Irvine, CA (PRWEB) December 18, 2008
A panel discussion concerning the interpretation and implementation of SB1137 occurred at the CMBA Western States Legislative, Regulatory QA and Compliance Conference. Approximately 85 representatives of attorney firms, loan servicing companies and trustee processing companies spent the day at the Sheraton Park Hotel to discuss legal process and best practice policies that will help mortgage professionals more effectively navigate through the current turbulent waters of the industry.
Eli Tene, President of Asset Foreclosure Services, Inc., a Woodland Hills CA based Trustee Processing Firm, was a keynote participant on the panel discussing SB1137. Through a lively roundtable conversation where servicers, realtors and others expressed concern over legal exposure for any lending institution or affiliate company, Tene was supported by his peers when he said "we need to create an industry standard that will define the vague terms of SB1137 as quickly as possible."
SB1137 is a legal attempt to open a positive dialogue between lenders and borrowers in CA. However, many regional lenders throughout CA are concerned about the appropriate understanding of the law and compliance procedures. SB1137 governs all loans in the State of CA that were originated between January 1, 2003 and December 31, 2007, inclusive and secured by residential real property. The new law requires lenders to contact borrowers in order to explore options for avoiding foreclosure on a residence at least 30-days before filing a notice of default.
Asset Foreclosure Services, Inc. (http://assetforeclosure.com) through its affiliate company Strategic Asset Solutions has developed a system to accurately comply with all sections of the new SB1137 legislation. Strategic Asset Solutions provides this service to all of its clients who request assistance. As a result, clients have been able to continue processing business without costly delays that so many regional lenders have experienced. Jerry Roumm, Sr. Vice President of Asset Foreclosure Services, Inc. said "so many small to medium regional lenders are concerned. However, we at AFS have been able to help guide them through the process of SB1137 with effective education and operational support in conjunction with Strategic Asset Solutions that enables our clients to be in full compliance with SB1137. Our clients appreciate knowing that they have a true partner in AFS and we are proud to have such wonderful relationships with out clients and affiliate companies like Strategic Asset Solutions."