peirsonpatterson, llp

Transcription

1 peirsonpatterson, llp Document Preparation Service 2310 Interstate 20 West Arlington Texas LAW FIRM RESUME CONCENTRATION OF PRACTICE The Law Firm of PeirsonPatterson, LLP (the Firm ) concentrates its practice on representing and counseling companies in the financial services industry. We represent a wide variety of financial institutions, including bank holding companies and their bank and mortgage subsidiaries, savings institutions, insurance companies, mortgage bankers, mortgage brokers, warehouse lenders, and diversified financial service companies. Although structured as an independent law firm, we endeavor to provide an in-house level of service that allows lenders to devote their resources to operate more effectively in the marketplace. Since its founding in 1985, the firm has grown to over 150 employees. The Firm provides legal advice to the mortgage banking and consumer lending industry regarding all aspects of the origination, processing, underwriting, closing, funding, insuring, selling, and servicing of residential mortgage loans and consumer loans, from both a transactional and regulatory compliance perspective. Our documentation practice includes first lien residential mortgage loans, as well as secondary mortgage loans, open-end home equity lines of credit, property improvement loans, manufactured housing loans, construction lending and reverse annuity mortgages. We maintain a real estate oriented library emphasizing industry regulations and have developed an extensive forms inventory to readily assist in transactions that require special documentation. Our forms meet all FHA, VA, Fannie Mae and Freddie Mac guidelines, and are also in compliance with the laws of each applicable state. Our forms are continually updated in accordance with regulatory and legal changes. The Firm subscribes to various databases, including Lexis and All-Regs, which make readily available all federal laws and regulations as well as individual state statutes and other pertinent information. We also monitor numerous compliance, regulatory, and legislative web sites. Day-to-day contact is maintained with the clients personnel, both in person and by telephone, providing immediate assistance to origination, compliance, underwriting, closing, legal, and systems personnel on document preparation related issues. Additionally, we provide training seminars and manuals on a widevariety of legal and regulatory issues.

2 DOCUMENT DRAFTING SERVICES The Law Firm drafts loan documentation on a nationwide level working in conjunction with our attorney and co-counsel relationships. Such documentation includes but is not limited to notes, security instruments, disclosures, consolidations, modifications, extension agreements, subordination agreements, re-instatement agreements, deeds, participation agreements, warehouse lending agreements, repurchase agreements, and guaranties. The Firm has drafted forms for many national lenders as well as Fannie Mae, Freddie Mac and has developed forms for posting on MERS (a national mortgage loan registry service) web site.

3 DOCUMENT PREPARATION AND LEGAL SERVICES Residential loan documentation is our core competency. Our clients gain a competitive advantage in the marketplace through our knowledge-based solutions for legal regulatory and operational issues. These organizations are committed to deploying legal and technological resources in ways that serve clients regulatory compliance, operational efficiency and e-commerce requirements. PeirsonPatterson, LLP PeirsonPatterson, LLP (the Firm) is a limited liability partnership comprised of Chris A. Peirson and William H. Peirson, P.C. who manage the Dallas office and Michael H. Patterson, P.C. who manages the Arlington office. The partners first associated in 1985, and have concentrated their practice in the drafting and preparation of residential real estate documentation and related compliance issues. Originally, the law firm specialized primarily in Texas transactions, but in 1989 the document preparation service expanded to the national level, and an attorney/co-counsel network of real estate practitioners was developed to assist in answering state compliance, legal questions and resolving specific transaction issues.

4 CURRENT SIZE PeirsonPatterson, LLP currently employs eight attorneys and over 150 technical, legal support and operational personnel in its Dallas and Arlington offices. PeirsonPatterson, LLP makes extensive use of attorneys licensed in all 50 states and Washington, D.C. in its day-to-day operations and legal research. Two levels of service are available: CAPACITY PeirsonPatterson, LLP in conjunction with the attorney network provides complete document preparation services, including input and audit of the transaction-specific data to the lender s specifications. A document preparation fee is charged to the consumer for this service. PeirsonPatterson, LLP, through its Automated Legal Docs Only service, prepares or reviews only the legal documentation part of the loan package for those states that require attorney preparation or review of legal documents. A document preparation/attorney fee is charged to the consumer for this service.

5 PEIRSONPATTERSON, LLP QUALITY CONTROL Each loan, and any additional documentation (i.e., title commitment, survey, MI certificate), received electronically through fax is reviewed and audited by the Firm s data integrity department. Approximately 85% of all loans received require data correction. If a specific investor is indicated, a loan technician checks the loan against a checklist with the investor s requirements and verifies that the loan meets the investor s specifications (i.e., items constituting part of the finance charge, additional forms, address requirements, etc.). Prior to dispatch, the Quality Control Department fully reviews all data, forms and their compliance with investor requirements. Full responsibility is taken for the accuracy of the file. Lenders using this service should verify that the base loan documentation meets their requirements. Change orders must be submitted via PPDocs.com. Research of any legal issues encountered and coordination with local counsel may also be applied in this process. When the file is complete, the Firm s the client that the file is ready for retrieval via PPDocs.com. The lender can retrieve documents in regular file format (ready to print), which allows the lender to view the file before printing. The lender can forward the completed loan package to a third party destination, including other lender sites, and the settlement agent or the borrower.