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Signed pooling agreement

peace and blessings this is another mortgage checkup video and in this video we're going to talk about the pooling and Servicing Agreement aka PSA now before we get to the points that you see before you on the screen want to actually sort of explain a little bit about the pooling and Servicing Agreement and also to point out that securitisation litigation is really not understood by by judges as well as lawyers they really really don't get it because it is a fairly new type of litigation however I'm going to share with you what I know and in your research and protecting your property your home you may decide to use this strategy and use this angle first and foremost the the pooling and Servicing Agreement and I was blessed enough to receive some notes from an attorney that actually understands this and this is what she her practice is pretty much focused on helping homeowners through litigation and so forth now I'm not recommending that you go out and get an attorney I am not recommending that at all for me I would not get an attorney and I necessarily would not go through a public remedy process I would do a private remedy process so anyways the pooling and Servicing Agreement it is the contract actually creates a residential mortgage and it's backed in a securitized trust and it establishes obligations and also Authority of the master servicer and the primary servicer the PSA is the root of all securitized based foreclosure action defenses another thing too with the pooling and Servicing Agreement I would not recommend this as a defense if you're currently in foreclosure if you're currently in foreclosure I would recommend a private remedy however if you're not in any type of foreclosure you don't have a notice of default action pending against you then the PSA angle would be a good offense the PSA it establishes that mandatory rules and procedures for the sales and transfers of the mortgages and mortgage notes from the originators to the trust it is this unbroken chain of assignments and negotiations that create the big problem the primary purpose of securitization is to make sure assets mortgage notes are both FDIC and bankruptcy remote from the originator so as a result the common structure is seek to create at least two true cells between the originator and the trust so let's look at it like this the most basic securitized structure has originator which is party a the sponsor is party B the depository party C and the trust party D the other primary player is the master document custodian for the trust and that will hereafter we'll call the master document custodian MDC so the MDC is entrusted with the physical custody of all of the original notes and mortgages and the assignment Sales and Purchase Agreements the MDC must also execute representations and attestations that all of the transfers really and truly occurred on time and in the required order and that true sales occur at each link in the chain this is where the problem starts to come into play because again these entities out here they feel that they're so big you know the whole too-big-to-fail mindset and they feel like they have the upper hand they skirt around the law and they don't do things according to the policies procedures and a law that's in place section 2.0 one of most PSAs includes the mandatory conveyancing rules for the trust and the representations and warranties the basic terms of this section of the standard PSA is set forth so 2.01 talks about and I'm going to show you here these points that's on the screen we're going to go through that and I'm going to share with you a way to obtain your pooling and Servicing Agreement without having to pay anyone to do it again as I shared in the other video I don't necessarily recommend you going out and spending thousands of dollars for a securitisation audit it's up to you but I'm just saying I don't recommend it there's lots of other angles or strategies that you can utilize depending on you know where you are in the process with your home if your current everything is good you don't have any actions foreclosure actions pending against you then you know you've got lots of options if you're in foreclosure then again recommendation is a private remedy and this actual process here that we're talking about is really a public process of litigating and arguing from the standpoint of your PSA once you have a copy of that it's really it's intended for a public remedy what I mean by public remedy is going into the public courts before a judge and arguing the point however if you're really knowledgeable then this entire remedy can be taken on the private side as well and not utilizing the public court system via contracts okay so 2.01 conveyance of mortgage loans this is inside of the PSA part a the depositor concurrently with the execution and delivery hero hereby sells transfers assigns said over and otherwise conveys to the trustee for the benefit of the certificate holders without recourse all the right title and interest of the depositor and and to the trust fund and the trustee on behalf of the trust hereby accepts the trust fund Part B in connection with the transfer an assignment of each mortgage loan the depositor has delivered or cause to be delivered to the trustee for the benefit of these Tiff's get holders the following documents or instruments with respect to each mortgage loan so assigned I or that may be Roman numeral 1 the original mortgage note except for no more than up to 0.02 percent of the mortgage notes for which there is a loss note affidavit and the copy of the mortgage note bearing all intervening endorsements showing a complete chain of endorsement from the originator to the last endorsee endorsed open quote pay to the order of blank without recourse close quote and sign in the name of the last endorsee what this is telling you here is specifically how these notes have to be assigned and/or sold to the extent that there is no room on the face of any mortgage note for an endorsement the endorsement may be contained on the long along unless state law does not so allow and the trustee is advised by the responsible party that state law does not so allow let me get my black flan here and tell you what a long give I know what it is it's like an attachment but let me allow blacks in law to tell you hang on okay along this is from Black's Law sixth edition a piece of paper a next to a negotiable instrument or promissory note on which to write endorsements for which there is no room on the instrument itself such must be so firmly affixed thereto as to become a part thereof UCC 3 - 2 0 2 parenthesis - that's what a long means legal definition if the mortgage loan was acquired by the responsible party in a merger the endorsement must be by last endorsee successor by merger to the name of predecessor if the mortgage mall was acquired or originated by the last endorsee while doing business under another name the endorsement must be by last endorsee formerly known as previous name that's out of section 2.0 one of most pooling and Servicing agreements now if we look at and we review all of the recent standing and real party in interest cases that's been decided by the bankruptcy courts and the state courts and judicial foreclosure states all arise out of the inability of the mortgage servicer or the trust to prove up an unbroken chain of assignments and transfers of the mortgage notes and the mortgages from the originators to the sponsors to the depositors to the trust into the master document custodian for the trust so as we referenced and we talked about in the PSA the parties you know ever have represented and warranted that there is a complete chain of endorsements from the originator to the last endorsee for the note and the MDC must file verify reports that in fact holds such documents with all intervening documents that confirm true sales at each link in the chain interesting stuff here so the complete inability of the mortgage servicers and the trust to produce the unbroken chain of proof along with the original documents is really the genesis for all the recent court rulings you know you may think a simple request to the master document custodian would really solve these problems but a lot of cases reveals you know massive volume of transfers and assignments executed long after the closing date of course so it's like you know jumping around from party a directly to party D which cannot legally occur remember we talked about the chain of assignment it cannot be broken so there's there's a lot of different point there's a lot of different defenses and counterclaims that are related to pooling and Servicing Agreement and we will share with me about 16 about 16 different points and I will I'm not going to read all of these but I will I will include these points in the description section here of the video ok so now let's take a look at what's on the screen this is how you can request a certified copy of your pooling and Servicing Agreement for your particular mortgage and these are the points that need to be included in your request the first point is what securitisation trust your loan is in if you know this and I'll give you a hint it's it's a goofy-looking number it looks like a trust number it may say you know three-letter TLC 2005 - 1 point something they would be listed as your lender or investor or holder just depends but that is the securitisation trust number if you don't know what it is then just leave that blank the original lender this is the original lender in your closing document that's listed and if you don't have your original closing documents then you need to go down to your real estate county registrar's office and you need to request copies on your property and it's a good thing to to do that periodically as well because you may find some two liens there that you weren't aware of so it's a good thing to do that but that's where you'll find that in your closing documents your servicer you're going to list out who that servicer is the men number this is the MERS identification number or some people calling mortgage identification number it is 18 digits and it is on the first page of your security d/dt of trust or mortgage it's on that first page loan numbers these loan numbers they can be changed of course when the loan is transferred or whatever so any applicable loan numbers that's in your document or also in the documents that you get down at the county registrar's office put those numbers there and you'll see their next point alternate loan numbers city state and zip of the property date of origination is the closing date not the date that your documents were filed at the registrar's office this is when you sign the closing date the type of loan first second pay option five year arm etc put all that their first payment amount put that there if it was interest only fill that out for principal and interest payment put that there this is all the information that they're going to need to research and actually find your PSA the beginning interest rate answer that the loan amount answer that and then the last four digits of Social Security numbers and this is going to be if you had a borrower and a co borrower then you would have two last four digits and you'll just put the person's name in parentheses if there were only one borrower then you would have just one set of numbers and name so once you have those points then what you will do is send all of those points directly to certified at SCC gov and you're going to request a certified copy of the pooling and Servicing Agreement now I was given these additional emails as well that people have been using and basically these are people in the SEC that directly work with pooling and Servicing Agreement and one is Christina sera Han and her emails there sera Han at SEC gov and Larry Mills whose address is Mills L at SEC gov and you can expect about a 30 day delay and receiving an email back if you don't receive a confirmation email within a couple of days or whatever then we advise you to go ahead and send a follow-up email and again I'm going to place all of these points and the documentation that they're going to meet I'm going to put this inside the description of the video so you can easily copy it and this is also just for your records this is an address from from where the records will originate so that's for your information there so again this is a strategy that I recommend a person utilize on the offensive meaning you're current on your payments you don't have any pending foreclosure actions and everything like that I would recommend this option if you're currently in foreclosure I would recommend private options that work a lot better than public remedies so that's it for this video hopefully it's been helpful to you I'll see you in the next videos leave a comment below if you so desire take care have a great day peace and blessings