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PASSED Texas HB 213 requiring new disclosure requirements for mortgage servicing

PASSED Texas HB 213 requiring new disclosure requirements for mortgage servicing


The Texas House of Representatives passed a bill that requires new disclosure requirements for mortgage servicing:

By: Rodriguez, Keffer, et al. H.B. No. 213
A BILL TO BE ENTITLED
AN ACT
relating to the duties of a mortgage servicer of certain
residential mortgage loans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1.  Title 5, Finance Code, is amended by adding
Chapter 397 to read as follows:
CHAPTER 397. RESIDENTIAL MORTGAGE SERVICERS
SUBCHAPTER A. GENERAL PROVISIONS
Sec. 397.001. DEFINITION. In this chapter, “mortgagee” and
mortgage servicer” have the meanings assigned by Section 51.0001,
Property Code.
Sec. 397.002. APPLICABILITY. This chapter applies only to
a loan secured by a first lien on residential real property that:
(1) is not a federally related mortgage loan, as
defined by 12 U.S.C. Section 2602; and
(2) is serviced by a mortgage servicer other than the
mortgagee of the loan.
[Sections 397.003-397.050 reserved for expansion]
SUBCHAPTER B. DEBTOR REQUESTS FOR INFORMATION
Sec. 397.051. RECORDKEEPING. A mortgage servicer shall
maintain written or electronic records of each written request for
information regarding a dispute or error involving the debtor’s
account until the loan is paid in full, otherwise satisfied, or
sold.
Sec. 397.052. PROVISION OF GENERAL INFORMATION ON REQUEST.
(a) A mortgage servicer shall provide the following to a debtor in
response to a debtor’s written request:
(1) a copy of the original note or, if the original
note is unavailable, an affidavit of lost note; and
(2)  a statement that:
(A) identifies and itemizes all fees and charges
assessed under the loan transaction and provides a full payment
history identifying in a clear and conspicuous manner all of the
debits, credits, application of and disbursement of all payments
received from or for the benefit of the debtor, and other activity
on the loan, including any escrow or suspense account activity; and
(B) covers the two years preceding the receipt of
the request or the period for which the servicer has serviced the
loan, whichever is shorter.
(b) If the mortgage servicer claims that delinquent or
outstanding sums were owed on the loan before the two-year period
preceding the receipt of the request under Subsection (a) or before
the servicer began servicing the loan, whichever is shorter, the
servicer shall provide an account history beginning with the
earliest month for which the servicer claims outstanding sums were
owed on the loan and ending on the date of the request for
information. For purposes of this subsection, the date of the
request for information is presumed to be not later than the 30th
day before the date the servicer receives the request.
(c) A mortgage servicer must provide a statement under
Subsection (a) on or before the 25th business day after the date the
servicer receives a written request from the debtor that:
(1) includes or otherwise enables the servicer to
identify the name and account of the debtor; and
(2) includes a statement that the account is or may be
in error or otherwise provides sufficient detail to the servicer
regarding information sought by the debtor.
Sec. 397.053. PROVISION OF INFORMATION REGARDING DISPUTE OR
ERROR. (a) A mortgage servicer shall provide a written statement
to a debtor in response to a debtor’s written request for
information regarding a dispute or error involving the debtor’s
account that includes the following information, if requested:
(1) whether the account is current and an explanation
of any default and the date the account went into default;
(2) the current balance due on the loan, including the
principal due, the amount of any funds held in a suspense account,
the amount of any escrow balance known to the servicer, and whether
there are any escrow deficiencies or shortages known to the
servicer;
(3) the identity, address, and other relevant
information about the current holder, owner, or assignee of the
loan; and
(4) the telephone number and mailing address of a
servicer representative with the information and authority to
answer questions and resolve disputes.
(b) A mortgage servicer must provide a statement under
Subsection (a) on or before the 10th day after the date the servicer
receives a written request from the debtor that:
(1) includes or otherwise enables the servicer to
identify the name and account of the debtor; and
(2) includes a statement that the account is or may be
in error or otherwise provides sufficient detail to the servicer
regarding information sought by the debtor.
[Sections 397.054-397.100 reserved for expansion]
SUBCHAPTER C. REMEDIES
Sec. 397.101. ENFORCEMENT GENERALLY. The Department of
Savings and Mortgage Lending, the attorney general, or any party to
a loan to which this chapter applies may enforce this chapter.
Sec. 397.102. ACTION BY DEBTOR. In addition to any other
legal and equitable remedy available, a debtor injured by a
violation of this chapter may bring an action for recovery of actual
damages, including reasonable attorney’s fees.
SECTION 2.  This Act takes effect September 1, 2011.
© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (2)

Best Way To Control Land Records, Control EVERYTHING…

Best Way To Control Land Records, Control EVERYTHING…


ELECTRONIC REAL ESTATE DOCUMENTS- CONTEXT, UNRESOLVED COST-BENEFIT ISSUES AND A RECOMMENDED DECISIONAL PROCESS

Excerpt:

56. Some fear that the strong support will lead to coercion. A recurrent/theme in informal discussions with recording officials and attorneys before, at, and after the conference has been that, if the states do not authorize and implement electronic recording in a timely manner, Fannie Mae and Freddie Mac will impose it on the states. Such an imposition will emerge either through federal legislation that requires recording officials to accept electronic documents for recording, or by the development of a private land records system analogous to the MERS system for recording interests in notes. For more information about the MERS systems, see http://www.mersinc.com/ index1.htm (last visited Oct. 7, 2002). Notwithstanding Fannie Mae’s allusions to the creation of a national registry for electronic notes, Announcement 02-08, supra note 32, Fannie Mae Guide, supra note 26, and the considerable resonance of the theme among recording officials, this author is skeptical of the claim.

Continue below…

[ipaper docId=50761736 access_key=key-1rlrfd8sxik5dao0ikqo height=600 width=600 /]

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in STOP FORECLOSURE FRAUDComments (1)

Electronic Property Document Recording (ERDS)

Electronic Property Document Recording (ERDS)


Via: perfectreign

Introduction

As a manager with the Los Angeles County Registrar Recorder, I am in charge of the software development team who creates applications to handle property document recording. Whenever one buys, sells or refinances a house or land, property documents are generated. These documents must be submitted to a County Recorder for storage and indexing to be made available as a public record. Los Angeles County – having well over 10 million residents – is the most populous county in the United States and contains 88 separate cities. As such, my office records – or processes – over 2 million property document recordings per year.
Until now, each one of those documents must be brought in by hand, looked over, entered into our application and then scanned for permanent storage. (The current system was brought online in January 2007, as documented by this video: ELECTRONIC RECORDING ARCHIVE – 2007)The transport, handling and mailing back of paper documents is an overwhelming task. It is also very expensive both in terms of labor and time. For years, the various county Recorder offices wished to pursue something more streamlined. With the advent of newer, less expensive and more accessible technology, the possibility of scanning in documents at the title company (http://en.wikipedia.org/wiki/Title_insurance) offices and electronically sending these documents to the county offices is a reality. State law, however, impeded the process for many years. Up until today, only Orange and San Bernardino counties were allowed by law to electronically record title company documents.
In order to change this, several County Recorders worked with the State Legislature and Attorney General office to pass a law (AB 578 – http://ag.ca.gov/erds1/) entitled the Electronic Recording Delivery Act, which enabled a statewide standard and governance for an Electronic Recording Delivery System (ERDS). Los Angeles decided to partner with Orange, Riverside and San Diego counties to move forward with an in-house developed system, which allowed for economies of scale, flexible implementation and leveraged the 10-year electronic recording experiences of the Orange County Clerk-Recorder. The new system was dubbed, SECURE. It was developed by in-house staff, along with a contractor, who also maintains (as a vendor) the current Orange County recorder system. All four counties own the software and work together to move forward with improvements.[CLICK ABOVE FOR LARGER IMAGE]The above screen shows the common submitter client to be used by title companies, service providers and other institutions in order to submit documents. In this case a Deed is being prepared to be sent to Los Angeles County. The submitter – if authorized – is able to send these documents to any county in the system.Each county participating in the SECURE system is able to leverage the infrastructure built for the system and hosted at the Orange County data center. This data center is a purpose-built facility designed for extreme reliability and high availability. All title companies and other submitters – such as banks – will submit documents through an encrypted Internet connection to the Orange County data center. The documents will be held there until the various participating county recorders pick them up and process them.The structure will look similar to this:All submitters – Financial Institutions such as banks, Title Companies and eventually governmental departments such as the IRS and SSA –are able to use the common client, submit to the common data center and be assured that their documents are routed to the appropriate County Recorder.The system started out on December 1, 2009 with only Orange and Los Angeles counties active. Within six months, it is expected that other counties will be brought online. As the system is enhanced and developed title companies will be allowed to submit more documents and eventually scale back their paper handling processes altogether.This will result in a decrease in costs to the title companies as well as to the counties as a result of paper handling efficiencies. Of the two million annual documents recorded and by the Los Angeles County Recorder, 60% will be able to be processed eventually through this system. Since each document must currently be mailed back to the customer by the recorder, an annual savings in postage and mail handling is expected to show efficiencies.Once the document has been submitted to the Recorder office, it will be examined and – if valid – accepted for recording. The document will be stored in the recording archive and is available for further activities as needed by the general public.[CLICK ABOVE FOR A LARGER IMAGE]After the document has been recorded, the lead sheet (in the case of LA County, who attaches a separate sheet to the front of each document) and the first page are returned to the submitter. They are then able to print and mail the document back to the customer.[CLICK ABOVE FOR A LARGER IMAGE]As seen in the above image, the recorded document has been automatically returned to the submitter. At this stage, the process is complete for the county recorder.Since the SECURE (www.secure-erds.com) group owns the software, the counties will be free to upgrade and enhance the software to fit future needs. These future processes will include an interface to allow banking institutions direct access to send documents such as reconveyances and liens directly from their internal systems. This will further reduce costs as those documents are currently delivered via certified mail. Further enhancements will include electronic delivery of notary signatures, when that becomes allowed in the state. Because the system is built to abstract the back-end recording system from the delivery system, any number of California counties are able to join as participants and leverage the infrastructure already built by Orange, LA, Riverside and San Diego counties.


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© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Posted in chain in title, deed of trust, mortgage, Notary, note, Real EstateComments (0)


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