MOST POPULAR ARTICLES
GET COMBO TITLE AND SECURITIZATION ANALYSIS – CLICK HERE
BY NANCY DREWE
Servicers play a big role in wrongful and illegal foreclosures.
When will the FEDERAL RESERVE, C/O OCC be accountable?
THE OCC has ’2′ bosses. Have you ever been in that ‘awkward position’? One has power and authority, and you are stuck between both with no authority have responsibility and accountability and no authority.
OCC a federal regulatory agency with Extraordinary powers from CONGRESS, under US CODE 2006 placed under FEDERAL RESERVE not part of Federal Government.
Chairman Bernanke of FEDERAL RESERVE oversees daily activities of OCC whose extraordinary powers ‘visitorial powers’ Supremacy Clause all Mortgage Servicers’ affiliates have privileges of national banks.
No enforcement of alleged unlawful business acts RETAIL period.
No enforcements results in ‘mechanized’ processing of harms against consumers who continue suffering nationwide repetitive harms in all 50 states, including misapplication and missing payments, if not attached to a national bank would not be white collar crimes rather criminal enforcement by Executive Branch in each county, state of the nation.
Does Aztec Foreclosure Services have their own properieatry software application for non-judicial states in which TRUSTEES who are alike REO brokers c/o robo-firms electronically reduce foreclosure timelines and errors using what software on the CLOUD with LPS, FIS, Fidelity, MERS, TD Services, …
U.S. Bancorp CDC Selects The Mortgage Office™ as its Loan Servicing Platform News Release at bottom of post
FRANKLY, WITH ALL OF THIS GREAT ‘MICROSOFT OPEN PLATFORM’ SOLUTIONS SINCE 1996, SHAREOWNERS INCLUDING FREDDIE MAC AND FANNIE MAE, CHASE, GMAC, NORWEST CORP, WELLS FARGO, HAVE SO MANY ‘MISTAKES’ AND FORECLOSURES PROCESSED BY THEIR SERVICERS WITH SO MANY ERRORS, MISTAKES, ? .
HOW WOULD A TEMPORAY LENDERs’ SERVICER, SUBSERVICER, Master Servicer, misapply and/or just LOSE PAYMENTS MADE BY CONSUMERS AND LENDERS and INVESTORS who ‘GET AWAY LYING TO COURTS’ THEY HAVE NO DATA? Example: ABS’sTrust Accounting Software
and REO PROPERTIES, real estate transactions, ‘funds’ deposited by ‘borrowers’ commercial clients this means not ‘consumers’….
Use our Mortgage Accounting software to manage escrow and impound trust accounts, REO properties, real estate transactions and funds deposited by borrowers. Reconcile your trust accounts to your bank statement easily and automatically.
With the Trust Accounting Module You Can
•Handle, control and account for all trust monies received
•Meets or exceeds currently established legal and accounting standards
•Maintain any number of trust accounts with unlimited clients (sub-ledgers)
•Generate reports, reconcile bank accounts, issue checks and disburse funds
•Complies with Federal and State regulations including CA-DRE and B&P code
•Processes deposits, adjustment, computer and manually written checks
•Generates the Trust Status Report (RE 855) and Trust Bank Account Reconciliation (RE 856)
Compliance with the statutes and regulations that govern the handling of trust accounts is essential to the health of your business. Maintain your records properly by investing in a tool specifically designed for the lending professional.
View The Mortgage Office™ Hardware and Software Requirements
State and Federal Regulations Dictate HELOC / Revolving Credit
servicers provide borrowers with timely notices.
ABS’S HELOC/Revolving Credit module allows you to generate those notices as well as informative management reports at any time, quickly and with minimal input.
With the HELOC/Revolving Credit Module SERVICERS CAM
•Assess finance charges and generate billing statements in a single step
•Generate detailed account activity, summarized information and finance charge calculations
•Automate the entire draw process
For those of you with the added complexity of multiple funding sources, the assistant will accurately distribute mid-month cash advances to more than a single funding source or lender and prorate disbursements accordingly.
APPLIED BUSINESS SYSTEMS (ABS)
CAN ACH Express FIND LOST Payments inside the Automated Clearing House (ACH) ?
ACH Express module processes loan payments and interest disbursements electronically and the funds are transferred directly from/to your bank account. So how could money be missing? You know all of the many stories where final mortgage payment misapplied and property placed into forced default, or final loan payments of a refinance misapplied and property placed into false defaults.
With ACH Express SERVICERS UTILIZING ABS’s SOFTWARE MODULES CAN:
•Electronically collect borrower payments and directly deposit funds to your lenders
•Eradicate human error and late payments
•Save money by eliminating mailing labor and hard costs
•Process thousands of borrower and lender payments effortlessly
In the past, only the largest and most prestigious companies enjoyed the benefits of electronic billing. By using ACH Express your company will be perceived as innovative, technologically advanced, service oriented, and efficient; a company that your borrowers and lenders can trust.
Mortgage Pool Servicing
The Mortgage Pool Servicing Module is designed to automate the managing of pools, partnerships, REITS, Mortgage Funds, LLCs, MICs, and non-performing loan pools. With this module you can determine the value of the pool at any given date while taking into account such things as loan payments, advances, accrued interest, late charges and deferred interest.
With the Mortgage Pool Servicing Module You Can
•Service an unlimited number of pools and partners
•Easily accept partner investments, issue distributions and process withdrawals
•Produce on demand professional pool statements
•Run year-end reporting, including Section J of the IRS schedule K-1, 1099-INT, etc.
Take your loan business to the next level by producing professional looking, accurate and up-to-the-minute partnership statements.
View The Mortgage Office™ Hardware and Software Requirements
WHAT IS A THRESHOLD BROKER AND ‘DRE LICENSE?
If you are a Threshold Broker operating under your DRE license, this module produces the mandated RE881 and RE852 reports.
With the DRE Reporting Module You Can
•Ensure state compliancy
•Decrease your CPA auditing and preparation fees
•Prepare California DRE forms 881 and 852
Information collected through the Loan Servicing module is used to accurately produce all the statistical information required on DRE Mortgage Loan/Trust Deed Annual Report form 881 and the Trust Accounting Report RE 852 for multi-lender transactions
U.S. Bancorp affiliates utilizes all modules?
Applied Business Systems:
Default Service Tracking
The Default Services and Tracking (DST) module provides a bi-directional interface between your Loan Servicing module and participating default service providers in a real-time environment. The DST Module is an easy to use, accurate and robust way to manage loan defaults.
With the DST Module INSTITUTIONAL INVESTORS/BANKS AFFILIATES, SUBSIDAIRIES Can
•Electronically transmit defaulted loans to the vendor of your choice
•Obtain Real-time bi-directional integration
•Dramatically reduce the error-prone tasks with paperless processing
•Request to start a foreclosure with one simple click
Until now, automated, integrated systems such as these have only been available to large banks and national servicers, allowing them to take advantage of the latest technologies and reducing their costs dramatically. With DST you have the same capabilities and functions and it is included free of charge with the Loan Servicing module.
ALL AN AFFILIATE WOULD NEED IS A MICROSOFT COMPLAINT WORKSTATION AND ADDITIONAL REQUIRED SOFTWARE:
The Mortgage Office™ Hardware and Software Requirements
Workstation Configuration •Microsoft Windows Desktop Operating Systems
◦Windows 7 (Professional, Ultimate)
◦Windows Vista (Business, Enterprise, Ultimate)
◦Windows XP Professional
•Processor Speed: 2 GHz or faster
•RAM: 1 gigabyte or greater
Additional Required Software •Microsoft SQL Server 2005 or 2008 (applicable to SQL server version of The Mortgage Office only)
•Microsoft Office 2003 or newer. Microsoft Office 2010 is ecommended. Home and Student editions are not supported
•Microsoft Internet Explorer 7 or newer
MSR’S – Mortgage Servicing Rights
Misconduct on the part of the mortgage servicer’s affiliates?
CONSUMER ALERT – What to do? What to do?
ALL NATONAL BANKS UNDER OCC WHICH IS UNDER FEDERAL RESERVE SINCE 2006, CONTINUE PREVENTING ENFORCMENT OF LAWS INCLUDING CONSUMER PROTECTION LAWS, RETAIL TRANSACTIONS WHICH HARM CONSUMERS AS BORROWRS AS INDIVIDUALS.
The ‘Mortgage Servicers’ Affiliates c/o Subsidairies of the ‘Wells Fargo Bank NA dba Cornerstone in agreements with third party’s consumers and their attorneyh’s not investigating who the real party’s are standing before the courts.
Don’t assume the MSR’s have the right to do what they do to you.
How did they get the right and are they applying the cash you send them to the creditor who owns the mortgage note? How would you know when you don’t know who owns the mortgage-backed note?
You’ve made payments for 29 years to who? How come so many people are in court trying to get property taken from they by deceptive acts like the last payment not applied and a false default occurs and the servicer quietly takes over possession of property at sheriff sale. How does that happen? Or how have you been paying your mortgage paymetns for 15 years, go to take a refiance and find out you are denied because (4) PAYMENTS WERE MISAPPLIED AND SOMEONE SOLD THE SERVICING RIGHTS TO ANOTHER SERVICER AND YOU HAVE NO NOTICES, NO RESOURCE NO ONE IN THE COURT OR GOVERNMETN WHO WILL HELP YOU!
Do you make/made payments to Chase Home Lending, Wells Fargo Home Mortgage, Ameirca’s Servicing Company, GMAC,
Litton Loan, Bank of America, Wachovia, Wells Fargo, etc. (owns the note). Note is owned by another entity not the “servicer” you send your payments too.
Servicers are debt collector who by agreement with (…’master servicer’ and/or ‘servicer’ and or subservicers ) c/o servicing companies’ back offices do generate bills, answer phones, and collect via lockboxes monthly payments c/o processing centers who redistribute funds. The ‘endorsement’ of mortgage payment on back of a check payable to?
A servicer can be defined as the company responsible for the following items:
1. Sending out bills
2. Accepting payments
3. Applying payments
4. Handling the escrow account
5. Imposing charges and fees
6. Handling any bankruptcy claims
7. Carrying out foreclosures.
The significance of being a servicer is certain laws apply including RESPA – Real Estate Settlement Practices Act. Existing state and federal laws can be very helpful when dealing with a servicer that lies, adds bogus fees, misapplies money, etc.
Servicers play a big role in wrongful and illegal foreclosures
A contractual agreement where the right, or rights, to service an existing mortgage are sold by the original lender to another party who specializes in the various functions of servicing mortgages. Common rights included are the right to collect mortgage payments monthly, set aside taxes and insurance premiums in escrow, and forward interest and principle to the mortgage lender.
Investopedia Says:
The mortgage servicer must supply an annual statement outlining the duties that were performed. In return for this assistance, the servicer is compensated with a specific fee outlined in the contract established at the beginning of the agreement. Mortgage servicing rights can be bought and sold, resulting in the transfer of any administrative obligations.
Many vertically integrated lenders today will service their mortgages in-house, which means they will also own both the loan and the servicing rights. These firms will also save money in the process.
The business of selling servicing rights for mortgages represents a large business niche, and is a multi-billion dollar industry.
For example:
The Mortgage Office™ is a powerful suite of lending solutions. With our comprehensive core loan servicing products and robust add-on products, you can custom build the most powerful and personalized mortgage software solution for your business.
The Mortgage Office Gives You
•Powerful. No other mortgage management software can match the power and robustness of The Mortgage Office
•Flexible. From the most simple interest only loans, to the most complex commercial loans, our mortgage software is the most flexible in the industry today.
•Easy to use. From emailing statements, to built-in document scanning, most functions can be done in one click or two.
•Increased productivity and accuracy. Our mortgage loan software automates and streamlines the process of loan servicing so your business can run more efficiently
•Enhanced reporting and forecasting abilities. Management and investors get detailed daily, weekly or monthly reports. Choose from hundreds of built-in reports or create your own
•Federal and local compliance. Enjoy peace of mind during audits knowing that you are meeting or exceeding local and federal regulations
•Scalability. Only buy what you need — as your business and services grow, your mortgage software can grow with it, making it an investment that will serve you for the life of your business
•Live software support. Personalized service & support from industry experts
U.S. Bancorp CDC Selects The Mortgage Office™ as its Loan Servicing Platform
8/1/2011
FOR IMMEDIATE RELEASE
Read Press Release
LOS ANGELES, Calif., August 1, 2011 – Applied Business Software Inc. (ABS), developer of The Mortgage Office™, the leading loan servicing software solution for the lending industry, is excited to announce that U.S. Bancorp Community Development Corporation (USBCDC), St. Louis, MO, a subsidiary of U.S. Bank (NYSE: USB), has selected The Mortgage Office™ as its servicing technology to manage its growing portfolio of New Market Tax Credit related loans.
Charity Braden, Director of Investment Fund Management and Loan Servicing for USBCDC said, “We needed a more robust and flexible loan servicing platform to manage our growing portfolio of New Market Tax Credit (NMTC) loans and to replace the multitude of individual spreadsheets used to track loan activity and subsequent cash distributions. Another goal was to be able to track upper-tier leverage loans within the NMTC structure and to streamline the internal accounting processes related to all of these loans on one system, thereby eliminating duplicative work.
USBCDC found this flexibility with The Mortgage Office™ software, along with the added bonus of affordability. ABS agreed to develop modifications to their current system in order to address the specific requirements of the NMTC deal structure. This will allow us to better service our own Community Development Entity (CDE), as well as better service and expand its marketable 3rd party services. We couldn’t be happier – we’ve already received the major part of the scoped customizations!”
About U.S. Bancorp Community Development Corporation (USBCDC)
USBCDC finances community development and affordable housing projects through the use of New Markets Tax Credits, Historic Tax Credits, Low-Income Housing Tax Credits, and Investment Tax Credits in Renewable Energy. USBCDC is the most active New Markets Tax Credit investor in the country, investing billions of dollars nationwide in hundreds of transactions. These equity investments have provided much needed revitalization and new resources to communities throughout the country. It is a subsidiary of U.S. Bank, the fifth largest commercial bank in the United States, whose parent company is U.S. Bancorp. Learn more at http://www.usbank.com.
About Applied Business Software
Applied Business Software, founded in 1978 and creator of The Mortgage Office™, is a market leader and global provider of software systems and solutions to the lending industry. The Mortgage Office™ is a complete suite of software products designed from the ground up to specifically address the needs of those who originate and service loans. The Mortgage Office™ has consistently rated superior in design, system interface, expandability, and ease of use. This Windows application collaborates fully with the Microsoft Office suite of products and is designed to make loan servicing more profitable and your overall business run more efficiently. ABS is based in Long Beach, California. For additional information about ABS’s products and services, visit http://www.themortgageoffice.com or call (800) 833-3343.
Applied Business Software, Inc.
Jerry Delgado
President
(562) 426-2188
jerrydelgado @ absnetwork . com
U.S. Bancorp CDC
Clair Higgins Community and Media Relations Manager, USBCDC
(314) 335-3321
Loan Origination Software | Loan Servicing Software | Mortgage Pool Servicing | Trust Accounting Software | Escrow Software | ACH Software | ARM Software
Collateralized Mortgage Obligations | Construction Loan Software | Credit Reporting Software | Default Services and Tracking | DRE Reporting | Financial Calculator
Graduated Terms Mortgages | Line of Credit Software | Web Publishing Central | Blog
Example of Modules – Complete set of hard money documents for all 50 states, 2010 RESPA regulations; private lending solutions; speed-up origiantion process, close more loans, with less staff:
Loan Origination Software
The Loan Origination module is specifically designed to originate loans funded by private lenders. Our software produces hard money lending documents on a per state basis. For California loans, it produces all necessary disclosures required by the Department of Real Estate and complies with the multi-lender regulations for fractionalized loans.
With the Loan Origination Module You Can
•Generate loan documents — from processing to closing
•Speed up the escrow process and save underwriting time
•Better manage your loan pipeline and forecasting
•Create your own documents or modify existing documents
With The Mortgage Office’s Loan Origination Module you can close more loans in less time and with less staff, which is the ultimate goal of any loan originator.
Search Our Blog
Categories
Contact Our National Headquarters Phone: 844-583-5339
Connect with us
Contact Our National Headquarters
- 844-583-5339
- Available 24/7
-
200 S. Andrews Ave. Ste. 604
Ft. Lauderdale, FL 33301