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.

[icon_list_item type=”check-square-o”] new periodic and detailed billing statements[/icon_list_item][icon_list_item type=”check-square-o”] new Adjustable Rate Mortgage Disclosure forms[/icon_list_item][icon_list_item type=”check-square-o”] 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)[/icon_list_item][icon_list_item type=”check-square-o”] new Payoff and Reinstatement statements[/icon_list_item][icon_list_item type=”check-square-o”] new Error Resolution Form[/icon_list_item][icon_list_item type=”check-square-o”] new Request for Information Form and the old QWR form[/icon_list_item] [icon_list_item type=”check-square-o”] new 31 day and 45 day loss mitigation rules[/icon_list_item][icon_list_item type=”check-square-o”] continuity of contact[/icon_list_item][icon_list_item type=”check-square-o”] prompt evaluation of loss mitigation options[/icon_list_item][icon_list_item type=”check-square-o”] 5 day notices of complete or incomplete applications[/icon_list_item][icon_list_item type=”check-square-o”] written decisions re approval or denial with specific information[/icon_list_item][icon_list_item type=”check-square-o”] right to appeal denial if decision within 90 days before the scheduled foreclosure sale[/icon_list_item][icon_list_item type=”check-square-o”] restrictions on dual tracking[/icon_list_item][icon_list_item type=”check-square-o”] requirement to identify the full name of the “owner” of the mortgage note[/icon_list_item][icon_list_item type=”check-square-o”] new 5, 7, 10, 30 and 45 day Rules[/icon_list_item][icon_list_item type=”check-square-o”] Incorporating Regulation X and Z in Loss Mitigation Practice[/icon_list_item][icon_list_item type=”check-square-o”] Documenting Violations of X and Z in Loss Mitigation Practice[/icon_list_item][icon_list_item type=”check-square-o”] Building your case Regulation X and Z case, step by step[/icon_list_item][icon_list_item type=”check-square-o”] Bankruptcy and Modifications[/icon_list_item][icon_list_item type=”check-square-o”] Modification Vocabulary[/icon_list_item][icon_list_item type=”check-square-o”] Modification Math[/icon_list_item][icon_list_item type=”check-square-o”] Checking the data: Learn what data that is important, how to get it, how to use it[/icon_list_item][icon_list_item type=”check-square-o”] Introduction to Published Modification Guidelines, Fannie Freddie FHA FDIC DOJ MHA[/icon_list_item][icon_list_item type=”check-square-o”] Introduction to Modifications with Non Published Guidelines[/icon_list_item][icon_list_item type=”check-square-o”] Common errors when negotiating a modification[/icon_list_item][icon_list_item type=”check-square-o”] Common Denials[/icon_list_item][icon_list_item type=”check-square-o”] Demystify NPV[/icon_list_item][icon_list_item type=”check-square-o”] Learn Protections of DOJ, MHA Guidelines, GSE Guidelines and FHA Guidelines for late stage foreclosure[/icon_list_item][icon_list_item type=”check-square-o”] Real fact situations including all of the input-waterfall numbers for all of the programs[/icon_list_item]

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.

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.