USFN DEFAULT SEMINAR
LOUISVILLE, KENTUCKY
September 23-24, 1999
Presented By:
ALAN
STEVEN WOLF |
Becky Brown |
John Huges
John.Hughes@pncbank.com
|
What is the Internet and Why
Do We Care?
1.
The Concept
a. The
History
b. A
Connection of Computers (Over 1,000,000)
c. Very
durable (Made to withstand a nuclear attack)
2. The Hype
a.
100,000,000 plus users
b.
50,000,000 web users
c. A
new form of communication
d.
E-Commerce
e.
Ubiquitous
1) AOL- 17 million members
2) @Home- Cable Access
3) WebTV
3. Cost is Going
Down/Performance is Going Up
4. The Browser/Thin Client
a.
Concept-Interface for all Applications
b.
Inexpensive- It's free!
1. 
2. 
c. Easy
to maintain
5. Bandwidth
| Speed | Year | Device | Price of Device | Access Fee |
.3 K |
1985 | Modem | $600 to buy | $20 per hour |
| 1.2 K | 1988 | Modem | $500 to buy | $18 per hour |
| 1.4 K | 1991 | Modem | $450 to buy | $15 per hour |
| 28.8 K | 1993 | Modem | $325 to buy | $4 per hour |
| 33.3 K | 1994 | Modem | $100 to buy | $20 per month unlimited access |
| 128.0 K | 1995 | ISDN | $200 to buy | $80 per month unlimited access |
| 1,500.0 K | 1990 | T1 | $3,000 to install | $1,000 per month unlimited access |
| 1,500.0 K | 1996 | DSL | $300 to buy | $100 per month unlimited access |
| 10,000.0 K | 1997 | Cable Modems | $75 to buy | $40 per month unlimited access |
6. This is generally no
additional charge for viewing a web page/the information is free.
7. We're at the same stage
as the early black & white tv's
8. Paradigm
Shift- Don't be
"Amazoned"
a.
Amazon.com
b.
Yahoo
c. Greatest
Shift in Wealth in History!
1) The capitalized Value of
Yahoo (43.608B as
of 9/20/99) is greater than
General Motors
(41.872B)
2) The capitalized value of
Amazon.com (21.160B
as of 9/20/99) is greater than
K-Mart
(6.295B)
d. The
New Economic Order
1) Disintermediation- Or Getting Rid of the
Middleman
a) Brokers
b) Title Companies
c) Inspection Companies
d) Attorneys
e) Default Outsourcers
2) From Marketplace to Marketspace-
It no longer makes
a difference where the information resides.
What are we going to
discuss?
1
E-Mail
2 The Web
-
a.
Production Is Way Ahead of Servicing
b. Servicing
and the Web
1) Loan Servicing Web Sites Providing Information
a) Information for Borrowers
b) Information for Attorneys and
Vendors
c) Information for the General
Public
2) Loan Servicers Obtaining Information
a) Online Case Status
b) VA Bid Instructions
c) Online Title Information
d) Online Imaged Documents
e) Online Mortgage Insurance Status
f) Mortgage Banking News
g) Mortgage Banking Jobs Database
h) Mortgage Banking Training
i) Mortgage Banking Books Sold
Online
j) USFN Directory of Attorneys
k) Online Discussion/Message Board
of Mortgage Banking Related Questions
l) Articles on Mortgage
Banking
m) Missing Assignment Database
n) Mortgage Banking Forms
o) Calendar of Mortgage Banking
Conferences
p) Online Discussion/Message Board
Of Mortgage Servicing Related Questions
4)
Internet Starting Points For Mortgage
Servicers
a) Agencies
b) Appraisal Services
c) Credit Reporting Agencies
d) Federal Government Resources
e) Flood Determinations
f) Force Placed Insurance
g) Hazard Insurance
h) Mortgage Insurance
i) Mortgage Industry- Calendar
j) Mortgage Industry- General
k) Mortgage Industry- News
l) Mortgage Industry-Trade Groups
m) Regulations
n) Title Companies
6) Law Related
Information of Interest To Mortgage Servicers
See The Wolf Firm
web site.
http://www.wolffirm.com/library
7) General
News/Newspapers/Magazines
See The Wolf Firm
web site.
http://www.wolffirm.com/library
What are
we not going to discuss?
1. Newsgroups
2. Listservs
3. Telnet
4. Gopher/Archie
5. Ftp
What are we trying to
achieve?
1. More effective
communication
2. Lower cost.
1. The concept-
a. Comparison to Regular
Mail
b. Comparison to Fax
c. Comparison to Telephone
2. The format
a. name@domain name
b. (e.g.,
Alan_Wolf@wolffirm.com and
alanswolf@aol.com)
3. How do you find someone's address?
a. No comprehensive site
b. Search engines
1)
Switchboard
2)
Four11
2)
Infoseek
4. Legal Issues in use of e-mail.
a. Electronic Communications
Privacy Act
b. Potential waiver of
protections- (See article
E-Mail Blues)
1)
Attorney-Client
2) Work
Product
3) Financial
Privacy
4) Trade
Secrets
c. The
American Bar Association (ABA) has taken
the view that there is no waiver by the use of e-mail.
d. Servicers should have a written
e-mail policy
e.
Encryption
1. Articles of General Interest Relating
to Mortgage Servicers and the Web
a.
The Internet
Explodes in the Mortgage Industry - May '97
b.
Get Connected
or Get Lost - May '97
c.
Security and
the Internet - May '97
d.
Mortgage Servicing
and the Internet- August 1998
Production Is Way Ahead of
Servicing
1.
Brochure/Advertising/Marketing
2. Provide Information
a. Information about
bank
b. Information about
services
1)
Banking (e.g.,
Bank of America)
2)
Mortgages (e.g.
Countrywide)
a) Programs
b) Rates
3. Loan
Applications
4. Whole mortgage companies have
been started on the
net- eloan.com
5.
FHA Connection
Servicing
And The Web
Loan Servicing Web
Sites Providing Information
1. Information for
Borrowers
a.
National
City Mortgage- "Customer Area"
1)
Account
Information (Alltel)
2) Payoff
Information (E-Mail request)
3)
Bi-Weekly
Mortgage Information
4)
Electronic
Funds Transfer Information
5)
Questions
and Comments
b.
GMAC
Mortgage- "Services For Our
Customers"
1)
Account
Status
2)
E-Mail Customer
Service
3)
Convenient
Payment Options
4)
Moving Up
To A New Home
5)
Refinancing
6)
FAQ
c.
Countrywide-
"Current Customers"
1)
Recent
Statement
a) Home Loan Statement
(1) Monthly
(2) 1098
b) Home Equity Line of Credit
Statement
c) Escrow Analysis Statement
2)
Countrywide
Investments
a) Mutual Funds
b) Stock Funds
c) Investment Counseling
d) Retirement Plans
3)
Insurance
Solutions
a) Life Insurance
b) Home/Auto Solutions
c) HomeSafe Warranty
4)
Transaction
History
a) Date
b) Description
c) Principal
d) Interest
e) Escrow
5)
Loan
Analysis Tools
a) Affordability
(1)
Rates
b)
Home
Equity Line of Credit
c) Mortgage Payment
d) Amortization Calculators
(1)
Refinance
Wizard
(2)
Amortization
Calculator
6)
Subscriber
Services
a) Interest Rate Alerts
b) Mortgage Payment Posting
c) Real Estate Tax Payments
d) HomeOwners Insurance Payments
7)
Financial
Services
a)
HomePay
Plus
b) Electronic Payments
c) Countrywide Platinum
Visa
8)
FAQ
& Glossary
a) Escrow Accounts
b) Property Taxes
c) Year End Statement
9)
Newsletter
c.
Nationwide
Home Mortgage "Customer
Service"
1)
Payment
Methods
a) Mailing Addresses
b) Automatic Payments
c) Auto-Debit Authorization
d) Coupon Request
2)
Forms
a) Change of Address
b) Mortgage Document Request
c) Auto-Debit Authorization
d) Coupon Request
3)
Escrow
Information
a) Escrow Brochure
b) Escrow Analysis
4)
Delinquency
a) Saving Your Home
b) Collection Counselor
d. No
apparent Loan Servicing Information
1)
Norwest
2) Bank
of America
d.
E-Bills- 
Demo
2. Information for
Attorneys/Vendors
a. Type
of Information
(1) Loan Status and Payoffs
(2) Imaged documents
(3) Tracking of case
b. Servicers
working on Systems
(1) Bank of America
(2) Norwest
(3) First Union
3. Information for
the General Public
a. REO
Information
(1) Fannie
Mae
b. Foreclosure
Information
Go to top of this page.
Servicers Obtaining Information
From the WebOnline
Foreclosure/Bankruptcy Case Status of Case-
Get online case status!
VA
Foreclosure Bid Instructions- Get
online Foreclosure Bid instructions from the VA.
Online Title Information
See
title information online.
Online
Imaged Documents- Get Imaged Bankruptcy
Documents directly from the Court
Online
Mortgage Insurance Status- Get current
online mortgage insurance status.
Mortgage
Banking News- Get up to the minute mortgage
industry news!
Mortgage
Banking Jobs Database- A Database
listing all of the jobs in the Mortgage Industry
Mortgage Banking Training-
Learn mortgage servicing concepts
online.
Mortgage Banking Books Sold Online-
Purchase mortgage banking related books
online.
USFN Directory of Attorneys-
Pick attorneys nationally.
Online
Discussion/Message Board Of Mortgage Servicing Related
Questions
Online threaded Discussions Of Mortgage Servicing
Related Questions (an electronic conference).
Articles
on Mortgage Servicing- A Searchable Database
Mortgage Servicing articles.
Missing
Assignment Database-
A Searchable Database helping you to locate an
entity which may have failed to record an Assignment.
Mortgage
Banking Forms- Fill out online mortgage
banking forms.
Calendar
of Mortgage Banking Conferences- Party
time!
Attorney Sites-
Hunt Leibert Chester & Jacobson,
P.C.
Feiwell & Hannoy
Lundberg &
Associates
Partridge, Snow & Hahn
Pierce & Associates
The Wolf Firm
For
Mortgage Servicers
Mortgage Servicing Related
Information
Law Related Information
of Interest To Mortgage Servicers
See the The Wolf Firm law library at http://www.wolffirm.com/library
General
News/Newspapers/Magazines
See Wolf &
Richards web site.
http://www.wolffirm.com/library/librarynews.html
The Wolf Firm
A Professional Law Corporation
18 Corporate Plaza Drive
Newport Beach, California 92660
(949) 720-9200 Phone
(949) 720-9250 Fax
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E-Mail us at
Alan_Wolf@wolffirm.com
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