The findings in this examination are factual although they are here provided for informational purposes only and are not to be construed as legal advice. The borrower or the reader, as the case may be, was or is advised to consult a competent legal professional in connection with the contents of this report and its proper use.
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SUMMARY OF FINDINGS
The Premises
The subject loan was granted on April 4, 2009. The Fixed Rate Note names GSF Mortgage Corp. as the originating lender.
This note was endorsed four times; first, by the originating lender in favor of Bank of America, NA, second, by Bank of America, NA in favor of The Secretary of Housing and Urban Development, third, by The Secretary of HUD in favor of Bayview Acquisitions, LLC and fourth, in blank by Bayview Acquisitions, LLC.
The Mortgage names MERS as nominee for the lender and mortgagee. It was assigned five times; first, by MERS to Bank of America, NA, second, by Bank of America, NA to The Secretary of HUD, third, by The Secretary of HUD to Bayview Loan Servicing, LLC, fourth, by Bank of America, NA to The Secretary of HUD (again) and fifth, by The Secretary of HUD to Bayview Loan Servicing, LLC (again).
Bayview Loan Servicing, LLC as servicer informed the borrowers four times about changes in the ownership of the loan; one letter for every such change. Aside from acting as servicer, Bayview Loan Servicing, LLC also acted as Attorney-in-Fact for The Secretary oF HUD and Bank of America, NA.
The mortgaged property is now in foreclosure. The plaintiff named in the Complaint is Bayview Loan Servicing, LLC.
The Main Issues
1. The subject loan is purported by Bayview Loan Servicing, LLC to be owned by four different
trusts at four different times. No documents were presented in this examination which shows
that the Fixed Rate Note has been endorsed and that the Mortgage has been assigned to any
entity that is or that appears to be a party in any of these four trusts. The trustee in all of these
trusts is US Bank, NA.
2. Bayview Loan Servicing, LLC acted as Attorney-in-Fact for The Secretary of HUD and Bank of
America, NA. It could not be ascertained if Bayview Loan Servicing, LLC has the documents to
prove such appointments.
3. There has been a break in the chain of title and three instances of separation of the Mortgage
from the note.
4. In its Complaint and Supplemental Affidavit, the plaintiff alleges that (a) on January 28, 2014,
the plaintiff purchased the loan from Bank of America, NA and (b) it is the holder of the note,
mortgage and indebtedness since prior to the commencement of this foreclosure action. The
plaintiff does not state that is in possession of those documents.
4.1. Based on the documents that were presented in this examination, the holder of the note
and Mortgage as of January 28, 2014 was still Bank of America, NA. Bank of America, NA
endorsed the note on an unknown date and assigned the Mortgage to The Secretary of HUD
on February 12, 2014.
4.2. It could not be ascertained if the plaintiff is an endorsee of the note. This note was last
endorsed in blank on an unknown date by Bayview Acquisitions, LLC.
The Mortgage was assigned to the plaintiff by The Secretary of HUD on two occasions; the
last on October 27, 2014. The plaintiff was never an assignee of the Mortgage from Bank of
America, NA. For its part, Bayview Acquisitions, LLC never executed an assignment.
4.3. On December 18, 2014, or before the complaint was filed, the plaintiff, even if at the time
it was the last assignee of the Mortgage, informed the borrower that the creditor on the
loan was Mortgage Fund IVc Trust 2014-MLU1 effective November 26, 2014.
4.4. On September 22, 2017, or before the Supplemental Affidavit was filed, the plaintiff
informed the borrower that the creditor on the loan was Mortgage Fund IVc Trust 2017-RN4
effective August 30, 2017. This was reiterated by the plaintiff in its response to the
borrowers' Qualified Written Request dated December 20, 2017.
End of article
trusts at four different times. No documents were presented in this examination which shows
that the Fixed Rate Note has been endorsed and that the Mortgage has been assigned to any
entity that is or that appears to be a party in any of these four trusts. The trustee in all of these
trusts is US Bank, NA.
2. Bayview Loan Servicing, LLC acted as Attorney-in-Fact for The Secretary of HUD and Bank of
America, NA. It could not be ascertained if Bayview Loan Servicing, LLC has the documents to
prove such appointments.
3. There has been a break in the chain of title and three instances of separation of the Mortgage
from the note.
4. In its Complaint and Supplemental Affidavit, the plaintiff alleges that (a) on January 28, 2014,
the plaintiff purchased the loan from Bank of America, NA and (b) it is the holder of the note,
mortgage and indebtedness since prior to the commencement of this foreclosure action. The
plaintiff does not state that is in possession of those documents.
4.1. Based on the documents that were presented in this examination, the holder of the note
and Mortgage as of January 28, 2014 was still Bank of America, NA. Bank of America, NA
endorsed the note on an unknown date and assigned the Mortgage to The Secretary of HUD
on February 12, 2014.
4.2. It could not be ascertained if the plaintiff is an endorsee of the note. This note was last
endorsed in blank on an unknown date by Bayview Acquisitions, LLC.
The Mortgage was assigned to the plaintiff by The Secretary of HUD on two occasions; the
last on October 27, 2014. The plaintiff was never an assignee of the Mortgage from Bank of
America, NA. For its part, Bayview Acquisitions, LLC never executed an assignment.
4.3. On December 18, 2014, or before the complaint was filed, the plaintiff, even if at the time
it was the last assignee of the Mortgage, informed the borrower that the creditor on the
loan was Mortgage Fund IVc Trust 2014-MLU1 effective November 26, 2014.
4.4. On September 22, 2017, or before the Supplemental Affidavit was filed, the plaintiff
informed the borrower that the creditor on the loan was Mortgage Fund IVc Trust 2017-RN4
effective August 30, 2017. This was reiterated by the plaintiff in its response to the
borrowers' Qualified Written Request dated December 20, 2017.
End of article
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