By Melissa Richards
Wallace, Esq. of The Wolf Firm(Reprinted by permission from USFN Report September/October, 1998)
By Melissa Richards
Wallace, Esq. of The Wolf Firm
(Reprinted by permission from USFN Report September/October, 1998)
Table Funding
Table funding of residential mortgage loans is becoming a thing of the past. Beginning January, 1999, California licensed real estate brokers can no longer table fund under the Department of Real Estate’s interpretation of the Real Estate Broker Law. Licensed California Finance Lenders are already prohibited from table funding.
Earthquake Insurance
The California Earthquake Authority has issued for comment conditions under which a lender may be named as a loss payee on a CEA policy (loss payee status will not be automatic). A lender may be named as a loss payee only when:
loan documents require the borrower to purchase and maintain earthquake insurance coverage, naming the lender as a loss payee; or
loan documents require the borrower to generally assign all insurance proceeds from all insurance policies that insure losses to the encumbered real property.
Flood Insurance
Effective July 6, 1998, Los Angeles and Sacramento communities were remapped by FEMA
into a Special Flood Hazard Area (SFHA). The remapping affects approximately 250,000
residential and commercial properties in the Los Angeles area alone. Thus, servicers
should review their Federally related loan portfolios in these regions and notify affected
borrowers of their obligation to purchase and maintain flood insurance coverage. The good
news for affected property owners is that FEMA has pledged to make premiums affordable in
the low- to moderate-income neighborhoods.
For further information please contact:
The Wolf Firm, A Law Corporation, is an "AV" rated law firm which concentrates on providing superior legal services to the mortgage banking industry. The firm's national clientele includes many of the largest mortgage bankers in the country, as well as a variety of savings banks, commercial banks, commercial finance companies, credit unions, and the Resolution Trust Corporation. With a staff of approximately forty individuals, including attorneys, certified paralegals, legal secretaries, administrators, clerical personnel, and a full time computer systems analyst, the firm represents its clients on a wide range of matters including all aspects of both residential and commercial/multifamily mortgage loan origination and servicing, securitization, regulatory compliance, bankruptcy, and litigation related to the foregoing in both federal and state courts throughout California. For more routine matters, such as residential bankruptcies, evictions and receiverships, The Wolf Firm has developed extremely cost-effective and efficient programs using specially trained paralegals and computer technology to assist its attorneys in handling these matters at rates that are the most competitive in the State of California and, through its membership in the USFN, the Firm is able to arrange similar services in virtually every state in the nation.
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