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<br />CITY OF SANTA ANA <br />CALHOME OWNER OCCUPIED REHABILITATION <br />LOAN SERVICING PLAN <br /> <br />I. Introduction <br />The Housing and Neighborhood Development Division of the City of Santa Ana <br />will maintain loan servicing/managing capabilities and procedures that meet all <br />requirements of the CaIHome Program (the "Program"). All loan servicing <br />activities will be carried out by City staff or by AmeriNational Corporation acting <br />under contract to the City of Santa Ana. Servicing fees for work performed by <br />AmeriNational will be paid for out of existing accounts. <br /> <br />II. Transfer of Loans from Underwriting to Loan Servicing <br />A. Underwriting will be carried out by AmeriNational Corporation in <br />accordance with the requirements of the Program. Files will be organized <br />and maintained in accordance with the Division's existing procedures, and <br />will include, at a minimum, the following items: <br />1. Notice of completion of work executed by the owner and the <br />responsible Rehabilitation Construction Specialist; <br />2. Copy of a complete set of executed loan documents including the <br />loan agreement, registration form and promissory note; <br />3. Copy of escrow instructions and amendments, if applicable; <br />4. Certified copy of Settlement Statement from escrow; <br />5. Evidence of coverage for hazard, and if applicable, flood <br />insurance; and <br />6. All other underwriting documents. <br />B. The registration form and promissory note will be secured in the <br />Di vision's locked, fireproof file cabinet. <br /> <br />III. Impound Accounts <br />The Division does not anticipate the creation of impound accounts. <br /> <br />IV. Propertv Taxes. Assessments. Registration Fees. As Applicable <br />- A. The Housing Division does not anticipate making loans to mobile <br />homeowners who own the lot on which their home is located. Were it to <br />do so, it would establish and maintain an impound account for the <br />payment of property taxes through AmeriNational Corporation. <br />B. The Di vision will use the California Department of Housing and <br />Community Development's website to determine if owners are paying <br />registration fees in a timely manner. Owners who fail to do so will be <br />contacted by Division staff. <br /> <br />V. Hazard Insurance <br />A. The Division will require that the City be added as an additional <br />mortgagee for hazard and, if applicable flood insurance policies. <br /> <br />Page 1 of3 <br />