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: Section 2 - Transfer Transactions
SECURITIZATION
Documents Purporting Securitization
The following letters from Bayview Loan Servicing, LLC, the servicer, informed the borrowers that the loan has changed ownership four times involving four different entities which appear to be securitization trusts.
1. Letter dated February 20, 2014 informing the borrowers that the creditor on the subject loan is
MF IIIc Pass-Through Trust effective January 28, 2014.
MF IIIc Pass-Through Trust effective January 28, 2014.
2. Letter dated December 18, 2014 informing the borrowers that the creditor on the subject loan
is Mortgage Fund IVc Trust 2014-MLU1 effective November 26, 2014.
is Mortgage Fund IVc Trust 2014-MLU1 effective November 26, 2014.
3. Letter dated October 5, 2015 informing the borrowers that the creditor on the subject loan is
Mortgage Fund IVc Trust 2015-RN1 effective September 30, 2015.
Mortgage Fund IVc Trust 2015-RN1 effective September 30, 2015.
4. Letter dated September 22, 2017 informing the borrowers that the creditor on the subject loan
is Mortgage Fund IVc Trust 2017-RN4 effective August 30, 2017.
is Mortgage Fund IVc Trust 2017-RN4 effective August 30, 2017.
The address given for all the mentioned trusts is that of US Bank, NA in Saint Paul MN. This shows that the trustee for all these trusts is US Bank, NA.
About the Trusts
Searches for information on the aforementioned trusts yielded the following results:
1. Secinfo.com Search
1.1. A search on the Securities and Exchange Commission yielded no trust registered as MF IIIc
Pass-Through Trust as of February 22, 2020, the date this article was written.
1.2. A search on the Securities and Exchange Commission yielded no trust registered as Mortgage
Fund IVc Trust 2014-MLU1 as of February 14, 2020.
1.3. A search on the Securities and Exchange Commission yielded no trust registered as
Mortgage Fund IVc Trust 2015-RN1 as of February 14, 2020.
1.4. A search on the Securities and Exchange Commission yielded no trust registered as
Mortgage Fund IVc Trust 2017-RN4 as of February 14, 2020.
2. Web Search
2.1. MF IIIc Pass-Through Trust
This trust is governed by a Trust Agreement dated as of April 18, 2013 among Mortgage
Fund IIIc, LP as depositor, US Bank, NA as custodian and Bayview Loan Servicing, LLC as
servicer. US Bank, NA is also securities intermediary.
2.2. Mortgage Fund IVc Trust 2014-MLU1
The type of product for Mortgage Fund IVc Trust 2014-MLU1 is listed as Asset-Backed
Securities or Mortgage-Backed Securities. The trustee for this trust appears to be US Bank,
2.3. Mortgage Fund IVc Trust 2015-RN1
According to Fitch, in a rating of the certificates that were issued by this trust, the assets
of the trust are re-performing and non-performing loans totaling $372.8 million.
The servicer for this trust is Bayview Loan Servicing, LLC. The seller is Mortgage Fund IVc,
LP.
2.4. Mortgage Fund IVc Trust 2017-RN4
According to DBRS, Inc., in a rating of the certificates that were issued by this trust,
this transaction is a securitization of re-performing and non-performing loans.
2.1. MF IIIc Pass-Through Trust
This trust is governed by a Trust Agreement dated as of April 18, 2013 among Mortgage
Fund IIIc, LP as depositor, US Bank, NA as custodian and Bayview Loan Servicing, LLC as
servicer. US Bank, NA is also securities intermediary.
2.2. Mortgage Fund IVc Trust 2014-MLU1
The type of product for Mortgage Fund IVc Trust 2014-MLU1 is listed as Asset-Backed
Securities or Mortgage-Backed Securities. The trustee for this trust appears to be US Bank,
NA.
2.3. Mortgage Fund IVc Trust 2015-RN1
According to Fitch, in a rating of the certificates that were issued by this trust, the assets
of the trust are re-performing and non-performing loans totaling $372.8 million.
The servicer for this trust is Bayview Loan Servicing, LLC. The seller is Mortgage Fund IVc,
LP.
2.4. Mortgage Fund IVc Trust 2017-RN4
According to DBRS, Inc., in a rating of the certificates that were issued by this trust,
this transaction is a securitization of re-performing and non-performing loans.
The servicer for this trust is Bayview Loan Servicing, LLC. The depositor is MF IVc Depositor,
LLC.
Examiner’s Comments
1. The subject loan is purported by Bayview Loan Servicing, LLC to be owned by four different
trusts at four different times.
2. 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 the four trusts. The trustee in all of these trusts is US Bank, NA.
3. All of the aforementioned trusts appear to have been established in order to securitize
delinquent home mortgage loans. It is probable all of these trusts were established in order to
qualify as Real Estate Mortgage Investment Conduits (REMIC). However, none of these trusts had
documents on file with the Securities and Exchange Commission as of the date of the
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