A reasonable date must never be less than seven days from the date on which Servicer provides the written notice. 6. The name, address, and a collect call or toll-free telephone number for an employee or department of the transferor servicer that can be contacted by the borrower to answer inquiries relating to the transfer of servicing; iv. the Effective Date of this Agreement by the means designated by each Participating State receiving such payment. Servicer shall not, in the ordinary course, require a borrower to waive or release claims and defenses as a condition of approval for a loan modification program or other loss mitigation relief. Acopy of the borrower's payment history since the borrower was last less than 60 days past due; b. from all fifty states. 1. A review of a sample of the foreclosure and bankruptcy documents prepared by the Third-Party Provider, to provide for compliance with applicable state and federal law and this Agreement in connection with the preparation of the documents, and the accuracy of the facts contained therein; A review of an appropriate sample of the fees and costs assessed by the Third Party Provider to ensure that only fees and costs that are lawful, reasonable, and actually incurred are charged to borrowers and that no portion of any fees or charges incurred by any Third Party Provider for technology usage, connectivity, or electronic invoice submission is charged as a cost to the borrower; Any evidence of the imposition of sanctions or professional disciplinary action taken against a Third-Party Provider or Fourth-Party Provider shall be considered by Servicer as part of its periodic review. As part of Nationstars root cause analysis, Nationstar will examine whether the issue is systematic or isolated, whether it impacts policies and procedures, whether itimpacts Nationstars training procedures, whether it impacts Nationstars technology, and the issues impact on Nationstars testing and audit procedures, and Nationstar will correct the issue as appropriate. Borrowers in any applicable Subsequent Population will be eligible to receive the same per-loan check payment amount actually paid to eligible borrowers in the initial data population, after receiving a notice and making a valid claim under the process identical to that used for borrowers in the initial data population. 1024.41 in evaluating the previous application submitted by the borrower. Servicer shall not impose or collect late fees (i) based on an amount greater than the past due amount; (ii) collected from the escrow account or from escrow surplus without the approval of the borrower; or (iii) deducted from any regular payment. If a requirement for private mortgage insurance is not otherwisecanceled or terminated in accordance with subsection VIII(B)(1) or (2) of this section, in no case may such a requirement be imposed on residential mortgage transactions beyond the first day of the month immediately following the date that is the midpoint of the amortization period of the loan if the mortgagor is current on the payments required by the terms of the mortgage. Each Participating State that also took part in the examination or settlement shall receive an additional payment to cover administrative costs associated with the examination resolution process, with such costs allocated as follows: Arkansas, Fifty Thousand Dollars ($50,000); Maryland, Two Hundred and Forty-Five Thousand Dollars ($245,000); Massachusetts, Ninety Thousand Dollars ($90,000); New Hampshire, Twenty Thousand Dollars ($20,000); and Washington, Fifty Thousand Dollars ($50,000). It should show that you will be inheriting the property or that you are an Executor or Administrator of the borrower's estate, or both. Within twenty-five (25) calendar days of the entry of this Order, consistent with this Agreement, Exhibit B, and instructions provided by the Executive Committee, Nationstar shall deposit Six Million, Four Hundred Thirty Four Thousand, One Hundred Dollars ($6,434,100.00) (the Borrower Payment Amount) by electronic funds transfer into the Qualified Settlement Fund Distribution Account. A review of an appropriate sample of remediation provided by Tier One Third-Party Providers to ensure that consumer complaints have been adequately addressed. Nationstar will need to enhance its policies and processes around how it handles consumer complaints, performs escrow analyses and conducts audits, for example. For purposes of Section II, Servicer also includes Xome Holdings LLC. "There are going to be a lot of homeowners who need a home loan modification or other assistance," Raoul says. Before a loan is referred to non-judicial foreclosure, Servicer shall ensure that documents and records pertaining to the borrowers loan status and loan information have been reviewed to substantiate the borrowers default and the right to foreclose. Prior to initiating an action to enforce the terms and conditions of this Agreement, a Participating State shall: (1) provide written notice to the Executive Committee and Nationstar of the basis for the potential action and a description of its allegations; (2) meet and confer with Nationstar, if so requested, within the first 30 days of issuing the written notice; and (3) allow Nationstar 30 days to respond to such notice in writing. d. Servicer shall not consider a property vacant if: i. Past Consumer Remediation. The Parties agree that the failure of Nationstar to comply with any term or condition of this Agreement with respect to a particular State shall be treated as a violation of an Order of the State and may be enforced as such. 92081-8 claim to have attempted to provide Jordan any notice of its intention to inspect the property and rekey it. Were guessing that you might have had a balance in an tax escrow account with a lender or paid off a mortgage with your lender and that lender mailed you the balance in an tax escrow account or overpayment on a payoff and you failed to cash the check. 9. Servicer shall not adopt compensation arrangements for its employees that encourage foreclosure over loss mitigation alternatives. An enforcement action under this Settlement Agreement and Consent Order may be brought solely by a party or the Executive Committee. Servicer must ensure that post-modification payments, including those received by the prior servicer, are applied in accordance with the modified loan documents. Servicer must document the reasonable efforts undertaken to make this determination. Although Monday's case specifically addresses Nationstar's actions following the Great Recession, the outcome can affect today's homeowners, says Kwame Raoul, attorney general of Illinois. 3. Servicer must require that inspectors are trained in these policies and procedures, and Servicer must require that inspectors are trained in the applicable law relating to the property rights of tenants. This site is not operated by the Attorneys General, or State Mortgage Regulators. That Nationstar, working in conjunction with theParticipating States and the CFPB, during the examination resolution process, already has provided at least Fifty-Seven Million, Seven Hundred and Twenty-Three Thousand, and Forty Nine Dollars ($57,723,049) in consumer relief, including reimbursement for all consumers identified in the MMC Servicing Report of Examination. 5. 8. Servicer shall require each Third-Party Provider to perform an appropriate due diligence inquiry on any Fourth-Party Providers retained by the Third-Party Provider. Include the form of the letter (Redress Notice) and envelope to be sent Modification Payment Increase Borrowers who are entitled to redress of their right to redress; the Redress Notice must include a statement that the payment is made in accordance with the terms of this Agreement; Nationstar must not include in any envelope containing a Redress Notice any materials other than the approved Redress Notices and redress checks, unless Nationstar has written confirmation from the State Mortgage Regulators on the Executive Committee that the State Mortgage Regulators do not object to the inclusion of such additional materials; Describe the process for providing redress to Modification Payment Increase Borrowers entitled to redress, and include the following requirements: Prior to sending redress checks and Redress Notices, Nationstar must make reasonable attempts to obtain a current address for each Modification Payment Increase Borrower entitled to redress using, at a minimum, the National Change of Address System; and. However, unlike a traditional mortgage, reverse Written notices of errors or complaints that relate to the servicing of a borrowers loan (together, Servicing Disputes) that Servicer receives by mail, facsimile, e-mail, or otherwise to an address not designated for Servicing Disputes shall be forwarded to the department designated to receive Servicing Disputes within two business days. Key eligibility factors for loan modifications. , Nationstar represents that the person signing below is authorized to execute this Agreement and to legally bind Nationstar. Unless otherwise specified, the provisions in this Section (VII) shall applyto written notices of errors, written complaints, and written requests for information to Servicer from a borrower, defined herein to include a borrowers authorized agent, that relate to the servicing of a borrowers loan (Servicing Requests). a. Servicer shall date all written communication to borrowers, occupants, Successors in Interest, and potential Successors in Interest, and Servicer shall promptly mail all written communication to the recipient. Nationstar shall submit Reports within 45 days following the end of each quarter while the servicing standards are in effect. The term residential mortgage foreclosure services means all actions, errors or omissions of the Released Parties arising out of or relating to defaults, default management, or foreclosures of residential mortgage loans, whether for the Released Parties own account or for the account ofothers, including, but not limited to, the following: (1) Evaluation of accounts for modification or foreclosure referral; (2) Maintenance, assignment, recovery and preparation of documents that have been filed or otherwise used to initiate or pursue foreclosures, and custodial actions related thereto; (3) Drafting, review, execution and notarization of documents (including, but not limited to, affidavits, notices, certificates, substitutions of trustees, and assignments) prepared or filed in connection with foreclosures or sales of acquired properties, or in connection with remediation of improperly filed documents; (4) Commencement, advancement and finality of foreclosures, including, without limitation, any issues relating to standing, fees, or notices; (5) Acquisition of title post-foreclosure or in lieu of foreclosure; (6) Pursuit of pre- and post-foreclosure claims by the Released Parties, including, without limitation, the seeking of deficiency judgments when permitted by law, acts or omissions regarding lien releases, and evictions and eviction proceedings; (7) Management, maintenance, and disposition of properties in default or properties owned or controlled by the Released Parties, whether prior to or during the foreclosure process or after foreclosure, and executing, notarizing, or recording any documents related to the sale of acquired properties; (8) Quality control, quality assurance, compliance, audit, testing, risk management, oversight, reporting, or certification or registration requirements related to residential mortgage foreclosure services; (9) Trustee functions related to the foreclosure of residential mortgage loans; and (10) Management of accounts in default, up through and including foreclosure and post-foreclosure, including the commencement, continuation and completion of the foreclosure process while loan modification, deferral, forbearance, loan workout, deed-in-lieu, short sale or other alternative disposition was required, requested or under consideration and including wrongful foreclosure whether due to error, negligence, or other act or omission. The consultant determined that the updates made by Nationstar sufficiently account for thegrowth of the company and now include the internal infrastructure and systems to control for major risks given the size and scope of Nationstars business and operations. Upon receipt of all documents requested by Servicer, Servicer shall send a written notice confirming or denying the requestors status as a Successor in Interest or identifying any additional documents that are required within 10 business days. WHEREAS, by reciting in this Order information about the AG Consent Judgment and the CFPB Consent Judgment, the State Mortgage Regulators are not asserting independent jurisdiction or authority to enforce either the AG Consent Judgment or the CFPB Consent Judgment, unless otherwise authorized to do so under any applicable state or federal law, rule, or regulation. Servicer shall not consider a property vacant if: The occupant or mortgagor tells Servicer that the property is occupied or is being regularly maintained; provided that an occupants or mortgagors prior assertion that a property is being maintained will not prevent a property from being deemed vacant if, after such assertion is made, Servicer observes factors consistent with vacancy, and Servicer follows the procedures set forth in this Agreement; or. 3. If you dont have that paperwork and dont have copies of your tax documents with the lender information and your account number, youre in trouble. Servicer may call a borrower as part of Servicers effort to resolve the Servicing Dispute. Nor shall Servicer incentivize or prioritize speed over accuracy in making vacancy determinations or securing property. 1. a. D. Oversight Duties Applicable to Tier One Third-Party Providers. Privilege. Choose the checking account that works best for you. Servicer shall make periodic assessments to ensure that its staffing and systems are adequate. Affiants shall continue to date their signatures on affidavits, sworn statements, or Declarations. If the original note is lost or otherwise unavailable, Servicer shall continue to comply with applicable law in an attempt to establish ownership of the note and the right to enforcement. A short sale or deed-in-lieu of foreclosure has been approved by all parties (including, for example, first lien investor, junior lien holder and mortgage insurer, as applicable). Whether you choose to work with a financial advisorand develop a financial strategy or invest online, J.P. Morgan offers insights, expertise and tools to help you reach your goals. Within 5 business days after referral to foreclosure, or at a later date if necessary to comply with applicable law, Servicer or Servicers counsel shall send borrowers a letter containing the information required in paragraphs I.B.6, III.D.4, and IX.A.2 of this Agreement. We can help you find the credit card that matches your lifestyle. Servicer shall not charge a borrower an application fee in connection with a request for a loan modification. A review of an appropriate sample of the fees and costs assessed by the Third Party Provider to ensure that only fees and costs that are lawful, reasonable, and actually incurred are charged to borrowers and that no portion of any fees or charges incurred by any Third Party Provider for technology usage, connectivity, or electronic invoice submission is charged as a cost to the borrower; c. Any evidence of the imposition of sanctions or professional disciplinary action taken against a Third-Party Provider or Fourth-Party Provider shall be considered by Servicer as part of its periodic review. Violations related to per diem interest, including the failure to properly calculate per diem interest, overcharging of per diem interest, and the making loans in excess of the usury rate; b. This Release does not release the agents or representatives (including, without limitation, third-party vendors) themselves for any of their acts, errors, or omissions. Nationstar further acknowledges that this Agreement may be revoked and the State Mortgage Regulators may pursue any and all remedies available under the law against Nationstar, if the State Mortgage Regulators later find that Nationstar knowingly or willfully withheld information from the State MortgageRegulators. Effective Date. If the borrower has indicated within the past 30 days that he or she intends to maintain the property, including during the period between inspections, then Servicer must promptly notify the inspector (defined in paragraph II.H.1) of such findings and direct the inspector that no further property preservation activity shall occur at the property until Servicer has determined that the property is vacant based on an understanding of the facts that would resolve the conflict and would reasonably support a finding of vacancy.
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