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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TRANSFER TRANSACTIONS
Endorsements
1. First Endorsement
On an unknown date, the Fixed Rate Note was endorsed by GSF Mortgage Corp., the originating
lender in favor of Bank of America, NA,
This endorsement is purportedly signed by James Guzanick, purporting to be CEO.
2. Second Endorsement
On an unknown date, the Fixed Rate Note was endorsed by Bank of America, NA in favor of The
Secretary of Housing and Urban Development.
This endorsement is purportedly signed by Michele Sjolander, purporting to be Senior Vice-
President.
3. Third Endorsement
On an unknown date, the Fixed Rate Note was endorsed by Bayview Loan Servicing, LLC as
Attorney-in-Fact for The Secretary of HUD in favor of Bayview Acquisitions, LLC.
This endorsement is purportedly signed by David Briggs, purporting to be First Vice-President.
4. Fourth Endorsement
On an unknown date, the Fixed Rate Note was endorsed in blank by Bayview Acquisitions, LLC.
This endorsement is purportedly signed by David Briggs, purporting to be First Vice-President.
Assignments
1. First Assignment
1.1. Main Features
On August 29, 2011, an Assignment of Mortgage was executed by MERS as holder of the
Mortgage. This document names the assignee as Bank of America, NA, successor-by-merger
to BAC Home Loans Servicing, LP, formerly known as Countrywide Home Loans Servicing, LP.
This assignment is purportedly signed by Cecilia Rodriguez, purporting to be Assistant
Secretary and is purportedly notarized by L. A. Llanos, a notary public of the state of
California. It was recorded in (Name of County Withheld) on September 12, 2011.
1.2. Non-Compliance with TILA, 15 U.S.C. § 1641(g)
This assignment, executed on August 29, 2011, states that it pertains to a Mortgage that
was executed on April 24, 2009.
On May 19, 2009, the Truth in Lending Act was amended in order to include a provision
which states:
"[N]ot later than 30 days after the date on which a mortgage loan is sold or otherwise
transferred or assigned to a third party, the creditor that is the new owner or assignee of
the debt shall notify the borrower in writing of such transfer[.]" 15 U.S.C. § 1641(g)(1).
Notably, if the new creditor does not comply, the borrower may bring suit to recover actual
damages, a statutory penalty of up to $4,000 for individual claims ($1 million for a class
action), plus costs and attorney's fees. A 2009 Amendment to the Truth in Lending Act, 15 U.S.C. § 1641(g), Property Law
2. Second Assignment
2.1. Main Features
On February 12, 2014, an Assignment of Mortgage was executed by Bank of America, NA,
successor-by-merger to BAC Home Loans Servicing, LP, formerly known as Countrywide
Home Loans Servicing, LP. This document names the assignee as The Secretary of HUD.
This assignment is purportedly signed by Amparo Mayorga, purporting to be Assistant Vice-
President and is purportedly notarized by Shannon Steeg, a notary public of the state of
California. The copy of this assignment that was presented in this examination did not bear
markings or indications that it has been recorded.
2.2. Non-Compliance with TILA, 15 U.S.C. § 1641(g)
This assignment, executed on February 12, 2014, states that it pertains to a Mortgage that
was executed on April 24, 2009 (see also Transfer Transactions, Assignments; 1. First
Assignment; 1.2. Non-Compliance with TILA, 15 U.S.C. § 1641(g)).
3. Third Assignment
3.1. Main Features
On March 25, 2014, an Assignment of Mortgage was executed by Bayview Loan Servicing,
LLC as Attorney-in-Fact for The Secretary of HUD. This document names the assignee as
Bayview Loan Servicing, LLC itself.
This assignment is purportedly signed by Robert G. Hall, purporting to be Vice-President
and is purportedly notarized by Christine Raymond, a notary public of the state of Florida.
The copy of this assignment that was presented in this examination did not bear markings
or indications that it has been recorded.
3.2. Verbiage of the Assignment
This assignment states that:
“. . . Assignor (MERS) does hereby grant, sell, assign, transfer and convey unto the
Assignee all beneficial interest under that certain Mortgage together with the note
therein described.”
This means that this assignment was made to include the promissory note that is secured by
the Mortgage being assigned. The language used indicates the intention of the parties to
bind themselves in such accord and to make it known to the public at large (an assignment,
being a recordable, and therefore, a public instrument) that the note is covered in the
assignment.
The fact is that the assignee in this assignment is Bayview Loan Servicing, LLC while the
endorsee in the third endorsement is Bayview Acquisitions, LLC.
3.3. Non-Compliance with TILA, 15 U.S.C. § 1641(g)
This assignment, executed on March 25, 2014, states that it pertains to a Mortgage that was
executed on April 24, 2009 (see also Transfer Transactions; Assignments; 1. First
Assignment; 1.2. Non-Compliance with TILA, 15 U.S.C. § 1641(g)).
4. Fourth Assignment
4.1. Main Features
On October 27, 2014, an Assignment of Mortgage was executed by Bayview Loan Servicing,
LLC as Attorney-in-Fact for Bank of America, NA successor-by-merger to BAC Home Loans
Servicing, LP, formerly known as Countrywide Home Loans Servicing, LP. This document
names the assignee as The Secretary of HUD.
This assignment is purportedly signed by Robert G. Hall, purporting to be Vice-President
and is purportedly notarized by Rogelio A. Portal, a notary public of the state of Florida. It
was recorded in (Name of County Withheld) on November 7, 2014.
4.2. About the Parties
The parties in this assignment are the same as those of the second assignment, wherein the
assignor is Bank of America, NA and the assignee is The Secretary of HUD. The only
difference is that in this assignment, Bank of America, NA is being represented by Bayview
Loan Servicing, LLC purporting to be Attorney-in-Fact.
4.3. Verbiage of the Assignment
This assignment states that:
“. . . Assignor (MERS) hereby grants, conveys, assigns to the Assignee all beneficial
interest under that certain Mortgage together with the note therein described.”
This means that this assignment was made to include the promissory note that is secured by
the Mortgage being assigned. The language used indicates the intention of the parties to
bind themselves in such accord and to make it known to the public at large (an assignment,
being a recordable, and therefore, a public instrument) that the note is covered in the
assignment.
The fact is that the assignor in this assignment is Bank of America, NA, represented by
Bayview Loan Servicing, LLC, purporting to be its Attorney-in-Fact, while the note was
endorsed by Bayview Acquisitions, LLC in the fourth and last endorsement.
On the other hand, the assignee in this assignment is The Secretary of HUD, while the note
was only endorsed in blank in the fourth endorsement. Thus, it could not be ascertained if
The Secretary of HUD is also the endorsee in the blank endorsement.
4.4. Non-Compliance with TILA, 15 U.S.C. § 1641(g)
This assignment, executed on October 27, 2014, states that it pertains to a Mortgage that
was executed on April 24, 2009 (see also Transfer Transactions; Assignments; 1. First
Assignment; 1.2. Non-Compliance with TILA, 15 U.S.C. § 1641(g)).
4.3. Verbiage of the Assignment
This assignment states that:
“. . . Assignor (MERS) hereby grants, conveys, assigns to the Assignee all beneficial
interest under that certain Mortgage together with the note therein described.”
This means that this assignment was made to include the promissory note that is secured by
the Mortgage being assigned. The language used indicates the intention of the parties to
bind themselves in such accord and to make it known to the public at large (an assignment,
being a recordable, and therefore, a public instrument) that the note is covered in the
assignment.
The fact is that the assignor in this assignment is Bank of America, NA, represented by
Bayview Loan Servicing, LLC, purporting to be its Attorney-in-Fact, while the note was
endorsed by Bayview Acquisitions, LLC in the fourth and last endorsement.
On the other hand, the assignee in this assignment is The Secretary of HUD, while the note
was only endorsed in blank in the fourth endorsement. Thus, it could not be ascertained if
The Secretary of HUD is also the endorsee in the blank endorsement.
4.4. Non-Compliance with TILA, 15 U.S.C. § 1641(g)
This assignment, executed on October 27, 2014, states that it pertains to a Mortgage that
was executed on April 24, 2009 (see also Transfer Transactions; Assignments; 1. First
Assignment; 1.2. Non-Compliance with TILA, 15 U.S.C. § 1641(g)).
5. Fifth Assignment
5.1. Main Features
On October 27, 2014, an Assignment of Mortgage was executed by Bayview Loan Servicing,
LLC as Attorney-in-Fact for The Secretary of Housing and Urban Development. This
document names the assignee as Bayview Loan Servicing, LLC itself.
This assignment is purportedly signed by Robert G. Hall, purporting to be Vice-President
and is purportedly notarized by Rogelio A. Portal, a notary public of the state of Florida. It
was recorded in (Name of County Withheld) on November 7, 2014.
5.2. Verbiage of the Assignment
This assignment states that:
“. . . Assignor (MERS) hereby grants, conveys, assigns to the Assignee all beneficial
interest under that certain Mortgage together with the note therein described.”
This means that this assignment was made to include the promissory note that is secured by
the Mortgage being assigned. The language used indicates the intention of the parties to
bind themselves in such accord and to make it known to the public at large (an assignment,
being a recordable, and therefore, a public instrument) that the note is covered in the
assignment.
The fact is that the assignee in this assignment is Bayview Loan Servicing, LLC while the
note was only endorsed in blank in the fourth and last endorsement. Thus, it could not be
ascertained if this note was further endorsed mere delivery after the blank endorsement.
5.3. Non-Compliance with TILA, 15 U.S.C. § 1641(g)
This assignment, executed on October 27, 2014, states that it pertains to a Mortgage that
was executed on April 24, 2009 (see also Transfer Transactions; Assignments; 1. First
Assignment; 1.2. Non-Compliance with TILA, 15 U.S.C. § 1641(g)).
Examiner’s Comments
1. Endorsements
1.1. Third Endorsement
Bayview Loan Servicing, LLC may not have been duly appointed as Attorney-in-Fact for The
Secretary of HUD with specific authority to endorse the Fixed Rate Note to Bayview
Acquisitions, LLC.
1.2. Fourth Endorsement
The Fixed Rate Note was endorsed for the fourth and last time, in blank, by Bayview
Acquisitions, LLC.
A blank endorsement cannot identify the owner of the endorsed note even if possession
thereof is claimed by a singular, specific entity, except when it is undisputable that (a) this
entity itself owns the note, or (b) this entity is acting as agent or trustee for only one
principal and does not itself own the note.
1.3. General Comments
No robo-signing examination was conducted on the signatories of the four endorsements.
2. Assignments
2.1. First Assignment
Bank of America, NA could be held liable for a statutory penalty of up to $4,000 and actual
damages for its failure to inform the borrower of the change of creditor under TILA, 15
U.S.C. § 1641(g).
For the purpose of determining compliance of TILA, 15 U.S.C. § 1641(g), at least, the date
that the loan was conveyed to the assignee can only be based on the date of the
assignment and not on any date that can be inferred from the endorsement.
2.2. Second Assignment
The Secretary of HUD could be held liable for a statutory penalty of up to $4,000 and
actual damages for its failure to inform the borrower of the change of creditor under TILA,
15 U.S.C. § 1641(g).
2.3. Third Assignment
2.3.1. Bayview Loan Servicing, LLC may not have been duly appointed as Attorney-in-Fact
for The Secretary of HUD with specific authority to assign the Mortgage to itself.
Bayview Loan Servicing, LLC, purporting to be Attorney-in-Fact for The Secretary of
HUD, was also the endorser of the note in the third endorsement.
2.3.2. This assignment was made to include or to purport to include the note that is
secured by the Mortgage being assigned but the assignee in this assignment is not
endorsee of the note in the third endorsement.
2.3.3. Bayview Loan Servicing, LLC or Bayview Acquisitions, LLC could be held liable for a
statutory penalty of up to $4,000 and actual damages for its failure to inform the
borrower of the change of creditor under TILA, 15 U.S.C. § 1641(g).
2.4. Fourth Assignment
2.4.1. Bayview Loan Servicing, LLC may not have been duly appointed as Attorney-in-Fact
for Bank of America, NA with specific authority to assign the Mortgage to The
Secretary of HUD.
2.4.2. This assignment was made to include or to purport to include the note that is
secured by the Mortgage being assigned but the assignor in this assignment was not
the endorser of the note in the fourth endorsement.
2.4.3. The Secretary of HUD could be held liable for a statutory penalty of up to $4,000 and
actual damages for its failure to inform the borrower of the change of creditor under
TILA, 15 U.S.C. § 1641(g).
2.5. Fifth Assignment
2.5.1. As in the third assignment, Bayview Loan Servicing, LLC may not have been duly
appointed as Attorney-in-Fact for The Secretary of HUD with specific authority to
assign the Mortgage to itself.
2.5.1. As in the third assignment, Bayview Loan Servicing, LLC may not have been duly
appointed as Attorney-in-Fact for The Secretary of HUD with specific authority to
assign the Mortgage to itself.
2.5.2. As in the third assignment, Bayview Loan Servicing, LLC could be held liable for a
statutory penalty of up to $4,000 and actual damages for its failure to inform the
borrower of the change of creditor under TILA, 15 U.S.C. § 1641(g).
2.6. General Comments
No robo-signing examination was conducted on the signatories of the five assignments.
(See also Examiner’s Comments, Chain of Title)
End of article
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