Location

Sheraton Suites

7550 Augusta National Drive

Orlando, FL 32822

407-240-5555

Major Topics

Overview of securitization and the securitization conveyance chain, introduction to CFLA Securitization Reports, terminology, and borrower documents, SEC Search Techniques, SPV search, document review, MERS search, GSE search, Assignments, Separation of Note/Deed, Substitution of Trustees, Notice of Defaults, Trustee Sales, "The Note Is A Contract"/When original Notes are produced, Auditors as Testifying Experts/Review of court transcripts, HAMP Overview, and much more.

Class Agenda

Friday

9AM – 10:30AM

Introductions: CFLA, Class, Instructor

-Objectives for Course: Introductory course to mortgage securitization and the securitization audit process. Course provides industry recognized certification as a Mortgage Securitization Auditor. Student will be able to perform audits where the name of the loan trust is known or obtainable from title records.

-California State Assembly Bill No. 2325 re. Mortgage Foreclosure Consultants: loan audits

-Video of Massachusetts Supreme Court Hearing

-Real Estate Acquisition, the Mortgage Process, Securitization, Loan Servicing and Foreclosure

-Set up PCs / conference and facility information / Q&A

Break 10:30AM – 10:45AM

10:45AM – 12:30PM

-Review of client information and recorded documents

-Looking up a loan: Fannie Mae; Freddie Mac; MERS

-Review of CFLA loan audit template for Level 2 audits – discussion of each major section

-Report preparation standards / code of ethics

-Discussion of the transaction parties to a loan securitization

-The role of the SEC, investors and reviewing SEC documents

Lunch 12:30PM – 1:45PM

1:45PM – 5PM (break 3:30 – 3:45PM)

-Walk-through of a Level 2 audit (report #1)

(a) Gathering of documents

(b) Completion of template as a class

-Quiz/Drawing for book/DVD

-Homework: review reading list; start on a new case (report #2); review Tim O’Reilly DVD Presentation

Saturday

9AM – 10:30AM

-Discussion of homework / Q&A

-Finish audit in class (report #2) with instructor

Break 10:30AM – 10:45AM

10:45AM – 12:30PM

-The need for securitization audits

-Legal theory behind securitization audits: real parties in interest; MERS; chain of title

-Work through another audit (report #3) or own or in small group; instructor observes and answers questions

Lunch 12:30PM – 1:45PM

1:45PM – 5PM (break 3:30 – 3:45PM)

-Review of audit (report #3)

-Begin next audit individually (report #4)

Homework – email instructor audit (report #4) by 8AM

Sunday

9AM – 10:30AM

-Discussion of homework / Q&A

Break 10:30AM – 10:45AM

10:45AM – 12Noon

-Quiz/Drawing for book/DVD

-Video

-Overview of GSE audits / Bloomberg audits

-Q&A

Lunch 12Noon – 1PM

-1PM – 3PM FINAL EXAM (report #5)

-3PM – 4PM Notary on site to provide certification / raffle / feedback form