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.. .:~, <br />CITY OF SANTA ANA <br />CALHOME OWNER OCCUPIED REHABILITATION <br />LOAN SERVICING PLAN <br />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 CalHome 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 Qf Santa Ana. Servicing fees for work performed by <br />AmeriNational will be paid for out of existing accounts. <br />II. Transfer of Loans from Underwriting to Loan Servicin <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 />Division's locked, fireproof file cabinet. <br />III. Discounting Promissory Notes <br />A. In those cases where not all loan funds are used, the City will direct <br />AmeriNational to reduce the loan principal by the amount of unspent <br />;;~ , funds. <br />~~ B. The Housing Division will direct AmeriNational will send a letter to the <br />borrower indicating that the loan principal has been reduced by the <br />amount of the unspent funds. <br />IV. Impound Accounts <br />The Division does not anticipate the creation of impound accounts. <br />V. Property 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 />1\cda-ch\user$\MAguilar\DesktoplLoan Servicing Plan 2008.docx <br />