COUNTY OF MENDOCINO BOARD OF SUPERVISORS
|
|
- John Chambers
- 5 years ago
- Views:
Transcription
1 DAN HAMBURG Supervisor Fifth District COUNTY OF MENDOCINO BOARD OF SUPERVISORS CONTACT INFORMATION 501 Low Gap Road Room 1010 Ukiah, California TELEPHONE: (707) FAX: (707) Web: December 6, 2012 Employers Council of Mendocino County Attn: Barbara Reed 597 B South Main Street Ukiah, CA Dear Ms. Reed: Re: PACE Program Letter Dated November 23, 2012 Thank you for your letter dated November 23, 2012 concerning the County considering the development of a Property Assess Clean Energy (PACE) Program in Mendocino County. Below are responses to your questions in that letter. Questions/Responses: 1. What is the program s statutory authority? Response: The Program s statutory authority is AB 811 or SB Who at the state and federal levels of government is responsible for regulatory oversight of PACE programs? Response: There is no State or Federal agency that is charged with implementation and/or oversight of PACE programs (AB 811 or SB 555). State level legislation allows cities and counties to create districts and it is up to the local jurisdiction to decide if they want to administer in house or hire a 3rd party administrator. a. Are there any new or proposed regulations on the horizon? Response: Currently I am only aware of proposals regarding addressing the federal housing issues relating to FNMA / FMAC residential mortgages. b. Why is the Federal Housing Financing Agency (FHFA) proposing policy restrictions on PACE financing? What were the safety and soundness concerns that FHFA had about PACE when they directed Freddie Mac and Fannie Mae to not purchase mortgage loans of properties with outstanding PACE obligations? Response: The current ruling from the 9th District Court of Appeals says FHFA did not follow Federal rule making processes and therefore has to go back and do so. The concerns expressed by FHFA may not be enforceable. The court also said jurisdictions and/or property owners who have undertaken PACE programs/liens will NOT be subject to any rule resulting from the process in the future.
2 Page 2 of 8 December 6, 2012 c. Will PACE interfere with the county s affordable housing goals as it relates to homebuyer loans assisted by Fannie Mae and Freddie Mac programs? How many home mortgages do those programs assist? Response: PACE is a voluntary self-assessment so no property owner is being forced to participate (AB 811 Program). The SB 555 program has deemed votes into districts and is not voluntary contractual assessments. No PACE financing can be applied for until the federal issues have been resolved so there is NO impact to affordable housing at this time until and unless the issues are resolved at the federal level (under AB 811). d. What is the guidance on commercial PACE programs? Response: Commercial PACE loans require existing lender lien holder s permission before placing a new PACE loan under the AB 811 program. Under the SB 555 program the lien holder s permission is not required. 3. Is there a state or federal mandate that is requiring the county to adopt this program? Response: There is no State or Federal mandate, this is a voluntary program. 4. What is the program s targeted purpose(s)? Response: The targeted purpose is to increase energy and water conservation investments in Mendocino County that will lower costs for property owners, reduce GHG emissions and provide additional support for local contractors, suppliers and service providers enhancing job retention and creation. 5. Who are the program s clientele? Response: Current AB 811 providers only offer commercial financing. The third party turn key vendor can make the program available to all property owners under the SB 555 model and the law also allows for public building/school financing. The re-payment mechanism for public financing has not been developed yet. Please note that the issue with the FHFA currently restricts participation for homeowners with FHFA mortgages in the AB 811 program but does not in the SB 555 program. 6. What sort of demand analysis forecasting has been done to justify the creation of a PACE program. Response: The County has not performed any demand analysis on this program, however the State would not have developed such a program had there not been a clear need for more financing specifically for energy and water conservation projects and especially in the commercial sector. Should the County opt to enter into a PACE Program the turn key vendor will be able to provide market data.
3 Page 3 of 8 December 6, 2012 a. What other forms of financing are available to make energy related improvements? Who provides those services and products? Response: Local lenders offer a wide array of products; however, they have been very restrictive in lending following the financial crises and this has made loans to local businesses harder to get. One difference with conventional financing is that credit-based and turn key vendors offer asset-based financing. Under PACE, financing is dependent on equity in property and not personal credit score. b. Who is asking for PACE financing? What is the quantity of and type of services and products they need? Have they been denied financing from conventional sources? Response: Local contractors, suppliers, service providers and businesses have been interested in the development of this program in Mendocino County. Loan sizes range from small to large and many have been denied financing from conventional sources. c. Given the size of the marketplace, will a PACE program be a cost effective and a productive use of County resources? Response: County staff believes the answer is yes. There are no costs to the county and the PACE vendor takes care of all setup and implementation. Some PACE vendors reimburse the County for any costs and staff time to set up the program. The improvements will add to the county s property tax values while lowering energy and water costs for Mendocino County property owners. 7. What are the program s funding sources? Response: Some PACE vendors have their own startup funds, interim loan funds and eventually sell loans to the bond market recovering the interim funds to loan out again. Some PACE vendors have fully funded districts, meaning they have upfront project funds and will eventually aggregate projects and replenish the pool of funding through a secondary market offering. 8. Will this program be limited to the unincorporated area of the County? Response: The County and all four cities have previously passed resolutions supporting the PACE program. If the County chooses to apply this program to the unincorporated areas, it will require approvals from each city to apply to their jurisdiction via an adoption of a resolution. 9. What would the program s organizational structure within the County look like: a. What will be the program s demand on existing county resources? How many county departments/ agencies will be involved? What will be their respective roles and responsibilities?
4 Page 4 of 8 December 6, 2012 Response: There should be minimal county resources dedicated to this program, as the PACE vendor provides funds for all work to be completed. Turn Key Vendors do come and provide training to local contractors on how the financing works so that the jobs they are working on can get completed. This would be similar to adding a School or Sewer Bond to the county property tax rolls and collecting and paying out. b. Who are the key people to manage this program? Who will be the responsible person in charge? Will this program require new staff? Response: The key people that manage the program would be the Auditor and the Tax Collector as far as the assessments are concerned. There would be no additional staff needed for this program and a member of the County Executive Office will be in charge of the contract management. c. Will the program use the County s loan committee? Response: There are no county funds being utilized for this program and therefore no county loan committee is needed. d. What is the estimated timeline, staffing and budgetary requirement for program setup? Response: Once the County approves proceeding with the PACE Program, it takes approximately six to nine months for the process of securing a PACE vendor, approving the County (and each city) financing authority and establishing the procedures needed to begin the program. As noted above, any County staff time spent on the program set up is reimbursed by the vendor. e. What is the program s net-county cost requirements? Response: There is no increase in any net-county costs for this program. f. Will the startup of this program take a superior position of the administration and management of existing county priorities? Response: The Board would leave the prioritizing of the set up of this program as compared to other County administrative funds to the CEO. g. Who and how will the program be evaluated to see if the program has achieved its intended outcome? Response: Should the Board direct staff to implement a PACE program, the CEO will work with the selected vendor to develop program evaluation criteria and implementation. Some turn key vendors base their success on market penetration rates (i.e., 3% of property over a 5-year contract term). They also can set targets for funding goals once they get further along in their market analysis.
5 Page 5 of 8 December 6, Do similar sized jurisdictions have this program? Response: Yes. a. How have those programs performed? Response: This varies by location. Berkeley became oversubscribed for their limited funds, Lake County has had a hard time starting up due to the PACE vendor not having access to interim loan funds, Sonoma County and the City of Sacramento have had really positive results from their programs. The County of Sacramento just adopted an SB 555 program. Sonoma County has the most successful program and has funded about $60 million in projects in 3 years. b. What are the staffing and budgetary requirements of those programs? Response: There is no cost to the County and minimal staff time when selecting a turn key vendor style PACE program. The County of Sonoma has an entire division dedicated to this program as the County runs the program in its entirety. 11. Will this program be subject to LAFCO? Response: No. 12. This is an assessment added to a client s property tax bill; if the client does not pay their property tax, is the County General Fund or the Teeter Plan used to guarantee PACE program payments to creditors and/or program operators? Response: If property taxes are not paid, the County proceeds (as it normally would) through the default procedures through the Teeter Plan. When and if the property ends up being sold after five years, the Teeter is reimbursed all of its expenses as well as any penalties for lack of payment of property taxes. a. What is the county s policy and procedures for recovery of delinquent tax payments, interest and penalties? Response: Under California law, after a period of five years from the first year of tax-default, during which time the assessee retains the legal title to the property and has the privilege of redeeming it upon payment of the amount due, the tax collector records a Notice of Power to Sell Tax-Defaulted Property in the Mendocino County Recorder s Office. Once this document is recorded, the tax collector prepares the tax-defaulted property to be sold at public auction. The minimum bid at public auction is the amount of taxes, penalties, interest, and additional costs incurred through the process. b. What is the current balance of the Teeter Plan debt? What is the county s plan to payoff that debt?
6 Page 6 of 8 December 6, 2012 Response: The balance of the Teeter debt as of June 30, 2012 is $6,537,767. The County plans to pay at least $769,205 annually. 13. What will be the program s lending policies, underwriting standards and control practices? Response: Each turn key vendor has different approaches to this. a. What are the specific statutory requirements governing PACE underwriting? Response: Each jurisdiction determines its own specific program guidelines for loan purposes, amounts and underwriting requirements for example, only allowing up to 10% of the assessed value as a loan amount maximum, only investments in certain energy and water conservation measures, energy audit required for larger commercial projects, etc. b. Who will be responsible for creating and adopting written polices, operating procedures, and control mechanisms that reflect prudent credit practices, subordination requirements, and compliance with applicable regulations? Response: Should the Board direct staff to implement a PACE program, the CEO would work with the selected PACE vendor to determine the County s program policies and procedures. i. Who will be responsible to see if those polices and underwriting standards are followed? Response: The PACE vendor and a representative of the CEO s office will be responsible for monitoring performance. ii. If the County hires an independent contractor to offer products and services to clients on the County s behalf, who will be responsible for interfacing and auditing the contractor s work for compliance with polices and standards? Response: A member of the CEO s office will be in charge of contract management. iii. If the County s independent contractor makes a bad loan, who pays? Response: Currently bad loans are on the property tax roll just as all other assessments. This program is based on 100% Property Owner approved selfassessment. Underwriting standards are universal. Risk for default situations resulting from turn key vendor s financing is very low given the very small bi-annual payment when compared to property taxes as a whole, mortgage payments, and property values. c. What is the minimum supporting credit and financial information requirements? Response: Turn key vendors determine things like mortgage delinquencies, bankruptcies or other bad credit and how they play into potential loans.
7 Page 7 of 8 December 6, 2012 d. What methodology is used to determine whether the improvements will generate the cash flow to repay the debt? Response: An energy audit shows available savings that can be used to determine loan amount and term. e. What are the requirements for collateral/proposed loan to value limits? Response: Typically this is limited to a percentage (10% typical) of assessed value of the property. f. Is this a financial program of last resort (i.e. was the client denied conventional financing)? Response: No this is not a program of last resort. Loan denials are not required prior to obtaining a PACE loan. This is another option for property owners to improve the efficiency of their buildings and increase property values. g. What is the typical interest rate that this advance will carry? Response: The interest rate is typically 7% to 8% depending on the vendor and the type of program that is created. h. Is a subordination agreement requested to required to be authorized by existing mortgage holders and other lien note holders, including being notarized and recorded in the official county records prior to approving a PACE loan? What happens when an existing mortgage or other lien note holder does not agree in writing to subordinate? Response: This varies depending on which program the County adopts. If the County adopts a program under AB 811 (which is currently only commercial properties), then approval of the lien holder is required. If the County adopted a program under SB 555 (which includes not only commercial but residential as well), then approval from the lien holder is not required. i. Who will be responsible for inspecting and approving the work to authorize the disbursement of funds? Response: The PACE vendor works with local contractors on approving the work performed. Local building permit and inspection requirements are required for each project. Turn key vendors will also employ inspectors on larger projects that require progress payments. j. Who is responsible for loan disbursement? Are these advances, partial or lump sum reimbursements? Who receives the disbursement, the client or the contractor? Response: Loans are disbursed by the PACE vendor and can have progress payments on larger projects. k. If there is a delinquency, is the county responsible for making the loan payment to the financing sources (e.g. bondholder)? What source of funding would the county use to make that payment?
8 Page 8 of 8 December 6, 2012 Response: Please see the County s response to question number 12. The turn key vendor and its investors take all of the financing risk. l. If there is a loss who pays? Response: Please see the County s response to question number 12. m. Who is responsible for servicing and collecting (including delinquent accounts)? Response: Servicing and collecting is the responsibility of the PACE vendor through a third party administrator that it hires. The assessments are paid to the County Treasurer and distributed out to the PACE vendor. 14. Does PACE financing trigger government contractor and prevailing wage requirements? Response: No. 15. Will clients be required to hire licensed contractors to perform the work? Response: Licensed contractors are required under the PACE program and will go through the standard construction and permitting processes. 16. If the work were done in a less than workmanlike manner, would the county assume any liability? Response: There is no liability for the County or any Cities that choose to participate in the program for work that is performed. Thank you for the opportunity to answer your questions and I look forward to seeing you at the December 11, 2012 meeting on this program. Sincerely, Dan Hamburg 5 th District Supervisor Cc: Board of Supervisors Meredith Ford, Auditor-Controller Susan M. Ranochak, Assessor/Clerk Recorder Shari L. Shapmire, Treasurer/Tax Collector Carmel Angelo, CEO Kristin McMenomey, GSA Director
Residential Property Owner Handbook. Version February 2017
Residential Property Owner Handbook Version 9.3 - February 2017 Table of Contents 1 PROGRAM INTRODUCTION 4 1.1 PROGRAM OVERVIEW 4 1.2 PROGRAM CONTACT INFORMATION 4 1.3 PROGRAM CALL CENTER HOURS 4 1.4 HELPFUL
More informationJenine Windeshausen Placer County Treasurer Tax Collector California Municipal Treasurer s Association Inn at Squaw Creek April 14, 2016
Jenine Windeshausen Placer County Treasurer Tax Collector California Municipal Treasurer s Association Inn at Squaw Creek April 14, 2016 Property Assessed Clean Energy ( PACE ) PACE is a financing program
More informationPACE Program Management. John Maslowski Vice President, Market Development
PACE Program Management John Maslowski Vice President, Market Development The Power of PACE 2 The Power of PACE A Lawrence Berkley National Laboratory (LBNL) report released in 2016 titled, Energy Efficiency
More informationR - P A C E. Residential Property Assessed Clean Energy: A Primer for State and Local Energy Officials. MARK WOLFE Executive Director June 2017
R - P A C E Residential Property Assessed Clean Energy: A Primer for State and Local Energy Officials MARK WOLFE Executive Director June 2017 Introduction Statistics Program Details Comparisons Opposition
More informationPACE Program (Property Assessed Clean Energy)
Frequently Asked Questions FAQs about Home Energy Savings Loans and Property Assessed Clean Energy (PACE) in Maine Efficiency Maine administers programs to improve comfort and lower energy costs for energy
More informationFinancing the Home Energy Revolution Renovate America, Inc. All Rights Reserved.
Financing the Home Energy Revolution Why PACE? $300 billion per year spent on electricity, natural gas and water (EIA) 2009 McKinsey Report Barriers exist which prevent energy efficient models and products
More informationUSA Palm Desert Energy Independence Program
USA Palm Desert Energy Independence Program Context Palm Desert Energy Independence Program is one of a number of Property Assessed Clean Energy (PACE) Schemes implemented in the United States. Under these
More informationGovernment and Private Initiatives to Address the Foreclosure Crisis
Government and Private Initiatives to Address the Foreclosure Crisis David Moskowitz Deputy General Counsel Berkeley Business Law Journal Berkeley Center for Law, Business and the Economy 2012 Symposium
More informationWHEREAS, the City Commission finds that this resolution is in the best interest and welfare of the residents of the City; and
1 RESOLUTION NO. 2 3 A Resolution removing the City of South Miami's support of the 4 residential component of the PACE program. 5 6 WHEREAS, the City of South Miami adopted Resolution No. 24-10-13058,
More informationABS Research Clearing the Air Addressing Three Misconceptions of PACE
ABS Research Clearing the Air Addressing Three Misconceptions of PACE February 2017 Authors: Phoebe Xu Senior Vice President phoebe.xu@morningstar.com +1 646 560-4562 Stephanie K. Mah Director of Research
More informationacceleration adjustable rate mortgage amortization amortization table annual percentage rate
acceleration A demand for immediate payment of all amounts remaining unpaid on a loan or extension of credit by a mortgage lender or carryback seller. Also known as calling the loan. adjustable rate mortgage
More informationSONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma)
SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditors' Report, Management's Discussion and Analysis and Basic Financial Statements For the Fiscal Year
More informationLender Letter LL
Lender Letter LL-2017-09 November 2, 2017 To: All Fannie Mae Single-Family Servicers Fannie Mae Extend Modification for Disaster Relief and Other Clarifications for Mortgage Loans Impacted by Disaster
More informationTable of Contents. Sample
TABLE OF CONTENTS... 1 CHAPTER 1 INTRODUCTION... 3 1.1 GOALS AND OBJECTIVES... 3 1.2 REQUIRED REVIEW... 3 1.3 APPLICABILITY... 3 CHAPTER 2 ACCOUNTABILITY AND MONITORING... 5 2.1 INTERNAL CONTROLS... 5
More informationThe Retrofit Revolution: Innovative Financing and Programs to Green Every U.S. Home
The Retrofit Revolution: Innovative Financing and Programs to Green Every U.S. Home Wednesday, April 28, 2010; 2:30 PM - 3:45 PM Moderator Martha Amram, CEO, Ennovationz; Senior Fellow, Milken Institute
More informationSchell-Vista Fire Protection District. Annual Report For the Fiscal Year Ended June 30, 2009
Annual Report For the Fiscal Year Ended Annual Report For the Fiscal Year Ended Table of Contents Auditor-Controller s Report Page Basic Financial Statements: Government-wide Financial Statements: Statement
More informationPACE PROGRAM DESCRIPTION AND GUIDELINES
PACE PROGRAM DESCRIPTION AND GUIDELINES I. Introduction In May 2009, the Vermont legislature approved Act 45 (as amended by Act 47 in May 2011), authorizing municipalities to create Property Assessed Clean
More informationShort Sales/Foreclosures/REOs
Short Sales/Foreclosures/REOs In today s economic times the occurrence of Short Sales, Foreclosures and REOs has become common. Below is a description of these property statuses. Short Sale: A short sale
More information7 YGRENE WORKS PROPERTY ASSESSED CLEAN ENERGY FINANCING PROGRAM
CITY OF Cr ^3 SANjOSE CAPITAL OF SILICON VALLEY TO: HONORABLE MAYOR AND CITY COUNCIL SUBJECT: S1717 0171 Approved COUNCIL AGENDA: 08/18/15 ITEM: ~y..2l. Memorandum FROM: Julia H. Cooper Kerrie Romanow
More informationSupplementary Materials for
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Supplementary Materials for Can the US Keep the PACE? A Natural Experiment in Accelerating the Growth of Solar Electricity Nadia Ameli, Mauro Pisu, Daniel
More informationApplied Solutions Case Study- Charlotte County, FL PACE Program January 31 st 2013
Applied Solutions holds periodic online collaborative webinars to leverage the expertise of local government staff to support the design, development and implementation of energy, water and transportation
More informationEnergy Efficiency Fund: A Model for Financing Energy Efficiency Improvements
Energy Efficiency Fund: A Model for Financing Energy Efficiency Improvements March 9, 2010 Presentation to Energy Efficiency Advisory Council Thomas Darling, Clean Energy Fellow 1 Introduction Three year
More informationInternal Audit. Sonoma County. Financial Statement Audit: Rincon Valley Fire Protection District Annual Report
Auditor Controller Treasurer Tax Collector Internal Audit Sonoma County Financial Statement Audit: Rincon Valley Fire Protection District Annual Report For the Fiscal Year Ended Audit No: 3380 Report Date:
More informationInstructions for Completing the Short Sale Package. Send Ocwen the completed package and supporting documentation
Instructions for Completing the Short Sale Package Step 1 Complete all the enclosed attachments Exhibit G Borrowers Response package Step 2 Send Ocwen the completed package and supporting documentation
More informationPort Authority of the City of Saint Paul Property Assessed Clean Energy Program (PACE OF MN) ADMINISTRATIVE GUIDELINES
Port Authority of the City of Saint Paul Property Assessed Clean Energy Program () ADMINISTRATIVE GUIDELINES Saint Paul Port Authority 850 Lawson Commons 380 St. Peter Street Saint Paul, MN 55102 (651)
More informationPath to Approval Toolkit An Easy-to-Use Reference Guide for Prospective Fannie Mae Seller/Servicers
Path to Approval Toolkit An Easy-to-Use Reference Guide for Prospective Fannie Mae Seller/Servicers 2017 Fannie Mae. Trademarks of Fannie Mae. 6.21.2017 1 of 14 Path to Approval Toolkit June 21, 2017 Dear
More informationMortgage Terms Glossary
Mortgage Terms Glossary Adjustable-Rate Mortgage (ARM) A mortgage where the interest rate is not fixed, but changes during the life of the loan in line with movements in an index rate. You may also see
More informationSONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditor s Reports, Management s Discussion and
. SONOMA VALLEY COUNTY SANITATION DISTRICT (A Component Unit of the County of Sonoma) Independent Auditor s Reports, Management s Discussion and Analysis and Basic Financial Statements For the Fiscal Year
More informationwhich was indicated to be roughly 1.5+ standard deviations from the national average. 3 Id.
November 26, 2012 Mr. Edward J. DeMarco Acting Director Federal Housing Finance Agency 1700 G Street, NW Washington, DC 20552 Dear Mr. DeMarco The Mortgage Bankers Association 1 (MBA) appreciates the opportunity
More informationSenior Vice President of Public Policy and Industry Relations
June 28, 2012 Ms. Gwen Muse-Evans Vice President, Chief Risk Officer for Credit Portfolio Management Fannie Mae 3900 Wisconsin Avenue, N.W. Washington, DC 20016 Ms. Meg Burns Senior Associate Director
More informationA Bill Regular Session, 2013 SENATE BILL 640
Stricken language would be deleted from and underlined language would be added to present law. 0 State of Arkansas th General Assembly As Engrossed: S// S// S// A Bill Regular Session, SENATE BILL 0 By:
More informationJames C. Alsop (Signed by James C. Alsop) Acting Administrator Housing and Community Facilities Programs
RD AN No. 4435 (1980-D) April 30, 2009 TO: State Directors Rural Development ATTENTION: Rural Housing Program Directors, Guaranteed Rural Housing Specialists, Area Directors and Area Specialists FROM:
More informationCynthia W. Johnston, Housing and Redevelopment Director
Agenda Item No. 8A September 27, 2011 TO: FROM: SUBJECT: Honorable Mayor and City Council Members Attention: Laura C. Kuhn, City Manager Cynthia W. Johnston, Housing and Redevelopment Director RESOLUTION
More informationFinancing Your Climate Action Plan Green California Summit Joe Livaich Regional Director
Financing Your Climate Action Plan Green California Summit 2015 Joe Livaich Regional Director Solar Reaches the Tipping Point Even at $10 a barrel, oil can t match solar on cost. National Bank of Abu Dhabi,
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationCounty Service Area No. 40 Fire Services Annual Report For the Fiscal Year Ended June 30, 2010
County Service Area No. 40 Fire Services Annual Report For the Fiscal Year Ended June 30, 2010 DONNA DUNK SONOMA COUNTY INTERIM AUDITOR-CONTROLLER TREASURER-TAX COLLECTOR County Service Area No. 40 Fire
More informationCity of Piedmont COUNCIL AGENDA REPORT
City of Piedmont COUNCIL AGENDA REPORT DATE: May 16, 2016 TO: FROM: SUBJECT: Mayor and Council Paul Benoit, City Administrator Adoption of Resolutions Authorizing Membership in Three Property Assessed
More informationNORTHERN SONOMA COUNTY AIR POLLUTION CONTROL DISTRICT ANNUAL REPORT FOR THE FISCAL YEARS ENDED JUNE 30, 2007 AND 2006
NORTHERN SONOMA COUNTY AIR POLLUTION CONTROL DISTRICT ANNUAL REPORT FOR THE FISCAL YEARS ENDED JUNE 30, 2007 AND 2006 NORTHERN SONOMA COUNTY AIR POLLUTION CONTROL DISTRICT Annual Report For the Fiscal
More informationGuaranteed Discount Mortgage-Backed Certificates (Multifamily Residential Mortgage Loans)
Multifamily DMBS Prospectus Guaranteed Discount Mortgage-Backed Certificates (Multifamily Residential Mortgage Loans) The DMBS Certificates We, the Federal National Mortgage Association, or Fannie Mae,
More informationThe Federal Reserve s HOEPA Proposal and Subprime Related Legislation by. Locke Lord Bissell & Liddell LLP Barnett Sivon & Natter P.C.
The Federal Reserve s HOEPA Proposal and Subprime Related Legislation by Charlotte M. Bahin Raymond Natter Locke Lord Bissell & Liddell LLP Barnett Sivon & Natter P.C. After receiving significant pressure
More informationGold Ridge Resource Conservation District Annual Audit Report For the Years Ending June 30, 2009 and 2008
Annual Audit Report For the Years Ending June 30, 2009 and 2008 RODNEY A. DOLE SONOMA COUNTY AUDITOR-CONTROLLER TREASURER-TAX COLLECTOR Annual Report For the Fiscal Years Ended June 30, 2009 and 2008 T
More information999 West Street, Rocky Hill, CT Phone: (860) Fax: (860) Website:
999 West Street, Rocky Hill, CT 06067-4005 Phone: (860) 721-9501 Fax: (860) 571-3550 Website: www.chfa.org Table of Contents Loan Program Outlines & Underwriting Guides......... Pages 2-7 203(k) - FHA
More informationAfter-tax APRPlus The APRPlus taking into account the effect of income taxes.
MORTGAGE GLOSSARY Adjustable Rate Mortgage Known as an ARM, is a Mortgage that has a fixed rate of interest for only a set period of time, typically one, three or five years. During the initial period
More informationFannie Mae Reports Net Income of $2.0 Billion and Comprehensive Income of $2.2 Billion for Third Quarter 2015
Resource Center: 1-800-732-6643 Contact: Date: Pete Bakel 202-752-2034 November 5, 2015 Fannie Mae Reports Net Income of 2.0 Billion and Comprehensive Income of 2.2 Billion for Third Quarter 2015 Fannie
More informationOctober 18, Policy Framework for PACE Financing Programs
Policy Framework for PACE Financing Programs The following Policy Framework has been developed by the White House and the relevant agencies as a policy framework for Property Assessed Clean Energy (PACE)
More informationChapter 15 Real Estate Financing: Practice
Chapter 15 Real Estate Financing: Practice LECTURE OUTLINE: I. Introduction to the Real Estate Financing Market A. Federal Reserve System 1. Created to help maintain sound credit conditions 2. Helps counteract
More informationTO: Freddie Mac Sellers and Servicers October 3, 2012
Bulletin NUMBER: 2012-20 TO: Freddie Mac Sellers and Servicers October 3, 2012 SUBJECTS Selling and Servicing requirements are amended with this Single-Family Seller/Servicer Guide ( Guide ) Bulletin.
More informationFannie Mae Reports Third-Quarter 2011 Results
Contact: Number: Katherine Constantinou 202-752-5403 5552a Resource Center: 1-800-732-6643 Date: November 8, 2011 Fannie Mae Reports Third-Quarter 2011 Results Company Focused on Providing Liquidity to
More informationGLOSSARY OF MORTGAGE TERMS
GLOSSARY OF MORTGAGE TERMS Adjustable-rate mortgage (ARM) A mortgage in which the interest changes periodically, according to corresponding fluctuations in an index. All ARMs are tied to indices such as
More informationCounty Service Area No. 40 Fire Services Annual Report. For the Fiscal Year Ended June 30, 2015
County Service Area No. 40 Fire Services Annual Report For the Fiscal Year Ended June 30, 2015 Table of Contents County Service Area No. 40 Fire Services Annual Report For the Fiscal Year Ended June 30,
More informationNew American Funding Attn: Loss Draft Department P.O. Box 1064 Tonawanda, NY [DATE]
Attn: Loss Draft Department P.O. Box 1064 Tonawanda, NY 14151 [DATE] [NAME1] [NAME2] [MAILING_ADDRESS1] [MAILING_ADDRESS2] [CITY], [STATE] [ZIP] Re: Mortgage Loan No. Property Address: [XXXXXXXX] [ADDR1]
More informationInternal Audit. Sonoma Count y. Financial Statement Audit: Roseland Fire Protection District Annual Report. Auditor-Controller-Treasurer-Tax Collector
AuditorControllerTreasurerTax Collector Internal Audit Sonoma Count y Financial Statement Audit: Roseland Fire Protection District Annual Report For the Fiscal Years Ended June 30, 2014, and June 30, 2013
More informationFannie Mae and Freddie Mac Have The Same Short Sale Rules and Policies
Fannie Mae and Freddie Mac Have The Same Short Sale Rules and Policies Effective September 1, 2011 There are approximately 3.3 million Americans who are in or close to foreclosure. Fannie Mae and Freddie
More informationFannie Mae Reports Net Income of $2.8 Billion and Comprehensive Income of $2.8 Billion for First Quarter 2017
Resource Center: 1-800-232-6643 Contact: Date: Pete Bakel 202-752-2034 May 5, 2017 Fannie Mae Reports Net Income of 2.8 Billion and Comprehensive Income of 2.8 Billion for First Quarter 2017 Fannie Mae
More information[Address of Borrower] [Loan #] [Date] RE: Acknowledgement of Request for Short Sale
[Name of Servicer] [Address of Servicer] [Loan #] [Servicer FAX] [Servicer Email] [Name of Borrower] [Name of Co-Borrower] [Address of Borrower] [Borrower Phone] [Borrower Email] [Date] RE: Acknowledgement
More informationBroker. Financing Real Estate. Chapter 12. Copyright Gold Coast Schools 1
Broker Chapter 12 Financing Real Estate Copyright Gold Coast Schools 1 Learning Objectives Describe the difference between a note and a mortgage Explain the benefits of having the first recorded lien on
More informationFREELAND LENDING does Not have a hard limit of how many loans someone may have: FREELAND LENDING will fund up to 100% of the Purchase Price
Asset Based Lending FREELAND LENDING does Not require: o W-2's o Bank Statements o Pay Stubs o Tax returns o Job references o Personal financial statements FREELAND LENDING does Not have a hard limit of
More informationNovember 11, Early Resolution is Inconsistent with the CFPB s Loss Mitigation Requirements
November 11, 2014 William R. Breetz, Chairman Uniform Law Commission Home Foreclosure Procedures Act Committee University of Connecticut School of Law Knight Hall Room 202 35 Elizabeth Street Hartford,
More informationFANNIE MAE CORPORATE GOVERNANCE GUIDELINES
FANNIE MAE CORPORATE GOVERNANCE GUIDELINES 1. The Roles and Responsibilities of the Board and Management On September 6, 2008, the Director of the Federal Housing Finance Authority, or FHFA, our safety
More informationRESIDENTIAL ENERGY EFFICIENCY FINANCING MARKET TRENDS. Presented: 5/23/2016
RESIDENTIAL ENERGY EFFICIENCY FINANCING MARKET TRENDS Presented: 5/23/2016 Overview Trends throughout the country A closer look at CA Where our data comes from What s Out There: Energy Efficiency Financing
More informationRESIDENTIAL CONSTRUCTION LENDING POLICY
RESIDENTIAL CONSTRUCTION LENDING POLICY GENERAL INFORMATION The purpose of this policy is to state different types of construction loans offered by ASSURANCE FINANCIAL, and to set forth procedures and
More informationATTACHMENT #1 Special LF&A Meeting of July 16, "Preventing Foreclosure: Potential Tools for Delawareans"
ATTACHMENT #1 Special LF&A Meeting of July 16, 2007 "Preventing Foreclosure: Potential Tools for Delawareans" Outline Sub-prime Snapshot Delaware Emergency Mortgage Assistance Program (DEMAP) Refinance
More informationELEMENTS OF A WELL-DESIGNED C-PACE STATUTE AND PROGRAM TO ATTRACT PRIVATE CAPITAL AND FOSTER GREATER TRANSACTION VOLUMES JANUARY 16, 2018
ELEMENTS OF A WELL-DESIGNED C-PACE STATUTE AND PROGRAM TO ATTRACT PRIVATE CAPITAL AND FOSTER GREATER TRANSACTION VOLUMES JANUARY 16, 2018 OVERVIEW As more states, counties and municipalities launch Commercial
More informationMemorandum on Federal Housing Finance Reform ECONOMY & JOBS
PRESIDENTIAL MEMORANDA Memorandum on Federal Housing Finance Reform ECONOMY & JOBS Issued on: March 27, 2019 MEMORANDUM FOR THE SECRETARY OF THE TREASURY THE SECRETARY OF AGRICULTURE THE SECRETARY OF HOUSING
More informationGold Ridge Fire Protection District Annual Report For the Fiscal Year Ended June 30, 2009
Annual Report For the Fiscal Year Ended RODNEY A. DOLE SONOMA COUNTY AUDITOR-CONTROLLER TREASURER-TAX COLLECTOR Annual Report For the Fiscal Year Ended TABLE OF CONTENTS Auditor-Controller s Report Page
More informationCommercial PACE: Program Development & Implementation
Commercial PACE: Program Development & Implementation August 14 th, 2013 About the SunShot Solar Outreach Partnership The SunShot Solar Outreach Partnership (SolarOPs) is a U.S. Department of Energy (DOE)
More informationSUBJECT: HOME AFFORDABLE MODIFICATION PROGRAM YEAR SIX PAY FOR PERFORMANCE INCENTIVE
TO: Freddie Mac Servicers January 29, 2015 2015-1 SUBJECT: HOME AFFORDABLE MODIFICATION PROGRAM YEAR SIX PAY FOR PERFORMANCE INCENTIVE This Single-Family Seller/Servicer Guide ( Guide ) Bulletin announces
More information2/10/2015 CREDIT FOR SUCCESS TODAY S NEW RISK FACTORS MOBILE BANKING. The new Consumer Financial Protection Act, the ATR Rule (Ability to Repay Rule)
CREDIT FOR SUCCESS TODAY S NEW RISK FACTORS Written and Presented by Serge Bevil, Credit Specialist VantagePoint Credit Corp. MOBILE BANKING We have become a social media society that wants information,
More informationChapter 23: Maximum Loan Amounts and LTV, TLTV and HTLTV Ratios
May 2, 2008 Guide Bulletin Chapter 23: Maximum Loan Amounts and LTV, TLTV and HTLTV Ratios 23.5: Maximum financing (05/02/08) Financing to the maximum loan-to value (LTV) ratio, as set forth in Section
More informationFINANCING OPTIONS FOR CONDOMINIUMS WITH PENDING HOA LITIGATION
FINANCING OPTIONS FOR CONDOMINIUMS WITH PENDING HOA LITIGATION Donald M. Maher Non-Warrantable Condominium Loan Expert www.hoalitigationcondoloans.com (800) 736-0565 Overview This white paper offers information
More informationCITY OF TUSTIN TUSTIN HOUSING AUTHORITY AFFORDABLE HOUSING OWNERSHIP PROGRAMS FACT SHEET (BUYER)
CITY OF TUSTIN TUSTIN HOUSING AUTHORITY AFFORDABLE HOUSING OWNERSHIP PROGRAMS FACT SHEET (BUYER) GENERAL PURPOSE The purpose of this document is to provide the prospective homeowner with a summary of the
More informationNEW HAMPSHIRE HOUSING FINANCE AUTHORITY. Single-Family Mortgage Program Participating Lenders and Participating Originators HFA 311
NEW HAMPSHIRE HOUSING FINANCE AUTHORITY Single-Family Mortgage Program Participating Lenders and Participating Originators HFA 311 Table of Contents HFA 311 PART ONE: Overview, Purpose, Applicability 311.01
More informationALTLOAN CREDIT GUIDELINES
ALTLOAN CREDIT GUIDELINES BRIDGE AND FIX & FLIP LOANS PRIMARY RESIDENCE & SECOND HOME TERM LOANS INVESTOR TERM LOANS BRIDGE AND FIX & FLIP Use the lower of two credit scores or middle of three for each
More informationSONOMA COUNTY COMMUNITY DEVELOPMENT COMMISSION
SONOMA COUNTY COMMUNITY DEVELOPMENT COMMISSION LOAN POLICIES Affordable Housing Development Affordable Housing Acquisition & Preservation Multi-family Housing Rehabilitation Community Facilities Table
More informationLoan Workout Hierarchy for Fannie Mae Conventional Loans
Loan Workout Hierarchy for Fannie Mae Conventional Loans The following table identifies the Fannie Mae loss mitigation options that are available to assist borrowers experiencing financial hardship. Generally,
More informationPURCHASING, LEASING & CONTRACTING POLICY
MENDOCINO COUNTY POLICY NO. 1 ADOPTED: Nov. 4, 1980 SUPERSEDED: Oct. 28, 1997 MODIFIED: Feb, 13, 2001 AMENDED: Feb 26, 2002 SUPERSEDED: April 17, 2007 SUPERSEDED: July 22, 2014 AMENDED: August 26, 2014
More informationRESIDENTIAL RESALE/ REFINANCING TITLE RATES AND DISBURSEMENT ESCROW SERVICE FEES
GUIDE TO RESIDENTIAL RESALE/ REFINANCING TITLE RATES AND DISBURSEMENT ESCROW SERVICE FEES Effective JANUARY 1, 2018 Online Quote www.firstams.com For use in the State of California GUIDE TO FEES AND RATES
More informationRESIDENTIAL RESALE/ REFINANCING TITLE RATES AND DISBURSEMENT ESCROW SERVICE FEES
GUIDE TO RESIDENTIAL RESALE/ REFINANCING TITLE RATES AND DISBURSEMENT ESCROW SERVICE FEES Effective 02/13/17 Online Quote www.firstams.com For use in the State of California GUIDE TO FEES AND RATES State
More informationStatement of Donald Bisenius Executive Vice President Single Family Credit Guarantee Business Freddie Mac
Statement of Donald Bisenius Executive Vice President Single Family Credit Guarantee Business Freddie Mac Hearing of the U.S. Senate Committee on Banking, Housing and Urban Affairs Chairman Dodd, Ranking
More informationFinancial Incentives for Pre-Disaster Mitigation
Financial Incentives for Pre-Disaster Mitigation Leanne Tobias, CFIRE Chair Managing Principal, Malachite LLC Building Innovation 2016 National Institute of Building Sciences January 13, 2016 Lending &
More informationREQUEST FOR PROPOSALS THE HOME MODIFICATION LOAN PROGRAM
COVER SHEET (Please use this sheet as the 1 st page of your response.) REQUEST FOR PROPOSALS THE HOME MODIFICATION LOAN PROGRAM Applicant Name (Provider): Address: Provider Contact Name: Provider Contact
More informationAssistance Program: County of San Diego Homebuyer Downpayment & Closing Cost Assistance (DCCA)/CalHome Code: DCASDDCCA
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Program Approval Expiration Housing Authority Second mortgage loan program to be used in conjunction
More informationREFERENCE POOL GLOSSARY
REFERENCE POOL GLOSSARY This glossary provides the definitions and codes/enumerations for attributes disclosed in the Reference Pool disclosure files. The loan level attributes are listed alphabetically
More information24 CFR Ch. XX ( Edition) APPENDIX C TO PART 3500 INSTRUCTIONS FOR
Pt. 3500 originator license and registration. This special category recognizes limited, heavily regulated activities that meet strict criteria that are different from the criteria for specific exemptions
More informationAssistance Program: City of Los Angeles Low Income Purchase Assistance Program (LIPA) Zero Interest Code: DCALIPADP
HOMEOWNERSHIP ASSISTANCE PROGRAM SUMMARY Product Description Allowable Origination Channel Program Name Second mortgage loan program to be used in conjunction with: FHA Fixed Rate Fannie Mae Fixed 30-year
More informationCommunity First Financial Corporation
Independent Auditor s Report and Consolidated Financial Statements Contents Independent Auditor s Report... 1 Consolidated Financial Statements Balance Sheets... 3 Statements of Income... 4 Statements
More informationAnother Approach to GSE Reform
Another Approach to GSE Reform Jim Sivon September, 2015 It has been over seven years since Fannie Mae and Freddie Mac failed and were placed into conservatorship. During that time, both the Administration
More informationIf ineligible for the HAMP, is the borrower experiencing a temporary or long-term hardship?
Loan Workout Hierarchy For Fannie Mae Conventional Loans The following table identifies the Fannie Mae loss mitigation options that are available to assist borrowers experiencing financial hardship. The
More informationYour Guide to Home Financing
Your Guide to Home Financing FURLONG TEAM 952-232-4133 www.furlongteam.com NMLS 275939 NMLS 225504 step 1- getting pre-approved How much home can you afford? Before you picture yourself living in a home,
More informationLesson 12: Real Estate Financing 311
Real Estate Principles of Georgia 1 of 97 Lesson 12: Real Estate Financing 311 Economics of Real Estate Finance For a lender, a loan is an investment. Interest paid on loan is lender s return. Riskier
More information13 DOWNPAYMENT PROGRAMS
13 DOWNPAYMENT PROGRAMS DOWNPAYMENT ASSISTANCE PROGRAMS These guidelines apply to all downpayment assistance loans offered at the Commission Details for Home Advantage 0% Downpayment Assistance Program
More informationInternal Audit. Sonoma County. Auditor Controller Treasurer Tax Collector
Auditor Controller Treasurer Tax Collector Internal Audit Sonoma County Financial Statement Audit: Russian River Recreation and Park District Annual Report For the Fiscal Year Ended Audit No: 3425 Report
More informationC-PACE a Primer for Mortgage Lenders
April 2018 Background on C-PACE C-PACE (Commercial Property Assessed Clean Energy) financing refers to public/private programs that use voluntary, real estate special assessments to fund the costs of clean
More informationShiloh Public Cemetery District Annual Report For the Fiscal Year Ended June 30, 2010
Annual Report For the Fiscal Year Ended DONNA DUNK Interim Auditor-Controller Treasurer-Tax Collector Annual Report For the Fiscal Year Ended Table of Contents Page Auditor-Controller s Report Management
More informationWritten for state Housing Finance Agencies (HFAs), this report furthers the work of the Innovations in Manufactured Homes (I M HOME) initiative s
Written for state Housing Finance Agencies (HFAs), this report furthers the work of the Innovations in Manufactured Homes (I M HOME) initiative s explorations into manufactured home mortgage data. This
More informationFebruary 5, Dear Secretary Geithner:
The Honorable Timothy F. Geithner Secretary of the Treasury U.S. Department of the Treasury 1500 Pennsylvania Avenue, NW Washington, DC 20220 Dear Secretary Geithner: The Mortgage Bankers Association 1
More informationRIO ALTO WATER DISTRICT
BASIC FINANCIAL STATEMENTS FOR YEAR ENDED JUNE 30, 2016 Photo from: merchantcircle.com Audited Basic Financial Statements Table of Contents Independent Auditor s Report on Basic Financial Statements...
More informationHurricane Harvey Reference Guide
Hurricane Harvey Reference Guide Table of Contents Insurance Information... 2 FEMA Inspections... 3 GSE Guidelines On Loss Drafts... 4 Frequently Asked Questions... 7 Insurance Information In the wake
More informationMortgage Underwriting Policy Manual Table of Contents [Sample Client] Table of Contents
TABLE OF CONTENTS... 1 CHAPTER 1 INTRODUCTION... 9 1.1 GOALS AND OBJECTIVES... 9 1.2 REQUIRED REVIEW... 9 1.3 APPLICABILITY... 9 CHAPTER 2 ACCOUNTABILITY AND MONITORING... 10 2.1 INTERNAL CONTROLS... 10
More informationBulletin NUMBER: TO: Freddie Mac Sellers November 15, 2011
Bulletin NUMBER: 2011-22 TO: Freddie Mac Sellers November 15, 2011 INTRODUCTION On October 24, 2011 the Federal Housing Finance Agency (FHFA), together with Freddie Mac and Fannie Mae, issued a press release
More information