Mortgage & Foreclosure

Loan Modification and Regulations X & Z Boot Camp

  Hot Topic  
Whether you’re defending a foreclosure, modifying a mortgage or protecting your client against illegal actions or fees, this seminar is for you.

Especially important in light of the recent SCOTUS decision regarding lien stripping, new RESPA and TILA rules took effect in January 2014, imposing significant new obligations on mortgage servicers. These rules have proved to be very powerful for mortgagees and if you’re still not familiar with the rules, now is the time to be. You simply can’t wait any longer! Max, Bobby Rivera and Jay Patterson are teaming up to make sure you have the tools and knowledge necessary to enforce your clients’ rights under these regulations, hold mortgage companies to the letter of the law and maximize recovery. They will take the mystery out of loan modifications, covering every angle, including published and non-published guidelines of Fannie, Freddie, FHA, FDIC, DOJ and MHA.

Special attention will be given to the new Loss Mitigation Rules and what Max refers to as the new “120 day Loss Mitigation Stay” on Judicial and Non-Judicial foreclosures.
For our January Seminar, Max will spend less time on some of the topics below and concentrate on the Regs he believes is most important for you to understand. In addition, he will provide you step-by-step details on drafting RFI’s, NOE’s, Discovery & Complaints.
  • new periodic and detailed billing statements
  • new Adjustable Rate Mortgage Disclosure forms
  • new rule requiring the prompt crediting of payments and the application of such payments to interest, principal, escrow, late fees, and corporate advances (in that order of priority)
  • new Payoff and Reinstatement statements
  • new Error Resolution Form
  • new Request for Information Form and the old QWR form
  • new 31 day and 45 day loss mitigation rules
  • continuity of contact
  • prompt evaluation of loss mitigation options
  • 5 day notices of complete or incomplete applications
  • written decisions re approval or denial with specific information
  • right to appeal denial if decision within 90 days before the scheduled foreclosure sale
  • restrictions on dual tracking
  • requirement to identify the full name of the “owner” of the mortgage note
  • new 5, 7, 10, 30 and 45 day Rules
  • Incorporating Regulation X and Z in Loss Mitigation Practice
  • Documenting Violations of X and Z in Loss Mitigation Practice
  • Building your case Regulation X and Z case, step by step
  • Bankruptcy and Modifications
  • Modification Vocabulary
  • Modification Math
  • Checking the data: Learn what data that is important, how to get it, how to use it
  • Introduction to Published Modification Guidelines, Fannie Freddie FHA FDIC DOJ MHA
  • Introduction to Modifications with Non Published Guidelines
  • Common errors when negotiating a modification
  • Common Denials
  • Demystify NPV
  • Learn Protections of DOJ, MHA Guidelines, GSE Guidelines and FHA Guidelines for late stage foreclosure
  • Real fact situations including all of the input-waterfall numbers for all of the programs
  • Below is a list of our next Regs X & Z/Loan Modifications seminars. The Loan Mods 2.0 seminars are for people who have been to one of the previous Loan Mod seminars.


    Foreclosure & Mortgage Litigation Boot Camp

    We also have a videotaped seminar focusing on mortgage securitization and how it relates to foreclosure defense and loan modification. It is available in our online training subscription.
    We also have a videotaped seminar focusing on mortgage securitization and how it relates to foreclosure defense and loan modification. It is available in our online training subscription.

    After introducing the program and his guest speakers, Max leads with a discussion of the Mortgage Bankers Association’s presentation on combating Boot Camp attorneys and what this tells us about arguments to expect from the other side and how to respond.

    Then, Dick Shepherd leads a discussion (with contributions from all speakers) on securitization and servicing that includes:

    • the basics of securitization,
    • document custodians and the custodial file,
    • the players in the securitization process,
    • what Jay Patterson can uncover and how to use it,
    • Fannie/Freddie history and status,
    • QWR changes,
    • repurchases,
    • adding Fannie/Freddie as a party to your case,
    • REMIC structure and tax benefits,
    • loan documents to look for in F/F deals,
    • payment application issues as pressure point for modifications,
    • accounting systems,
    • what’s in the note and Deed of Trust,
    • impact of servicing standards under the AG settlement, and
    • requests for information.

    Jay Patterson walks through an MSP life of loan transaction history and the panel discusses the information contained in evaluation reports from rating agencies, what to ask for in discovery, the importance of looking at computer records, new QWR standards and using requests to admit.

    An in-depth discussion follows of the negotiability of mortgage notes, uniform documents, relevant case law, applicability of Article 3 and Article 9, standing, terminology under the law, actual transfer processes/endorsements/allonges, the accuracy of loan schedules, chain of title, delivery requirements and the practical upshot of all of these issues.

    Max discusses the servicing standards set forth under the AG settlement at some length and how these open doors.  Then, all attorneys join in a discussion of the practical application of the strategies and issues discussed and how each approaches them in his/her practice.