Current through Register 2024 Notice Reg. No. 38, September 20, 2024
Whenever a depository places a security (REN) in a security pool (REN) with an agent of depository, such depository shall deliver to such agent of depository each of the following:
(a) The security and, in case the depository is not the payee named in the security, appropriate endorsements or other documentation showing that the depository owns the security.
(b) Endorsement or assignment of the security to the agent of depository.
(c)
(1) The deed of trust by which the security is secured;
(2) In case the depository is not the beneficiary named in the deed of trust, appropriate endorsements or other documentation showing that the depository holds the beneficial interest under the deed of trust; and
(3) Appropriate endorsements or other documentation showing that the depository's beneficial interest under the deed of trust has been recorded.
(d) Assignment, in recordable form, of the depository's beneficial interest under the deed of trust to the agent of depository.
(e)
(1) Statement stating the following:
(A) That the security is an eligible security (REN).
(B) That the depository's first lien on the real property which secures the security is insured under a title insurance policy which was issued on or after the date of the security by a title insurer admitted to transact the business of title insurance in this State, which was written on the then current standard form of the American Land Title Association Loan Policy or the California Land Title Association Loan Policy, and which is in an amount not less than the unpaid principal balance of the security.
(C) That, except in a case where the security is insured or guaranteed by the United States or by an agency of the United States, the depository has the report of the appraisal on the real property which is required under Subparagraph (A) of Paragraph (3) of Subdivision (j) of Section 16001.2.1 of this Chapter.
(D) That the real property is covered by hazard insurance complying with the requirements set forth in Section 3.203 of the Federal Home Loan Mortgage Corporation's Sellers' Guide Conventional Mortgages, as then in effect.
(E) The unpaid principal balance of the security.
(2) The statement called for in Paragraph (1) of this Subdivision (e) shall be executed on behalf of the depository by two or more duly authorized officers of the depository, and each of such officers shall endorse upon or attach to such statement a verification that the statement is true and correct.
(f)
(1) Agreement that, in consideration of the agent of depository's accepting the security in the security pool, the depository shall, if, as, and when ordered by the Administrator, furnish to the agent of depository or to the Administrator additional information and documentation relating to the security.
(2) The agreement called for in Paragraph (1) of this Subdivision (f) shall be executed on behalf of the depository by two or more duly authorized officers of the depository. Such agreement may be combined in the same document with the statement called for in Subdivision (e) of this Section, and both the agreement and the statement, as so combined, may be executed as a single document.
1. Amendment of subsections (e)(2) and (f)(2) filed 4-7-97; operative 4-7-97 pursuant to Government Code section 11343.4(d) (Register 97, No. 15).
Note: Authority cited: Section 53661, Government Code. Reference: Section 53651, Government Code.
