Request for Proposals ǀ RFP No. 21-22-26
City of Visalia
HOUSING LOAN SERVICING
PROPOSAL DUE DATE: FEBRUARY 23, 2021, 1:00 PM (PST)
Micki Abel
National Sales Manager
[email protected]
(319) 541-3689
www.amerinatls.com
Table of Contents
A. General Information ............................................................................................................................. 1 B. Proposed Approach............................................................................................................................... 4 C. Staff Qualifications and Related Experience ....................................................................................... 17 D. Proposed Fee Structure and Schedules .............................................................................................. 28 E. Conflict of Interest .............................................................................................................................. 34 F. Required Forms ................................................................................................................................... 35
1 A. General Information
AmeriNational Community Services, LLC d/b/a AmeriNat
217 S. Newton Avenue
Albert Lea, MN 56007
Phone: (800) 943-1988
Fax: (562) 927-2362
The City may contact the below individuals for clarifications needed on items contained in this proposal:
Adrienne Thorson, Chairwoman and CEO
Phone: (866) 779-5545
Email: [email protected]
Micki Abel, National Sales Manager
Phone: (319) 569-1876
Email: [email protected]
AmeriNat is a Limited Liability Company organized and existing under the laws of the State of Minnesota.
Although not a small business, disadvantaged business or a minority and/or women owned business, AmeriNat emphasizes cultural diversity and inclusion throughout its organization, with a minority representation of 51% in its workforce.
Personnel
AmeriNat is proud to have a highly trained and motivated, caring team of staff members. Approximately 200 employees combine proven experience with a level of personal care and concern for their clients and borrowers that is considered to be unmatched in this industry. Robust hiring criteria is in place, background checks and screening processes are utilized, and supervisor to staff ratio goals are in place for sufficient oversight, mentoring and feedback.
The managers listed below will manage the City’s relationship and portfolio needs and will be assisted by other staff members.
AmeriNat considers this information to be proprietary and confidential information, which shall not be disclosed outside the C ity and shall not be duplicated, used, or disclosed - in whole or part - for any purpose other than to evaluate this offer/proposal.
Staff member Job Title/Classification Role
Adrienne Thorson Chairwoman and CEO
Oversees company performance and the
delivery of services to clients. Ms. Thorson has
over 30 years of experience in financial services
and manages the firm’s success to established
client satisfaction objectives.
2 Shaunda Clark Chief Financial Officer
Oversees firm financial management and
directly supervises the Accounting and Investor
Reporting areas of the firm.
Jody Montgomery Chief Technology Officer
Leads the strategic direction and tactical
functions of the Information Services team and
addresses customized technology needs of
clients.
Michael Torres Chief Product Officer
Oversees project and service development for
the firm. Mr. Torres has over 30 years of
experience with AmeriNat’s loan servicing
operations.
Katie Lee Director of Client Services
Key liaison between clients and AmeriNat
staff/operations. Oversees client support team
functions and deliverables.
Barry Vislocky Director of Default
Management
Oversees collections and loss mitigation teams,
works with clients for delivery of portfolio
performance objectives.
Debbie Vranesh Director of Operations
Oversees the single-family servicing activities of
the firm, including responsibility for the City’s
portfolio.
Claudia Hernandez Client Services Manager
First line for client requests, special needs,
portfolio transfers, and supporting client
satisfaction and service levels.
Danny Martinez Loan Underwriting
Manager
Directs program loan processing and
underwriting assignments.
Nicholas Andres Loss Mitigation/Collections
Manager
Supervises collection staff, client liaison for
portfolio performance reviews.
Wanda Attig Customer Service Manager
Leads customer service team handling
borrower communications, including general
customer service and reconveyance, payoffs,
and other mortgagor service requests.
Mary Puertos Payment Processing &
Monitoring Manager
Manages the payment processing activities for
the firm, including tax and insurance
administration.
Danielle Wangsness Investor Reporting &
Accounting Manager
Oversees the reporting, remittances, invoicing,
reconciliations, deductions and other related
tasks for the firm.
3 Jason Rembert Quality Control Manager
Responsible for maintaining quality control
over various activities performed by the
Company.
Experience summaries of these key staff members are in Section C. of this proposal.
The City’s key contact members are Katie Lee and Claudia Hernandez. Any changes of staffing will be reviewed with the City in compliance with applicable proposal or contract requirements.
Insurance
AmeriNat has a broad package of insurance coverage in place to provide protection for AmeriNat and its clients, including business liability of $1,000,000 per occurrence and umbrella liability of $5,000,000 per occurrence; a mortgage bond (fidelity bond) in the amount of $12,000,000; errors and omissions liability in the amount of $4,000,000; management liability insurance of $5,000,000; workers compensation of $1,000,000 per accident; cyber liability insurance of $3,000,000, along with automobile, personal property and other standard coverages.
References
The City is encouraged to contact the individuals listed below for an assessment of our capabilities.
AmeriNat considers this information to be proprietary and confidential information, which shall not be disclosed outside the City and shall not be duplicated, used, or disclosed - in whole or part - for any purpose other than to evaluate this offer/proposal.
Client Contact Information
City of Bakersfield
Economic Development/Community
Development
1715 Chester Avenue, 2nd Floor
Bakersfield, CA 93301
Jason Cater, Associate Planner II
Phone: (661) 326-3609
[email protected]
Fresno County
Community Development Division
2220 Tulare St., 6th Floor
Fresno, CA 93721
Kristi Johnson, Principal Analyst
Phone: (559) 600-0532
[email protected]
City of Stockton
Economic Development Agency
425 N. E. Dorado Street, 3rd Floor
Stockton, CA 95202
Janice Miller, Assistant Director
Phone: (209) 937-8862
[email protected]
4 B. Proposed Approach
AmeriNat understands the City’s requirements and will provide the services and meet the requirements described in the City’s RFP. As the City’s current servicer, there will be no transfer process necessary. We are familiar with the City’s team members , systems and needs, and the City will not need to wait for services to get up to speed. The AmeriNat team would be honored to continue servicing responsibility for the City’s existing and future loans.
The services requested will be provided through the combined res ources of our in -house servicing department and delinquency management department, which work hand in hand with the IT and management areas of the firm to provide seamless service delivery. Detailed servicing steps are laid out in the following pages.
Loan Processing and Underwriting
AmeriNat offers experienced loan processing and underwriting services to meet the complex needs of government agencies. AmeriNat’s services can streamline the multiple phases of loan production, from application through processing, underwriting, closing, to loan servicing for increased speed and efficiency.
Application Submission : Upon receipt of a complete loan application package, documents and supporting materials should be sent to AmeriNat for processing. An efficient underwriting process is predicated on the file being complete before the review is started . Support materials will be identified in the program description, and we can work with you to develop a checklist for use in file submission. Supporting materials may include but are not limited to, paycheck stubs, W-2's, mortgage statements, property tax bills, and insurance policies when applicable.
Preliminary Risk Analysis: Upon receipt of a completed loan application package, AmeriNat will review the application for accuracy and thoroughness. A Preliminary Risk Analysis (PRA) may be developed to determine that it is reasonable to proceed with processing. The PRA can be developed before incurring outside costs, such as Title Reports and appraisals and can result in avoiding costs being incurred on a loan that cannot be approved. The Preliminary Risk Analysis will include the borrower’s Median Family Income (MFI) and an estimate of the borrower's ability to pay (where applicable) that will address a maximum interest rate conforming to the City’s criteria. The analysis is then sent to the City for approval to proceed.
Underwriting Analysis: Upon receipt of an approval to proceed, AmeriNat will order applicable outside services such as a title report, appraisal, credit report and verifications. Once the firm cost of rehabilitation is known (a contractor bid has been awarded) a final underwriting analysis will be prepared, addressing the following items:
Affordability (Debt to Income Ratio Analysis)
Current and past credit history
Financial interest in the property (Loan to Value)
Status of title to secure lien position
5 Upon receipt of verifications and reports, a Final Loan Recommendation (FLR) will be prepared and sent to the City for approval and funding.
Loan Document Preparation
Once a loan has been approved, the City shall forward to AmeriNat a Request for Loan Documents containing required information to complete the preparation of loan documents. In accordance with the loan document request, AmeriNat shall prepare and forward the following documents , generally within five (5) business days, for the City’s execution:
Deed of Trust
Promissory Note
Truth in Lending Disclosure Statement
Request for Notice of Default and Sale
Notice of Right to Cancel
Control Instructions
Declaration of Covenants, Conditions, and Restrictions (CC&Rs) Other documents as agreed to with the City
Once the documents are executed by the borrower, the Deed of Trust and Request for Notice are returned to AmeriNat for recordation with the Count y Recorder. Following the recording of the Deed of Trust, AmeriNat shall confirm that the City’s lien position is secure by updating title (when approved by the City).
Funds Disbursement
AmeriNat is no longer providing funds disbursement service; however, we would be happy to recommend a service provider if requested.
Loan Servicing for Amortized and Deferred Loans
1. Introductory Package: Upon boarding of a new loan, AmeriNat will send a welcome package to the borrower. This welcome package contains a Notice of Servicing Transfer, Fair Debt Notice, FACT Act Letter, and a variety of options to submit payments.
2. Collection and Remittance of Payments: AmeriNat will collect payments from the borrowers through monthly or other scheduled remittances of principal, interest, fees, escrow balances and other identified payments. Payments can be made via check to a secure lock -box, online, via A CH, and through “check-by-phone” and soon via the AmeriNat app. These remittances will be posted to the loan and ancillary records in accordance with the loan documents and the City’s written instructions.
Payments will be posted the same day as receipt. Funds will be maintained in an FDIC insured banking institution in a custodial account for the benefit of the City and the borrowers as applicable. AmeriNat balances cash received and transmitted and loan portfolio totals on a daily and monthly basis.
Remittances will be forwarded to the City monthly net of fees and other authorized charges due to AmeriNat.
6 3. Payment of Property Taxes : At the City’s request, AmeriNat will order a tax service contract and monitor the timely payment of property taxes.
4. Insurance Monitoring: AmeriNat will notify the insurance agent in writing that AmeriNat is monitoring premium payments and is to be made aware of delinquencies, non -renewals or cancellations.
AmeriNat will force place insurance in accordance with respective regulation (see Insurance section).
5. Escrow/Impound Account: If the City chooses, AmeriNat will establish a borrower escrow/impound account for the payment of taxes and insurance. AmeriNat will collect the monthly escrow payment from the borrower and make the tax and insurance payments on the borrower’s behalf. The borrower escrow accounts will be analyzed annually in accordance with the Real Estate Settlement Procedures Act (RESPA).
Please note: For single -family loans, unless respective state law requires otherwise, AmeriNat’s escrow analysis utilizes a 2 -month cushion in accordance with RESPA. This cushion is an industry standard and is intended to minimize the likelihood of escrow shortages / deficits when and if escrow disbursement items increase. If this cushion is not consistent with the City ’s current escrow analysis process, borrowers’ escrow analysis may result in a shortage and/or escrow payment increase at the time of AmeriNat’s first analysis. This may impact borrowers’ ability to make increased monthly payments to escrow. Should the City request alternative handling of loan accounts with escrow payment increases, this may result in the City incurring extraordinary services charges.
If the City chooses to establish an escrow/impound account, AmeriNat will also establish a Client Escrow Deficit account. This account is used to track and reconcile advances made by AmeriNat on borrower accounts with escrow deficits resulting from payments made on the borrower’s behalf in excess of their escrow balance. Additionally, this account also serves to track the monthly reimbursement due AmeriNat for the advances. The escrow deficit account will be reconciled monthly and the net change will be included with or deducted from the City’s monthly remittance; a net shortage/negative will be deducted and a net overage/positive will be remitted. Advances made by AmeriNat that are not reimbursed by the City the following month will be subject to an interest charge of 1% per month compounded until said reimbursement occurs. Regardless of whether or not the net shortage/negative is deducted from remittance, the City remains responsible for escrow advances made by AmeriNat.
At portfolio transfer, AmeriNat will require a cash deposit equal to the total amount of positive escrow balances. If there are borrowers with negative escrow balances, the negative amounts cannot be netted against, or deducted from, the amounts due for the positive balances. Should recurring advances become necessary, AmeriNat reserves the right to request the City to deposit an amount into reserve to cover the anticipated necessary advances.
6. Late Fees: In keeping with the provisions of the City ’s promissory note, AmeriNat will assess and retain a late fee when payment is not made within the grace period.
7 Lender Placed Insurance
In accordance with respective regulation, upon notification of a policy cancellation from the borrower’s insurance carrier, or when proof of a current policy is not received, AmeriNat will request lender- placed insurance from AmeriNat’s insurance provider.
1. Coverage is bound upon receipt of request with an effective date up to 90 days prior to receipt of the request.
2. AmeriNat’s insurance provider or their carrier will send out three letters to the borrower over the course of forty-five days. If the borrower provides proof of coverage, lender-placed coverage will be cancelled.
3. If the effective date of this coverage is the same and there is no lapse in coverage, there will be no premium charged. If there is a lapse in coverage, there may be a fee charged to the borrower’s account for an earned premium.
4. If the borrower does not provide proof of coverage, AmeriNat’s insurance provider will send an insurance policy and notification of premium to the borrower and bill AmeriNat for a one-year policy.
If the borrower does not have an established impound account; AmeriNat will create one and disburse the premium from it. If the borrower fails to pay the premium before the end of the month, and the disbursed premium results in an escrow deficit balance, the balance will be accounted for in that month’s reconciliation of the Client Escrow Deficit Account. If the aggregate portfolio remittance for the month is insufficient to cover the deficit amount, the City will be billed and responsible for the cost until recouped from the borrower. Pay -off quotations or demands will reflect impound de ficit amounts (caused by the cost of forced -place insurance or other advances) so that the borrower will still be held responsible for the cost even if they are unresponsive.
The Portfolio Status Report, delivered monthly to the City , will also reflect su ch negative impound balances (i.e. the total amount of such premiums owed by borrower).
5. The one-year policy is cancelable by either AmeriNat or the City.
Non-sufficient Funds (NSF) Checks
If a check is returned unpaid due to non-sufficient funds, a returned check fee will be assessed. A letter will be sent to the borrower requesting immediate payment plus the returned check fee. If this fee is not received, a memo will be placed on the individual’s account and the fee will be collected at the time the loan is paid off.
Account Inquiries
Borrowers and the City have 24-hour electronic access to their loan information via AmeriNat’s website at www.amerinatls.com. Borrowers will be able to view their loan information via the AmeriNat app coming soon . Continuous access to loan account information is also provided during normal working hours through toll free customer service telephone lines. In additio n, hard copy account payment
8 histories or other information can be provided through facsimile transmission or email. When requested by a borrower, AmeriNat will provide, without charge, a detailed statement of transactions relating to the borrower’s payments and/or escrow account.
Additional Portfolio Management Services
1. Loan Payoff Quotations, Satisfactions, Reconveyances: AmeriNat will provide Loan Payoff Quotations and will perform Satisfactions and Reconveyances of Mortgage at the borrower’s expense at the City’s request.
2. Loan Amortization Schedules: AmeriNat will provide Loan Amortization Schedules upon request.
3. 1098 Tax Forms: Pursuant to IRS regulations and, on behalf of the City, AmeriNat will submit required 1098 tax forms for borrowers paying interest on City loans.
4. Tickler Notifications: AmeriNat will provide for an annual tickler notification at the City’s request.
9 Loan Transfer
In the event the City requires AmeriNat to transition loans back to the City or to another servicer, AmeriNat will gather and package loan files (electronic copy) for shipment. AmeriNat’s client services team will work with the City’s staff to electronically transmit servicing data in a mutually agreed upon format.
Loan Reconstruction
AmeriNat is able to prepare loan reconstruction s to determine posting accuracy and compliance with promissory notes, truth in lending statements, and other applicable related loan documents. This involves a detailed review of loan terms and reconstructing the posting of payments in accordance with the terms.
Fees for reconstruction work ca be quoted upon request.
Loss Mitigation
Collections:
1. First Payment Default: AmeriNat forwards its first letter to new delinquent borrowers at or about 5 days past the first payment due date. If there is no resp onse, a second letter is sent at 15 days.
Borrowers are reminded to contact AmeriNat to discuss difficulties they may be facing in meeting their obligations. If no response is received to either letter, due diligence phone calls begin, generally not later than 17 days delinquent.
2. Delinquency/Default Letter Production: Letters of varying tone and composition will be sent at 15, 30 and 45 and 90 days past the payment due date. For single-family loans, the 45-day letter will include the Consumer Financial Protection Bureau (CFPB) mandated notification informing the borrower of the available loss mitigation options. The 90-day letter will detail for the borrower possible escalated collection activity up to and including foreclosure. The letters emphasize th e seriousness of the situation, the potential for loss of the borrower’s property, and demand immediate payment.
3. Due Diligence Phone Calls : Telephone calls will be placed on a regular basis as loan remains under active delinquent follow up. Calls to single family mortgage borrowers are made in accordance with CFPB guidance and best practices. Live contact is attempted with the borrower beginning at the 17th day of delinquency, under a good faith goal of establishing contact with the borrower by the 36th day of delinquency. One or more subsequent attempts to contact the borrower will generally be made every 30 days thereafter. The objective of the call is to secure or demand prompt payment, obtain information needed to determine the reason for the delinq uency, and to gain a commitment for future payments.
4. Credit Reporting: AmeriNat will report to the credit bureaus for real- estate secured loans monthly, reporting borrower payment activity and status codes.
5. Confirmation Letters : Contact with borrowers is used to solicit commitments to repay past due amounts. A borrower will be provided with the opportunity to bring the loan current immediately, and within six months. Once a commitment is gained, AmeriNat will forward a confirmation letter to document both the call and the commitment. The revised payment plan of no greater than six month’s
10 duration is then implemented. Default under this plan may cause AmeriNat to recommend foreclosure.
Forbearance Plans:
Formal forbearance plans are typically used for defaults of 90+ days. A forbearance plan of less than six months duration is executed by the borrower and immediately implemented by AmeriNat, with notice immediately provided to the City. Formal modifications to promissory note terms and forbearance plans of greater than six months duration are forwarded to the City for pre-approval. Before the borrower executes the agreement, the City is requested to approve the plan.
Once approved, AmeriNat will implement the new payment schedule. Should a borrower default from the new payment schedule without cause, AmeriNat will recommend foreclosure.
Forbearance Evaluation Process: A hardship is defined as a situation or set of events or circum stances beyond the normal control of the borrower that prohibits the borrower from adhering to a planned repayment schedule. If a borrower states, either verbally or in writing, that a hardship situation exists, AmeriNat will document the circumstances and provide the following:
i. Letter from borrower requesting the City’s consideration of hardship ii. Nature of the hardship
iii. Expected duration of the hardship
iv. Evidence to substantiate hardship
v. Forbearance Plan Proposal
If the City approves the Forbearance Plan Proposal and executes the agreement with the borrower, AmeriNat will resume loan servicing under the new payment plan. The file will be tickled for follow-up at the expiration of the temporary plan.
Loan Modification Analysis:
1. Preliminary Screening: When contact with the borrower indicates a short- term forbearance agreement will not be enough to bring the account current, and initial assessment of the Borrower’s circumstances indicate the Borrower may possibly be eligible for an available loss mitigation option, the borrower will be encouraged to submit a loss mitigation application.
2. Application: Upon receipt of a loss mitigation application, AmeriNat will review the application to determine supporting materials are present and that the forms are complete. Support materials may include but are not limited to, paycheck stubs, W-2’s, Federal Tax Returns, bank statements, mortgage statements, property tax bills and insurance policies. Once the application is reviewed and found to be complete, a credit report and escrow analysis are ordered, as applicable, and the application is submitted to underwriting
3. Analysis and Recommendation: Underwriting of the application is performed using the City’s eligibility criteria. This analysis will reflect information such as ability to repay or affordability (debt-to-income ratio), status of 1st mortgage, and occupancy. Based on the aforementioned, the recommendation will
11 convey whether it is reasonable to proceed with the modification and what type of modification will best suit the needs of the borrower and the City . The recommendation along with the supporting documentation will be sent to the City for approval.
4. Approval: Once a loan modification has been approved, AmeriNat shall prepare an d forward the required documents to the borrower for signature and recording, unless the City retains these functions. After the documents have been executed, originals will be retained by the City and copies will be promptly sent to AmeriNat along with funds required for escrow, legal fees, etc.
After receipt of executed modification documents and required funds, AmeriNat will make the appropriate modifications to the loan, send the borrower new payment coupons or billing statements, and electronically notate the account. Respective modification documentation will be retained in the electronic loan file.
Loan Foreclosure
The mortgage transaction and collections efforts are predicated on the assumption that the borrower is motivated and able to meet the mortgage obligation. A decision to foreclose is based on an analysis of an individual loan. AmeriNat will look at the bo rrower with particular emphasis on basic motivation, ability to pay; and attitude or level of cooperation. If a borrower remains delinquent and has been uncooperative, non-responsive, or unwilling to cure the existing default by reasonable means, AmeriNat will recommend foreclosure.
This step is generally not taken until a loan becomes over 120 days delinquent. Upon the City’s approval, and in accordance with respective local, state and federal statutes, AmeriNat will send the borrower a notice of intent to foreclose/demand letter, with a copy to the City. If no response is received within 30 days, AmeriNat will advise the City of the non-response. Upon the City’s direction, AmeriNat will proceed to foreclosure. AmeriNat will properly document the steps taken to affect a cure.
If the loan is not reinstated or paid off, AmeriNat will continue foreclosure up to and including the sale of the property. If the City desires AmeriNat to perform property management, a third -party property management vendor will be engaged. AmeriNat can identify, track and pay bills related to property preservation, the costs of which remain the responsibility of the City. Upon sale of the property, AmeriNat will return the proceeds of the sale to the City less foreclosure fees and previously un -reimbursed costs incurred.
In the event the borrower reinstates the loan, AmeriNat will remit to the City payments received from the borrower. For those loans that are reinstated by the borrower, AmeriNat will resume normal servicing functions.
Bankruptcy Administration Services
1. Chapter 7 Bankruptcy:
a. Upon receipt of notification from a court of law, debtor (borrower), or the City, of a Chapter 7 bankruptcy for a debtor serviced by AmeriNat, AmeriNat will modify the account in preparation
12 for monitoring of payments. Additionally, a Reaffirmation Agreeme nt will be generated and forwarded to the borrower’s attorney (debtor’s counsel) for signature, and to the appropriate court upon receipt of the executed document. This fully enforceable agreement, if executed, will retain the lien as secured and will kee p the lien from being discharged as part of the Chapter 7 discharge. If the borrower has no legal counsel and has filed their bankruptcy petition "pro se", (on their own behalf) or with the assistance of a licensed paralegal, AmeriNat can communicate directly with the borrower.
b. Upon default of borrower’s remittance of payments during the bankruptcy, AmeriNat will notify the borrower’s (debtor’s) counsel and Chapter 7 Trustee advising of the default, but if filed pro se, then the debtor would be notified directly.
c. Should the Chapter 7 Trustee determine that assets are available for distribution to creditors, AmeriNat will file a Proof of Claim on behalf of the City.
2. Chapter 13 Bankruptcy:
a. Upon receipt of notification from a court of law, debtor (borrower), or the City, of a Chapter 13 bankruptcy for a debtor serviced by AmeriNat, AmeriNat will notify the City its intention to file a Proof of Claim as well as supporting bankruptcy documentation, and will file with the appropriate court. Upon receipt of a returned filed Proof of Claim from the court, AmeriNat will forward a copy of same to the City and will begin monitoring post and pre-petition payments to borrower’s loan account.
b. Upon default of borrower in the remittance of post- petition payments, AmeriNat will notify the borrower’s (debtor’s) counsel of the default, instructing that further default will result in the filing of a Motion for Relief. If the borrower has no legal counsel and has filed their bankruptcy petition "pro se", (on their own behalf) or with the assistance of a licensed paralegal, AmeriNat can communicate directly with the borrower. In addition, notification of the default will be forwarded to the Trustee’s office. Should there be a continued default in post-petition payments, and at the instruction of the City, AmeriNat will file the Motion for Relief. Once authorized by the court, and as directed by the City, AmeriNat may then begin foreclosure proceedings.
Subordination Processing
1. Subordination Request Package: Upon a borrower’s request for a subordination, AmeriNat will send a Subordination Request Package to the borrower or designee (lender or title). The City may require the borrower to pay the cost of the subordination processing at application or the Cit y may pay the cost upon billing from AmeriNat.
2. Review Process: The purpose of the subordination review process is to determine that the new senior loan on the borrower’s property will be made in conformance with the City’s subordination policy and that the City’s title position and security for its note is properly treated. Also, a review of income of the borrower may be performed if there are ongoing restrictions on income levels for the program participant. Documentation typically required for the review may include the following:
a. Letter from borrower with reasons for requesting subordination
13 b. FNMA 1003 application, or other applicable application, for new senior loan c. Lender’s approval of new senior loan
d. Title report
e. Appraisal
f. Closing instructions and estimated closing statement g. Credit report (if required)
h. Tax return or other income documentation (if required) i. Completed Subordination Agreement ready for signature j. Request for Notice document on new senior loan(s)
3. Document Preparation: AmeriNat prepare s subordination documents, or can review documents prepared by the new senior lender. These documents generally include:
a. Subordination Agreement
b. Request for Notice document on new senior loan(s)
c. Closing instructions
4. Recommendation: At the completion of the review, a report is forwarded to the City with a recommendation to either approve the request and to execute the Agreement, or to deny the request. The report will contain a recapitulation of pertinent information such as lowered monthly payment amounts, old and new LTV’s, new and old senior debt loan amounts, etc.
5. Approval: Upon the City’s approval of a request for subordination, the City will forward to borrower’s lender or Title Company:
a. Completed and executed Subordination Agreement between the City and borrower b. Closing instructions dictating terms / use of Subordination Agreement document c. Request for Notice document for new senior loan
Loan Assumptions
Upon request from a borrower or authorized representative of a borrower’s estate, AmeriNat will review the loan documents to determine options for loan assumptions. If applicable, AmeriNat will forward an income certification or other documentation to the borrower for evaluation purposes. Recommendations for assumption will be provided to the City for approval if preferred.
Review of Loans for Changes in Title
Annually, loans will be reviewed to determine whether title has been transferred away from the signer.
Loans on the delinquency list can be reviewed monthly upon request. The fee matrix provided by the City did not include this service; this fee will be negotiated upon request of service.
14 Short Sale Requests
A short -sale form will be provided to a borrower upon request. AmeriNat will review the short sale request and provide a recommendation to the C ity. If approved, a reduced payoff demand will be prepared. Short sale proceeds will be distributed in accordance with the original loan requirements.
Income Re-verifications
1. Level One (Income Only):
a. In keeping with the provisions of the borrower’s promissory note and/or loan agreement, AmeriNat will forward an income re -verification package to the borrower. The package will contain instructions and forms needed to complete the re-verification.
b. If the required information has not been received within two weeks, AmeriNat will send a reminder letter.
c. If the borrower fails to respond within the allotted time frame, AmeriNat will notify the City of the borrower’s non-compliance.
d. Upon receipt of a completed re-verification package, AmeriNat will perform the following tasks:
− Verify that forms are complete and proof of income has been received. − Calculate the borrower’s income to determine continued compliance with the City’s program requirements for income.
− Forward re-verification report to the City, with a recommendation for continued deferr al or amortization.
− If the recommendation is to amortize the loan, and the City approves, AmeriNat will prepare necessary loan documents (additional charges will apply). The loan documents will be forwarded to the City for borrower and the City signatures. AmeriNat will record necessary documents and will begin collecting under the new payment schedule.
2. Level Two (Income, Debt, and other Program Requirements):
Includes level one services plus the following:
a. AmeriNat will order credit reports on borrower and will calculate the borrower’s debt to income ratio to determine if borrower has present capacity to make monthly loan repayments;
b. AmeriNat will receive documentation (established by the City ) to determine that program requirements have been met, e.g. continued occupancy, insurance, etc.
c. AmeriNat will forward a re-verification report that includes the status of the borrower’s income, capacity for incurring additional monthly note repayments, and compliance with the City ’s program requirements.
15 Property Conditions Profile and Residency Verifications
1. Property Conditions Profile:
a. AmeriNat engages a site visit of the owner’s property to determine the outer condition of the dwelling and the condition of detached structures and grounds. Two photos will be taken to document the condition of the property. NOTE: AmeriNat will not enter upon the owner’s private property.
b. Property profiles rate (good, fair, poor) the condition of the property , and also comment on the following: roof type, property type, structure color, neighborhood condition, construction type, environmental hazards, and status of utilities.
c. If the dwelling appears vacant or abandoned, it will be noted in the report.
d. Property profiles may be ordered by the City for varying frequencies, e.g., once every two years, once every three years, etc.
2. Residency Verification:
AmeriNat will forward an instructional letter and Affidavit of Owner to the borrower. The Affidavit requires the owner to affirm continued compliance with provisions of the promissory note and/or rehabilitation agreement. Such provisions may include, but are not limited to, the following:
− Continued residence
− Timely payment of property taxes
− Ongoing hazard and flood insurance coverage
− Timely payment of sums due to superior lien holders
− Proper maintenance of the property
− Non-subordination
If no response is received within two weeks, AmeriNat will send a second letter, again requesting owner to sign and return affidavit. AmeriNat will compile responses and will forward original affidavits to the City.
Reports
AmeriNat’s standard reports are designed to meet the City’s objectives and funding source requirements.
Data reporting is flexible and can be reported in several ways, including program type, funding source and funding year. Reports are available to the City online through AmeriNat’s internet LoanLink service.
Through LoanLink, the City has unlimited access to account and portfolio data and can view the information as well as generate reports that can be downloaded into Excel.
1. Portfolio Status Report: This report provides a comprehensive accounting per loan of the total portfolio on a monthly basis. The report identifies annual payments made, remaining balances, borrower's name and account number, original loan balance, interest rate, and loan term. For tho se deferred loans accruing interest, the report shows the ongoing accrued interest balance.
16 2. Current Month Reconciliation Report: This monthly report serves as reconciliation for the loan payments remitted by borrowers.
3. Delinquent Aging Report: This report reflects delinquent accounts at the 30, 60, 90, and over 90-day levels as of the end of the month. Borrower accounts moved into the forbearance or foreclosure process are designated.
4. Loan Amortization Schedule: The Loan Amortization Schedule delin eates the breakout of principal and interest paid during the term of the loan. This schedule is useful in determining how much principal is still owed and how much interest has been paid, at a particular period of time. This report can also be used in determining balloon amounts due per the terms of the note.
5. Account Status Information Report: This report provides a borrower profile, loan term and current balance and status information for individual borrower accounts within a client’s portfolio. It includes a vast amount of information on particular accounts within the City’s portfolio.
6. Current Year Payment History: This report details transactions on individual accounts for the current year’s activity.
7. Payment History with Memos: AmeriNat uses a series of memo codes to help classify various borrower requests or processing activity. Activities subject to memo code classification include, for example, insurance request letters, payoff requests, and other miscellaneous borrower questions.
This repo rt summarizes the loan history with identification of these types of activities along with associated comments by AmeriNat personnel.
Exceptions:
AmeriNat has the following exceptions to the City’s sample contract:
V. Termination, sections A and B: AmeriNat requests at least a 60-day written notice of termination.
XII. Indemnification and Insurance, section A: AmeriNat requests that the following language be added to the indemnification language this section, “Consultant’s liability under this paragraph is limited to the amount Consultant has been paid in servicing fees under the program.”
17 C. Staff Qualifications and Related Experience
1. Staff Qualifications and Experience
AmeriNat considers this information to be proprietary and confidential information, which shall not be disclosed outside the City and shall not be duplicated, used, or disclosed - in whole or part - for any purpose other than to evaluate this offer/proposal.
Below are the resumes for AmeriNat’s key staff members who will be assigned to the City’s servicing team.
The AmeriNat team has direct experience with loan servicing, loan portfolio management and local city and other government loan programs. AmeriNat p rovides similar services across the country and extensively throughout California.
Adrienne Thorson serves as Chairwoman and CEO. Adrienne has over 31 years’ experience in financial services, including 20 years at AmeriNat. Prior to coming to AmeriNat, Adrienne was CFO of Americana National Bank, served as Market President of four American Bank branch locations and spent 8 years in public accounting at CliftonLarsonAllen LLP as a manager in the audit division overseeing audits of both financial institutions and local government clients. Adrienne holds a bachelor’s degree in Accounting from Mankato State University and is a Certified Public Accountant. A drienne will oversee the performance and service delivery of this contract.
Shaunda Clark serves as Chief Financial Officer. Shaunda has over 17 years of experience in corporate and financial strategy, risk mitigation and balance sheet management. Prior to AmeriNat, Shaunda served as the Chief Financial Officer for various financial institutions in Nevada and Washington. Shaunda holds an Executive Master’s degree in Business Administration and a bachelor’s degree in Accounting from the University of Nevada, Las Vegas. Shaunda will oversee the accounting and investor reporting functions related to this contract.
Jody Montgomery serves as Chief Technology Officer. Jody has over 16 years’ experience in IT. Prior to AmeriNat Jody served as the Vice President of IT for Bank Iowa. Jody has an IT degree from Des Moines Area Community College and has certifications in project management, training, and information security.
Jody will oversee the IT needs and address customized technology needs related this contract.
Michael Torres serves as Chief Product Officer. Michael has over 3 3 years’ experience working for AmeriNat. Prior to his employment with AmeriNat, Michael served in the United States Marine Corps.
Michael holds a bachelor’s degree in Business Administration with a concentration in Finance from the University of Phoenix. Mike will oversee the project and service development needs related to this contract.
Katie Lee serves as Director of Client Services. Katie has over 15 years of experience working in financial services. Prior to her role as Director of Client Services , Katie served as AmeriNat’s Compliance and Internal Audit Manager, overseeing regulatory exams and consumer compliance in addition to consulting with the various AmeriNat business units. Katie received her Bachelor of Science degree from St. Cloud State University, where she majored in Finance and minored in International Business. Katie is certified as a Certified Community Bank Compliance Officer by the Independent Community Bankers of America. Katie
18 will oversee the client support team functions and deliverables and will be the key liaison between the City and AmeriNat’s staff/operations.
Barry Vislocky serves as Director of Default Management. Barry has over 23 years of experience in loss mitigation and collection management. Prior to AmeriNat, Barry was the Vice President of Collections for NuVision Federal Credit Union. Barry holds an associate degree in Administration/Management from Clinton College. Barry will oversee the collections and loss mitigation efforts related to this contract.
Debbie Vranesh serves as Director of Operations. Debbie has 32 years’ experience working in financial services, including 1 6 years at AmeriNat, and currently oversees the single -family servicing activities.
Previously, Debbie worked with Financial Partners Credit Union. Debbie holds an associate degree from Orange Coast College. Debbie will oversee the servicing activities related to this contract.
Claudia Herrera serves as Client Services Manager. Claudia has over 18 years of experience in the financial industry. Prior to AmeriNat, Claudia was the Service Operations Manager at Wells Fargo Bank. Claudia will be the City’s key contact for requests and special needs.
Danny Martinez serves as Loan Underwriting Manager. Danny has over 40 years of experience in financial services, including 19 years at AmeriNat. Danny has extensive experience with First Time Homebuyer, Single Family Rehabilitation, Economic Redevelopment and Emergency Relief programs. Prior to AmeriNat, Danny served as Assistant Vice President – Banking Officer for Citizens Business Bank. Danny attended the University of Ph oenix. Danny will be responsible for the loan processing and underwriting functions related to this contract.
Nicholas Andres serves as Collections and Loss Mitigation Manager. Nicholas brings a strong background in Mortgage servicing to the AmeriNat team, with 9 years’ experience in loan servicing where he has managed the areas of Special Servicing and Collections. Nicholas holds a ba chelor’s degree in Business Economics from the University of California, Irvine . Nicholas will be the City’s liaison for portfolio performance reviews.
Wanda Attig serves as Customer Service Manager. Wanda has 29 years of experience in customer service and 10 years of experience in the financial industry. Prior to AmeriNat, Wanda worked with American Bank. Wanda will lead the customer service team handling borrower communications.
Mary Puertos serves as Payment Processing and Monitoring Manager. Mary has been with AmeriNat since 1990. She has extensive experience in loan administration and collections. Mary attended California State University. Mary will manage the payment processing activities related to this contract, including tax and insurance administration.
Danielle Wangsness serves as Investor Reporting & Accounting Manager. Danielle has over 18 years of experience in the financial industry. Prior to AmeriNat, Danielle was the Assistant Vice President/Retail Banking Officer at Eastwood Bank. Danielle holds bachelor’s degrees in Communications and German from the College of Saint Benedict/St. John’s University. Danielle will oversee the reporting, remittance, invoicing, reconciliations, deductions, and other related functions associated with this contract.
Jason Rembert serves as Quality Control Manager. Jason has over 25 years of experience in customer service and 15 years in the financial industry. Prior to AmeriNat, Jason was an Enterprise Estate Unit Team Member at Bank of America. Jason holds a bachelor’s degree in Business Management from California
19 State University, Fullerton. Jason will maintain quality control over various activities related to this contract.
2. Related Experience
AmeriNat has unparalleled experience in the affordable housing industry.
AmeriNat has 45 years of experience servicing loans. For all 45 years, municipal clients have been a significant part of AmeriNat’s portfolio management activities. Currently, Ameri Nat provides services to 130 municipalities. Working with approximately 300 clients nationwide, AmeriNat services over 5 0,000 loans with a principal balance of approximately $11 billion, the majority of which were generated by cities like Visalia, to promo te affordable housing . AmeriNat has also underwritten multiple thousands of single -family affordable housing loans and has over 300 actively reporting multifamily affordable housing developments ranging in size from $500,000 to $20,000,000. AmeriNat was instrumental in processing and underwriting loans under the Hardest Hit Fund program and has worked with multiple state and local agencies processing and underwriting Homeowner Assistance Fund and Emergency Rental Assistance Programs. In addition, AmeriNat monitors over 30,000 units for affordability and maintenance that are restricted under affordable housing programs including LIHTC and HOME. AmeriNat has also provided state and federal prevailing wage (Davis Bacon) compliance monito ring for over 350 developments throughout the nation.
AmeriNat manages portfolios of single family, multifamily and commercial/economic development loans with widely varying structures. These loans are originated under multiple funding arenas including CDBG, HOME, HHF, ARRA, NSP, HOPE, EECBG, tax -exempt bonds and other common federal and state sources including redevelopment funds and are insured by FHA, VA, RD, and private insurers. They include first and junior lien loans. AmeriNat is also extensively familiar with the LIHTC program.
AmeriNat is an approved servicer for:
FHA Title I and Title II
Fannie Mae
Federal Home Loan Bank
Veterans Administration
USDA
Locations
The locations in which AmeriNat either performs work or has offices are indicated on the following map.
AmeriNat’s staff are also remote work enabled, meaning that in times of local or national emergency situations, work continues in uninterrupted fashion.
AMERINAT SERVICING
EXPERIENCE AT A GLANCE
Over 45 years of loan
servicing experience
300 clients
nationwide, including
130 municipalities
Servicing over 50,000
loans with a principal
balance of approx.
$11 billion
20 AmeriNat’s key strengths and qualifications are evident from its 45 -year history of operations. The City can rely on AmeriNat for:
Industry Expertise AmeriNat offers substantial lending and servicing knowledge of varying loan types and portfolios that often require extensive and unique portfolio management requirements not found in conventional lending environments.
AmeriNat’s expertise includes residential and commercial rehab loans, “blended loans” with multiple funding sources, deferred loans, due on sales loans, forgivable loans, and equity share provisions of first-time home buyer loans. In addition, AmeriNat has a breadth of experience with govern ment clients that allows it to meet needs beyond traditional loan servicing, such as targeting loans to federally-sponsored assistance programs.
Advanced
Information
Technology
Capabilities
AmeriNat’s information technology tools have been customized fo r the affordable housing industry. Reporting is extensive and highly flexible, and information accessibility is a key tenet to the platforms. Borrowers have access to their loan data online, and the City can access borrower data and reports online, real- time, 24/7/365. This same information can be downloaded into Excel for further manipulation and analysis. In 2021 AmeriNat is converting to the Black Knight MSP system, which is complemented by AmeriNat’s proprietary LoanLink web access tool for clients.
21 Flexibility AmeriNat has a proven history and vast resources but is not a “big -box” firm with rigid requirements. AmeriNat staff provide personal, high -touch service, adhering to uniformly accepted servicing standards and best practices in the industry, but also customizing servicing steps to meet program requirements and goals. Particularly in the area of delinquency management, A meriNat deploys a range of different tools designed to meet client objectives. AmeriNat works 1-on-1 with clients, as their partners in service delivery.
Commitment to
Excellence in Client
Service
AmeriNat follows through on its commitment to service exc ellence through ongoing communication with its clients . AmeriNat has two support centers – one for clients and one for borrowers – to maintain the “hands on” approach clients appreciate. A dedicated representative from the client services department will be the City’s first point of contact for questions and needs. The client services department will connect with other personnel throughout the firm as needed to respond quickly and fully . In addition, City staff has direct contact information for AmeriNat managers, including senior leadership, who are dedicated to a productive and beneficial servicing relationship.
Service Overview:
AmeriNat offers a comprehensive menu of services that has been customized to meet the special requirements of clients, including:
LOAN SERVICING
AmeriNat provides comprehensive loan administration across single family, multifamily and commercial asset classes for a wide variety of clients. AmeriNat is licensed in states throughout the nation and Puerto Rico, and is approved by FHA/VA, USDA, and Fannie Mae. AmeriNat’s “client -centric” culture emphasizes portfolio performance goals, data transparency and an agile work philosophy designed to bring high value to customers.
LOSS MITIGATION
AmeriNat’s loss mitigation teams are experienced with a broad range of borrowers under multiple types of investor programs. Frequent outreach and encouragement of non - judicial debt resolution serve as the foundation for AmeriNat’s collections activities. The AmeriNat teams also manage loan relationships through bankruptcies, foreclosures, judicial remedies, asset liquidation, REO management, and claim reporting.
22 UNDERWRITING
AmeriNat provides seasoned underwriting experience for both single family and multifamily asset classes. With decades of experience in LIHTC, HOME and other affordable housing funding sources, clients rely on AmeriNat for c ompliance, comprehensive financial analysis, underwriting, and market, developer, and ownership capacity evaluation. In addition, AmeriNat has extensive experience underwriting for emergency relief programs such as Hardest Hit Fund ( HHF) and Emergency Ren tal Assistance (ERA).
COMPLIANCE MONITORING
AmeriNat provides comprehensive compliance monitoring services for LIHTC, HOME, HUD, and USDA programs, tax -exempt bond projects, and a multitude of state level programs. In addition to monitoring services offered in connection with its Asset Management activities, tenant file reviews, site visits, and Management Company reviews support program compliance. In addition, AmeriNat provides payroll monitoring services including compliance with Davis Bacon wage requirements and Section 3.
ASSET MANAGEMENT
AmeriNat offers Asset Management services for both commercial and multifamily properties. Services range from review of financial and operating data (including calculations for surplus cash -flow loans) to risk rating analysis, loan work -out activities, reserve analysis and compliance monitoring. AmeriNat also provides Property Conditions Profiles, Affidavits of Ownership, Income Reverifications, and offers a comprehensive Property Assessed Clean Energy (PACE) assessment management service.
CONSULTING
Whether it is assistance with a portfolio purchase, policy development, or identifying process improvement opportunities, AmeriNat staff are ready to assist clients with their loan progr
ams. Our team becomes your partner in solving pressing needs in your business. Use our 45-year history of experience to help drive your business forward.
Operating Principals
AmeriNat’s operations are based upon sound business principles and a dedication to the markets that it serves, consistently applied over 45 years. Key pillars to the company’s operation include:
Leadership Ethics & Integrity Client Service Technology & Innovation
23 Leadership
AmeriNat’s CEO and the team of officers and staff are skilled and committed to keeping the client’s interest at the center of AmeriNat’s operations. AmeriNat’s Board of Directors sets a tone from the top for leadership and accountability, as well as compliance with laws and regulation. Leadership is further supplemented by a board -appointed audit committee that assists with oversight of integrity of financial reporting as well as compliance with legal and regulatory requirements.
AmeriNat’s Board of Directors include:
Adrienne Thorson, Chairwoman and CEO
Adrienne Thorson serves as Chairwoman and CEO. Adrienne has over 31 years’ experience in financial services, including 20 years at AmeriNat. Prior to coming to AmeriNat, Adrienne served as Market President and CFO at Americana National Bank and successor banks and spent 8 years in public accounting at CliftonLarsonAllen LLP as a manager in the audit division overseeing audits of both financial institutions and local government clients. Adrienne holds a BS in Accounting from Mankato State University and is a Certified Public Accountant.
E. Gerald (Jerry) O’Brien, Board Member
Jerry O’Brien serves as CEO and CIO for O’Brien -Staley Partners and has over 25 years of experience. Formerly senior partner and head of global loan portfolios for CarVal Investors. 17 years of experience across all aspects of financial businesses for Cargill and CarVal. Early career with Chemical Bank and DG Investment Ban k in New York. MBA in analytical finance and marketing from University of Chicago and AB in economics from University of Michigan.
Adam Bernier, Board Member
Adam Bernier serves as Managing Director and Chief Operating Officer for O’Brien - Staley Partners and has over 25 years of experience. 21 years of experience for Cargill spanning investment management, internal audit and controllership for both investment business and operating units. Certified Management Accountant & BS in accounting & finance from Minnesota State University - Moorhead.
AmeriNat’s leadership is further supplemented by a board -appointed audit committee that assists with oversight of integrity of financial reporting as well as compliance with legal and regulatory requirements.
Audit committee members include:
AmeriNat has an experienced and
tenured leadership, management,
and governance team, many of
whom have worked together for over
20 years.
24 Jennifer Wietecki, Chair
Jennifer specializes in Risk and Investor Relations for O’Brien -Staley Partners and has over 15 years of experience. Previous experience in loan portfolios and real estate investment, including C&I Risk Analyst for CarVal Investors. JD from the University of Minnesota Law School (cum laude), BA from the University of St. Thomas (summa cum laude).
Carleen Rhodes, Member
Carleen provides counsel to OSP Investor Relations as well as connections to prospective investors for impact investing. Over 30 years of experience in non-profit sector, including 12 years as CEO of Saint Paul Foundation, the Minnesota Community Foundation, and Minnesota Philanthropy Partners – a network of foundations with investable assets of $1.2 billion. Minnesota State University, St. Cloud, MA and BA in English. Certified Fund Raising Executive (CFRE).
Jacqui Dorsey, Member
Jacquie is a Shareholder at H vistendahl, Moersch, Dorsey & Hahn, P.A., law firm in Northfield, Minnesota. She has over 20 years’ legal experience in Minnesota, Beverly Hills, Los Angeles, Seattle and Phoenix, involving corporate management, commercial real estate and insurance defens e. Jacqui holds a BS in Business Administration from the University of Southern California and a JD from the William Mitchell College of Law.
Ethics & Integrity
AmeriNat has built a foundation that emphasizes sustainability, integrity of operations, and successful outcomes for clients as well as employees and shareholders. AmeriNat operates in a fiscally responsible manner across operations and meets or exceeds th e financial requirements of regulatory agencies. The company has an extensive system of internal controls designed to support the accuracy and integrity of operations and financial reporting.
AmeriNat has always operated within a heavily regulated indu stry and its infrastructure emphasizes compliance with local, state and federal laws and regulations. AmeriNat holds the appropriate licenses for jurisdictions in which it operates. Employees operate under a Code of Ethics that has been established by the Board of Directors. The policy reinforces the high standards of conduct underlying operations. A Compliance Committee composed of senior line manager maintains a strong and consistent focus on ethical and regulatory compliant operations.
AmeriNat also adheres to a rigorous audit program that operates under the jurisdiction of an independent audit committee. Audits conducted include:
25 Annual audited financial statement and report on internal controls Annual USAP audit
Annual SSAE 18 audit, SOC 1 and SOC 2
Annual HUD audit
Annual FNMA audit procedures and monthly/quarterly loan audits Annual to 18-month compliance audits over pertinent federal regulations Annual to 18 months SAFE and BSA audits
Outsourced internal audits based on annual risk assessment
Client Service
AmeriNat has six defined corporate-wide goals that align with the company’s vision/mission/philosophy and values. The first of those goals is to “strengthen customer relationships .” AmeriNat’s staff and departments are organized to provide the highest possible level of attention to customers and applicants, and to reach timely and satisfactory outcome for inquiries.
Customer service and collection staff is available by telephone through our toll-free number at (800) 943- 1988 between the hours of 5:30 AM and 5:00 PM Pacific Time, Monday through Friday. It is AmeriNat’s policy that calls/emails are responded to within 24 hours.
Borrowers can also easily reach AmeriNat representatives via direct phone contact and email, and through www.amerinatls.com. AmeriNat will also be offering a mobile app for borrowers in Q1 2022. AmeriNat’s borrower services department consists of experienced staff working side by side with other departments.
Supervisors and managers are available within ear shot or via chat or email when assistance is needed to quickly respond to a borrower question or need . AmeriNat treats written inquiries as “Qualified Written Requests” under the Real Estate Settlement Procedures Act (RESPA) and responds within appropria te timeframes.
AmeriNat documents contact with its clients and borrowers in the loan servicing system which is available for inquiry or review. Tasks are logged, monitored and evaluated for completion. In addition, phone calls are recorded. The recordings are reviewed by management for quality control and training purposes.
Both the City and the City’s borrowers have 24-hour electronic access to loan information via AmeriNat’s website at www.amerinatls.com. Borrowers have access to pertinent loan information including outstanding balance, transaction history, payments posted and due, interest paid to date, next payment due date, and late charge assessment date and balances among multiple other data points. Borrowers can also access form 1098 info rmation, as well as online statements and notices upon opting into electronic statement delivery. Online payment options will also be available on the borrower portal in, along with the AmeriNat app.
The City can access the same borrower information via LoanLink and have substantial portfolio level data and reporting available. Significant on -screen report development is available, and reports are also downloadable into excel or PDF.
26 Technology & Innovation
AmeriNat customizes its technology platforms based on the markets in which it operates and its clients’ needs. The IT department within AmeriNat, which is supplemented through outside third-party vendors for areas requiring a uniqu e technology or expertise, utilizes a “continual improvement” model of operations. Ongoing upgrades and enhancements, which are driven by clients and staff members, align with the company’s commitment to providing superior service for clients.
AmeriNat migrated to the Black Knight MSP servicing platform in late 2021. In addition to the enhanced automation which will improve AmeriNat’s ability to deliver exceptional service, this change provides additional reporting opportunities and allow ed AmeriNat to m ake value-add improvements to services including:
Additional portfolio reporting capabilities and data transparency Standard Black Knight portfolio reports in addition to customized AmeriNat reports via LoanLink on the AmeriNat website
More flexibility around escrow maintenance and analysis
The borrower portal has been significantly enhanced and is available in a mobile-friendly fashion.
AmeriNat has a tested Business Continuity Plan in place that is designed to recover critical business functions. This includes the engagement of a third -party vendor to provide turnkey disaster recovery procedures, backup and recovery strategies over critical data, off site storage and processing, data redundancy on a continual operating basis, and robust privacy and IT controls throughout the firm. The disaster recovery plan is tested annually through a formulated disaster scenario.
27 Comparable Projects
AmeriNat considers its project and client lists confidential and proprietary, as it consists of our entire organization’s business livelihood. In addition to the references listed in Section A above, AmeriNat would be happy to provide a further detailed l isting of our clients to the City, under confidential cover, upon request.
28 D. Proposed Fee Structure and Schedules
AmeriNat considers this information to be proprietary and confidential information, which shall not be disclosed outside the City and shall not be duplicated, used, or disclosed - in whole or part - for any purpose other than to evaluate this offer/proposal.
Housing Loan Portfolio Management - Fee Structure and Schedules Loan Portfolio
Management Services
Price Per
Loan
Price Per
Occurrence Please Provide Detailed Description
Amortized Loans:
New Amortized Loan Setup $ 45.00 This is for new loans boarded to the system
Existing Amortized Loan
Transfer $ - n/a - AmeriNat currently servicing existing portfolio
Amortized Loan Monthly
Service Fee $ 13.00 Per loan per month
Deferred Loans:
New Deferred Loan Setup $ 45.00
Existing Deferred Loan
Transfer $ - n/a - AmeriNat currently servicing existing portfolio
Deferred Loan Service Fee-
Option 1 or $ 2.20 Per loan per month for warehouse only.
Deferred Loan Service Fee-
Option 2 $ 5.80
Per loan per month for warehouse
and monitoring of taxes and/or
insurance.
Deferred Loan Service Fee $ 13.00
Per loan per month for warehouse
and escrowing of taxes and/or
insurance.
Deferred Loan Per Payment
Processing $ 13.00 Per payment flat fee for receiving occasional payments.
Loan Processing and Underwriting:
Order credit, Title, or
Appraisal $ 50.00
Per loan per occurrence. Due 30 days
after receipt of application, plus
outside costs which may include, but
are not limited to, title, credit, and
appraisal.
Loan Processing through
the completion of the
Preliminary Risk Analysis
(PRA)
$ 190.00
Per loan per occurrence. Due within
60 days of submission of PRA, plus
outside costs.
29 Loan Processing,
Underwriting, and Final
Loan Recommendation
$ 205.00
Per loan per occurrence. Due 60 days
from FLR or fund control opening,
plus remaining direct loan outside
costs.
Single-Family Loan
Documents Preparation $ 225.00
Per loan per occurrence, plus pass
through costs. For each project for
which credit, title, or appraisals have
been supplied by AmeriNat which is
thereafter canceled without
performance of loan document
preparation: a cancellation fee of
$65.00 plus outside costs. A project
will be considered cancelled if a Loan
Document Request is not received
within sixty (60) days of ordering
services. A fee of $22.00 will be
charged for each document re-
drafted at the request of the City.
Mobile Home Loan
Documentation Preparation $ 225.00
Plus pass through costs.
For each project for which credit,
title, or appraisals have been
supplied by AmeriNat which is
thereafter canceled without
performance of loan document
preparation: a cancellation fee of
$65.00 plus outside costs. A project
will be considered cancelled if a Loan
Document Request is not received
within sixty (60) days of ordering
services. A fee of $22.00 will be
charged for each document re-
drafted at the request of the City.
Underwrite Loan
Modification Application $ 395.00
Per loan per occurrence for analysis
and recommendation, plus outside
costs which include, but are not
limited to, title, credit, and
appraisal/valuation. Additional fees
include:
a.) Subsequent Analyses and
Recommendations (each): $150.00
b.) Loan Document Preparation, plus
outside costs *: $325.00
(State and federal compliant
documents provided by AmeriNat)
c.) Document redraws (per
occurrence): $150.00
d.) Cancellation Fee: The fee due will
30 be the sum of all fees for tasks
completed, plus one-half of the fee
for the task in process at the time of
cancellation.
Loan Maintenance:
Residency Verification $ 13.80
Per loan per occurrence for the entire
portfolio done at one time, with a
minimum fee of $500.00.
Tax Monitoring $ - $ - Escrowing and/or monitoring of taxes
and insurance are included with the
service at no additional cost (except
for a potential one-time tax service
vendor fee). If it is determined that
Tax Service is needed, then a one-
time fee of $72.50 per loan upfront
at time of servicing commencement
will be charged (may be assessable to
borrower) for all loan amounts up to
$500,000. For loan amounts over
$500,000, there is an additional
charge of $10 per $100,000. Future
charges may vary based on outside
vendor pricing. Please note:
Additional or supplemental charges
that may be imposed by the
respective taxing authority for
procurement of duplicate tax bills will
be directly passed through to the
City.
Insurance Monitoring $ - $ - This is included with the amortized
fee and deferred fees that are not
warehoused.
31 Income Re-Certification $ 285.00
Per loan per occurrence for a level
one income verification. A level two
verification, including income, debt
and program requirements, will be
conducted at a fee of $405.00 per
file. Additional fees upon occurrence
include:
a. Ordering of income verification
documents, e.g. verification of
employment, verification of deposit:
$50.00 per document
b. When a re-verification package,
reminder letter, and report is issued
by AmeriNat for non-responsive
borrower, a cancellation fee of
$75.00 per non-responsive file.
c. To reopen a file that has been
assessed a cancellation fee, the file
will be the full fee less previously
assessed cancellation fees.
d. On a file for which a
recommendation has been provided
but is thereafter resubmitted with
changed or additional information, a
re-evaluation fee of $35.00 per
resubmission.
Property Conditions
Inspections $ 50.00 Per loan per occurrence.
Delinquency Follow Up/
Loss Mitigation $ - $ - Included with monthly service fee.
Payoff Demands:
Payoff Demands $ - $ - Included with monthly service fee.
Deed of Reconveyance $ - $ - Included with monthly service fee.
Substitution of Trustee $ - $ - Included with monthly service fee.
Assumption of Loans:
Loan Assumption
Processing $ 400.00 Per analysis per loan plus outside costs if applicable.
Subordinations:
Subordination Processing $ 400.00 Per analysis per loan plus outside costs if applicable.
32 Forbearances:
Forbearance Agreements
Preparation $ 395.00
Per loan per occurrence fee will be
charged to institute a forbearance
plan (usually in excess of 6 months in
duration and with approval of the
City). The City may require the
borrower to pay this fee.
Foreclosure Proceeding
Monitoring $ - Included with foreclosure fee.
Foreclosures and Short Sales:
Notice of
Default/Foreclosure $ 455.00
Per loan per occurrence. In addition
to the foreclosure service fee,
AmeriNat will deduct and pay from
remittance or bill City for other costs
incurred in the foreclosure process
such as, but not limited to,
conventional legal fees, sheriffs'
deposits, bankruptcy closing costs,
fees set by law, etc. Reinstatement
figures provided more frequent than
monthly may be subject to an
additional charge of $15.00 per
occurrence.
Reinstatement Terms: City
reimbursement for foreclosure
services rendered, and its costs and
other charges, will be made by the
borrower upon reinstatement or full
payment of any Deed of Trust or
Mortgage under foreclosure.
Request for Short Sales $ 400.00 Per analysis per loan plus outside costs if any.
Recovery of Surplus Funds TBD
Scope and Fee will be developed
upon discussion with the City under
mutually agreeable terms; scope not
described in Housing Loan Policy.
Optional Services Price Per
Loan
Price Per
Occurrence Please Provide Detailed Description
Bankruptcy Services:
Filing of Proof of Claim $475 /
$1,350 Chapter 7: $475 / Chapter 13: $1,350
Filing of Reaffirmation
Agreement $ 350.00 Per loan per occurrence plus outside costs incurred if applicable.
33 Monitoring and Repayment $ 20.00
Per loan per month for the duration
of an active Chapter 7 or Chapter 13
case. This includes monitoring
respective payment plans,
discharges, and dismissals.
Filing of Lift Stays Fee $ 280.00
Per loan per occurrence plus out-of-
pocket fees and costs. Such fees and
costs include, but are not limited to,
obtaining local counsel in the
bankruptcy jurisdiction and as
approved by the City. The City will be
responsible for the payment of any
fees for filing suit or related outside
costs due Contractor that cannot be
reimbursed from the borrower.
Account Modification Fee $ 70.00
Per loan per occurrence. Includes
payment change notices. Plus
outside costs if any.
Misc. Services:
Credit Reporting $ - $ - Included with monthly service fee.
Funds Disbursement n/a n/a
AmeriNat does not offer this service,
but will recommend a vendor if
requested.
34 E. Conflict of Interest
AmeriNat does not have any financial, business or other relationships with the City or any member of the City staff that may have an impact on the outcome of the project. AmeriNat does not have any current clients who may have a financial interest in the outcome of the program.
35 F. Required Forms
Attached are the following required forms:
Non-Collusion Affidavit
Worker’s Compensation Insurance Certificate
Americans with Disabilities Act Compliance Certificate Equal Employment Opportunity Compliance Certificate
Ownership Disclosure for Contractors and Consultants
Drug-Free Workplace Certificate
Certificate of Non-Segregated Facilities