Zarro Inference 3 The Affidavits of Michael Zarro

VI CTORY OVER CHASE: HOW TO WI N AT THE DI SCOVERY GAME WHEN LI TI GATI NG AGAI NST JPMORGAN CHASE BANK NA
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A FORECLOSURE INFORMATION SHARING SITE COMMITTED TO SAVING OUR HOMES FROM FORECLOSURE.
VI CTORY OVER CHASE
VICTORY OVER CHASE OCCUPY THE JUSTICE ZONE
Wednesday, August 29, 2012
HOW TO WI N AT THE DI SCOVERY
GAME WHEN LI TI GATI NG AGAI NST
J PMORGAN CHASE BANK NA
Too often litigants and their attorneys simply do not know what to request through discovery.
Homeowners deserve a fighting chance to obtain accurate information about their home
mortgages. The discovery process can become an exercise in frustration, especially when
dealing with foreclosure proceedings with JPMorgan Chase Bank, NA. Litigants are thus
thwarted in the legal process and get little from the fees paid to their attorneys. Different banks
use systems that vary from bank to bank.
Recently I came across an affidavit of Michael R. Zarro, a Chase employee, on Scribd on the
internet. I offer it to my readers as an important and valuable resource to homeowners fighting
to save their homes from foreclosure by Chase and offers valuable insight into maintenance of
loan files relative to the Discovery Process in which Chase notoriously fails to cooperate.
Michael R. Zarro, Senior Vice President, in charge of Default Specialty Operations at
JPMorgan Chase Bank, N.A. [JPMC] submitted an Affidavit constitution JPMC and Chase
Home Finance LLCs [CHF] as Chases Prima Facie Showing affidavit, signed and notarized on
April 7, 2011 at Denton County, Texas, relative to a civil action in the Chancery Division
General Equity Part in the Superior Court of Mercer County, New Jersey. The following is a
synopsis for information purposes only. This affidavit was submitted in the matter of a
residential mortgage foreclosure pleading and document irregularities.
Affidavit and Exhibits can be found at:
http://www.scribd.com/doc/52659327/ZARRO-S-AFFIDAVIT-FOR-JPMORGAN-CHASE-
HE-IS-SR-VP-OF-DEFAULT-SPECIALTY-OPS-2011
http://www.judiciary.state.nj.us/superior/f_59553_10_jp_morgan/jp_morgan_8_of_21.pdf
Zarro , an employee of JPMC and its predecessors since 1994, is responsible for the support,
management and disposition of assets secured by real estate, including the foreclosure process as
a senior member of Chases team working to analyze and remediate issues with respect to the
execution by Chase employees of documents used in foreclosure proceedings and other related
issue.
CHF is a subsidiary of JPMC and is the third largest mortgage servicer in the USA. CF services
loans originated by Chase as well as loans originated and/or owned by other lenders to include

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Victory at all costs, victory in spite of all terror,
victory however long and hard the road may be;
for without victory there is no survival.
Si r Wi nst on Chur c hi l l On Vi c t or y
The Case Against
Washington Mutual Bank
and California
Reconveyance Company
WAMU LOGO On March
10, 2011 three highly
respected members of the
California Office of the
Attorney General
participated in a teleconfere...
FDIC & JPMORGAN CHASE BANK NA'S P&A
AGREEMENT DOES NOT IDENTIFY THE
NOTES & MAY NOT BE THE TRUE P&A.
The Purchase &Assumption Agreement between
the FDIC & JPMorgan Chase Bank, NA for
Washington Mutual Bank does not specifically
identif...
What Happens When You
File a Complaint with the
FDIC against JPMorgan
Chase Bank and
This is the tale of an on-
line complaint filed
recently with the FDIC as
to issues with JPMorgan
Chase Bank, N.A., Washington Mutual Bank,...
MORE FACTS -- WASHINGTON MUTUAL
BANK, FA (FDIC # 32633)
WASHINGTON MUTUAL BANK, FA (32633)
10/1/1997 AMERICAN SAVINGS BANK,FA
(FDIC Certificate # 32633) changed its name to
Popul ar Post s
Government Sponsored Enterprises [GSEs] such as Freddie Mac and Fannie Mae as well as
private investors holding pools of loans in securitized trusts. JPMC has appointed CHF as sub-
servicer for loans serviced by JPMC.
Chase staff responsible for execution Affidavit of Indebtedness [AOI], Amount Due Affidavit
[ADA] and Certifications access Chases computerized systems to verify information and
prepare the documents for execution. Depending on the status of the loan, the jurisdiction, and
whether or not the foreclosure action is contested, other documents may be submitted as well.
MORTGAGE SERVICING PACKAGE - MSP PRIMARY SOUCE OF DATA
Maintains up-to-date information concerning, among other things, the status of the
loan and payment history.
Access images of the Note, Mortgage
Access where necessary, other documents such as assignments and correspondence
with the borrower, through Chase's document imaging systems.
DOC LINE & WinCMSS:
DOC Line tracks the location of the loan collateral file, which typically
contains the Mortgage and original Note.
Doc Line provides reports of data maintained on Chase's custodial
management system, Windows Custodial Management Service System
("WinCMSS'').
D o c L i n e r e p o r t s l o c a t i o n o f t h e c u s t o d i a l f i l e s .
Custodial files are tracked through barcode scanning.
DocLine & WinCMSS provide real-time information on location of the
collateral file.
Most of the collateral files are maintained in the secure
Files pertaining to a small percentage of loans serviced by CHF are stored with third-
party custodians. However, the location of the collateral files is reported on
DocLine.
LISA CHASES INVESTOR ANSWERS SYSTEM:
Verifies information about the investors/owners of loans
Which entity's name a foreclosure action should be brought in
Whether the investor/owner had granted Chase a power of attorney, m Chase's Loan
Investor Servicing Answers ("LISA") system.
Chase has developed detailed written procedures to guide Affiants in the execution of sworn
documents, and in particular Affidavits of Indebtedness, using the systems described above.
Affiants are required to follow these procedures so that documents submitted in foreclosure
actions are properly executed and based upon knowledge gamed through a personal review of
Chase business records.
Third-party mortgagees typically provide Chase powers of attorney ("POAs'") that
permit Chase to sign as attorney in fact documents necessary to prosecute foreclosures.
The POAs typically grant broad powers to execute all necessary documents for
servicing the loan, including foreclosure documents.
With respect to a Mortgage or Deed of Trust, the foreclosure, the taking of a deed
in lieu of foreclosure or the completion of judicial or non-judicial foreclosure or
termination, cancellation or recession of termination, cancellation or rescission of any
such foreclosure, including, without limitation, any and all of the following acts:
Substitution of Trustee(s) serving under a Deed of
Trust, in accordance with state law and the Deed of
The preparation and issuance of statements of breach
or non-performance;
The preparation and filing of Notices of Default
and/or Notices of Sale;
The cancellation rescission of notices of default and/or
notices of sale;
Deed in Lieu of Foreclosure:
Preparation and execution of such other documents and
performance of such other actions as may be necessary
under the terms of the Mortgage, Deed of Trust or
state law to expeditiously complete said transactions
facility, JPMorgan Chase
Custody Services in Monroe, Louisiana.

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Washi ngt on Mut ual I nc . -
Shar ehol der Doc ument s
A.C.C.E - Alliance of Californians
for Community Empowerment
Alameda County, CA Public
Records Access
Califiornia Foreclosure Law
Foreclosure Fraud
Foreclosure Hamlet
Ghost of WAMU
HERA Foreclosure Law in
California
HERSID
Home Defenders League
Housing and Urban Development
HUD
Resour c es
WASHINGTON MUTUAL BA...
Secret FDIC & JPMorgan
Chase Bank 118 Page
Purchase and Assumption
Agreement for
Uncovered
Smoking Gun or Another
Murder of Crows? You be
the judge. QUESTION --
Are the FDIC and JPMorgan Chase Bank and
their attorneys...
HOMEOWNERS CAN
BENEFIT FROM BANK
SERVICER VIOLATIONS
OF QUALIFIED WRITTEN
REQUESTS UNDER
RESPA & TILA
There may be gold in the
hands of distress
homeowners if their bank
servicers' fail to promptly comply with QWR and
TILA requests. Homeowne...
History of Washington Mutual Bank, FA, formerly
American Savings Bank, FA
http://www2.fdic.gov/idasp/main_bankfind.asp
History of Washington Mutual Bank, FA,
Stockton, California (FDIC Cert: 32633) Note:
This i...
Call to California
Homeowners to Unite to
Fight JPMorgan
Chase/WAMU
Foreclosures
NO MORE EXCUSES
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homeowner standing
alone to fight Chase from
foreclosing on my home, I have created this blog
to re...
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IDENTIFIED IN LAW...
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Bl og Ar c hi ve
GSE LOANS:
Chase services loans on behalf of Freddte Mac and Fannie Mae
Typically, the Notes are endorsed in blank.
At foreclosure, the servicer is the mortgagee and initiates the
foreclosure action in its name.
Both Freddie Mac and Fannie Mae publish guidelines and
regulations which address the authority vested in servicers. These
materials are publicly available. See
iihttps://www.efanniemae.com/sf/servicing/; and
http://www freddicmac.com/sell/guide/.
Fannie Mae and Freddie Mac have also issued POAs to Chase, which provide
Chase authority to execute certain documents.
SECURITIZED TRUSTS:
Chase also enters into servicing agreements.
When the Mortgagee is a securitized trust, there is typically a Pooling
and Servicing Agreement ("PSA") by and among the servicer, the
trustee, and the depositor and/or seller of assets into the trust.
JPMC has appointed CHF to act as sub-serv1cer for JPMC via an
agreement between CHF and JPMC. Thus, CHF has authority to act
where the mortgagee is JPMC.
Chase does not otherwise act as a sub-servicer for other servicers.
UP-TO-DATE INFORMATION ON PAYMENT HISTORY & LOAN STATUS:
Does the Respondent have a record keeping system of Business Records that provides
accurate up to date information on the payment history and status of the loan?
MORTGAGING SERVICING PACKAGE -- MSP
Chases MSP record keeping system provides up-to-date information on
payment history and status of loans.
MSP is a commercially available system used by approximately 75% of the
mortgage servicing industry.
Monetary transactions are posted on MSP in real-time. Thus, when a
borrower makes a loan payment to Chase, the payment is promptly recorded
and the loan record is updated
MSP also stores data about payments Chase makes on behalf of the borrower,
including tax payments and hazard insurance, as well as records of
communications with borrowers.
Chase employs a number of internal and external controls to ensure that the
information in MSP is accurate and reliable, including real-time posting of
transactions, daily reconciliations, control self-assessment processes, internal audit
review, and testing by Chase's external auditor, PricewaterhouseCoopers.
Affiants have desktop access to MSP, and access data in MSP to
complete AOIs
CHASES PROCESSING STEPS
Chase has developed comprehensive procedures for the review of information
contained in, and the execution of, affidavit/certifications submitted in support of
foreclosure proceedings.
The most commonly subm1tted affidavit/certification submitted in
foreclosure proceedings is the AOI --in New Jersey, the Certification of
Proof of Amount Due. Chase has developed model AOIs.
When an AOI is required, foreclosure counsel populates the caption
of the AOI. leaving the remainder of the document to be completed
by the Affiant.
The AOI is transmitted by counsel to Chase for execution via
LENDER PROCESSING SERVICES (LPS) DESKTOP:
Lender Processing Services (''LPS") Desktop facilitates communication
between counsel and servicers.
Chase does not use LPS to execute foreclosure affidavits/certifications
But rather as a back-office technical solution.
AFFIDAVIT OF INDEBTNESS (AOI):
The AOI is executed pursuant to a comprehensive written procedure. Because
there are minor differences in AOIs between states (and in some instances,
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Victory at all costs, victory in spite
of all terror, victory however long
and hard the road may be; for
without victory there is no
survival. - Sir Winston Churchill
powered by
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There is GOOD in this experience
and that GOOD now appears. I
can hardly wait to see what GOOD
is coming out of this experience!

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there are county specific requirements) Chase provides supplemental
instructions to Affiants where a state-specific AOI differs from the standard
Chase template.
The AOI procedure requires the Affiant to verify all of the facts set forth m the
AOI, and to write by hand key facts such as the amount of indebtedness. For
example, the Affiant must:
o Verify property address and borrower name on the AOI match
the information contained in MSP and loan documentation;
o Confirm the loan is in default, and the foreclosure action has
not been suspended;
Match information on MSP concerning terms of the loan with
loan documentation;
o Confirm that the action has been commenced in the proper
name, and where the Plaintiff is a third party. that the third
party has issued Chase a POA: and
o Identify the amounts due, including principal,
interest. escrow, and corporate advances. and record those
amounts by hand on the AOJ.
Once all information in an AOI is confirmed. the Affiant prints out
certain screenshots from MSP that reflect the amount due data and
appends the screen shots to the AOI.
Chase has also developed similar procedures for other documents that may
be submitted in foreclosure actions (e g, lost document affidavits).
Chase's affidavit procedures provide for the signer to reject a document
that contains errors. and Chase employees have been specifically trained
not to complete any affidavit or certification if they have any questions
about the content or do not understand any portion of the document.
Supervisors are available on-site to answer any questions.
Once all information in an affidavit/certification is verified, Affiant
executes the affidavit/certification. (In states other than New Jersey.
execution is completed in the presence of a notary.)
The affidavit/certification is then passed along to quality-check
processing described in detail below.
Once an affidavit/certification passes the quality checks. it is imaged and then returned
to foreclosure counsel for filing.
Chase has established specific procedures for i t s Affiants to complete
affidavits/certifications submitted in foreclosure proceedings based on a personal
review of Chases business records by the Affiant. All affidavits/certifications
executed i n the ordinary course of a foreclosure proceeding are completed and signed
pursuant to written procedures which have been drafted by Chase, vetted by outside
counsel and, for certain core documents including the AOI assessed by Deloitte &
Touche. The AOI procedures. and more generally, the other affidavit execution
procedures implemented by Chase require the Affiant to personally review Chase's
system of record. MSP, as well as other Chase systems such as DocLine (which
reflects real-time data concerning the location of the collateral file). LISA (which
reflects information about the foreclosing party and POAs); and Chase's imaging
systems.
ln response to questions concerning the amount of tune spent preparing an AOI,
Chase asked a supervisor to time the execution of six AOIs. She determined that
it took her between 13 and 45 minutes to execute an AOI, and the average time
to complete an AOI was 25 minutes that does not include the amount of time
spent to quality-check the AOI. There are no quotas or guidelines provided to
the Affiants concerning how long it should take to complete an AOI. Chase's
purports that the focus is on process and accuracy, not speed. Chase has
implemented comprehensive quality control and quality assurance programs.
The quality-check analyst performs each of the same steps as did the signer to
confirm that the factual information in the affidavit or certification matches the
information contained in Chase's electronic business record systems. If a document
fails the quality check, the quality-check analyst and the foreclosure analyst will
work together to reconcile the two results so that an accurate document will be filed.
Chase attests that the review of 100% of affidavits and certifications will continue
until Chase management determines that quality levels are consistently high and
support a more streamlined review going forward. At that point, the quality-check
analysis will continue with random samplings of affidavits and certifications.
Thi s Bl og i s not t o be
vi ew ed as a sour c e of
c ompet ent l egal advi c e,
r at her i t i s gat her i ng pl ac e
f or peopl e f ac i ng
f or ec l osur e w ho ar e shar i ng
i nf or mat i on i n or der t o save
our homes and
c ommuni t i es.
Admi ni st r at i on shal l not be
l i abl e t o vi si t or s f or
i nf or mat i on post ed or t he
ac t i ons of user s on t hi s
I nt er net si t e.
Di sc l ai mer
Washi ngt on Mut ual Bank
at 4:03 PM
Labels: affidiavit. Chase Home Finance LLC, discovery, DocLine, document
production, foreclosures, JPMorgan Chase bank na, LISA, LPS Desktop, Michael
Zarro, MSP, systems
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Chase states further that it has processes to help insure the effective and
t imely communication with foreclosure counsel in connection with the
completion and execution of foreclosure affidavits/certifications. Chase
communicates with foreclosure counsel through LPS Desktop, a
commercially available application designed for this purpose Counsel
uploads affidavits/certifications into LPS Desktop for execution, and allows
Chase to maintain an audit trail on communications and document execution.
Chase also routinely communicates with counsel by phone and email. Once
uploaded to LPS Desktop. the affidavit/certifications arc then assigned to
Affiants for verification and execution.
As soon as an affidavit/certification is executed, it is then passed on to quality
control and then quality assurance. Affidavits executed m the ordinary course are
imaged and 1cturned to counsel.
Chase c l a i ms t h a t i t is continuously working to reduce the time it takes to
complete this process. Chase is also assisting specific Affiants to work with each
outside law firm in order to facilitate communication with counsel and foster the
development of state-specific expertise by Affiants.
My prayer for my readers is that this information will be instrumental is helping to save the
homes of victims of the predatory lending and horrific foreclosure irregularities of JPMorgan
Chase Bank NA, Chase Home Finance, LLC, Washington Mutual Bank, and their affiliates.

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March 14, 2012 Comment s off
banks and banking, consumer issues, government and polit ics, housing and real est at e, legal and law enforcement , Office of
I nspect or General, U. S. Depart ment of Housing and Urban Development
* * * NEW* * * HUD OI G s r ev i ew s of f or ecl osur e pr act i ces at f i v e of t he nat i on s
l ar gest FHA ser v i cer s
HHS OI G s r evi ew s of f or ecl osur e pr act i ces at f i v e of t he nat i on s l ar gest FHA ser v i cer s
Source: U. S. Depart ment of Housing and Urban Development , Office of I nspect or General
As part of t he Office of I nspect or Generals ( OI G) nat ionwide effort t o review t he foreclosure pract ices of t he five
largest Federal Housing Administ rat ion ( FHA) mort gage servicers ( Bank of America, Wells Fargo Bank, Cit iMort gage,
JP Morgan Chase, and Ally Financial, I ncorporat ed) we reviewed Wells Fargos foreclosure and claims processes. I n
addit ion t o t his memorandum, OI G issued separat e memorandums for each of t he ot her four reviews. OI G
performed t hese reviews due t o report ed allegat ions made in t he fall of 2010 t hat nat ional mort gage servicers were
engaged in widespread quest ionable foreclosure pract ices involving t he use of foreclosure mills and a pract ice
known as robosigning of sworn document s in t housands of foreclosures t hroughout t he Unit ed St at es.
+ I ssue Dat e: March 12, 2012
Audit Memorandum No. 2012- KC- 1801 ( PDF)
Tit le: Cit iMort gage, I nc. Foreclosure and Claims Process Review OFallon, MO
Audit Memorandum No. 2012- PH- 1801 ( PDF)
Tit le: Ally Financial, I ncorporat ed Foreclosure and Claims Process Review Fort Washingt on, PA
Audit Memorandum No. 2012- CH- 1801 ( PDF)
Tit le: JPMorgan Chase Bank N. A. Foreclosure and Claims Process Review Columbus, OH
Audit Memorandum No. 2012- FW- 1802 ( PDF)
Tit le: Bank of America Corporat ion, Foreclosure and Claims Process Review Charlot t e, NC
Audit Memorandum No. 2012- AT- 1801 ( PDF)
Tit le: Wells Fargo Bank, Foreclosure and Claims Process Review, Fort Mill, SC
Par amet er s nar r ow ed her e t o " Zar r o"
site:http://www.judiciary.state.nj.us/superior/f_59553_10_jp_morgan zarro
Search 4 results (0.18 seconds)
[ PDF]
www.judiciary.state.nj.us/superior/f...10.../jp_morgan_8_of_21.pdf
File Format: PDF/Adobe Acrobat - View as HTML
CI-[ASE MORTGAGE FINANCE CORPORATION,. DEPOSITOR,. JPMORGAN
CHASE BANK, N.A.,. SERVICER,. JPMORGAN CHASE BANK, N.A.,. CUSTODIAN ...
[ PDF]
File Format: PDF/Adobe Acrobat - Quick View
AFFIDAVIT OF MICHAEL ZARRO IN SUPPORT OF THE RESPONSE OF.
JPMORGAN... I, Michael Zar r o , being duly sworn, depose and state the following : ...
[ PDF]
MICHAEL R. ZARRO. VOLU1V[E ONE ... The facts set forth in this memorandum are
supported by the Afdavii of Michael Zar r o , Senior Vice. President in charge ...
[ PDF]
www.judiciary.state.nj.us/superior/f.../jp_morgan_12_of_21.pdf
EXHIBITS TO THE AFFIDAVIT OF _. MICHAEL R. ZARRO. ' VOLUNIE THREE.
Page 2. CHASE HOME FINANCE LLC SUPERIOR COURT OF NEW JERSEY ...
MICHAEL R. ZARRO
Telephone: (973) 993-8100
VOLU1V[E ONE
EXHIBITS TO THE AFFIDAVIT OF _
11'\ THE MATTER OF
RESIDENTIAL MORTGAGE
FORECLOSURE PLEADrNG AND
DOCUMENT IRREGULARITIES
FILED Apr 07, 2011
I SUPERlOR COURT OF NEW JERSEY
CHANCERY DIVISION
GENERAL EQUITY PART
MERCER (,OUN-I Y
I DOCKET NO_ - F-059553IO
Civil Action
.. - - ~ ~ ~ - - - - - - -------- - --- .. ---_ . -------
AFFIDA VIT OF MICHAEL R. ZARRO CONSTlTVTlI\G
JI'MORGAN CHASE BANK. !'I.A_S AND CHASE HOME FINANCE LLC'S I'RIMA
FACIE SHOWING
-- - - - - - - - ~ - - -
STATE OF TEXAS )
) SS
COUNTY OF DENTON )
AFFIDAVIT OF MICHAEL R. ZARRO
I, MIchael R. Zarro, bemg duly sworn, depose and state the following:
1. [ am the Senior Vice President in charge of Default Specialty
Operations at JPMorgan Chase Bank, N.A. ("JPMC").
2. I have been employed by JPMC and its predecessors since 1994
and am responsible for the support, management, and disposition of assets secured by
real estate, including the foreclosure process.
3. [n that capacity, [am a senior member of Chase's team working to
analyze and remediate issues WIth respect to the executIOn by Chase employees of
documents used in foreclosure proceedings and other related issues.
4. I am submitting this Affidavit on behalf of JPMC and Chase Home
Finance LLC ("CHF," and together with JPMC, "Chase") as Chase's Prima Facie
Showing, as that term is defined in Paragraph 4 of the Stipulation in this matter, dated
March 18,2011 (the 'StIpulation").
5. This Affidavit is intended to supplement the information set forth
in the Memorandum of Respondents JPMorgan Chase Bank, N.A. and Chase Home
Finance LLC m Response to Order to Show Cause (the "Memorandum") and my
previous affidavit in support of the Memorandum (the "January Zarro Affidavit"), both
dated January 5, 2011 and attached hereto as Exhibits I and 2. This Affidavit IS based on
personal knowledge.
6 The Stipulation asks Chase two questions :
(A) Does the servlcer have processes and procedures in
place which, if adhered to, will ensure that the infonnation
set forth in affidavits/certIfications submitted in foreclosure
proceedings is personally reviewed by an affiant authorized
to act on behal f of the plaintiff in the foreclosure action and
that each affidavit or certification submitted is properly
executed and is based upon knowledge gained through a
personal review of records made in the regular course of
business and it was the regular practice of that business to
make it ("Business Records")?
(13) Is the Respondent prepared to follow these processes
and procedures upon the resumption of residentIal
mortgage foreclosure activitIes 10 New Jersey?
7 Chase answers "yes" to both of these questions, and sets forth
below additional infonnauon supporting this answer and specific responses to Questions
(a) through (g) in Paragraph 4 of the Stipulation.
Background Information
8. As set forth in the Memorandum and the January Zarro Affidavit,
Respondent CHF IS a subsidiary of JPMC and is the third largest mortgage servicer in the
country. See Memorandum at 5; January Zarro Affidavit '\17.
9. CHF servIces loans origmated by Chase as well as loans originated
and/or owned by other lenders including Government Sponsored Enterpnses CGSEs")
(e g , Freddie Mac and Fannie Mae) and private investors who hold pools of loans in
securitized trusts. JPMC has appointed CHI' as sub-servicer for loans serviced by
JPMC.
2
10. As of April I, 2011, JPMC acquired the seTVlcing rights to loans
previously serviced by EMC Mortgage Corporation. As servicer of these loans, JPMC
will follow the procedures currently used by CHF to execute foreclosure affidavits.
II. As set forth in more detail in the Memorandum and January Zarro
AffidaVIt, in states where foreclosures are accomplished through judicial proceedings,
Chase typically submits a verification of indebtedness setting forth the amount due by the
borrower.
12. For uncontested matters in New Jersey, Chase submIts a
Certification of Proof of Amount Due III accordance with Rules 4:64-2 and I :4-4(b). The
CertIfications are not notarized. In other states which do not allow for the use of a
certification in lieu of affidavit, Chase often submits a notarized affidavit of indebtedness
('"AOI," sometimes referred to as an "Amount Due Affidavit" or "ADA").
13. Certifications are typically submitted in New Jersey along with the
applIcatIon for judgment. I Other documents submitted with the judgment package are
generally already in the possession of foreclosure counsel (i e , the note, mortgage, and
assigrunents, if applicable), although there may be instances where Chase provides
additional information or documents at counsel's request.
14. Chase staff responsible for executing AOls and Certifications
("Affiants") access Chase's computerized systems to venfy infonnation and prepare the
documents for execution.
1 Depending on the status of the loan, the Jurisdiction, and whether or not the foreclosure 'CUon IS
contested, other documents may be submltted as well
3
15 The primary source of data for Affiants is Chase's electronic
record-keeping system known as Mortgage Servicing Package ("MSP") MSP maintains
up-to-date information concerning, among other t h l ~ g s , the status of the loan and
payment history The accuracy of MSP, and the multi-tiered checks to ensure the
integnty ofMSP data, are described in detail in the Memorandum at 10-11, and January
Zarro Affidavit ~ ~ 26-30.
16. In addition to MSP, Affiants access images of the Note, Mortgage
and, where necessary, other documents such as assignments and correspondence with the
borrower, through Chase's document imaging systems.
17. Affiants are also able to track the location of the loan collateral
file, which typically containS the Mortgage and original Note, through "Doc Line," a tool
that provides reports of data maintained on Chase's custodial management system,
Windows Custodial Management Service System ("WinCMSS"). Custodial files are
tracked through barcode scanning, and DocLine and WinCMSS provide real-lIme
informatIOn on the location of the collateral file, most of which are maintained in a secure
facility of J PMorgan Chase Custody Services in Monroe, Louislana
2
18. Affiants also verify information about the investors/owners of
loans, such as which entity's name a foreclosure action should be brought in and whether
the investor/owner had granted Chase a power ofattomey, In Chase's Loan Investor
Servicing Answers ("LISA") system.
, Files penammg to a small percentage of loans servIced by CHI' are stored With thlrd-pany custodians
However, Ihe Itx:atlon of the collateral files are reponed on DocLme
4
19. Chase has developed detailed written procedures to guide Affiants
in the execution of sworn documents, and in particular AOls, using the systems described
above.
20. Affiants are required to follow these procedures so that documents
submitted in foreclosure actions are properly executed and based upon knowledge gamed
through a personal review of Chase's business records.
21. Chase is already following these procedures In the execution of
documents in other Jurisdictions and is prepared to follow the procedures in New Jersey. 3
22. Set forth below are responses to the specific questions posed in the
Stipulation
Question (a): If the Respondent is acting on behalf of a mortgagee, but is
not the mortgagee itself, provide examples of the source of the Respondent's
authority to act, including providing representative samples of
documentation evidencing the autbority to act on bebalf of mortgagees.
23. The followmg are examples of the source of Chase's authority to
act on behalf of mortgagees.
24. Third-party mortgagees typically provide Chase powers of attorney
("PO As") that permit Chase to sign as attorney in fact documents necessary to prosecute
foreclosure actions. Examples of POAs are attached as Exhibit 3.
25. The POAs typically grant broad powers to execute all necessary
documents for servicing the loan, including foreclosure documents. For example, one of
the attached POAs grants Chase the power to execute documents:
J ThiS affidaVit addresses current processes, procedures, tramlng and staffing Chase may, at some pomtJ
detennme that changes arc warranted as a result of business requirements or applicable law, However,
Chase Will mamtain Its commitment to executlOg documents based upon knowledge gamed through a
personal review of business records.
5
(8) With respect to a Mortgage or Deed of Trust, the
foreclosure, the taking of a deed in lieu of foreclosure or
the completion of judicial or non-judicial foreclosure or
termination, cancellation or recession of termination,
cancellation or rescission of any such foreclosure,
including, without limitatIOn, any and all of the following
acts'
a. the substitution oftrustee(s) servIng under a Deed
of Trust, in accordance with state law and the Deed of
Trust;
b the preparation and issuance of statements of
breach or non-performance;
c. the preparation and filing of notices of default
and/or notices of sale:
d the cancellatIon/rescission of notices of default
and/or notices of sale;
e the taking of a deed In lieu of toreclosure; and
f. the preparation and execution of such other
documents and performance of such other actions as may
be necessary under the terms of the Mortgage, Deed of
Trust or state law to expeditiously complete said
transactions in paragraphs 8 a. through 8.e., above ...
26. In addition, as noted above, Chase services loans on behalf of
Freddie Mac and Fannie Mae Typically, the Notes for GSE-o\','I1ed loans are endorsed
"m blank" At foreclosure, the servicer is the mortgagee and initiates the foreclosure
acllon In ilS name.
27. Both rreddie Mac and Fannie Mae publIsh guidelines and
regulations which address the authorIty vested in servlcers. These materials are publicly
avaIlable. See htlps: //www.efanmcmae.com/sf/servicing/; and
http://wwwfreddlcmae.com/selllgUidel.
28. Fannie Mae and Freddie Mac have also Issued POAs to Chase,
which provide Chasse authority to execute certain documents. See Exhibits 4 and 5.
6
29. Chase also enters into servicing agreements. For example, where
the mortgagee is a securitIzed trust, there IS typically a Pooling and Servicing Agreement
("PSA") by and among the servicer, the trustee, and the depositor and/or seller of assets
into the trust. Examples ofPSAs are attached as Exhibits 6, 7 and 8.
30. In addition, as noted above JPMC has appointed CHF to act as
sub-servlcer for JPMC via an agreement between CHF and JPMC. Thus, CHF has
authority to act where the mortgagee is JPMC.
31 Please note that Chase does not otherwise act as a sub-serviccr for
other serviccrs
Question (b): Does the Respondent have a record keeping system of Business
Records that provides accurate up to datc information on the paymcnt
history and status of the loan? If so, describe the system.
32. Chase has a record keeping system that provides up-to-date
infoffilation on payment history and status of loans. This system is referred to as MSP.
MSP is a commercially available system which, according to some estimates, is used by
approximately 75% of the mortgage servicing mdustry.
33. As set forth in the Memorandum and January Zarro Affidavit,
monetary transactions are posted on MSP in real-time.
34. Thus, when a borrower makes a loan payment to Chase, the
payment is promptly recorded and the loan record is updated MSP also stores data about
payments Chase makes on behalf of the borrower, including tax payments and hazard
insurance, as well as records of communications with borrowers.
7
35. Chase employs a number of internal and external controls to ensure
that the information in MSP is accurate and reliable, including real'lIme posting of
transactions, daily reconciliations, control selfassessment processes, internal audit
review, and testing by Chase' s external auditor, PricewaterhouseCoopcrs. See
Memorandum at 10; January Zarro Affidavit ~ 28.
36. Affiants have desktop access to MSP, and access data in MSP to
complete AOls
Question (c): Describe the Respondent's case processing steps for the review
of information contained in, and tbe execution of, affidavits/certifications
su bmittcd in support offoreclosure proceedings.
37. Chase has developed comprehensive procedures for the review of
information contained in, and the execution of, affidavit/certlficallons submitted in
support of foreclosure proceedings.
38. As noted above, the most commonly submitted
affidavIt/certification submitted in foreclosure proceedings is the AOI . in New Jersey,
the Certification of Proof of Amount Due. Chase has developed model AOls which have
been distributed to Chase's local foreclosure counsel. A copy of the model Certification
is attached as Exhibit 9.
39. When an AOI is required, foreclosure counsel populates the
caption of the AOl.leaving the remainder of the document to be completed by the
Affiant.
40 The AOI is transmitted by counsel to Chase for execution via
Lender Processing Services ("LPS") Desktop, a commercially available system that
8
facilitates communication between counsel and servicers. Chase does not use LPS to
execute foreclosure affidavits/certifications, but rather as a back-office technical solution.
4 I. The AOl is executed pursuant to a comprehensive written
procedure, a copy of which is attached hereto as Exhibit 10: Because there are minor
differences in AOls between states (and in some instances, there are county specific
requirements) Chase provides supplemental instructions to Affiants where a state-specific
AOI IS different from the standard Chase template. Chase is In the process of
determining whether supplemental steps for New Jersey are required, and will finalize
that process when final Rules are issued by the Supreme Court.
42. The AOl procedure requires the Affiant to verify all of the facts set
forth In the AOI, and to write by hand key facts such as the amount of indebtedness. For
example, the Affiant must:
Verify the property address and borrower nanle on the AOI match the
informallon contained in MSP and the loan documentation;
Confirm the loan IS in default, and the foreclosure action has not been
suspended;
Match information on MSP conceming the terms of the loan with the
loan documentation;
4 A small percentage of loans referred to foreclosure prior to a computer system conversion are processed
through a procedure that reqUires the affiant to perform certam calculations manually Chase has
developed a comprehenSive procedure for such executions as well. See Ex. 11
9
COnfil1l1 that thee action ha, been commcnced in the plOper name. and
where the Plaml1flls a third part)'. that the third party has iss ued Chase
a 1'01\: and
o Identify the amounts due. IIlcluding pnncipal, intere,t. escrow, and
corporate advances. and record those amounts by hand on the AOI.
43. Once all infOl111ation in an AOI is contirmed. the Affiant prints
out cenain screenshots from MSP thm retlect the amount due data and appends the
scrcenshots 10 the AO!.
44. Chnse has also dewloped similar procedures Illr other documents
that may be submitted III foreclosure actions (e g . lost docwnent atlida\'its)
45 Chase's aftidavit procedures provide for the signer 10 reject a
document that contains crrOis. and Chase cmployees have been specifically trained nOI to
complete any aftidavlt or certllication if they have any questions about the content or do
not Ilnder,land .my portion of tile document Supervisors arc also available on-site to
answer any questions
46. Once all illfonnal1on in an aftidavn/certilication is verified. the
Amant exc(.Ules the aftidavit/centtiealion. (In states othel than New Jersey. is
completed in the presence of a notary.)
47 The aftidavit/certtficntion is then passed along to quality-check
processe,. descrt bed in detail below.
48 Once an affidavit/certification passes the quality checks. it is
Imaged and then relumed 10 loreclosnre connsel for tiling.
10
Que,tion (d): Has the Respondent established specific procedures for staff to ensure
thaI the information set forth in affidavits/certifications submitted in
proceedings is based on a personal review of Business Records? If so: (il Describe
the procedures; (ii) Produce all documenb evidencing establishment of the
(iii) Produce samples of all documents or screens reviewed hy staff in
the affidavit/certification of indebtedness process; (iv) Provide the numerical range
and average of how much time is spent per loan to review the Respondent's business
records and complete an affidavit/certification of indebtedness.
49 Chase has established specific procedures for Atliams to complete
affidavits/certifications submitted in rOieciosure proceedings based on a review.
by the Aniant, of Chase' s business records.
50. All affidavits/certifications executed lD the ordlllary course of a
foreclosure proceeding are compl eted and signed pursuant to written which
have been draned by Chase, velted by outside counsel and, for certain core documcnts
1I1cluding the AOI. assessed by Deloine & Touche 5
51. The procedures for executmg affidavits/certilications. such as
AOls, arc descnbed above.
52. The AOI procedures. and more generall y, the other affidavit
ewcuti on procedures impl emented by Chase. require the Alliant 10 persollal/y review
Chase's system of record. MSP, as wcll as other Chase systems such as Doelme (which
Ic1lecb real-time data concerning the location of the collateral file). LISA (which re1lects
infonnation about the foreclosi ng party and POAs); and Chase's Imaging systems.
53 Attached as Exhibi t 12 are examples of screenshots revIewed by
affiants III completing a typical AOI. Screenshots submitted with thi s Affidavit have
becn redacted to remove confidentIal or privileged mfomlation. I have not attached
Chase is sometimes rcqullcd to e\ecute case speCific docum.ents, particularly In conrested mattels As
With AOls, Affiants muo;{ venfy alllllformalion before c;\ccuting any affidavlt/cel11tication
11
examples of promissory notes or mOl1gages, but would be pleased to provide examples if
requested.
54. In response to questions concerning the amount of time spent
preparing tUl AOL \\c a supervisor 10 lllne the execution of six AOIs. She
dctcmuned that it lOok her be!\\een 13 nnd 45 mll1utesto exeCllle 3n AOI. and the
average time to complete an AOI was 25 minutes. This does not include the slgnilicant
amount of time spcnt to quality-check the AOI.
55 Importantly, there are no quotas or gUidelines provided to the
Af1iants conceming huw long 1l should take to complete an AOI. Chase's focus is on
process and accurac). not speed.
Question (c): Has the Respondent implemented II truining program for its
staff to review relc\'ant Business Records and .ource documents and
complete foreclosure affidavits/certifications based on a personal review of
such materials'! If so: (i) Describe the program; (iii) Produce copies of all
written materials used and screen samples from powerpoint or other
presentations; (iii) Produce a sllltement thllt all staff who are preparing
affida\'ir-/ecrtifieations have received this training.
56. As set fOl1h in the orig1l1al Memorandull1 and January Zarro
Aftidavll, Chase has. in conjunctIOn with liS outside counsel and advisors. developed a
rigorous InlUllng progralll deSigned to ensure that Chase employees understand the proper
way to complete an affidavit or CCl1llicatlOn.
57 nle training program includes instruction on the rcvkw of'
substantlw inl()nnatlOn from Chase's systems and on the proper procedures for
document execution. Importantly. trainees ale encouraged to seek help from SUPCIVISOf$
and they are specit1cally instructed not to sign any at1idavit or certification where they
are unable to contiI'm the
12
58 There are apPlo,"lmately 400 employees that are part or the
foreclosure document execution process. Each onc. mcluding sIgners and quality control
persolmel. must pass the new training program. wllich consists of classroom training (2.5
days for current employees and 10 days for new employees) and lab work on how to
e,"ccute the applicable documents.
59. In response to Question (e) (UI). all new and current employees
preparing aftidavits/certi!ications have received the traming described above.
60. After traimng, Chase requires each employee who may be asked to
sign such a document or to review it for quality control purposes to meet mdlvidually
wnh an outside atlOiney to contin11 that the employee understood the document e'(ecution
process and IS prepared to proceed Imder the prescrIbed procedures. Employees who do
not pass tillS sCleening certification arc provided additional coaching and/or trallllllg. and
then arc re-screened
61. Gomg forward. Chase wlllimplemcnt a perIodic certllicatlOn
process. pursuant to which the foreclosure analysts \ViII contin11 their compliance "Ith,
and understanding of. Chase's prescrIbed procedures. Chase's mdepcndent audit group
will also pcrform an audn ofthe refonned documcnt execution procedures to ensure that
the revised controls are funCtioning effectively and are sustainable
62 Attached hereto are the current versions of following tmming
materials conceming the execution of AOls and the maintenance of business records:
Execllting Foreclosure Documents. New Hire Sy;tems and
Resources (Parts I and 2) (Exhibit 13);
13
o Executing Documents. Executll1g the ADA (Part 4)
(l:xhlbn 14); and
o Accessmg and Maintaining Business ReCOlds (Exhibit 15).
training matcnals contain annotated scrccnshots ti'om Chase's systems.
Question (I): Has the Respondent established quality a"urance procedures
to insure thllt the established procedures for review of relevant source
documents and completion of affidavits! certifications based on a
personal review of Records are followed in each case? If so: (i)
Describe the procedures; and (ii) Produce copies of all documents evidencing
establishment of qUlllity assurance procedures.
63. Chase has implemented comprehensive quality control and quality
a5sm ance rrograms.
64. As set forth m the Memonmdum and January Zarro Aftidavit, at
present. ever\' affidavit or certification signed by a Chase fOleclosure employee is
a second time by a quality-check analyst.
65 The quality-check analyst performs each of the same steps as did
the slgnel to contiI'm that the factual infonnatlon in the aftidavit or ceI1ification matches
the infonnation contained in Chase's electronic business record systems.
66. If a document fails the quality check, the quality-check analyst and
the foreclosure analyst wIll work together to reconcile the two results so that an accurate
document wIll be tiled.
67. The review of 100% of affidavits and certltications will continue
until Chase m<umgement detennmes th<lt quality levels are consistently high and support
a morc streamlined review gomg forward. At that point, the qualIty-check analysis will
continue WIth random samplings of aftidavits and certilications.
14
68. Attached hereto as Exhibits 16 and 17 are the quality control and
quality assurance procedures used inlhe AOI process. Attached as Exhibit 18 arc
additional quality-check materials used 10 conJirming the proper completlOll of AOls.
69 Finally. attached hereto as Exhibit 19 IS an example of a Flonda
AOI pursuant to Chasc's procedures. together with thc MSI'. LISA and
Doclme screenshots associated with the loan. and the quality-check checIJists used to
continn the accuracy of the anidavit
Question (g): Docs the Respondent have a process for insUI'ing effective and
timely communication with foreclosure counsel in connection with the
completion and execution of foreclosure affidavits/certifications? If so: (i)
Describe the process; and (ii) Describe the procedures that will enable
foreclosure counsel to comply" ith their duties concerning the completion
and execution offoreclosurc affidavits/certifjcations, under the Court Rules
as they are fjnall) adopted by the New Jersey Supreme Court_
70. Chase has processes to help insure the effective and timely
communication with foreclosure counsel in connection with the completion and
execution of foreclosure aftidavits/cenilications.
71 As sct forth above. Chase comlllUlllcates with Il)[ec1osure counsel
through LPS Desktop, a commerCially available application designed for this purpose
Counsel uploads affidavits/certtlications into LPS Dcsktnp for exeeutJOn, and allows
Chase to maintain an audit trail on communications and document execution. Chase also
routmely COml111llllcates With counsel by phone and email.
72. Once uploaded to LPS Desktop. the arc
then assigned to Amants for venfication and e'\eclltJOn.
15
73. As soon m, an aftidavlt/cerlllicallon is executed. it IS then passed
on to quality control and then 4uahty assurance. AlTidavils execUled 111 the OrdlllafY
course are imaged and leturned to counsel.
74. Chase is continuously wOIking to reduce the time it takes to
complete thIS process. and New Jersey counsel can contact liaisons at Chase to request
the expedited execution of a document. ifrequircd. [n addition. attorneys from Chase's
coordinating law fiml. Morgan Lewis, are on-site at Chase's primary document execution
facility to liaise with foreclosure counsel III order to help resolve questions and facilitate
the execution of documents.
75. Chase IS also asslgnlllg specific Affiants to work WIth each outSide
law firm. llIdudlng Chase's counsel in New Jersey. This wIiI facilitate communication
WIth counsel and foster the dey elopment of state-specific cApertise by Affiants.
76. Once the New Jersey Supreme Court Rules are tinaliLed. Chase
Will conduct meetmgs with New Jersey counsel to review all requirements. and \\ill
prO\ Ide WrItten lllstruetlons. as necessary. concerning the method for cOllnsellO upload
documents tell Chase for executIOn
77. Chase subnuts that t h c s ~ procedures will enable foreclosure
counsel 10 comply \\lth theIr dutIes concerning: the completion and c.,ecutIOIl of
fOJ cc losure aftidavits/ccrti ficatiollS.
Conclusion
78. For all of the reasons ,ct forth above. I believe that Chase has
Jeveloped comprehensive well-designed procedures and training. and is prepared to
16
begin the execution of Cemfications and the initiation of foreclosure actions in New
Jelsey.
FURTHER AFFIANT SA YETII NAUGHT.
I declare under penalty of perjury undel the laws of the (Inited States of America
--11/
that the loregoing All/dam is true and correct. Executed on the -+-::;oay of April. 20 II.
in Denton County. Texas.
STATE 01 TEXAS
COUNTY OF DENTON
)
) SS.
)
"
/ '
r HEREBY CERTIFY that on this day personally appeared before me, an officer duly
authorized to administer oaths and take acknowleugments in the County aforesmd.
1'\.; c..Y\<.-""\ R . .:?;c. ,.n> . who is clsonaIL)C.knO-',,, .. ;:rc;IlRcn,plOduced
Ii! / f:>.r as idcntl I ation, and who checuted the
foregoing Affidavit. and acknowledged beforc mc that he had the authority to do so all
behalf of JPMorgan Chase Bank. N A and Chasc Homc Fmance LLC.
I have hereunto sd Iny hand und aftixed Ill} ofticial seal this of Apnl .
20 II.
,

Notary Public
My coml11lssion explrcs:
17
MORGAN, LEWIS & BOCKIUS LLP
(A Pennsylvama LImIted LIabIlIty PartnershIp)
502 Carnegie Center
Pnnceton, New Jersey 08540
609 919.6600
Attorneys for Respondents
JPMorgan Chase Bank. N A and
Chase Home Finance LLC
IN THE MATTER OF RESIDENTIAL
MORTGAGE FORECLOSURE
PLEADING AND DOCUMENT
IRREGULARITIES
FILED Apr 07, 2011
SUPERIOR COURT OF NEW JERSEY
CHANCERY DIVISION
GENERAL EQUITY PART
MERCER COUNTY
DOCKET NO. F-059553-1O
CIvil ActIOn
CERTIFICATION OF FACSIMILE
SIGNATURE OF MICHAEL R. ZARRO
______________ ---' PURSUANT TO RULE 1:4-4(c)
Chnstopher C. Loeber, bemg of full age, certIfies and says:
I am a partner in the law finn of Morgan, LeWIS & BocklUs LLP, counsel for JPMorgan
Chase Bank, N.A. and Chase Home Finance LLC in the above.
I submIt thIS certlficalton in support of the Affidavit of Michael R. Zarro Constituting
JPMorgan Chase Bank N.A.'s and Chase Home Fmance LLC's Prima FaCIe Showmg, dated
April 7, 2011. Pursuant to Rule I 4-4(c), we have submitted a facsimile of the signature page of
Mr Zarro, Selllor Vice President in charge of Default SpecIalty Operations at JPMorgan Chase
Bank, N.A If requested by the Court or a party, the original signature will be filed.
Dated' April 7, 2011
MORGAN, LEWIS & BOCKIUS LLP
Attorneys/or Respondents
JPMorgan Chase Bank, N A and
::">eHome F8)
Chnstopher C. Loeber
McELROY, DEUTSCH; MULVANEY & CARPENTER, LLP
1300 Mount Kemble Avenue
P.O. Box 2075
MOrristown, New Jersey 07962
Telephone: (973) 993-8100
Facsimile: (973) 425-0161
-and-
MORGAN LEWIS & BOCKIUS LLP
One Market, Spear Street Tower
San Francisco, California 94105
Telephone: (415) 442-1000
Facsimile: (415) 442-1 001
Atlomeys for Respondents
JPMorgan Chase Bank, N.A. and
IN THE MATTER OF
RESIDENTIAL MORTGAGE
FORECLOSURE PLEADING AND
DOCUMENT IRREGULARITIES
!SUPERIOR COURT OF NEW JERSEY
t:HANCERY DIVISION
pENERAL EQUITY PART
!MERCER COUNTY
~ O C K E T NO.: F-059553-IO
I Civil Action
I
AFFlDA VlT OF MICHAEL ZARRO IN SYPPORT OF THE RESPONSE OF
JPMORGAN CHASE BANK, N.A- AND CHASE HOME FINANCE LLC
TO ORDER TO SHOW CAUSE
STATE OF -"O,-lt..:..I-"O ___ )
)SS:
COUNTY OF frzll!JKVN )
AFFIDAVIT OF MICHAEL ZARRO
(, Michael Zarro, being duly sworn, depose and state the following:
1. ( am the Senior Vice President in charge of Default Specialty Operations
at JPMorgan Chase Bank, N.A. ('JPMC").
2. I have been employed by JPMC and its predecessors since 1994 and am
'responsible for the support and management of the disposition ofassels secured by real estate,
including the foreclosure process.
3. In that capacity, I am a senior member of Chase's team working to analyze
and remediate issues with respect to the execution by Chase employees of documcnts used in
foreclosure proceedings and other related issues.
4. I am submilling thts Affidavit in support of the Response to the December
20, 20 10 Order to Show Cause ('Order"). This Affidavit is based on mformation, beltef and
personal knowledge.
I. THE RESPONDENTS AND THEIR LENDING AND SERVICING BUSINESSES
5. JPMorgan Chase & Co ("JPM," NYSE: JPM) is a financial services
holding company, and is a leader in investment banking, financial services for consumers, small
business and commercial banking, financial transaction processing, asset management and
private equity.
6. Respondent JPMC, a subsidiary of JPM, is a national banking association
with branches In 23 states.
7. Respondent Chase Home Finance LLC (UCHF." and with JPMC.
"Chase'), a subsidiary of JPMC, IS the third largest mortgage servicers In the country, servicing
over 9 million loans throughout the country. As a mortgage servicer, CHF is responsible for the
day-to-day management of loan accounts, includmg handling customer inquires, collecting and
crediting loan payments, reporting and remitting to investors, payment of taxes and Insurance,
engaging in loss mitigation efforts to keep borrowers in their homes and, as a last resort,
pursuing foreclosure proceedings.
8. A borrower's relationship is typically with the mortgage servicer, rather
than the lender. The servicer o lien difTers from the entity that originated the mortgage loan at the
time of clOSing Sometimes a serviced loan is owned and held by the servicer or a related entity,
with the servicer acting on its own behalf Other times, the servicer has a contractual
relationship with the ownerlholder of the loan and acts in an agency capacity on that entity's
behalf. Other servicing functions Include: sending default notices to delinquent borrowers;
negotiating loss 111ItigatlOn workout deals such as loan modificallons and repayment plans;
engaging local foreclosure counsel if necessary; and directing the foreclosure action as the client
of the foreclosure firm (regardless of whether the foreclosure is brought in the name of the
servicer or in the name of the holder or owner of the loan - a decision generally gUIded by the
servicer's agreement with the ownerlholder).
9. JPMC has 225 branches in the state of New Jersey. CHF IS headquartered
in Iselin, New Jersey, and collectively, Chase employs more than 6,000 people in the state.
2
Chase is a lender on more than 80,000 loans in New Jersey, and currently services more than
270,000 loans in the state.
10. In 2010. Chase lent approximately $1 06 billion in home loans nationwide,
includtng $4.7 billion in New Jersey.
II. CHF services loans originated by Chase as well as loans originated andlor
owned by other lenders including Government Sponsored Enterprises ("GSEs") (e.g., Freddie
Mac and Fannie Mae) and private investors who hold pools of loans in securitized trusts. By
contract, JPMC has appointed CHF as sub-servicer for loans serviced by JPMC.
A. Chase's Procedure to Avoid Foreclosure Actions
12. Chase works hard, with respect 10 every customer, to avoid foreclosure
because Chase knows how imponant it IS to treat homeowners fairly, and also because it's good
business. Poreclosure causes morc loss to lenders and servicing companies than working with
customers to modifY loans under one of the federal. state, and private programs available to
assist struggling homeowners.
13 Before commencing a foreclosure lawsuit, Chase engages in significant
efforts to avoid roreclosure even after a loan is in default. Based upon 2010 foreclosure referrals
in New Jersey, the average time between the contractual due date and the commencement of a
foreclosure proceeding is 220 to ~ 4 0 days.
14. In each case, Chase's policy is to undertake a careful, multi-step review of
the loan and Chase makes substantial attempts to provide the borrower with alternatives prior to
initiatmg a roreclosure proceeding. In many cases, these loss mitigation efforts continue during
3
the foreclosure proceeding. On average, Chase will have altempted to contact a borrower mare
than 100 times between the time the loan becomes delinquent and the foreclosure sale.
1 S. Specifically, when a loan IS identified as delinquenl, Chase makes
repeated efforts to contact the borrower by telephone and by letter to invite a discussion of
altematives to foreclosute
16. If the account remains delinquent, Chase issues a Notice or Intent to
Foreclose leuer consistent with New Jersey"s Fair Foreclosure Act.
17. When collection efforts are exhausted, Chase again attempts to bring the
.
account current. utilizing a variety of options that would permit the borrower to retain his or her
home, including, as appropriate, modification, reinstatement. deferment, borrower stipulations,
temporary forbearance, repayment plans or onctime payments from FHA insurance. Eligible
borrowers are offered modifications under: (a) the federal Home Affordable Modification
Program ("'HAMP"); (b) Chase's Home Affordable Modification Program ("CHAMP") if they
do not qualify for HAMP; or (e) a program specifically prescribed by the aSEs.
18. Ifnone of these home-rctention options can be used in a borrower's
particular circumstances, Chase then offers other programs which provide an orderly mechanism
for the homeowner to relinquish title and avoid foreclosure. One example is a "short sale" when
the borrower owes more than what the home is worth. Short sales allow struggling homeowners
to sell the propeny and salisfy their obligations to Chase, which generally will waive the right to
seek a deficiency judgment on the nOle. Another example is a "deed-in-Iieu
which permits a borrower to transfer ownership of the property to Chase (if It is free of other
4
liens) in satisfaction of the mortgage. These options may be significantly more favorable to the
borrower than a foreclosure, as they provide some borrowers control over the sale timing and
over the date when the borrower is required to vacate the property.
19. Chase has a dedicated team of approximately 2,000 mortgage relationship
managers available to meet with customers in person or by telephone to discuss altematives to
foreclosure. Chase also has established: (a) 51 Chase Home Ownership Centers. including two
in New Jersey, where borrowers cnn meet face-to-face with a specially trained loan advisor who
is focused exclusively on helping Chase customers keep theIr homes; (b) a toll-free number for
borrowers to call; and (c) web-based resources providing information on loan modifications and
other options.
20. Since early 2009, Chase has offered to modify approximately 1,020,000
home loans since early 2009, including 30,000 in New Jersey, of which approximately 7,500
were completed.
21. Only after all other options are exhausted and prove unavailing, and
provided there are no other reasons why foreclosure is premature, will Chase refer the loan to
foreclosure. This typically occurs when the loan has been delinquent for between 220 and 240
days. based upon 20 I 0 New Jersey foreclosure referrals. Loss mitigation efforts do not cease
once the loan is referred to foreclosure. Rather, during the foreclosure process, workout efforts
occur on a parallel track With homeowners consistently being provided opportunities to resolve
the default prior to sheriffs sale.
s
22. Before referral, and twice again before a foreclosure sale is completed,
Chase procedures require e v ~ r y loan to be subjectcd to foreclosure review. The first review is
condu.ctcd prior to the referral to foreclosure. Two additlonal reviews arc performed prior to a
foreclosure sale - one at approximately two to three weeks before the scheduled sale date, and
another approximately 72 hours prior to the sale Each is designed to confirm that the
foreclosure and sale are proper and that Chase has complied with all applicable processes and
guidelines. The teams confirm, among other itcllls, that the loan is past due, and that Chase has
complied with all of its prc-referral procedures. including efforts to contact the borrower to
discuss alternatives.
23. Since the start of2010, Chase's policy has been to subject 100% of its
serviced loan portfolio to a foreclosure review process.
B. Submission of Affidavits In Foreclosure Proceedings
24. When foreclosure cannot be avoided, and the loan review team confirms
that all criteria for foreclosure are met, Chase refers the loan to outside local counsel to
commence foreclosure proceedings. At that time, Chase provides its counsel with information
about the loan .nd default, and with the key documents necessary to pursue foreclosure.
25. In states where foreclosures are accomplished throughjudtcial
proceedings. Chase typically submits a verification of indebtedness setting forth the amount due
by the borrower. For uncontested matters In New Jersey, Chase submits a Certification of Proof
of Amounts Due in accordance with Rules 4.64-2 and I :4-4(b) ("Certification',). The
Certifications arc not notarized. In other states which do not allow for the use of a certification
in lieu of affidavit. Chase onen submits a notarized affidavit of indebtedness ("AOn.
6
Certifications arc typically submitted in New Jersey along with the application for judgment.
Other documents submitted with the judgment package are generally already in the possession of
foreclosure counsel (i.e., the note, mortgage, and assignments, if applicable), although there may
be instances where Chase provides additional information of documents at counsel's request.
Depending upon the status of the loan, the jurisdiction, and whether or not the foreclosure action
'IS contested, other documents may be submitted as well.
C. Chase's Books and Records
26. To manage the loan accounts, Chase uses its system of record, Mortgage
Servicing Package ("MSP"). to maintain up-to-date information concerning, among other things,
the stalus of the loan and payment history. MSP is a commercially available system which, .
according 10 some eSlimates, is used by approximately 75% of the mortgage servicing industry.
27. Monelary transactions are posted on MSP in real-time (transactions arc
batched and updated nightly) Thus, when a borrower makes a loan payment 10 Chase. the
payment is promptly recorded and the loan record is updated. MSP also stores data about
payments Chase makes on behalf of the borrower. including tax payments and hazard insurance,
as well as records of communications with borrowers.
28. Chase employs a number ofinternal and external controls to ensure that
thc information in MSP IS accurate and reliable, including real-time posting of transactions, daily
reconciliations. control self-assessment processes, internal audit review, and tesling by Chase's
cxternal auditor, PricewaterhouseCoopers. Chase also relies on the integrity of its hard copy
loan files, most of which are maintained in a secure facility of JPMorgan Chase Custody
Services in Monroe, Louisiana. These files typically contain original noles. Images of those
7
hard copy files are maintained on an imaging system. Files pertaining to a small percentage of
loans serviced by CHF are stored with third-party custodians.
29. Most borrowers receive monthly loan statements reflecting, among other
items, the unpaid principal balance, interest rate. and the amount of the outstanding mdebtedness.
Borrowers also receive annual Form 1098 and 1099 tax statements, as appropriate. Escrow
accounts for taxes andlor insurance are reconciled at least once per year as required by federal
law. and borrowers are provided with annual escrow disclosure statements. Similarly, most
borrowers also have access to key information about their loan through Chase.com.
30. When a loan is in default. breach and default letters arc sent notifYing the
borrower that Chase intends to commence a foreclosure on the property. These letters comply
with state law and typically Identify the amount of indebtedness.
D. Chase's Decision To Tempornrily Halt Mortgage Foreclosure Proceedings,
Sales, And Evictions In New.Tersey
31. Chase has identified certain deficiencies in its historical practiccs for
..
execullon. Specifically, Chase's revIew identified instances when a Certification to be
svbmitted in support of an application ror final Judgment was prepared. and the calculation
amount due and the review of the supporting financial mformation was often conducted by a
Chase employee other than the person who signed the Certification. I In addition. some
Certifications included Jegal conclusions or other information that Chase personnel did not-
and, as non-lawyers. often could not- verify.
In certain clrcumstllllces. foreclosure counsel would perform the calculalion oflbe mnount due. whIch was
reVIewed by a Chase employee olher than the p .... on who signed the Certification
8
32. The facts set forth in the Certifications with respect to the borrowers'
indebtedness. the uncured default, and the amount of the debt were verified by Chase employees
prior to the execution of those Certifications by consulting the company's books and records,
which are subject to extensive internal and external controls.
33. Beginning on September 28, 20 I O. Chase implemented a temporary halt to
obtaining foreclosure judgments in 43 states, including New Jersey. Subsequently, Chase
announced that it would halt foreclosure sales of properties In which foreclosure judgments had
been obtained. Chase also halted evictions in New Jersey and most other statcs.
34. Chase has no basis to believe that any foreclosure proceedings were
pursued with respect to non.delinquent borrowers.
35 . Whatever issues may have existed In the process by which Certifications
were executed, Chase is not aware of any instance where a foreclosure was improperly instItuted
or pursued as a result qf document execution issues.
E. Foreclosure Proceedings Were Only Commenced Aller Uncured Deraults
36. ' Chase's systems require sigmficant manual intervention in order to
recreate nccount balance data at nny specific point in time. Because account activity- such as
payment of property taxes or hazard insurance - may hove occurred since the was
completed, there is no practicol way for Chase to compare each Certification on file in New
Jersey in an automated faShion to confirm the accuracy of each line item in the Certificatlon at
the time it was executed.
9
37. Chase is able, however, to confirm that the borrower remains 10 default
today and that the current indebtedness is greater than it was at the time the Certification was
submitted Thus, although Chase systematically cannot verify that the amount of outstanding
indebtedness listed in the Certification was accurate to the penny when executed, Chase believes
that the current higher balance due is sufficient to assure that the information in the Certification
was not inaccurate in any material respect at the time It was executed.
38. While Ihe Certifications were, of course, subject to human error, the lack
orany meaningful volume of objections to those Certifications speaks to the material accuracy of
the mformation contained in Ihe documents
39. As of November 30,2010, CHF is lhe servicer on approximately 14,000
loans that are the subject of pending foreclosure cases in New J e r s e ~ ' . Certifications were
submitted in a portion of these cases, and as the Court has directed, Chose is reviewing the
Certifications filed in each of these actions.
40. To date, Chase has not identified or become aware of any systematic
deficiencies in its processes that caused it to pursue foreclosure actions without merit.
II. CHASE HAS TAKEN, AND CONTINUES TO TAKE. SIGNIFICANT STEPS TO
REMEDIATE DOCUMENT EXECUTION ISSUES
41. During the past three months, Chase voluntarily has undertaken a
comprehensive review and overhaul of its document execution processes, addressing many ofth.
Issues that may be assigned to the proposed Special Master. This review and overhaul- which is
far along but still ongoing - has involved:
10
Suspending foreclosure actions and sales in 43 states and territories
(including New Jersey);
o Retaining outside counsel and independent consultants to assist Chase in
reviewing its practices and procedures for preparing foreclosure affidavits;
o Assessing the extent and nature of deficiencies in previously-filed
affidavits and related court filings in pending foreclosure actions;
Developing model affidavits for each state (including a model
Certification of Proof of Amount Due in New Jersey) that fully conform
with applicable local requirements;
Designing and testing new procedures for Chase employees to complete
affidavits;
Designing and implementing quality control and quahty assurance
procedures;
Preparing and implementing an intensive training program for Chase
employees who complete affidavits:
Revising and enhancing Chase's audit plan for reviewing the practices of
local foreclosure counsel; and
Developing a plan and process for the remediation of previously-filed
affidavits.
A. Cbase Has Developed Standardized Model Affidavits ofIndebtedness and
Certifications of Proof of Amount Due
42. Historically, Chase relied on local foreclosure counsel to develop the form
of affidavit andlor certification appropriate with.in their respective jurisdictions. Many local
foreclosure counsel had their own template forms and, as a result, Chase employees had to
familiarize themselves with hundreds of affidavit and Certification forms. As noted above, this
problem was exacerbated by the fact that some local foreclosure counsel included legal
conclUSions and other statements in the Certifications that the signers need not, and should not,
have been asked to affirm.
II
43. To address tbis concern, Cbase developed standard models in each state
tbat uses such a document. In New Jersey, Chase developed a model Certification of Proof of
Amount Due to be used by all Chase foreclosure counsel in New Jersey cases, which includes
tbe Amount Due Schedule set fOrlh in AppendiK XlI-J of the Court Rules. Chase communicated
with each foreclosure counsel it uses in New Jersey, as well as with a separate law firm engaged
to serve as an independent adVisor, to arrive at this standard Certification and Chase's policy is
t/tat it will be l/sed in every existing case where a substituted Certification is appropriate, and
in every new case goingforward wheJlu Certification is required. A copy of the model
Certification is annexed hereto and incorporated herem as Exhibit I.
44. By standardizing its forms, Chase is able to develop uniform procedures.
training, and quality control mechanisms. In addition, the model Certification Will ensure that
future Certifications (and affidavits in other states) contain only the information that Chase
employees are able 10 affirm.
B. Chase Has Developed New Procedures and Quality Control Mechanisms
45. Over the pas! 90 days, Cbase bas developed, tested and revised new
procedures for executing sworn documents, including verifications of indebtedness. Where
necessary, these processes are being lailored to state-specific requirements. including any special
requirements of New Jersey. The procedures provide for multilayer quality control and quality
assurance testing followed by audit reView, and Cbase has engaged Deloine & Touche LLP to
independently review tbe procedures.
46 The new procedures generally provide for Chase to receive a form
verification (in New Jersey, a Certification) from foreclosure counsel. A trained Chase
12
foreclosure analyst will then confirm the information about the loan and the default, and access
Chase's MSI' system to determine, and record by hand on the Certification, the amounts due and
owing.
47. Chase's procedures provide for the signer to reject a document that
contains errors, and Chase employees have been specifically trained nol to complete any
affidavit or certification if they have any questions about the content or do not understand any
portion of the document. Similar procedures have been and continue to be developed for other
sworn documents, such as lost assignment affidaVits, and notarized unsworn documents such as
assignments of mortgage.
48. At present. every affidavit or certification signed by a Chase foreclosure
employee will be reviewed a second time by a quahty-check analyst. The quality-check analyst
performs each of the same steps as did the signer to confirm that the factual information in the
affidavit or certification matches the information on Chase's electronic business record systems
If a document fails the quality check, the quality-check analyst and the foreclosure analyst will
work together to reconcile the two results so that an accurate document will be tiled.
49. The review of 100% ofaffidavlls and certifications will continue until
Chase management determines that quality levels are consistently high and support a more
streamlined review gomg forward. At that point, the quality-check analysis will continue with
random samplings of affidavits and certifications.
SO. The aforementioned quality control process is being tested and
independently validated through a Control Self Assessment and Quality Assurance process
13
..
conducted by an independent operational risk and control team. Chase's independent Intemal
Audit team will provide, on a sampling basis, a third layer of review and validation. Finally,
Chase has engaged Deloitte & Touche LLP to independently review Chase"s procedures to
ensure they are sound and contain no observable gaps.
5 J . Chase has nearly completed refining its process for execution of these
documents, and nonc will be submitted to the courts in New Jersey until the process is finalized
and has been subjected to DeJoitte & Touche LLP's review.
52 To provide further assurance that no borrower improperly loses a home to
foreclosure, Chase has revised its policies 10 require a "last clear check" in its ongoing
foreclosure sale process, which will also be Implemented in New Jersey once the foreclosure halt
is lifted. Prior to foreclosure sale (and eviction. if applicable), Chase will review the MSP
system 10 ensure that the loan is 15 J or more days past due. thaI appropriate outreach to the
borrower was attempted by Chase. and that a search of the Department of Defense database
confirmed that the borrower's military status did not provide an exemption from foreclosure
This is at least the second check of United States military records. as local foreclosure counsel
performs its own search of the Department or Derense database in connection with its application
for default. Sea Rule I :5-7. Foreclosure counsel may also perfonn searches at other points in
the foreclosure
53. To confirm that these steps are followed meticulously and that documents
nrc prepared and executed properly, Chase will track each document. including the name of the
responsible roreclosure analyst. Chase will also monitor and track the results from the quality
eheck process.
14
C. Chase Has Developed and Implemented A New Training and Certification
Program
54. Chase is committed to ensuring that the preparation and execution of
documents satisfy all evidentiary standards, and that any document signed by Chase and filed in
court is accurate and complies with all legal requirements.
55. To that end, Chase has, in conjunction with its outSIde counsel and
advisors, developed a rigorous training program designed to ensure that Chase employees
understand the proper way to complete an affidavit. The program includes instruction on the
review of substantive mfonnation from Chase's systems and on the proper procedures for
document execution. Importantly, tramees are encouraged to seek help from supervisors and are
specifically instructed not 10 sign any affidavit or certification where they are unable to confirm
the contents.
56. There arc approximately 400 employees that are part of the foreclosure
document execution process. Each one, including signers and quality control personnel, must
pass the new training program, which consists of classroom traming (2.5 days for current
. employees and 10 days for new employees) and lab work on how to execute the applicable
documents. After training, Chase requires each employee who may be asked 10 sign such a
I
document or to revIew it for quality control purposes to meet individually wilh an outside
allQrney to confirm that the employee understood the document ex.ecution process and is
prepared to proceed under the prescribed procedures. Employees who do not pass this screening
certification are provided additional coaching andlor training, and then are re-screened.
15
,"
57. Going forward, Chase will implement a periodic certification process,
pursuanl to which the foreclosure analysts will confinn their compliance with, and understandmg
of, Chase's prescribed procedures. Chase's independent audit group will also perfonn an audit
of the reformed document execution procedures 10 ensure that the revised controls are
functioning effectively and are sustainable.
D. Review of New Jersey Court Files
58. As discussed above, Chase has developed a comprehensive plan to address
the issues raised by the Court's Order to Show Cause. As part of this plan and before the Order
to Show Cause was issued, Chase voluntarily began a thorough review of every open file in New
Jersey to detennine whether the file contained documents that may have been improperly
executed. In accordance with the Administrative Order and the new amendments to Rules 1:5.6,
4:64\ and 4 642. Chase is reviewing these liIes to confinn that the facts provided to foreclosure
counsel and now contained in court documents are accurate in all matenal respects To the
extent facts cannot be verified or errors are identified, Chase will submit a new Certification.
FURTHER AFFIANT SA YETH NAUGHT.
I declare under penalty of perjury under the laws of the United States of America that the
foregoingAffiduvlI is true and correct. Executed on t h ~ d a y of January. 2011, in
~ ~ County. OM \ 0
16
STATE OF dIzi,g )
) SS:
COUNTY OF C4Mt,UvtV )
1 HEREBY CERTIFY that on this day personally appeared before me, an officer duly
authorized to administer oaths and take acknowledgments in the County aforesaid. Michael
Zarro, who 15 personally known to me or produced -Lr. .... J'>---"JJ<.;L.""-_______ _
as identIfication. and who executed the foregoing Affidavit, and acknowledged before me
that he had the authority to do so on behalf of JPMorgan Chase Bank, N.A. and Chase Home
Finance LLC.
[ have hereunto set my hand and affixed my official seal this ~ a y of January, 20 II.
My commISSIon expires: ,;,ft, /11
17
~ I ??j !!U#
Notary Public
KATHERINE M. SEEDS
NOI2!y Public. SI31S 01 0!lI0
MY Convi\I!lion bpltaJ 02.(16-\ 1
CERTIFICATION PURSUANT TO R. 1:4-4
1 hereby certify that the within is a facsimile signature of the original signature I further
acknowledge the genuineness of said signature'and that the original signature will be filed if
requested by the Court,
Dated: January 5, 201 1
McELROY, DEUTSCH, MULVANEY &
CARPENTER, LLP
Attorneys for Respondents,
JPMorgan Chase Bank, N.A. and

Zarro Inference 3 The Affidavits of Michael Zarro

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VI CTORY OVER CHASE: HOW TO WI N AT THE DI SCOVERY GAME WHEN LI TI GATI NG AGAI NST JPMORGAN CHASE BANK NA

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