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HomeMy WebLinkAboutCA DEPT HOUSING & C.D. 2 - 2004 ~ A-2004-276A CALHOME PROGRAM REUSE ACCOUNT and LOAN SERVICING MONITORING AGREEMENT Standard Agreement Number 04-CalHome-087 THIS MONITORING AGREEMENT (hereinafter the "Agreement"), dated April 27, 2005, for reference purposes only, is made and entered into by and between the Department of Housing and Community Development, a public agency of the State of California (the "Department"), and City of Santa Ana, a Local Public Agency (the "Recipient"). RECITALS A. The Department and Recipient have entered into Standard Agreement No. 04-CalHome-087, dated March 25, 2005 (the "Standard Agreement"), whereby the Department has made a conditional commitment of $500,000.00 (the "Commitment") from the Department's CalHome program (the "Program") to assist Recipient in the operation of an owner-occupied rehabilitation program. The Program is established by Chapter 6 (commencing with Section 50650 Part 2 of Division 31 of the Health and Safety Code, the "CalHome Statutes") and is further governed by regulations issued by the Department as further described in the Standard Agreement (the "Regulations"). B. In executing the Standard Agreement, Recipient has agreed to abide by the provisions of the CalHome Statutes and the Regulations. The Regulations provide that all revenue generated from use of CalHome funds, including loan repayments if any, are to be deposited into a local reuse account and used as provided for in the Regulations and as described in a local reuse account plan approved by the Department. The Standard Agreement contains additional requirements pertaining to the reuse account and plan, and specifically requires Recipient to enter into this Agreement. The Department has reviewed and approved the Reuse Account Plan and Loan Servicing Plan submitted to the Department and copies are attached. Any changes to either of these plans must be submitted to the Department for review and approval prior to implementation. C. In executing the Standard Agreement, Recipient also has agreed to service loans made with Program funds in accordance with a loan-servicing plan approved by the Department. D. The purpose of this Agreement is to set forth Recipient's obligations with respect to long- term loan servicing and the administration of the local reuse account. A separate agreement is necessary because Recipient's obligations for loan servicing and administration of its local reuse account extend beyond the term of the Standard Agreement. NOW THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS: 1. Recipient's execution of this Agreement is given in further consideration for receipt of the Commitment. 2. The term of this Agreement shall commence on the Date of the Agreement April 27, 2005, and remain in full force and effect for a period of twenty (20) years unless terminated earlier by the Department. 3. Recipient shall administer its local reuse account in conformance with the reuse account plan approved by the Department. The reuse account plan approved by the Department Monitoring Agreement (April 2004) ,. shall not be modified or amended except by the express written consent of the Recipient and Department. 4. Recipient shall monitor and service loans made with CalHome funds or funds from the local reuse account (hereinafter collectively referred to as "CalHome loans") in conformance with the loan servicing plan approved by the Department. The loan servicing plan approved by the department shall not be modified or amended except by the express written consent of the Recipient and Department. 5. Recipient shall permit the Department, its employees, agents, or designees, upon reasonable notice and at reasonable times, to enter Recipient's premises and inspect any and all records pertaining to the local reuse account and Recipient's servicing of CaIHome loans. The Department may request any other information that it deems necessary to monitor compliance with requirements set forth in this Agreement. Recipient shall promptly provide such information. 6. Recipient shall file an annual report with the Department for the period July 1 through June 30. This report shall be submitted no later than July 31 of each year. The report shall provide information on the dollar amount of deposits to and withdrawals from the local reuse account, and a description of the uses of funds withdrawn, including but not limited to number and dollar amounts of loans made, expenses of providing homebuyer education, and dollar amount of fees for loan servicing, loan processing or loan activity. The annual report shall also provide information on Recipient's loan servicing activities during the year including, but not limited to costs of loan servicing, loans in default, remedial actions undertaken, foreclosures, bankruptcies. 7. In the event of a breach or violation of the provisions of this Agreement, the Department may give written notice to the Recipient thereof by certified mail or any express delivery service with a delivery receipt addressed to the Recipient at the address stated in this Agreement. If the breach or violation is not cured to the satisfaction of the Department within the time period specified in the notice, which shall not be fewer than 30 days, the Department may declare a default and may seek legal remedies including specific performance of this Agreement, declaratory, and/or injunctive relief, or other remedies as may be available at law or equity. 8. Recipient agrees and acknowledges that failure to cure a violation to the satisfaction of the Department within the time allotted shall constitute grounds for denial of eligibility for future CaIHome funding due to lack of organizational capacity, and shall constitute grounds under any other program administered by the Department for making a determination that the Recipient lacks the capacity to administer the program funds being applied for. 9. In the event that the breach or violation involves charges to individual homebuyers in excess of those permitted under the Standard Agreement or Regulations, the Department may demand, and seek as an additional remedy, the return of such excess charges to the affected households. 10. The remedies of the Department hereunder are cumulative, and the exercise of one or more of such remedies shall not be deemed an election of remedies and shall not preclude the exercise by the Department of anyone or more of its other remedies. Monitoring Agreement (April 2004) In 'witness here fore, the parties hereby execute and enter into this CalHome Program Reuse Account and Loan Servicing Monitoring Agreement as of the date set forth above and agree to be bound hereby: THE DEPARTMENT RECIPIENT Department of Housing and Community Development, a public agency of the State o~ C:J~~______ By:-=-,:tfitt~'{__ _~ ;::l>eter Solomon Program Manager CalHome Program City of Santa Ana, a local public agency By: / / /--, /) / / /1/' { / ,/ /./' ./ /" Y-Lt- !. /;/;://C<'a ~____ . {I C'C..-, _, David N. Ream, City Manager P.O. Box 952054 Sacramento, CA 94252-2054 20 Civic Center Plaza, M-37 Santa Ana, CA 92701 Attachments AFPRE>VE~ ~1=l Ij:l~ fa!,j: (A<, C 7iI~ LISA E. STORCK Assistant City Attorney ATTESTJ ~ PA TRIClA E. HEAIY CLERK OF THE COUNCIL /// Monitoring Agreement (April 2004) " CITY OF SANTA ANA CALHOME OWNER OCCUPIED REHABILITATION REUSE ACCOUNT PLAN All repayments of loan principal and any loan interest derived from loans funded through the CaIHome Owner Occupied Rehabilitation Loan Program will be deposited into the City of Santa Ana CaIHome Manufactured Housing Loan Program Account No.143-01- 5360. This account will insure that CalHome funds are separated from other funds, and that no co-mingling of funds will occur. Any accrued interest earned on CalHome funds will accrue to this account. Maintenance of this account will enable the Division to use the City's computerized accounting system. This system will assist the Division to make all required reports on the use of CaIHome Program funds. It will also ensure timely processing of payment or other requests relating to these funds. Funds deposited into this account will be used only for the following approved, eligible uses of such funds: 1. Loans to individual homeowners as allowed pursuant to CalHome Program requirements; 2. A CaIHome activity delivery fee in accordance with with CaIHome Program requirements; 3. Up to 5% of funds deposited may be used towards the cost of loan servicing by the Division or the cost of third-party loan servicing contracted by the Division. " CITY OF SANTA ANA CALHOME OWNER OCCUPIED REHABILITATION LOAN SERVICING PLAN I. Introduction The Housing and Neighborhood Development Division of the City of Santa Ana will maintain loan servicing/managing capabilities and procedures that meet all requirements of the CaIHome Program (the "Program"). All loan servicing activities will be carried out by City staff or by AmeriNational Corporation acting under contract to the City of Santa Ana. Servicing fees for work performed by AmeriNational will be paid for out of existing accounts. II. Transfer of Loans from Underwriting to Loan Servicing A. Underwriting wilI be carried out by AmeriNational Corporation in accordance with the requirements of the Program. Files will be organized and maintained in accordance with the Division's existing procedures, and will include, at a minimum, the following items: I. Notice of completion of work executed by the owner and the responsible Rehabilitation Construction Specialist; 2. Copy of a complete set of executed loan documents including the loan agreement, registration form and promissory note; 3. Copy of escrow instructions and amendments, if applicable; 4. Certified copy of Settlement Statement from escrow; 5. Evidence of coverage for hazard, and if applicable, flood insurance; and 6. All other underwriting documents. B. The registration form and promissory note will be secured in the Division's locked, fireproof file cabinet. III. Impound Accounts The Division does not anticipate the creation of impound accounts. IV. Propertv Taxes. Assessments. Registration Fees. As Applicable A. The Housing Division does not anticipate making loans to mobile homeowners who own the lot on which their home is located. Were it to do so, it would establish and maintain an impound account for the payment of property taxes through AmeriNational Corporation. B. The Division will use the California Department of Housing and Community Development's website to determine if owners are paying registration fees in a timely manner. Owners who fail to do so will be contacted by Division staff. V. Hazard Insurance A. The Division will require that the City be added as an additional mortgagee for hazard and, if applicable flood insurance policies. Page I of 3 " B. To ensure that insurance requirements are satisfied for the term of the loan, the Division will: I. Utilize its existing tracking/tickler system for reviewing insurance renewal notices; 2. Follow its existing procedure of funding insurance on behalf of borrowers who fail to maintain such insurance, and adding the cost of that insurance to the loan balance. VI. Demands and Pavoffs A. In accordance with existing procedure and its contract with AmeriNational Corporation, the Division will request that demand computations be done by AmeriNational, but will review those computations for accuracy. Demands will continue to be approved by the Division before transmittal to the borrower. . B. The Division will continue to process reconveyances and lien releases in accordance with City policy and existing procedures. The City will maintain access to a notary public. VII. Collection and Receipt of Pavments A. The Division will continue to follow existing procedures and the terms of its contract with AmeriNational Corporation to collect and record borrower payments of principal and interest. B. The City of Santa Ana and AmeriNational Corporation have and will maintain the necessary controls and separation of duties to insure the integrity of their accounting systems. C. AmeriNational will continue to maintain a readily accessible tracking system for the loans it services for the City of Santa Ana. D. AmeriNational will continue to generate yearly statements and 1099s in an accurate and timely manner. E. The Di vision does not anticipate creation of impound accounts for program borrowers. Should it do so, the Division would act through AmeriNational to create and maintain such accounts. F. The Di vision will create a separate reuse account within the City's accounting system for payments made on CalHome Program loans. This will enable the City to track, spend appropriately and report on these funds. VIII. Monitoring The Division will use its existing database and monitoring procedures for the owner-occupancy requirement of the CalHome Program. IX. Credit Counseling The Division will continue to follow existing procedure, and refer homeowners who require such assistance to established credit counseling services. Page 2 of 3 X. Defaults and Foreclosures Should a default and/or foreclosure occur, the Division will follow the policy adopted by the City Council at its meeting of June 1, 1992. That policy authorizes the Executive Director of the Community Development Agency to take any of the following actions to protect the City's interests: a. Initiating foreclosure proceedings; b. Bidding at a foreclosure sale in an amount sufficient to protect the City's security interest; c. Purchasing a senior note and deed of trust or other lien; d. Acquiring property through foreclosure or deed in lieu of foreclosure. The Executive Director may determine not to take any of the above actions when in the Executive Director's opinion such actions would be financially infeasible or would be counter-productive to the interests or objective of the City. XI. Subordinations In accordance with Section 119 of the CaIHome Program Guidelines, the lien securing payment of the program loan shall be subject only to liens, encumbrances and other matters of record reviewed and approved by the Division in the exercise of its responsibility for underwriting the loan. Refinancing of the first mortgage loan, transfer of the property to another party, or assumption of the first mortgage loan by another party will call the CaIHome Program loan due and payable. Page 3 of 3 REV ~/21{~ AGREE~lENT THIS AGREEMENT, made and entered into this I !!~ '- day of /; . '.< !-:-~'\._C.' , 1994, by and between UNITED STATES ESCROW, a California corporation, ("V.S.L") and the CITY OF SANTA ANA, 2. municipal corporatio:1 cf the State of California ("city"). WITNESSETH Recit2.1s: A. city is undertaking certain activities In furtherance of its housing programs. B. city desires to engage the consulting serVlces of V.S.E. / to provide residential loan processlng, underwriting, loan. servicing, and to render other assistance and services in connection with city housing activities. C. U.S.E. represents that it is qualified to provide such services to city. ~~EREFORE, in consideration of their mutual and respective promises, and subject to the terms and conditions hereinafter set forth, the parties hereto do hereby agree as follows: 1. REPRESENTATIVES AND NOTICE A. For purposes of implementing this Agreement, the representative of the City shall be the Executive Director of the community Development Agency of the city and .her designated .-~\ representatives (the "Director"). Except as may be othkrwise stated hereinafter, the Director shall have th~' autnority t~act on behalf of the City in carrying out the terms :f this Agr~~ent. 1 B. Any notice or instrument required to be glven or delivered to either party to this Agreement may be delivered by personal delivery or by depositing the same in the United states mail, postage prepaid, addressed to: If to the City: Executive Director Community Dedevelopment Agency City of Santa Ana 20 civic Center Plaza M-14 Santa Ana, CA 92701 If to U.S.E.: u.S. Escrow 8121 E. Florence Downey, CA 90240 Notice of a change of address shall be delivered In the same manner as any other notice provided herein. Notice by mail shall be effective three days after mailing by the above-described procedure. 2. SCOPE OF SERVICES OF U.S.E.. U.S.E. agrees to render consultation, loan processing, loan underwriting, and loan servicing as necessary to the implementation of the housing programs of the City in the form and to the extent specified by the Director, when and as needed by the city. More specifically, U.S.E. agrees to perform, at its own cost and expense except for the compensation specified in this Agreement, the services specified in Exhibit 1, attached hereto and incorporated herein. 3. TIME OF PERFORMANCE. All services to be performed by U.S.E. shall commence when and as directed by the City and shall be completed within a mutually 2 satisfactory time schedule as appropriate for the required task. Services shall be on an "as-needed" basis upon specific request issued by the City. 4. COMPENSATION. (a) Except as may otherwise be provided pursuant to subsection (c) of this section, City agrees to pay and D.S.E. agrees to accept compensation based on the schedule provided in Exhibit 1. The fee schedule may be revised from time to time by D. S. E. upon 30 days advance wr i tten notice to the Director, provided the fees shall not exceed D.S.E. 's prevailing rates to other public clients. (b) subject to section 5 of this Agreement, D.S.E. shall, not more than once each month, submit an invoice for work performed by D.S.E. and not yet paid for by City. Each such invoice shall be accompanied by a detailed statement of the work performed. Each proper invoice shall be paid by City within thirty (30) days of invoice date. (c) D.S.E. and the Director may, by letter agreement signed by both, modify any of the terms of subsections (a) through (b) of this Agreement with regard to any specified task or tasks to be performed by D.S.E. Such modifications may include, but are not limited to, the establishment of a fixed fee or a maximum amount of compensation to be paid for any such tasks. 5. DRAW-DOWN ACCOUNT With regard to any City loan processed by D.S.E. pursuant to this Agreement which provides for the City to receive a fee from 3 the loan proceeds, D.S.E. shall, instead of remitting the amount of such fee to the City, retain the same in a draw-down account. Compensation due to D.S.E. with regard to such loan shall be drawn by U.S.E. from said account to the extent funds are available therein; provided, however, that no funds shall be so withdrawn without the written approval of the Director as to the amount due to D.S.E., which approval shall not be unreasonably withheld. Upon the completion of the funding of the subject loan, the balance, if any, in the draw-down account shall be remitted by U.S.E. to the City. 6. INDEMNIFICATION U.S.E. agrees to indemnify and hold harmless the City and its officers and employees, from and against any and all loss or damage, and from any and all suits, actions and claims filed or brought by any person or persons, arising out of the negligent acts or omissions of U.S.E. or of its subcontractors or of the officers, agents, employees of U. S. E. or of its subcontractors in the performance of this Agreement. 7. INSURANCE with respect to performance of work under this agreement, U.S.E. shall maintain and shall require its subcontractors, if any, to maintain insurance as described below: (1) Workers' compensation insurance with statutory limits, and employer's liability insurance with limits of not less than $1,000,000 per accident. (2) Commercial general liability insurance, or equivalent 4 form, with a combined single limit of not less than $1,000,000 per occurrence. If such lnsurance contains a general aggregate limit, such 1 imi t shall apply separately to each project D.S.E. performs for city. Such insurance shall (a) name the City of Santa Ana and its officers and employees as additional insureds; and (b) be primary with respect to insurance or self- lnsurance programs maintained by the city, and (c) contain standard separation of insureds provisions. D.S.E. shall (a) furnish properly executed certificates of insurance to the Director prior to commencement of work under this Agreement, which certificates shall clearly evidence all coverages required above and provide that such insurance shall not be materially changed or terminated except on 30 days' prior written notice to the city; and (b) maintain such insurance from the time work first commences until completion of the work under this Agreement; and (c) replace such certificates for policies expiring prior to completion of work under this Agreement. The Director may waive or reduce the requirements of this section if and to the extent the Director determines them to be unreasonably burdensome to the D.S.E. and not necessary for the protection of the city. 8. TERMINATION OF AGREEMENT This Agreement may be terminated by the Director upon written notice of termination to D.S.E. In such event, D.S.E. shall be entitled to receive and the City shall pay D.S.E. compensation for 5 all services performed by U.S.E. prior to U.S.E. 's receipt of such notice of termination. As a condition of such payment, the Director may require D.S.E. to deliver to the City all work product completed as of such date, and in such case such work product shall be the property of the City, and U.S.E. consents to the City's use thereof for such purposes as the city deems appropriate. 9. MISCELLANEOUS PROVISIONS. A. D.S.E. covenants that it presently has no interest, and shall not have any interest, direct or indirect, 'which would conflict in any manner with the performance of services required hereunder. B. By signing this Agreement, D.S.E. certifies that it does not discriminate in hiring on the basis of race, color, creed, religion sex, age, marital status, national origin, ancestry, physical handicap or medical conditions. c. D.S.E. shall not assign or transfer any interest in this Agreement, whether by assignment or novation, without the prior written consent of the Director; provided, however, that claims for money due or to become due from the city under this Agreement may be assigned to a bank, trust company or other financial institution, or to a trustee in bankruptcy, without such approval. Notice of any such assignment or transfer shall be promptly furnished to the Director. D. D.S.E. agrees that D.S.E. is an independent contractor and not an employee of the City and all D.S.E. 's personnel shall be employees or subcontractors of D.S.E. and not employees of the 6 City. D.S.E. shall pay all salaries and wages, employer's social security taxes, unemployment insurance and similar taxes relating to employees and shall be responsible for all applicable withholding taxes. E. D. S. E. shall not subcontract any of the se:::-vices required hereunder without written approval of the Director. F. D.S.E. reserves the right to effect changes in form or name, including, but not limited to changes from individual proprietorship, partnership or corporation to any other such form of organization, and likewise reserves the right to add, substitute or delete stockholders, partners, associates and employees. This Agreement shall continue in effect with regard to D.S.E. under its new form or name without the necessity of any amendment to this Agreement. The Director shall be promptly notified of any such change in form or name. G. Nothing in this Agreement shall be construed to limit the city's ability to have any of the services which are the subject of this Agreement performed by city personnel or by other consultants retained by the City. H. The invalidity in whole or in part of any provision of this Agreement shall not void or affect the validity of any other provision of this Agreement. I. This Agreement shall be governed by and construed in accordance with the laws of the state of California. J. This Agreement supersedes any and all other agreements either oral or in writing between the parties hereto with respect 7 to the serV1ces set forth 1n Section 2 of this Agreement and contains all the covenants and agreements between the parties with respect thereto. Each party to this Agreement acknowledges that no representation, inducements, promises or agreements, orally or otherwise, have been made by any party, or anyone acting on behalf of any party, with respect to such services, which are not embodied herein, and that no amendment hereto shall be effective unless set forth in writing, approved by the governing board of the City, and signed by both the city and D.S.E. IN WITNESS WHEREOF the parties hereto have executed this Agreement the date and year first above written. ATTEST: CITY OF SANTA ANA C. Guy / the Counci~ by D~~ Mayor APPROVED AS TO FORM: a~ Edward . 0 er City Attorney A\P~r. "" i^ 00-'--- ;~ U~C~ !/ ESCROW / , / U ,f. C~ty ~'.tl~:::[e; 8 / COMPENSATION united states Escrow respectfully submits the folloloiing fees for the Agency's consideration: A. [JOAN AND REBATE GENERAL INFORMATION AND SCREENING Applicant Screening: $20.00 to $45.00 explanation of questionnaire, and negotiated by USE done. per questionnaire (includes phone programs and complete screen mailing of applications). Fee to be and City, based on final work to be Application Intake and Completion: $75.00 per completed application completing application and documentation). (includes compiling and borrower support For a file in which a Preliminary Risk Analysis (PRA) is performed but which is not approved for loan processing: a fee of $145.00. B. SINGLE FAMILY LOAN PROCESSING For each loan for which processing and underwriting are performed: $285.00 plus outside costs. Loan Cancellation Fee: one half of ~ee plus outside costs if loan is cancelled after delivery of Preliminary Risk Analysis to Agency. Total fee plus outside costs is charged if loan is cancelled after delivery of full un0erwriting analysis to Agency. *Outside costs include, but are not limited to, title, credit, and appraisal. These costs are passed through from outside vendors and are subject to marketplace increases. C. MULTI FAMILY. COMMERCIAL. AND ECONOMIC DEVELOPMENT LOAN PROCESSING AND UNDERWRITING Employed Individual or Married Couple/Sole Proprietor $400 plus outside costs* corporation $450 plus outside costs* Partnership $650 plus outside costs* Limited partnership $1000 plus outside costs* Loan Cancellation Fee: one half of fee plus outside costs if loan is cancelled after delivery of Preliminary Risk Analysis to Agency. Total fee plus outside costs is charged if loan is cancelled after delivery of full underwriting analysis. *Outside costs include, but are not limited to, title, credit, and appraisal. These costs are passed through from outside vendors and are subject to marketplace increases. D. LOAN DOCUMENT PREPARATION For each project for which documents are prepared: plus outside costs including, but not limited to, credit, and recording fees. $135.00 title, For each project for which title and credit reports have been supplied by U.S. Escrow, but which is thereafter cancelled without performance of loan document preparation: a cancellation fee of $37.50 plus outside costs for title and credit reports. For each project for which documents have been supplied by U.S. Escrow, but which is thereafter cancelled without performance of disbursement services: a cancellation fee of $75.00 plus outside costs for title and credit reports. A fee of $15.00 will be charged to Agency for each separate document to be redrawn due to actions by the Agency. E. CONSTRUCTION FUNDS DISBURSEMENT SERVICES For each project for which escrow disbursement services are performed: $75.00 plus recording fees. For each project for which escrow disbursement services are performed that require from 2 to a maximum of 4 deposits, a ~ee of $125.00 pll.:s $25.00 pe!:" each deposit beyond the original deposit and project opening. USE shall charge an additional fee of $50.00 for any project requiring this service whose total project amount is less than $100,000. F. GRANT DISBURSEMENT ESCROW For each project which involves disbursement of grant escrows: $90.00 per nine transactions. G. CASH MANAGEMENT SERVICES - RENTAL REHABILITATION (SECTION 17) For projects requiring Rental Rehabilitation services: a fee of 1/2 of 1% of the total amount escrowed with a minimum fee of $250.00 and a maximum fee of $1,000.00. H. CASH MANAGEMENT SERVICES - HOME PROGRAM SERVICE LEVELS LEVEL 1: A fee of 1/2 of 1% of the total project amount with a minimum fee of $225.00. USE does not supply HOME Program Management Reports. LEVEL 2: a) All funds deposited at opening of individual project escrow except HOME Treasury: a fee of 3/4 of 1% of the total project amount with a minimum fee of $225.00. b) All funds deposited at opening of individual project escrow except HOME Treasury and one other federal funding source: a fee of 1% of the total project amount with a minimum fee of $250.00. c) All funds deposited at opening of individual project escrow except HOME Treasury and two other federal funding sources: a fee of 1- 1/4% of the total projec~ amount with a minimum fee of $275.00. LEVEL 3: a) Fixed ranking of funding sources with each source used until exhausted: a fee of 1-1/4% of the total project amount with a minimum fee of $325.00. b) Fixed percentage of multiple funding sources used throughout each project: a fee of 1-1/2% of the total project amount with a minimum fee of $350.00. c) On demand, check by r;heck, a. .fee of 1-3/4% of the total project amount with a minimum fee of $375.00. Tenant-Based Rental Assistance in which project tenants are to receive monthly payment subsidy checks: a fee of $150.00 for projects with 1-4 units plus a fee of $12.00 per check issued. For projects in 'which there are more than 4 units recei ving tenant-based rental assistance, a fee of $250.00 plus $10.00 per check issued. For maintenance of HOME direct depository account, a fee of $84.00 per month will be charged. For re-issuing of checks/stop payment oE checks of the City or payee, a fee of $25.00 per charged. due to actions check will be Discounts on large scale projects for Levels 2 through 4: aJ For project amounts between $100,000 and $250,000: a 30% discount applied on the standard rate on the amount over $100,000. b) For project amounts between $250,000 and $500,000: a 40% discount applied on the standard rate on the amount over $250,000. c) For projects over $500,000: a 50% discount applied on the standard rate on the amount over $500,000. I. LOAN PORTFOLIO MANAGEMENT (Aoencv shall choose 1 of 2 options) 1) Amortized: One time loan set-up fee of $25.00 per loan plus 1/24 of 1% per month of original principal loan amount per month with a minimum fee of $6.75 and maximum fee of $15.25. Impounding of taxes and insurance is included with service at no additional cost except for one time ta~ service fee of $55.00. Monitoring of taxes and insurance is included with service at no additional cost except a one time tax service fee of $55.00. 2) A one time set-up fee of $25.00 per loan plus 3/8 of 1% of the City's total current portfolio principal balance with no minimum or maximum rate per loan. J. LOAN FORBEARANCE SERVICES A one time charge of $150.00 for each loan for which USE provides forbearance services. K. FORECLOSURE A one time charge of $150.00 to transfer note ownership and prepare documents to commence foreclosure proceedings and to manage the foreclosure process on behalf of the Agency. In addition to the above foreclosure service fee, USE shall be reimbursed for other costs incurred in the foreclosure process such as, but not limited to, conventional legal fees, sheriffs' deposits, bankruptcy closing costs, fees set by law, etc. These fees will be accurately quoted on a case-by-case basis upon request by the Agency and they will be within all applicable statutory limits. No cash deposit will be required from the Agency at the time foreclosure proceedings are instituted, pursuant to an executed agreement. However, USE's fee for services rendered, and its costs and other charges will be due and payable, by the Borrower upon reinstatement (or full payment of any Deed of Trust or Mortgage under foreclosure), pursuant to an agreement; or payable by the Agency at the time of publication of any Notice of Trustee's Sale of the real property encumbered by said Deed of Trust or Mortgage; or payable by the Agency five (5) months from the date foreclosure proceedings are instituted in connection with such Deed of Trust or Mortgage, whichever event shall sooner occur. L. DEFERRED LOAN COLLECTION SERVICES Deferred: One time charge of $60.00 per loan for the life of the loan. Deferred with monitoring of taxes and lnsurance: One time charge of $105.00 per loan for the life of the loan plus a one time tax service fee of $55.00. Deferred with monitoring of taxes, insurance, and title: One time charge of $125.00 per loan for the life of the loan plus a one time tax service and title protection fee of $54.00. Deferred with impounding of taxes and insurance: cha=ge of $60.00 plus a one time tax service fee plus $6.50 per month per loan. One time of $55.00 USE will charge a fee of $10.00 for each tickler notification. USE will charge a flat fee of $8.50 per payment for receiving occasional payments on deferred loans. M. LOAN INCOME REVIEW AND SITE VISIT a) b) c) Income Recertification: Property Condition Profile: Affidavit of Owr.er $100.00 per file $ 65.00 per file $ 40.00 per file N. COMPUTER LINKAGE PACKAGE Monthly maintenance fee of $120.00 per month plus $.65/minute; minimum of J minutes per access. O. DAVIS-BACON WAGE COMPLIANCE MONITORING For each pro ject, a fee of 1/2 of 1% of the tota 1 pro ject amount with a minimum fee of $2,350.00 Fee will be invoiced in the following manner: at the beginning of construction, 1/2 of fee; at construction midway point, remallHng 1/2 of fee. Invoices payable upon receipt. Fee may also be added to projects as a soft cost and deducted from escrow, at the Agency's discretion. Employee'si.te interviews are for monthly site visits up to the following maximums: a. for a project $0 - $149,999, a maximum of 6 months b. for a project $150,000 - $649,999, a maximum of 12 months c. for pro jects $650,000 and over, a maXlmum of 18 months Each additional inspection, if requested, will be $200.00 each. The fee stated is for standard disbursement projects. Projects inVOlving Section 17 Rental Rehab, Section 312, or HOME funds will require the additional cash management service fee which should be added to the stated Davis-Bacon fee. P. TECHNICAL CONSULTATION IfsD - a fee of $100.00 per For technical consultation services, hour. Q. MORTGAGE ASSISTANCE APPLICATION UNDERWRITING 1) Underwri tinq Agency direct deferred loans (per loan): $285.00. Loan cancellation fees will be 1/2 of the above fees plus outside costs if loan is cancelled prior to delivery of full underwriting analysis to Agency. 2) Loan Document Preparation: $150.00 plus outside costs. Cancellation fees: $37.50 if outside services are ordered without the preparatiol"l of loan documents; $75.00 if loan documents are prepared and loan is cancelled. R. REAL PROPERTY ESCROW For rea 1 property escrow services: $200.00 per s ide pI us $2.00 per thousand per side of escrow. S. PROGRA}! PERFO~IANCE SUMMARIES $50.00 to $100.00 per report, dependil1g or: requirements of Agency. T. MONITORING SERVICES (All fees quoted are "per occurrence") 1) Multi-Family Mortgage Revenue Bond, LIHTC, TI, and HOME Rental projects) a) Service Level One: $50.00 per project plus $25.00 per low income unit. b) Service Level Two - Complete HOME Monitoring: $175.00 per project plus $50.00 per low income unit. c) Provide On-Site Inspection (minimum 20 projects): $$45.00 per low income unit. 2) Deferred Loan Monitoring Services a) b) c) Income Recertification: Property Condition Profile: Affidavit of Owner $125.00 per file $ 40.00 peL" file $ 35.00 per file * * * * * *