionsintheaffidavitorswornstatement,setoutfactsthatwouldbeadmissibleinevidence,andshowthattheaffiantiscompetenttotestifyonthemattersstated.Affiantsshallconfirmthattheyhavereviewedcompetentandreliableevidencetosubstantiatetheborrower'sdefaultandtherighttoforeclose,includingtheborrower'sloanhistoryandrequiredownershipdocumentation,andthatServicerhasinvestigatedtheborrower'scomplaints.Ifadocumentorpartofadocumentisreferredtoinanaffidavitorswornstatement,aswornorcertifiedcopyofthedocumentshallbeattachedtoorservedwiththeaffidavitorswornstatement(iffiledwithacourt,redactedtodeletepersonallyidentifiableinformationconsistentwithapplicablelaw,rulesandcourtprocedure).
 
3.Separateaffidavitsorswornstatementsshallbeusedwhereoneaffiantdoesnothaverequisitepersonalknowledgeofallrequiredinformation.4.Servicershallhavestandardsforqualifications,training,andsupervisionofemployeesandagentswhoprepareorexecuteaffidavitsandswornstatements.EmployeesshallsignacertificationthatheorshehasreceivedthetrainingandServicershallcertifyinwritingthattheemployeehascompletedthetrainingandthesubjectscoveredbythetraining.Thesestandardsandcertifications,alongwithtrainingmaterials,videotapedcopiesofstandardtrainingsessions,andrelatedoperationalmanuals,shallbemadeavailabletotheAttorneysGeneral,theCFPB,andtheirdesignatedthird-partymonitors.5.Servicershallreviewandapprovetemplateaffidavitsandswornstatementspreparedbyforeclosurecounsel,bankruptcycounsel,andforeclosuretrusteestoensurecompliancewithapplicablelaw,rules,courtprocedure,andthetermsoftheAgreementwiththeStates("theAgreement").6.Allaffidavitsandswornstatementsshallaccuratelyidentifytheaffiant'semployerandhisorherpositionortitlewiththeemployer.Iftheaffiantisexecutingthedocumentonbehalfofapartyotherthantheaffiant'semployer,theaffiantshallidentifyhisorherauthoritytoexecutetheaffidavitorswornstatement.7.Affidavitsandswornstatements,includingtheirnotarization,shallfullycomplywithallstatelawrequirements.8.Affidavitsandswornstatementsshallnotcontaininformationthatisfalseorunsubstantiated.9.Servicershallmaintain-adequatestaffingtoensurereasonabletimetoprepare,verify,andexecuteaffidavitsandswornstatements.10.Servicershallnotuseincentivesthatencouragerobo-signing,unduehasteorlackofduediligencebyemployeesorthird-partyagentsortrustees.11.Affiantsshallbeindividuals,notentities,andaffidavitsandswornstatementsshallbesignedbyhandsignatureoftheaffiant.Signaturestampsandanyothermeansofelectronicormechanicalsignatureareprohibited.12.Whenusingaformaffidavitorswornstatement,affiantsshallnotleaveblanksorincompletestatementsintheaffidavitorswornstatement.2
 
13.Affiantsshalldatetheirsignaturesonaffidavitsorswornstatements.14.NotariesutilizedbyServicerand,ifapplicable,foreclosuretrustees,shallmaintainalogorotherwrittenrecordthatidentifiesallnotarizationsexecutedbyeachnotary.15.Inanypendingjudicialforeclosureproceeding(priortoconfirmationofsale)orbankruptcycourtproceeding,ServicershallnotifytheborrowerinwritingifServicerhasknowledgethatanyfilingordocumentpresentedincourt,includinganyaffidavit,swornstatement,orproofofclaim,containedinaccurateinformation,orthatstatelawsorregulationsmayhavebeenviolatedduringthepreparation,signing,notarizationorfilingofthedocument.Servicershallwait30daysafternotifyingborrowerbeforeproceeding.16.Servicershallberequired,atServicer'sexpense,totakeappropriateaction,consistentwithstatelawandcourtprocedure,tocorrectrobo-signedorotherimproperfilingsordocumentspresentedinajudicialforeclosureproceedingorbankruptcycourtproceeding,includingaffidavits,swornstatementsandproofsofclaim,bywithdrawingand,ifappropriate,resubmittingsuchfilingsordocuments,or,astoforeclosurecases,dismissingthecaseswheresuchaffidavitsweresubmitted.B.RequirementsforAccuracyandVerificationofBorrower'sAccountInformation1.Servicershallmaintainprocedurestoensureaccuracyandtimelyupdatingofborrower'saccountinformation,includingpostingofpaymentsandimpositionoffees.Servicershallalsomaintainadequatedocumentation,includingmaintenanceoftheoriginalloanfiles.2.Foranyloanonwhichinterestiscalculatedbasedonadailyaccrualordailyinterestmethod,Servicershallpromptlyacceptandapplyallborrowerpayments,includingcurepayments(whereauthorizedbylaworcontract),trialmodificationpayments,andpaymentsbyoronbehalfofaborrowerinbankruptcytocureanypre-petitiondefaultandtomaintainpaymentswhilethecaseispending,aswellasnon-conformingpayments.Paymentsshallbepostednomorethantwobusinessdaysafterreceiptandcreditedasofthedatereceivedtoborrower'saccount.Eachmonthlypaymentshallbeappliedfirsttointerestandthentoprincipal,providedthatwheremortgageinsurancepremiums,taxesandinsuranceorotherpaymentsmust,statutorilyorcontractually,bepaidpriortointerestandprincipal,suchapplicationshallcontinue.3

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