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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< Previous: Summary of Findings
THE DEBT & THE SECURITY
The Promissory Note
The loan that is the subject of this examination was granted on April 4, 2009. The parties in the promissory note are (Name Withheld), the borrower and GSF Mortgage Corp., the originating lender. It is a Fixed Rate Note with a term of 30 years to mature on May 1, 2039. This note has been endorsed four times. The last endorsement is in blank.
GSF Mortgage Corp. is a residential mortgage lender that was established in 1995. It is based in Brookfield WI.
The Mortgage was executed on April 24, 2009. The parties are the borrower, (Name Withheld), the co-borrower, the originating lender and Mortgage Electronic Registration Systems, Inc. (MERS) which is named as nominee for the lender and mortgagee. This instrument secures the debt of the borrowers to the lender including interest thereof. The mortgaged property is located at (Address Withheld). It belongs in the jurisdiction of (Name of County Withheld). This Mortgage was recorded in (Name of County Withheld) on April 30, 2009.
Information on the Debt & the Security Instruments
Parties in the Debt & the Security Instruments
Loan Modification
No document was presented in this examination which shows that the loan is subject to a loan modification agreement.
About the Servicers
1. Bank of America, NA
The original servicer on the subject loan was Bank of America, NA. Bank of America, NA was
successor by merger to BAC Home Loan Servicing, LP, formerly known as Countrywide Home
Loans Servicing, LP.
1.1. On December 13, 2012, Bank of America, NA sent the borrowers a Notice of Assignment,
Sale or Transfer Ownership of Mortgage Loan informing them that they are the present
servicer of the subject loan and that they are also the creditor effective December 3, 2012.
1.2. On February 10, 2014, Bank of America, NA sent the borrowers a Notice of Assignment, Sale
or Transfer of Servicing Rights informing them that effective March 1, 2014, the loan will be
serviced by Bayview Loan Servicing, LLC.
2. Bayview Loan Servicing, LLC
2.1. Four letters from Bayview Loan Servicing, LLC from February 20, 2014 through October 5,
2015 informed the borrowers about changes in the ownership of the loan; one letter for
every such change (see also Chain of Title; Explanation).
2.2. Aside from acting as servicer, Bayview Loan Servicing, LLC also acted as Attorney-in-Fact
2.1. Four letters from Bayview Loan Servicing, LLC from February 20, 2014 through October 5,
2015 informed the borrowers about changes in the ownership of the loan; one letter for
every such change (see also Chain of Title; Explanation).
2.2. Aside from acting as servicer, Bayview Loan Servicing, LLC also acted as Attorney-in-Fact
for:
2.2.1. The Secretary of Housing and Urban Development in endorsing the note to Bayview
Acquisitions, LLC on an unknown date
2.2.2. The Secretary of HUD in assigning the mortgage to Bayview Loan Servicing, LLC itself
on March 25, 2014 and on October 27, 2014.
2.2.3. Bank of America, NA, successor by merger to BAC Home Loans Servicing, LP, formerly
2.2.1. The Secretary of Housing and Urban Development in endorsing the note to Bayview
Acquisitions, LLC on an unknown date
2.2.2. The Secretary of HUD in assigning the mortgage to Bayview Loan Servicing, LLC itself
on March 25, 2014 and on October 27, 2014.
2.2.3. Bank of America, NA, successor by merger to BAC Home Loans Servicing, LP, formerly
known as Countrywide Home Loans Servicing, LP in assigning the mortgage to The
Secretary of HUD on October 27, 2014.
Examiner’s Comments
1. The subject loan exists according to the amount, interest rate, maturity date and the terms and
conditions stated in the Fixed Rate Note which is signed by the borrower. This note has been
endorsed four times. The last endorsement is in blank.
2. The Mortgage exists as a security on the loan according to the amount, maturity date, property
address, and the terms and conditions stated in the mentioned deed which is signed by the
borrower and the co-borrower has been notarized. It represents a first lien on the title of the
mortgaged property and was recorded in the county where the property belongs.
3. The subject loan has not been modified.
4. The Fixed Rate Note was not endorsed and the Mortgage was not assigned accordingly as
Bayview Loan Servicing, LLC notified the borrowers about changes in loan ownership.
5. At different times, 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 show to prove such appointments.
6. Bayview Loan Servicing, LLC stands liable for damages that may be sustained by the borrowers
arising from or caused by the information it has provided to the borrowers as well as from the
acts it has executed under its purported capacity as Attorney-in-Fact for the aforementioned
entities.
End of article
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