Common use of Borrower Notification Forms Clause in Contracts

Borrower Notification Forms. On each Geotrac NFIP Compliance Packet Company will supply to Client a borrower notification form which complies with all federal statutory and regulatory requirements. B. ▇▇▇▇▇ ▇▇▇k Assessment in Non-Participating Non-Mapped Communities Company will prepare an appendix attached to the standard Geotrac NFIP Compliance Packet containing a flood risk assessment in NFIP non-participating non-mapped communities. C. HMDA Data Elements Company will supply HMDA State Code and County Code on all loans, and MSA Code and 1990 Census Tract on each loan where: a) 1990 Tracts are published, and b) the Federal Reserve indicates that Tract reporting is required. All HMDA data elements will be edited against government supplied information (i.e. Census Bureau's file of 1990 Census Tract and the Federal Reserve's list of State, County and MSA designations). In the event of an error Company's obligation shall be limited to correction of the error. D. GeoLife-of-Loan(R) For mortgage or trust deed loans Company will track both NFIP Community Status and FEMA Flood Map changes on a daily basis for the lifetime of the loan on Client's servicing system. Lists (hard copy or electronic) of loans affected will be generated monthly. From the supplied lists Client will inform Company of loans still active and Company will generate new Flood Determinations or other reports as needed. If NFIP Community Status changes affect the required flood insurance amount of a loan, Company will notify Client of the need to require changed amounts. GeoLife-of-Loan(R) service is available for transfer at no additional charge should Client sell or transfer the loan or servicing. Client is obligated to inform Company of the sale or transfer and if GeoLife-of-Loan(R) service is to transfer with the loan(s). In addition, Client shall supply Company a listing of affected loans, identified by loan number or another mutually agreeable item, in a mutually agreeable format on a media acceptable to both parties.

Borrower Notification Forms. On each Geotrac NFIP Compliance Packet Company will supply to Client a completed borrower notification form which complies with all applicable federal statutory and regulatory requirementsregulations. B. ▇▇▇▇▇ ▇▇▇k Assessment in Non-Participating Non-Mapped Communities Company will prepare an appendix attached to the standard Geotrac NFIP Compliance Packet containing a flood risk assessment in NFIP non-participating non-mapped communities. C. HMDA Data Elements Company will supply HMDA State Code and County Code on all loans, and MSA Code and 1990 Census Tract on each loan where: aLife-of-Loan(R) 1) 1990 Tracts are published, and b) the Federal Reserve indicates that Tract reporting is required. All HMDA data elements will be edited against government supplied information (i.e. Census Bureau's file of 1990 Census Tract and the Federal Reserve's list of State, County and MSA designations). In the event of an error Company's obligation shall be limited to correction of the error. D. GeoLife-of-Loan(RLoans is a tracking service designed to detect changes in: o FEMA NFIP Flood Map o FEMA NFIP Community Status Once changes are detected, reprocessing the loan for Client is done at no charge. Company will track both NFIP Community Status and FEMA Flood Map changes for the lifetime the loan is on Client's servicing system. Lists (hard copy or electronic) of loans affected will be generated monthly. From the supplied lists Client will inform Company of loans still active. Client may choose to electronically inform company of changes in the servicing portfolio proactively. Company will reprocess active loans that are affected by new FEMA NFIP mapping and/or revised FEMA NFIP Community Status. For those loans affected by new FEMA NFIP mapping and/or FEMA NFIP Community Status changes Company will reprocess the loan by generating a new Flood Determination (for new mapping) and/or by notifying Client of the need to require changed flood insurance amounts (for changes in Community Status), at no charge. GeoLife-of-Loan service is available for transfer at no additional charge should Client sell or transfer the loan or servicing. Client is obligated to inform Company of the sale or transfer of loans and if GeoLife-of-Loan service is to transfer with the loan, on a monthly basis. Client shall supply Company a listing of affected loans, identified by loan 3 number or another mutually agreeable item, in machine readable form in a mutually agreeable format on a media acceptable to both parties. Geotrac NFIP Compliance Packets will be produced free of charge on Client recaptured refinances where the original loan is covered by GeoLife-of-Loan service. It is Client's obligation to inform Company that a refinance is covered by GeoLife-of-Loan service and to supply either a copy of the original Geotrac NFIP Compliance Packet or it's identifying number (Geo Number). Client will place GeoLife-of-Loan service on new mortgage and trust deed loan originations where the original determination was done by Geotrac or by one of the mutually approved flood determination companies. This mutually acceptable list is outlined in a letter of approval from company to client attached as "Addendum C". 2) Foreign Flood Certification Data, Life-of-Loan Registration Process For those loans in existing portfolios, that have the data elements required for life-of-loan tracking derived from a source, at inception, other than Company, Company will use the existing data elements of life-of-loan track. Fee to be found in Addendum "A" as Foreign Flood Certification. However, Company in no way indemnifies or guarantees these data elements. However, Company guarantees the accurate tracking of the elements provided as provided in Addendum "B". For those loan originations processed with a foreign flood certification (data from a provider other than Company) that have the data elements required for life-of-loan tracking, Company will use the foreign data elements to track life-of-loan. However, Company in no way indemnifies or guarantees these data elements. However, Company guarantees the accurate tracking of the elements provided. In either case (portfolio or loan origination) where Company determines that the foreign data elements are incomplete or inaccurate, Company will place these loans on an exception report. As agreed, Company and Client will work in good faith to resolve the exceptions before the loans are tracked for life-of-loan. For mortgage or trust deed loans Company will track both NFIP Community Status and FEMA Flood Map changes on a daily basis for the lifetime of the loan on Client's servicing system. Lists (hard copy or electronic) of loans affected will be generated monthly. From the supplied lists Client will inform Company of loans still active and Company will generate new Flood Determinations or other reports as needed. If NFIP Community Status changes affect the required flood insurance amount of a loan, Company will notify Client of the need to require changed amounts. GeoLife-of-Loan(R) Loan service is available for transfer at no additional charge should Client sell or transfer the loan or servicing. Client is obligated to inform Company of the sale or transfer and if GeoLife-of-Loan(R) Loans service is to transfer with the loan(s). In addition, Client shall supply Company a listing of affected loans, identified by loan number or another mutually agreeable item, in machine readable form in a mutually agreeable format on a media acceptable to both parties. 4 Geotrac NFIP Compliance Packets will be produced free of charge on Client recaptured refinances where the original loan is covered by GeoLife-of-Loan service. It is Client's obligation to inform Company that a refinance is covered by GeoLife-of-Loan service and to supply either a copy of the original Geotrac NFIP Compliance Packet(TM) or its identifying number (GeoNumber). D. Transmissions of Information Client will transmit requests to Company electronically, fax or via Geotrac's PC based on-line system GeoCompass one or more times a day. It is Client's obligation to supply, at a minimum: loan/application identification number. borrower name; location - State, County, City/Place, valid street address, and 5 digit zip code. Valid street addresses are defined as those found in the quarterly update of the USPS Zip+ 4 data base, and do not include P.O. Box or Rural Route and box. In those instances where Client does not supply a valid address, Company will place the order on hold, and inform Client's ordering location of the invalid address. It is Client's obligation to supply to Company, as soon as possible, the completed or corrected address information. Orders placed on hold will be reactivated the day valid address information is supplied. All turn time and other parameters will be calculated based on the date valid address information is supplied. Company will transmit key data elements back to Client electronically or Fax. The full Geotrac NFIP Compliance Packet can be faxed to Client. Average turn around shall be 24 hours from receipt of the order, excluding weekends and holidays. Notice shall be given to Client for delays greater than 24 hours. Both parties recognize that it is not in Client's best interest to emphasize speed of turn around over accuracy of flood certifications. Each party agrees to work in good faith to meet the data and turn around needs of the other.