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Back ground Information Virtually all single-family residential mortgage loans are classified as federally related mortgage loans. See United States Code, Title 12 Banks and Banking, Chapter 27 Real Estate Settlement Procedures, Sec. 2602 Definitions; Sec. 2604 Special Information Booklets; Sec. 2802 Definitions; RESPA Reg. X, Sec. 3500.2 Definitions; 3500.5 Coverage of RESPA; 3500.6 Special Information Booklet At Time Of Loan Application; and Sec. 3500.8 Use of HUD-1 or HUD-1A Settlement Statements Either on the day of closing or, within a few days, and up to several months after closing, the originating banking entity will most likely sell the mortgage and promissory note to a GSE (government sponsored enterprise) such as; Freddie Mac or Fannie Mae, or perhaps to a private banking entity if a sub-prime loan. In most cases the bank will have made arrangements to either: (1) Sell the mortgage note on the day of closing or, (2) Use the mortgage note to obtain a temporary line of credit from what is called a warehouse lender or, (3) Use the note to obtain table funding. Please note that definitions of warehouse lender, and table funding, can be looked up on an Internet search engine for greater detail. To learn more about the GSE players see United States Code, Title 2 The Congress, Chapter 17A Congressional Budget and Fiscal Operations, Secs. 621 and 622; Title 12 Banks And Banking, Chapter 13 National Housing, Subchapter III National Mortgage Associations, Sec. 1717 Federal National Mortgage Association and Government National Mortgage Association; Title 12 Banks And Banking, Chapter 46 Government Sponsored Enterprises, Sec. 4501 Congressional Findings; Sec. 4502 Definitions; Chapter 46 Government Sponsored Enterprises, Subchapter I Supervision And Regulation Of Enterprises, Part A Financial Safety And Soundness Regulator, Sec. 4511 Establishment Of Office Of Federal Housing Enterprise Oversight; Sec. 4512 Director; Sec. 4513 duty And Authority Of Director; Part B Authority Of Secretary, Subpart I General Authority, Sec. 4543 Public Access To Mortgage Information; Chapter 13 National Housing, Sec. 1723a General Powers Of Government National Mortgage Association and Federal National Mortgage Association and; Chapter 16 Federal Deposit Insurance Corporation, Sec. 1811 Federal Deposit Insurance Corporation It is believed that all GSE’s, such as; Freddie Mac, Ginnie Mae, Fannie Mae & Federal Home Loan Bank have, and are still, subject to Freedom Of Information Act and Privacy Act requests contrary to the GSE opinions of the past few years. See U.S.C., Title 5, Sec. 552 Public Information, Agency Rules, Opinions, Orders, Records and Proceedings. This is based on the following: “Federal Home Loan Mortgage Corporation was “agency” subject to disclosure and reporting requirements of this section. See Rocap v Indick, C.A.D.C. 1976, 539 F.2d 174,176 U.S. App.D.C. 172”
conveyed or transferred from one mortgage servicer to another. 3500. Taxpayer Services Div. the court held that Petitioner is a federal agency within the scope of “government controlled corporation” term of Title 5 USC Section 552(e).. Technical Services Bureau. of Taxation and Finance. One can send written inquiries to the mortgage servicer requesting information pertaining to one’s mortgage loan. THIS MEANS FILING A CIVIL ACTION IN YOUR LOCAL FEDERAL DISTRICT COURT TO FORCE COMPLIANCE. Chapter 11A Federal Home Loan Mortgage Corporation. Title 12 USC Section 1452(f) provides that Petitioner is deemed to be an agency of the Federal government for purposes of Title 28 USC Sections 1345 and 1442. and When by which the GSE transfers the mortgage note into a mortgage securities trust. Chapter 27 Real Estate Settlement Procedures. Why. State of New York Commissioner of Taxation and Finance. When such a servicing transfer is made the previous and future mortgage servicers are required by federal statute to give written notice of such transfer to the mortgagor. Sec. From time to time the mortgage servicing contract is assigned.” WILL A GSE READILY COMPLY WITH A FOIA REQUEST. The servicer takes their servicing fee off the balance and sends the remaining balance of principal and interest onto the GSE. 2605 Servicing Of Mortgage Loans And Administration Of Escrow Accounts. Terms And Conditions Of Sale Or Other Disposition. they take a percentage of that payment and put it into an escrow account to cover property taxes. road or other assessments. Petition # M901026A from Federal Home Loan Mortgage Corp. will sign a mortgage servicing contract with that GSE who bought the mortgage. Transfer Gains Tax. Authority To Enter Into. Title 12 immediately above. Conventional Mortgages. The monthly mortgage payments are sent to that mortgage servicer.S. and Sec. 16. Residential Mortgages. Sec. Title 12 Banks And Banking. or a private banking entity. Regulations For Real Estate Settlement Procedures Regulation X. See also for further explanation United States Code. Generally [that means not all the time] the banking entity that sold the mortgage. Page 4. A separate update to this work will be coming shortly explaining the details of the Who. MOST PROBABLY NOT. The servicer does have to tell the homeowner per RESPA. Title 12 Banks And Banking.C. See United States Code. and thus is an “agency for purposes of the Freedom of Information Act (5 USC. Part 3500 Real Estate Settlement 2 . The homeowner can make a phone call to their current mortgage servicer and simply ask who owns the mortgage & note. Perform And Carry Out Transactions. Sec. “Also. How. 1454 Purchase And Sale Of Mortgages. Sec. sewer. and promissory note to a GSE. Part 3500 Real Estate Settlement Procedures Act. meaning that the banking entity is now the mortgage servicer. homeowners insurance.2 Definitions. 3500.21 Mortgage Servicing Transfers The private banking entities follow the same practice as the GSE’s in regards to mortgage servicing. 2605 Servicing Of Mortgage Loans And Administration Of Escrow Accounts and. Chapter 27 Real Estate Settlement Procedures. and note. dated Sept. TSB-A-91 (9) R Real Property. Section 552).New York State Dept. See U. Where. sold. 1991 Petition for Advisory Opinion. Moreover in Rocap v Indick (1976) 176 App DC. Real Estate Transfer Tax.
based on Citicorp pleadings that Freddie Mac [in this instance] would endorse.Procedures Act. 1988. Sec.A. For complete details please obtain this case for your reading/review.Supp. Sec. mortgage loan number. Title 12 Banks and Banking.O. and escrow on deposit in debtor’s account were not property of debtor’s estate though Corporation did not hold original mortgages in its name. designated a party [in writing] to act as foreclosure commissioner. A great many of the several state allow non-judicial foreclosure actions. the mortgage/note over to the servicer [un-recorded] so that it in turn could file an assignment over to the new servicer. It would be interesting to discover if the foreclosing party’s law firm did. request to the Sec. 3 . 145 In the federal district court case of Myers v.” In re Cambridge Mortg. “Federal Home Loan Mortgage Corporation was owner of notes and mortgages being serviced by debtor. See Sec. the only person that has the authority to commence which such an action is the Secretary of Housing And Urban Development (HUD). Since this was not raised as an issue by either party to the case this court could not rule on the multiple numbers of assignments back and forth.C. possess such authority to act as a foreclosure commissioner as this may raise another issue of defense. the GSE. 3500. See United States Code.I. The servicer would immediately thereafter re-endorse.A. (e) Duty of loan servicer.. of HUD ordered the foreclosure or. meaning that no court action is required or necessary. 878 F. Title 11 Bankruptcy.21. and thus principal. and assign. and mortgage servicer. and record said assignment at the county. and complete address of the property.I. request the homeowner MUST reference the mortgage originator. Corp. and assign. 1553 (1995) that court made comment on the fact.. in that Corporation was holder of original notes.R.21 Mortgage Servicing Transfers. or had a home foreclosed upon in the past. current mortgage servicer. As to mortgage foreclosures of single family residential mortgages that are federally related mortgage loans.O. See U. Bkrtcyl. Citicorp Mortg. of HUD asking for those documents in which either the Sec. 92 B. interest.S. chapter 38A Single Family Mortgage Foreclosure. in writing. CV-94-A-1019N. to send a F. It may take several weeks to get a response. or did not. natural or un-natural persons (corporations) to act as his foreclosure commissioner. (ii) A mortgage servicer for a GSE does NOT own the mortgage and promissory note meaning they do not have any equity interest in the mortgaged property. 3500. does have the authority to designate. The Sec. Sections 3752 – 3764 Now it may behoove a homeowner that had a ‘federally related mortgage loan’ who is facing mortgage foreclosure.D.A. this is the ‘annotated’ version as opposed t the bare bones statute. Mere publication in a newspaper of general circulation for a four week period is all that necessary to complete such foreclosure action.C. However some of the several states do require judicial mortgage foreclosure actions so you need to check into your state’s statutes to see how mortgages can be foreclosed. Inc. such written request MUST be sent within the first year of the date of servicing transfer. HOWEVER. In that F.S. (2) Qualified written request. said mortgage/note back to Freddie Mac. 541 Property Of The Estate.
(4) Change of trustee in a Deed of Trust (5) Any other type/form of document relating to the mortgage You need to gather up all such documents already in your possession. The assignments of mortgage.I. Documentation you need to gather up All documents. CV-94-A-1019-N. The endorsements of the note from the GSE to each and every mortgage servicer. 7. or Fannie Mae’s single-family servicing Guide for details. mortgage servicers. An Assignment of Mortgage is normally worded to the effect that the mortgage originator sold.A. (1) Mortgage contract. Such as. and Myers v. and note. of whatsoever nature. Match what you have at home against what was recorded to see if any thing is different. In the case of a GSE actually owning the mortgage and note that Assignment of Mortgage showing that the last previous mortgage servicer sold the mortgage and note to the now current mortgage servicer is a smoke screen. 878 F. Front and back sides of the Mortgage. 1553 (1995) Now. 2. recorded against the mortgaged property in the local county register of deeds/recorders office commencing from the date of the mortgage closing up to most recent filing. The same as in 5 above but.Supp. or transferred the Mortgage. conveyed. See.. from the mortgage servicer back to the GSE. and every mortgage servicer. The listings of past and current document custodians. 4 . The servicing contract between the GSE and any and all previous mortgage servicers. (2) Assignment of Mortgage. The same as in 6 above but. or Privacy Act request to that GSE to produce certified copies of: 1. Freddie Mac’s. There have been instances in which the Mortgage. and Promissory Note. Inc. Citicorp Mortg. Deed of Trust. (3) Deed of Trust. and current.O. 3. 8. 4. and Note over another banking entity who has become the new mortgage servicer handling you monthly mortgage payments. Those papers generated by the lender prior to the mortgage closing in order to see if they made arrangement to sell the mortgage note prior to the closing or arrangements to use the mortgage note to obtain a line of credit in order to back the check issued to the seller.B. and Note recorded at the county were NOT the same as was given to the home owner at time of closing. 5. including letters from all past. and note. if the home owner knows that a GSE did in fact purchase the mortgage. who are the proper party to hold all the documents pertaining to the mortgage in safe keeping. Put them into chronological order. 6. There may be more than one such Assignment of Mortgage recorded depending on how many changes in the mortgage servicers. assigned. for example. from the GSE to each. from the mortgage servicer back to the GSE. and Note. from the mortgage originator one can send either an F.
. (6) You need to check into the signature of the Notary Public that signed.A..O..D.I. (4) You need to check on the various WEB sites listing such persons names. from whom that Notary obtained their office. C.I. or Bureau. on each document to see from the WEB site of the state Secretary of State. request can be sent to them asking for all documents pertaining to that mortgage loan as outlined in the page above in an F. or U.I. You may get a ‘hit’ from a county WEB site. at the date of notarizing that document.O. What to look for in the various mortgage related documents (1) The name of the processing company that prepared the document which is usually located in one of the corners of that document. or Privacy Act.O. The more references the better. or on the Oath of Office. even from a different state than the paper work processing company is located in.A.A. supply a copy of their driver’s license as a form of identification and the requested documents have to be sent to the homeowner.A. to see if they have been discovered to be ‘robo-signers.A. and/or their signature on their Oath of Office. IF a mortgage foreclosure action is eminent. Nationwide Title Clearing. Be advised that it can take several weeks to months to get the documents from a GSE. (a) See if that Notary is still a Notary. (c) Obtain a certified copy of that Notary’s signature on their application for office. LPS. or Privacy Act request. (2) You need to check on the various WEB sites listing such firms as being found to have produced fraudulent mortgage related documents.I. (3) You need to check out the names. if the GSE will not provide the name of the foreclosure commissioner. or Privacy Act request to the Sec. an F.S.A. Peelle Management Corp. Match those signatures against the Notary’s signature on the mortgage related documents to see if one and the same. to a GSE. or didn’t exist. etc..O. If the home owner’s documents or those copies obtained at the county show that the mortgage is insured by F.9. all previous mortgage servicers and loan #. Send either a F. (b) See if that Notary’s commission had expired prior to. and signatures.H. V. In all instances reference the original mortgagee and loan #. such as. the designation of authority from the Sec.I.. Mary Jones power of attorney. of HUD to the GSE. of those persons who signed as an officer of the banking entity which sold the mortgage to another banking entity in the Assignment of Mortgage(s). The home owner has to sign the F. or Privacy Act request shall be processed quicker. and stamped the Seal. 5 . as the F. the mortgage servicer or any other party to act as the foreclosure commissioner for said mortgage loan.A. (5) You need to do a phrase search of those persons signing as bank officers on the Internet with such phrase as.A.O. and signatures.. of HUD if the mortgage servicer will not provide the name of the GSE whom they are acting as the servicer for or. Notary Public Div. (d) What does that state’s law say as to what signature the notary is to use notarizing documents – signature on application.
NOW. in order to contact that Notary to obtain a certified copy of that page in their log book in which they recorded their notarization of that particular mortgage related document pertaining to your mortgage.I. Most local libraries have national business directories listing all companies and corporations doing business in the United States. photo copy that page. You will get a letter from XYZ Company saying they are the new servicer and to send payments to them. The information will say whether it is state or federally chartered and have an SIC code #. or is not. Before one can do anything one must have background information. you need to find out the name. there may be a new Assignment of Mortgage filed with the county saying that ABC Bank for due and valuable consideration sold/conveyed the mortgage to XYZ Company. If the home owner has a subprime mortgage loan which was not sold to a GSE then most likely the only way to get documentation will be a formal lawsuit through the work of an attorney using Discovery. Summary NEVER EVER file any civil action against a mortgage servicer or a GSE challenging or raising issues as to the fact the Mortgage and Promissory Note had funded the loan. or a mortgage broker. or Privacy Act requests. or place of business. They had absolutely nothing to do with the original loan. Example of the typical life of a mortgage loan You got a mortgage from ABC Bank and then a letter in the mail saying that ABC Bank will be servicing the mortgage. They are NOT the proper party that such a suit should be filed against. By the laws of the several states a Notary is required to make such recordation. currently holding a commission you need to get the notary’s address/contact information which may be their home. In the county recorders office or register of deeds office there may be filed an Assignment of Mortgage saying that ABC Bank is the owner/holder of the mortgage loan. C.A. if they did not then their notarization of that document can be challenged in a lawsuit.(e) If the Notary is. In the index will be a breakdown of the SIC codes. D. The background documentation IS the means to the end.O. Without back ground documentation one is powerless to do anything. Further. PERIOD It must be determined whether or not the mortgage originator is either state or federally chartered to do business as a banking entity. and contact address. You wouldn’t know this if you don’t check the records at the county. of the bonding company which bonded the Notary. used the Note to obtain a temporary line of credit via table funding or warehouse line of credit. 6 . Private banking entities are not subject to F. Several months or years latter you get a letter from ABC Bank saying they will no longer service your mortgage and that XYZ Company is the new servicer. Look up that banking entity and photo copy that page it is listed on.
perhaps there will be a new Assignment of Mortgage recorded at the county in which XYZ Company for good and valuable consideration sold the mortgage to LMN Company. You will get a letter from LMN Company saying they are new servicer. What. send payments to them. Unless the paper trail research in the foregoing has been done there is no way to discover the Who. And again you will not know this unless you check into the records at the county. How. REMEMBER: One needs to start at the beginning first. Original March 11. Repeat as many times as the homeowner had their mortgage servicer changed. AGAIN. In the immediate future a special addendum will be sent out explaining the Who. then work you way up the levels. That is a story in itself. 2011 1st Revision March 13. How. Where. 2011 7 .More time goes by and you get a letter from XYZ Company saying they will no longer service the mortgage and that LMN Company is the new servicer. Why. and When as to your mortgage being in a trust. Where. and When on the transfer of a mortgage note into a trust.