Laserfiche WebLink
<br />B. To ensure that insurance requirements are satisfied for the term of the <br />loan, the Division will: <br />1. Utilize its existing tracking/tickler system for reviewing <br />insurance renewal notices; <br />2. Follow its existing procedure of funding insurance on behalf of <br />borrowers who fail to maintain such insurance, and adding the <br />cost of that insurance to the loan balance. <br /> <br />VI. Demands and Pavoffs <br />A. In accordance with existing procedure and its contract with AmeriNational <br />Corporation, the Division will request that demand computations be done <br />by AmeriNational, but will review those computations for accuracy. <br />Demands will continue to be approved by the Division before transmittal <br />to the borrower. <br />B. The Division will continue to process reconveyances and lien releases in <br />accordance with City policy and existing procedures. The City will <br />maintain access to a notary public. <br /> <br />VII. Collection and Receipt of Pavments <br />A. The Division will continue to follow existing procedures and the terms of <br />its contract with AmeriNational Corporation to collect and record <br />borrower payments of principal and interest. <br />B. The City of Santa Ana and AmeriNational Corporation have and will <br />maintain the necessary controls and separation of duties to insure the <br />integrity of their accounting systems, <br />C. AmeriNational will continue to maintain a readily accessible tracking <br />system for the loans it services for the City of Santa Ana. <br />D. AmeriNational will continue to generate yearly statements and 1099s in an <br />accurate and timely manner. <br />E. The Division does not anticipate creation of impound accounts for <br />program borrowers. Should it do so, the Division would act through <br />AmeriNational to create and maintain such accounts. <br />F. The Division will create a separate reuse account within the City's <br />accounting system for payments made on CalHome Program loans. This <br />will enable the City to track, spend appropriately and report on these <br />funds. <br /> <br />VIII. Monitoring <br />The Division will use its existing database and monitoring procedures for the <br />owner-occupancy requirement of the CalHome Program. <br /> <br />IX. Credit Counseling <br />The Division will continue to follow existing procedure, and refer homeowners <br />who require such assistance to established credit counseling services. <br /> <br />Page 2 of 3 <br />