Helping Alabama Homeowners Face Foreclosures

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Helping Alabama Homeowners Face Foreclosures June 2, 2016 Montgomery, Alabama Trainers: Sara Bolling Mancini Geoff Walsh National Consumer Law Center

ABOUT THE NATIONAL CONSUMER LAW CENTER Since 1969, the nonprofit National Consumer Law Center (NCLC ) has worked for consumer justice and economic security for low-income and other disadvantaged people, including older adults, in the U.S. through its expertise in policy analysis and advocacy, publications, litigation, expert witness services, and training. Acknowledgements We would like to thank the following for their generous support for this training program: the Alabama Law Foundation, the Alabama Civil Justice Foundation, the Alabama Center for Dispute Resolution, the Alabama State Bar Volunteer Lawyers Program, the Birmingham Volunteer Lawyers Program, Legal Services Alabama, Madison County Volunteer Lawyers Program, Montgomery Volunteer Lawyers Program, and the South Alabama Volunteer Lawyers Program. Special thanks to Tracy Daniel for helping us to organize the event. 2016 National Consumer Law Center - Materials included in this book cannot be copied or reproduced in any way without the express written permission of NCLC .

Presenter Biographies Sarah Bolling Mancini is Of Counsel to the National Consumer Law Center and a staff attorney in the Home Defense Program of the Atlanta Legal Aid Society, Inc. Sarah graduated from Harvard Law School in 2007 and received a Skadden Fellowship for public interest work. She clerked for the Honorable Amy Totenberg, U.S. District Court for the Northern District of Georgia. Sarah has advocated for vulnerable homeowners facing predatory mortgage lending practices and the threat of foreclosure in state court, federal court, and bankruptcy court. She compliments her individual client representation with media outreach and policy advocacy. Sarah is a co-author of Georgia Real Estate Finance and Foreclosure Law, Collier on Bankruptcy, and NCLC’s Mortgage Lending, Foreclosures and Mortgage Servicing, and Truth in Lending treatises. Geoff Walsh is a staff attorney at NCLC who focuses on foreclosure prevention, consumer bankruptcy, and other consumer credit issues. He has provided written testimony and engaged in policy advocacy at the federal and state levels on the topic of foreclosure mediation. He has served as a panelist and instructor at trainings and legal education seminars on foreclosure prevention and bankruptcy topics. Geoff previously worked as an attorney with Vermont Legal Aid, Inc. in Springfield, Vt. from 1991 to 2008, specializing in housing, consumer, and bankruptcy areas. From 1980 to 1991, he worked as a staff attorney with Community Legal Services, Inc. in Philadelphia, Pa., where he also specialized in housing and consumer litigation. Geoff earned his B.A. from University of Michigan and is a graduate of Temple University Law School. He is co-author of NCLC's Foreclosures and contributor to Consumer Bankruptcy Law and Practice, Fair Debt Collection, Student Loan Law, and Credit Discrimination. i

Helping Alabama Homeowners Face Foreclosures Montgomery, Alabama June 2, 2016 Agenda 9:15 a.m. -- 9:30 a.m. Introduction and Overview 9:30 a.m. -- 10:30 a.m. Identifying and Understanding the Players (Geoff Walsh) Investors, Servicers, Trusts Securitization and Pooling and Servicing Agreements Servicer Incentives Overview of types of loans 10:30 a.m. -- 10:45 a.m. BREAK 10:45 a.m. -- 12:15 p.m. HAMP and Other Loss Mitigation Protocols (Sarah Bolling Mancini) Modification waterfalls Net Present Value Tests HAMP Overview and phase-out GSE options Non-Modification Options Government-Insured Options (FHA) 12:15 p.m. -- 12:45 p.m. LUNCH 12:45 p.m. -- 1:45 p.m. The CFPB Mortgage Servicing Rules (Geoff Walsh) Scope Requests for Information Requests to Correct Errors Loss Mitigation Reviews Dual Tracking Protections Related Servicing Regulations ii

1:45 p.m. -- 2:45 p.m. Loss Mitigation for Successors (Sarah Bolling Mancini) Effects of marital dissolution Heirs and estate issues Role of non-borrowers Policies of Regulators and Insurers 2:45 p.m. -- 3:00 Break 3:00 p.m. -- 4:00 p.m. Intersection of Foreclosure and Bankruptcy (Sarah Bolling Mancini) Essential Bankruptcy Concepts Chapter 13 Basics What Bankruptcy Can and Can’t Do Post-Bankruptcy Issues 4:00 p.m. -- 4:15 p.m. Overview of Tax Issues (Geoff Walsh) Discharge of Indebtedness Income Tax Acquisition Indebtedness 4:15 pm. -- 4:30 p.m. Role of Mediation in Loss Mitigation (Geoff Walsh) Good Faith in Negotiations National Perspective iii

Helping Alabama Homeowners Face Foreclosures Montgomery, Alabama National Consumer Law Center June 2, 2016 Table of Contents I. IDENTIFYING AND UNDERSTANDING THE PLAYERS (STRUCTURE OF THE MORTGAGE MARKET, SERVICERS, TRUSTS, REVIEWING POOLING & SERVICING AGREEMENTS) PowerPoint Presentation . 1 Finding Pooling and Servicing Agreements Information Sheet .12 Sample Pooling and Servicing Agreement Excerpts (“CWABS 2006-15”) .14 American Association of Mortgage Investors Policy Statement .36 II. INTRODUCTION TO HAMP AND OTHER LOSS MITIGATION PROTOCOLS PowerPoint Presentation .39 Flavors of HAMP Chart .58 Making Home Affordable Program Summary .62 HAMP and Loan Modification Glossary.69 Loan Modification Program Web Links .70 Making Home Affordable Sample Request for Mortgage Assistance .72 GSE Sample Uniform Borrower Assistance Form .79 Government Insured Mortgage Programs PowerPoint Presentation .83 HUD’s FHA Loss Mitigation Priority Waterfall and Examples .91 III. THE CFPB MORTGAGE SERVICING RULES PowerPoint Presentation .94 CFPB Rules 12 C.F.R. §§ 1024.35, 1024.36, 1024.41 . 107 IV. LOSS MITIGATION FOR SUCCESSORS PowerPoint Presentation . 121 Sample Loan Assumption Agreement and Note . 132 CFPB Bulletin No. 2013-12 (servicer guidance on successor issues) . 133 iv

V. THE INTERSECTION OF FORECLOSURE AND BANKRUPTCY PowerPoint Presentation . 140 VI. OVERVIEW OF TAX ISSUES PowerPoint Presentation . 156 VII. THE ROLE OF MEDIATION IN FORECLOSURES PowerPoint Presentation . 159 v

Owners, Servicers, Trusts: Identifying and Understanding the Players Alabama Foreclosure Training June 2, 2016 National Consumer Law Center 2013 Lender Borrower RMBS Securitization Map Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates PSA offering proceeds Certificates less Trustee’s fee less servicing fee PSA Underwriter Trust Sells certificates to investors, collects proceeds PSA Master Servicer Prepares reports for Trustee; remits monies; ensures Primary performs offering proceeds Certificates Holds pool of loans; issues certificates Note & Mortgage Depositor Certificates Creates issuing entity Pool revenue less servicing fee MLPA or PSA Note & Mortgage purchase price Document Custodian Stores and maintains mortgage loan collateral files Trustee Oversees servicers Purchases loans from originator; forms pool MLPA fees PSA Seller Primary Servicer Collateral File Note & Mortgage purchase price Services individual loans, collects payments, performs duties under PSA Originator Processes and funds individual loans Note & Mortgage Services loans until securitized Mortgage Broker Received broker’s fee, YSP and processing fees Borrower Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies Mortgage Payments Interim Servicer 1 1

Securitization: Practical Problems Who has authority? – to modify the loan – to settle – to litigate Who has the documents? – the note – the mortgage – the loan file Who Owns the Loan? Loans “held in portfolio” – Traditional way of holding loans – Whole loans – Easier to modify Securitized loans – Owned by bond holders via a trust – Tranches, Ownership divided – PSA limits ability to modify Who’s Who in Securitization Lender/Originator Sponsor/Seller Depositor Underwriter Trust/Trustee Servicer Custodian Rating Agencies Insurers Investors 2 2

RMBS Securitization Map Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates PSA offering proceeds Certificates less Trustee’s fee less servicing fee PSA Underwriter Trust Sells certificates to investors, collects proceeds PSA Master Servicer Prepares reports for Trustee; remits monies; ensures Primary performs offering proceeds Certificates Holds pool of loans; issues certificates Depositor Certificates fees Creates issuing entity Pool revenue less servicing fee MLPA or PSA Note & Mortgage purchase price Trustee Oversees servicers Purchases loans from originator; forms pool MLPA Document Custodian Stores and maintains mortgage loan collateral files PSA Seller Primary Servicer Collateral File Note & Mortgage Note & Mortgage purchase price Services individual loans, collects payments, performs duties under PSA Originator Processes and funds individual loans Note & Mortgage Services loans until securitized Mortgage Broker Received broker’s fee, YSP and processing fees Borrower Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies Mortgage Payments Interim Servicer RMBS Securitization Map Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates PSA offering proceeds Certificates less Trustee’s fee less servicing fee PSA Underwriter Trust Sells certificates to investors, collects proceeds PSA Master Servicer Prepares reports for Trustee; remits monies; ensures Primary performs offering proceeds Certificates Holds pool of loans; issues certificates Note & Mortgage Depositor Certificates fees Creates issuing entity Pool revenue less servicing fee MLPA or PSA Note & Mortgage purchase price Trustee Oversees servicers Purchases loans from originator; forms pool MLPA Document Custodian Stores and maintains mortgage loan collateral files PSA Seller Primary Servicer Collateral File Note & Mortgage purchase price Services individual loans, collects payments, performs duties under PSA Originator Processes and funds individual loans Note & Mortgage Services loans until securitized Mortgage Broker Received broker’s fee, YSP and processing fees Borrower Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies Mortgage Payments Interim Servicer RMBS Securitization Map Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates PSA offering proceeds Certificates less Trustee’s fee less servicing fee PSA Underwriter Trust Sells certificates to investors, collects proceeds PSA Master Servicer Prepares reports for Trustee; remits monies; ensures Primary performs offering proceeds Certificates Holds pool of loans; issues certificates Note & Mortgage Depositor Certificates Creates issuing entity Pool revenue less servicing fee MLPA or PSA Note & Mortgage purchase price Document Custodian Stores and maintains mortgage loan collateral files Trustee Oversees servicers Purchases loans from originator; forms pool MLPA fees PSA Seller Primary Servicer Collateral File Note & Mortgage purchase price Services individual loans, collects payments, performs duties under PSA Originator Processes and funds individual loans Note & Mortgage Services loans until securitized Mortgage Broker Received broker’s fee, YSP and processing fees Borrower Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies Mortgage Payments Interim Servicer 3 3

RMBS Securitization Map Various Classes Investors/Certificate Holders Purchase mortgage-backed securities as defined in certificates PSA offering proceeds Certificates less Trustee’s fee PSA less servicing fee Underwriter Trust Sells certificates to investors, collects proceeds PSA Master Servicer Prepares reports for Trustee; remits monies; ensures Primary performs offering proceeds Certificates Depositor Certificates Creates issuing entity Pool revenue less servicing fee MLPA or PSA Note & Mortgage purchase price Document Custodian Stores and maintains mortgage loan collateral files Trustee Oversees servicers Purchases loans from originator; forms pool MLPA fees PSA Seller Primary Servicer Collateral File Holds pool of loans; issues certificates Note & Mortgage Note & Mortgage purchase price Services individual loans, collects payments, performs duties under PSA Originator Processes and funds individual loans Note & Mortgage Services loans until securitized Mortgage Broker Received broker’s fee, YSP and processing fees Borrower Other parties not shown may include Credit Risk Manager, Securities Administrator, Swap Counterparty, and Rating Agencies Mortgage Payments Interim Servicer Pooling and Servicing Agreement Usually attached to a “prospectus,” filed with SEC for public securitizations, available at www.sec.gov. See specific instructions in the materials. Prospectus identifies the players and is a good source of information on the underwriting standards and characteristics of the loans anticipated to be in the pool. PSA will usually specify who can institute foreclosure proceedings. PSA will set out guidelines and authority for modifying loans or approving other workout options. PSA will provide information on where the notes and mortgages should have travelled. Pooling and Servicing Agreement and Prospectus Example: Named foreclosing party is “Bank of New York as Trustee for CWABS Asset-Backed Certificates Trust 2006-15” 4 4

Who Are Servicers? Servicers not the same as investors, holders, or lenders Servicers accept the payments and pass on to the trust Servicers’ compensation largely independent of loan pool performance Borrowers can’t hire or fire servicers Investor Restrictions Identifying the investor is critical: GSE? Federal agency like the FHA? None of the above? (typically a mortgage pool) Mortgage Pools Investors in mortgage pools have little say in which loans are modified and what guidelines will be used. Servicers instead rely on PSAs Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac placed in government “conservatorship” in September 2008 Federal Housing Finance Agency (FHFA) designated as federal agency to regulate the GSE’s Great influence over industry practices Publish guides for servicing GSE loans 5 5

Government Insured Loans Three Federal agencies guarantee loans: Federal Housing Administration (FHA), a department of HUD Rural Housing Service, part of USDA Veterans Administration RHS/USDA also makes direct single family home loans Loan Documents Note & Mortgage/DOT HUD-1 Settlement Statement TIL Disclosure Notice of Right to Cancel Loan Application Complete Payment History MERS Mortgage Electronic Registration Systems, Inc. Established early 1990s by GSEs, large lenders to save money on recording fees MERS sells two basic services: – Loan IDs (MIN Numbers) for members to use – Signing authority - 20,000 individuals (employees of servicers & foreclosure mills) can sign documents as secretaries or vice presidents of MERS 6 6

MERS What can be done in MERS’ name? Conduct a foreclosure sale? Provide a foreclosure notice? Assign a mortgage? Transfer a note? Identifying the Servicer Homeowner usually knows – check account statements Check MERS – www.mers-servicerid.org (search by many methods) – 888-679-6377 (search by MIN or SSN) – MERS data on loan ownership is not reliable Servicing Transfer Notices 12 USC §2605(b) 7 7

Identifying the Owners - TILA Servicer must, upon written request, provide borrower with contact information for the owner. TILA 15 U.S.C. § 1641(f)(2) New Note owner must inform borrower of change in ownership within 30 days. TILA 15 U.S.C. § 1641(g) Statutory damages up to 4,000 per violation. 15 U.S.C. § 1640 Identifying the Owner - RESPA “Request for Information” under CFPB Mortgage Servicing Rules. 24 C.F.R. § 1024.36, also 12 U.S.C. § 2605(k)(1)(D) Servicer is required to respond to any written request for information “with respect to the borrower’s mortgage loan” Expedited response time frame: “Not later than 10 days (excluding legal public holidays, Saturdays, and Sundays) after the servicer receives an information request for the identity of, and address or other relevant contact information for, the owner or assignee of a mortgage loan.” 8 8

Getting Information www.mersinc.org freddiemac.com/mymortgage/ fanniemae.com/loanlookup/ TILA § 1641(f)(2) RESPA 24 C.F.R. § 1024.36 Servicing Modules Electronic Loan Boarding Vendor Management Primary System of Record Default Processing Loss Mitigation Servicer of Performing Loans Owners of Note Usually Investors via Trust Master Servicer Primary Servicer Borrower 9 9

Servicing in Foreclosure (or Bankruptcy) Note Owner MERS Special Servicer Default Servicing (Fidelity National) National Counsel for foreclosure and bankruptcy Local Counsel for foreclosure and bankruptcy The Problem: Foreclosures Are Costly To homeowners To communities Neighbors, probably 500 billion in 2009 alone Local governments, 20,000- 30,000 per foreclosure—tens of trillions of dollars To investors Loss severities of 65% Average per home 145,000 Billions of dollars The Solution: Loan Modifications Saves money for everyone (in theory) Net Present Value test – Measures benefit to investors – Includes cure and redefault statistics Don’t know exactly how many loan mods would pass, but probably more than are being done given severity of losses to investors 10 10

What Happens When There Is a Foreclosure? Servicers get paid/ reimbursed for expenses first E.g., Investors take what’s left – 400,000 loan – 100,000 current value – 50,000 in advances and expenses paid by servicer – Servicer gets 50,000, investors get 50,000 – Investors have 350,000 loss – Servicer has no out-ofpocket loss How Does a Servicer Make Money? Monthly servicing fee Default fees and costs Servicers want to increase the size of the pool and pile on fees – Capitalization mods – Up-front fees – Fee padding 11 11

Finding Pooling And Servicing Agreements (PSA’s) For Securitized Mortgage Loans The “Pooling and Servicing Agreement” is the legal document that contains the responsibilities and rights of the servicer, the trustee, and others over a pool of mortgage loans. The Pooling and Servicing Agreement can be a stand-alone document or it can be part of another paper, usually called the “Prospectus.” If the securitization is public, these documents must be filed with the Securities and Exchange Commission (SEC), and will be available to the public at www.sec.gov. Locating a Pooling and Servicing Agreement on the SEC website can be a challenge. The most important information you will need to find the Pooling and Servicing Agreement is the name of the original lender and the title of the pool of loans. We will work through an example below. Assume that the lender is Ameriquest Mortgage Co. We don’t know the name of the pool that the homeowner’s mortgage ended up in, but we do know that the mortgage was made on June 1, 2002. Step One: Go to www.sec.gov and click on “Search for Company Filings” under “Filing & Forms (EDGAR).” Under “General-Purpose Searches,” click on “Companies & other filers.” Then, in the “Enter your search information” box, type in “Ameriquest” next to “Company name” and click on the “Find Companies” button. Step Two: The page you are now looking at shows a long list of the names of securitized pools of loans. We know the mortgage was made on June 1, 2002. Look for the entry titled “AMERIQUEST MORT SEC INC ASS BK PAS THR CERTS SER 2002 2.” The document number is CIK 0001175125. Click on that number. We selected this entry because it said 2002 on it and the loan in question was made in 2002. There may be several other pools of mortgage loans that Ameriquest securitized in 2002 but this is the first one we come to on this list (when reviewed in late February 2007) so we will pull it up. Step Three: Now you see a list of documents filed with the SEC that are related to this pool of loans. Scroll down to the bottom and you will see a document titled “Prospectus.” This is the document that will likely be the one you want, assuming that the mortgage loan you are concerned about is in this pool. We can only make an educated guess, unless you know the name of the securitized pool in advance (which is unlikely). Click on either “htm or text” next to this document and the Prospectus will appear. Now, bookmark this document on your web browser, so you can come back to it easily in the future. Note that this Prospectus is also contained on this CD-ROM for your use. Step Four: 12

Is this likely to be the document you want? Scroll down to page S-2 and you will see a Table of Contents. Included in that is the “Pooling and Servicing Agreement” which starts on page S-76. Also, scroll down one more page, past the Table of Contents, and you will see a “Summary of Prospectus Supplement.” Certain important information is listed there, including the cut-off and closing dates for loans that will be included in this pool. The closing date is June 7, 2002. Based on this information, you can assume that this document governs the responsibilities of the servicer of the mortgage loan in question, unless that servicer tells you otherwise and can back it up with a reference to a different agreement or pool. Other important information listed in this Summary includes the title of the pool, and the identity of the servicer and trustee. The servicing rights may have been sold since this document was filed and the current servicer may be a different company but the trustee (the legal holder of the mortgage) should be accurate. Step Five: Go the Pooling and Servicing Agreement to find what you need to know. It should describe how the servicer is paid and by how much, who keeps late and other fees, what authority it has to modify the loan or engage in workouts with homeowners, and its obligations to pass mortgage payments on to the trustee. Congratulations! You are now entitled to an official Sherlock Holmes hat. 13

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White Paper The Future of the Housing Market for Consumers after the Crisis: Remedies to Restore and Stabilize American’s Mortgage and Housing Markets January 2011 Summary: Investors in non-agency mortgage-backed securities are important stakeholders in the negotiations between mortgage servicers and the multi-state attorney general task force. Mortgage investors typically invest on behalf of state pension funds, retirement systems, university and charitable endowments. Overall, more than 90 percent of the money invested in mortgage-backed securities represents public money. These investors have suffered material losses as a result of faulty and inefficient and at times improper servicing of the mortgage loans, for example, the improper analysis of a borrower’s finances and holistic debt. Instead of helping homeowners, servicers’ interactions with borrowers often make the process more confusing. This delays resolutions and can worsen the homeowners’ position. The current servicing model further harms borrowers by dumping excessive fees (ultimately recouped by servicers) on them during the modification process. More broadly, the abuses and conflicts within today’s broken servicing model are creating longer term housing and mortgage problems that impact large parts of the U.S. population. Mortgage investors, who have long advocated improvements in the servicing business model, welcome and look forward to the review and the involvement of the Attorneys General. The Attorneys General have a unique opportunity to set market standards that benefit distressed homeowners and consumers without damaging investors or imperiling the future of housing and mortgage finance. Investors have historically testified that the issues underlying the current housing and foreclosure problem result from a combination of bank-servicer abuses and a national consumer debt crisis. The Attorneys General are poised to develop a national solution that helps distressed consumers and prevents a repeated wave of foreclosures over the next two years. Investors support effective, long-term, and sustainable solutions to the foreclosure crisis. We break the solution down into two components: “Better Execution” and “Sustainable Solutions.” 1.) Better Execution: Resolving this crisis requires intermediaries to interact with consumers and distressed borrowers in a fair and productive manner. This will require a paradigm shift within the current mortgage servicing industry. o Improve Servicing. Collections operations should be staffed at consistent levels across the industry in the 120 day delinquency bucket at not more than 100-150 accounts per employee. These accounts should be assigned to a single point of contact until they 900 19th Street, N.W., #800, Washington, D.C. 20006 202-327-8100 main 202-327-8101 fax 36

AMI State Remedy Recommendations January 2011 Page 2 become current or need to move to a more aggressive loan resolution. We also recommend the use of special servicers which offer the enhanced counseling and operational capacity to help consumers find a “right-sized” modification. This also gets around the numerous existing servicer conflicts of interest, including second lien and other consumer debt ownership, fees and representation and warranty issues. The unwillingness of the owners of these other consumer debts to participate in the modification/restructuring process is still a central issue. An independent party needs to resolve all of the consumer debt issues. Mortgage investors are willing to participate, but the other debt holders (e.g., credit card and auto loans) have not been. This is discussed further in the Sustainable Solutions section below. o Transparency. Loss mitigation and the process of foreclosure should be transparent and open to the homeowner. This process will require an increased effort on the part of the mortgage servicing staff to educate the homeowner. The servicers’ first duty should be explaining the legal process of foreclosure and the alternatives available for homeowners. Improved and effective consumer debt strategies must continue to be refined. The current practices of face-to-face interviews and field collection calls may be appropriate options and should be increased and enhanced, as well as, developing improved webbased video materials explaining the process. The underlying mortgage and foreclosure data must be disclosed in a public and transparent manner, including servicing fees, foreclosure expenses, and the actual asset loss breakdown. The borrower and investor need to understand the full menu of additional costs that might be incurred due to a foreclosure. The costs due to servicer error are not to be reimbursed from the RMBS trust; such costs should be borne by the servicer, not the trust. Finally, vulnerable borrowers must be protected from paying egregious fees after falling behind on their mortgage payments. o Investors do not have access (or servicers are blocking access) to the most basic information about the mortgages, such as the loan files. To ensure that the hous

advocacy. Sarah is a co-author of Georgia Real Estate Finance and Foreclosure Law, Collier on Bankruptcy, and NCLC's Mortgage Lending, Foreclosures and Mortgage Servicing, and Truth in Lending treatises. Geoff Walsh is a staff attorney at NCLC who focuses on foreclosure prevention, consumer bankruptcy, and other consumer credit issues.

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