Cal. Code Regs. tit. 10 § 2850.9
The exemption application shall be in the following form:
STATE OF CALIFORNIA
DEPARTMENTS OF CORPORATIONS, FINANCIAL INSTITUTIONS, AND REAL ESTATE
APPLICATION FOR ORDER OF EXEMPTION FROM CIVIL CODE SECTION 2923.52(a) CALIFORNIA FORECLOSURE PREVENTION ACT
____________________________________________________________________________________
The purpose of this application is to apply for an order of exemption from Section 2923.52 of the California Foreclosure Prevention Act (California Civil Code Section 2923.52 et seq.). The approval of this application by the Commissioner shall provide the applicant with an exemption from the additional 90-day delay period before a servicer may file the Notice of Sale when foreclosing on real property, as provided in Civil Code Section 2923.52.
Upon filing this application, the applicant will be issued a temporary order of exemption, effective from the latter of the date of receipt of the application or the operative date of Civil Code Section 2923.52. The temporary order of exemption remains in effect until a final order of exemption is issued or for thirty (30) days after the application is denied.
When completing the application, please note the following:
* The name of the applicant must be the applicant's legal name.
* The applicant's regulatory license number must be provided.
* If the applicant holds a license with more than one regulatory agency, under the same legal name for the same entity, list the license numbers for each regulatory agency from which an order of exemption is requested.
* The applicant must provide the name, title, address, email address, and telephone number of the contact person to whom questions regarding the filing of this application should be directed.
* The application must be signed by the applicant if a sole proprietor, by a general partner if a partnership, or by an authorized officer if a corporation or other entity.
The applicant's loan modification program must meet the following requirements:
* The program is designed to keep borrowers in their homes when the anticipated recovery under the loan modification or workout plan exceeds the anticipated recovery through foreclosure on a net present value basis.
* The program targets a ratio of the borrower's housing related debt to gross income of 38% or less, on an aggregate basis in the program.
* The program includes a combination of the following:
* In determining a loan modification solution for the borrower, the program seeks to achieve long-term sustainability for the borrower.
The appropriate page and paragraph from the loan modification plan must be referenced on the application to show the program's compliance with the above requirements and expectations.
NOTE: A servicer is not required to violate a contractual agreement for the investor-owned loans or provide a modification to a borrower who is not willing or able to pay under the modification.
In addition to other required documentation, an applicant must submit with this application the declaration that meets the disclosure requirements of Civil Code Section 2923.54 that the applicant will include, or instruct the trustee to include, in the Notice of Sale. The declarations submitted with the application must state whether the servicer has obtained an order of exemption from the Commissioner that is current and valid on the date the Notice of Sale is recorded, and whether the additional 90-day period is applicable.
The application shall be filed with the appropriate agencies as follows:
Department of Corporations
* Licensed residential mortgage lenders and servicers
* Licensed finance lenders and brokers servicing mortgage loans
* Any other entities servicing mortgage loans that are not required to file the application with the Department of Financial Institutions or the Department of Real Estate
Department of Financial Institutions
* Commercial and industrial banks
* Savings associations
* Credit unions
Organized in this state servicing mortgage loans (for purposes of this regulation, the phrase "organized in this state" means institutions headquartered in this state)
Department of Real Estate
* Licensed real estate brokers servicing mortgage loans
An application will not be rejected by a department based upon an applicant's inadvertent failure to file with the designated department.
APPLICATION FOR ORDER OF EXEMPTION UNDER
SECTION 2923.53 OF THE
CALIFORNIA FORECLOSURE PREVENTION ACT
(CIVIL CODE SECTION 2923.52 ET SEQ.)
___________________________
Fictitious business name (FBN):
___________________________
DOC Primary License Number:____________________
DFI Primary License Number:_______________________
DRE Primary License Number:____________________
Other entity servicing mortgage loans
___________________________
Name of Primary Regulator:
___________________________
License/Identification Number, if applicable:
(Specify every license held by applicant that this application applies to.)
[] Check this box if an application has also been filed with another department.
(Confirmation of Temporary Order will be provided to this e-mail address.)
___________________________ ___________________________
Yes ___ No ___.
Indicate any differences from the Home Affordable Modification Program:
__________________________________________________
If your answer is "Yes," please skip the remaining questions, provide only Exhibits 2 and 3, and complete the declaration section of this application. If your answer is "No," please continue to complete the remainder of this application.
Yes___ No___
If yes, please indicate the program below:
___ Home Affordable Modification Program
___ Home Affordable Refinance Program
___ Hope for Homeowners
___ Other. Please specify: __________________________________________ Yes___ No ___ If your answer is "yes," please provide a copy of the agreement(s). If you have entered into a Servicer Participation Agreement with a financial agent of the United States for the Home Affordable Modification Program, skip the remaining questions, provide only Exhibit 2, and complete the declaration section of this application. Yes___ No___ If no, please explain and include how modifications for the loans not covered by the federal program are performed. ___________________________ ___________________________ ___________________________ The following exhibits must be submitted with this application: Exhibit (1): A description of your Comprehensive Loan Modification Program(s). The program must, at a minimum, include the requirements of Civil Code Section 2923.53. Please respond to the following questions and reference below the page and/or paragraph numbers with your submitted program. If you have more than one comprehensive loan modification program, please identify the program name and provide the requested information for each program: Program 1 Name/Identity: ___________________________ Program 2 Name/Identity: ___________________________ Program 3 Name/Identity: ___________________________ * Does the program contain a provision that the anticipated recovery under the loan modification or workout plan exceeds the anticipated recovery through foreclosure on a net present value basis? (Net present value (NPV) has same meaning as used in the federal Affordable Home Modification Program.) Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ * Does the program contain a provision that it targets a ratio of the borrower's housing related debt to gross income of 38% or less, on an aggregate basis in the program? Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ * The program includes the consideration of a combination of the following features: Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph____ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ * In determining a loan modification solution for the borrower, does the servicer seek to reduce monthly payments for at least 5 years? Program 1 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 2 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Program 3 Yes___No___ If yes, indicate the location of the provision. Page___ Paragraph___ Exhibit (2): A NOTICE OF SALE form in compliance with Civil Code Section 2923.54, or a copy of the declaration, or forms of declarations, in compliance with Civil Code Section 2923.54 that the applicant will instruct its trustee to include in its Notice of Sale. Exhibit (3). A copy of the notice that will be sent to borrowers informing them of the program. Exhibit (4): Complete and submit the most recent 3 months of available data on the attached spreadsheet for mortgages secured by residential property located in California, which includes the following statistical information: Servicing portfolio volume, including number of units and unpaid principal balance Delinquency status of portfolio Loss mitigation data including total number of modifications made Loan modification features used Housing related debt ratios (if available) Subsequent defaults on loan modifications Reasons for denial of loan modifications Exhibit (5): Explanations for items included in the application. NOTE: Exhibits 1, 4 and 5 are considered Confidential in nature and therefore will not be made available for public inspection on an individual basis. Wherefore, applicant hereby requests that the Commissioner grant an order of exemption from Civil Code Section 2923.52, as provided in Section 2923.53 of the California Foreclosure Prevention Act (Civil Code Section 2923.52 et seq.) pursuant to the criteria set forth in that act and the rules adopted thereunder. I declare under penalty of perjury that I have read the forgoing application, including all exhibits attached thereto, or filed therewith, and know the contents thereof, and that the statements are true and correct. I further declare that the applicant has implemented the comprehensive loan modification program set forth in this application, and that I have authority to make these representations on behalf of the applicant.___________________________ Applicant ___________________________ Signature of Declarant ___________________________ Typed Name and Title of Declarant
Executed at: ______________________________(City, County, and State)
Date:______________________________
Cal. Code Regs. Tit. 10, § 2850.9
2. New subarticle 3 (section 2850.9) and section refiled 12-1-2009 as an emergency; operative 12-1-2009 (Register 2009, No. 49). A Certificate of Compliance must be transmitted to OAL by 3-1-2010 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 12-1-2009 order transmitted to OAL 2-22-2010 and filed 4-6-2010 (Register 2010, No. 15).
Note: Authority cited: Section 2923.53(d), Civil Code. Reference: Sections 2923.52 and 2923.53, Civil Code.
2. New subarticle 3 (section 2850.9) and section refiled 12-1-2009 as an emergency; operative 12-1-2009 (Register 2009, No. 49). A Certificate of Compliance must be transmitted to OAL by 3-1-2010 or emergency language will be repealed by operation of law on the following day.
3. Certificate of Compliance as to 12-1-2009 order transmitted to OAL 2-22-2010 and filed 4-6-2010 (Register 2010, No. 15).