Project Background
A National Mortgage Banking Lender sold a substantial portion of the $5B loan pool to the large banking buyer and faced Post Pool Loan Sale issues under Representations and Warranties (R & W). The buyer contested chain of title issues, legal descriptions, legal assignments, and unreleased prior liens. We were engaged to represent the seller to cure imperfections or rebut the Reps and Warrant put-backs.
Services & Solutions
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- Full review of all sold loans with put-backs under R & W provision
- Title cures
- Recording of correct chain of title
- Legal description corrections
- Legal assignments preparation
- Payoffs negotiations of unreleased prior liens
Outcome & Results
Represent Client in Post Pool Loan Sale with contested issues. Successfully rebutted and resubmitted to the purchased pool loans cleared of any material imperfections. Achieved a substantial return of cleared loans to the sale pool for the client.