Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Melanie Show full post »
CWW
       I've had it with this forum.  First, Carl's ignorant statement.   " These other participants have all been trying to help CWW, but CWW continues to attack everyone for some perceived slight as to tone "  Everyone ?  Not sure at what point you stumbled into the conversation but the only two people (out of ten or so that have added comments since I asked my question) that I said anything derogatory to, were, the one who said "moronic homeowners"  and the one that said "do you have reading comprehension problems"    They deserved it.        Again , the conversation was sidetracked.      My original question was about who can say they are the CREDITORS in a bankruptcy.      Not, who can be  someone who has  standing to foreclose.    Two entirely different things.   And we had a good conversation earlier in the post about that.  And I politely thanked all that helped. 
       The final thing I am going to post on this forum is a response to the comment that moronic servicing company workers probably made a typo and that is how  Fannie Mae ACT/ACT ended up on many, many peoples paperwork.      Another instance of people following along with whatever the banks say.  Yup , it was all just mistakes on paperwork.   No.      When BOA changed  their servicing company status and name, for many loans, they had to issue paperwork to homeowners regarding who their creditor was and that BOA was the servicer and a debt collector.     Many thousands had Fannie Mae ACT/ACT as the creditor on that paperwork.   Two court depositions by managers of BOA , who had also worked for Countrywide , testified that ACT/ACT stands for Actual /Actual , and pertains to payments and interest paid on the loan and were in regards to SECURITIZED FANNIE MAE LOANS.     Again , my question was , can BOA , the servicer and a debt collector , then FILE A PROOF OF CLAIM AND SAY THEY ARE THE CREDITOR , IN A BANKRUPTCY.       I'm out.  
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mt
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Two court depositions by managers of BOA , who had also worked for Countrywide , testified that ACT/ACT stands for Actual /Actual , and pertains to payments and interest paid on the loan and were in regards to SECURITIZED FANNIE MAE LOANS.


Accepting as true that "ACT/ACT stands for Actual /Actual", what do you think that even means? This really doesn't even seem to make any sense at all, whether sent to one or ten thousand homeowners.

The assertion that "ACT" might mean "As Corporate Trustee" seemed to actually make sense, which made it appealing. Saying that it means "Actual /Actual" seems to make no sense at all. Can you please help explain what this could possilby mean?
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Jonas
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Accepting as true that "ACT/ACT stands for Actual /Actual", what do you think that even means? This really doesn't even seem to make any sense at all, whether sent to one or ten thousand homeowners.

The assertion that "ACT" might mean "As Corporate Trustee" seemed to actually make sense, which made it appealing. Saying that it means "Actual /Actual" seems to make no sense at all. Can you please help explain what this could possilby mean?


I agree with mt that the assertion that "ACT/ACT" means "Actual/Actual" makes no sense whatsoever, either as to the meaning of the abbreviation or the reason for the duplication.

As to the duplication, it can be just as reasonably asserted that this was "written by a typist with a stutter"!
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CWW
   Ok ,  one last post , because if this is on your paperwork , it should be enlightening for you and hopefully some relief from wondering.    It is on page 87 and 88 of the deposition ,  they have 4 pages of deposition loaded on each 1 page that you can scroll down.  So it is page 23 of the 25 loaded , and pages 87 and 88 of her deposition.

http://www.scribd.com/doc/87749599/Deposition-transcript-of-Michele-Sjolander-Bank-of-America-Officer 
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Joe
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Ok , one last post , because if this is on your paperwork , it should be enlightening for you and hopefully some relief from wondering. It is on page 87 and 88 of the deposition , they have 4 pages of deposition loaded on each 1 page that you can scroll down. So it is page 23 of the 25 loaded , and pages 87 and 88 of her deposition.

http://www.scribd.com/doc/87749599/Deposition-transcript-of-Michele-Sjolander-Bank-of-America-Officer


I wanted to wait to make sure this CWW had really left before responding. It seems as though she is quite gullible and easily misled. The information appearing in the deposition seems mostly to show that the pro se litigant who was deposing the BOA witness had no idea what he was doing and was easily misled.

The idea that "ACT/ACT" means "Actual/Actual" is simply absurd!
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Lucky
mt wrote:
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Two court depositions by managers of BOA , who had also worked for Countrywide , testified that ACT/ACT stands for Actual /Actual , and pertains to payments and interest paid on the loan and were in regards to SECURITIZED FANNIE MAE LOANS.
Accepting as true that "ACT/ACT stands for Actual /Actual", what do you think that even means? This really doesn't even seem to make any sense at all, whether sent to one or ten thousand homeowners. The assertion that "ACT" might mean "As Corporate Trustee" seemed to actually make sense, which made it appealing. Saying that it means "Actual /Actual" seems to make no sense at all. Can you please help explain what this could possilby mean?


I explained this in a previous post.

"FNMA ACT/ACT is a Fannie Mae owned account to which the servicer remits the actual interest and actual principle it collects. The servicer normally would remit scheduled interest and principle for an account in good standing. When the loan goes into default the servicer could go broke sending Fannie Mae scheduled payments which the mortgagor isn't paying. They therefor put the account into Act/Act remittance status.
"


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Ted
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I explained this in a previous post.

"FNMA ACT/ACT is a Fannie Mae owned account to which the servicer remits the actual interest and actual principle it collects. The servicer normally would remit scheduled interest and principle for an account in good standing. When the loan goes into default the servicer could go broke sending Fannie Mae scheduled payments which the mortgagor isn't paying. They therefor put the account into Act/Act remittance status."


This explanation makes very good sense up to a point. As I recall, under the Fannie seller and servicer agreement, the servicer actually IS responsible for making all SCHEDULED payments for some period of time. I do not recall what that period was. It might even be a year. Only at the expiration of this time period would the servicer be excused from making the scheduled payments.

I think you are generally on the right track in your explanation. But I think you are mistaken in any belief that servicers are generally immune from making scheduled payments. I believe that there is a requirement to make these payments for a certain period, either a fixed amount of time or until certain events set out in the seller and servicer agreement.

For someone actually interested in the correct answer, I would suggest carefully reviewing that servicer's guide and finding the specific section that gives the correct guidance. This would be far more credible than either speculation or even deposition testimony by an unreliable witness.
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Grant

Thanks to both Lucky and Ted for clarifying this issue!  Lucky got us back on track and Ted instructed us where to find the correct answer.  The current version of the Fannie Mae Servicer's Guide shows discussion about Scheduled / Scheduled; Scheduled / Actual and Actual / Actual remittance types.  These do not reflect form of ownership, but rather only whether interest and principal is to be remitted as scheduled or as actually received.  Even in respect of Scheduled remittance types, the servicer advances often seem to be of limited duration. 

Here is some example text from the Guide with Section and Page references:

Section 202.03
Delinquency Advances
(09/30/05)

Because scheduled/actual and scheduled/scheduled remittance types
require that the servicer remit funds to Fannie Mae when they are
scheduled to be remitted rather than when they are actually collected, a
servicer may have to advance its own funds to cover funds due for
delinquent mortgage loans. Funds advanced for this purpose are referred
to as “delinquency advances.”

A servicer of whole mortgage loans and participation pool mortgage loans
that are scheduled/actual remittance types is required to advance
scheduled interest only through the third month of delinquency, except for
concurrent sales participation pool mortgage loans, which require that
interest be advanced through the foreclosure sale date.  To avoid advancing
interest from its own funds to pass through the interest due Fannie Mae,
the servicer may use the funds it has on hand for any prepaid P&I
installments, curtailments, or payments-in-full to offset interest shortfalls

(Page 102-35)


that occur as the result of mortgage loan delinquencies. However, if the
servicer has no collections on hand that represent funds not yet due for
remittance to Fannie Mae, it must make the delinquency advance from its
own funds.

A servicer of portfolio mortgage loans or MBS mortgage loans that are
scheduled/scheduled remittance types—regardless of the applicable
servicing option—is required to advance scheduled P&I until a delinquent
mortgage loan is removed from Fannie Mae’s active accounting records or
the MBS pool. If the funds on deposit in the servicer’s P&I custodial
account on the day the monthly remittance is due to Fannie Mae are less
than the amount of the required monthly remittance, the servicer must
make a delinquency advance by depositing to the P&I custodial account
enough of its own funds to make the total on deposit equal the full amount
of the remittance Fannie Mae is due. The servicer may reimburse itself for
its delinquency advances from borrower collections that are subsequently
deposited to the P&I custodial account.

. . .

(Page 102-35)


* * *

Section 203.02
Yield Differential
Adjustments (01/31/03)

When the interest rate of an actual/actual remittance type fixed-rate whole
mortgage loan is greater than Fannie Mae’s required yield, it allows the
servicer to retain all or part of this difference. A similar concept applies for
actual/actual remittance type ARMs when the mortgage margin—or net

(Page 102-41)


mortgage margin for net yield commitments—exceeds Fannie Mae’s
required commitment margin. In addition, ARMs may have a short-term
yield differential until the first interest rate change if the “base interest
rate” or “net mortgage rate” exceeds Fannie Mae’s required yield.

. . .

(Page 102-42)

See:  http://documents.efanniemae.com/sf/guides/ssg/svcgpdf.jsp

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