Washington Code 61.24.177 – Deed of trust pool — Duty of servicer to maximize net present value
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Any duty that servicers may have to maximize net present value under their pooling and servicing agreements is owed to all parties in a deed of trust pool, not to any particular parties, and a servicer acts in the best interests of all parties if it agrees to or implements a modification or workout plan when both of the following apply:
Terms Used In Washington Code 61.24.177
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
(1) The deed of trust is in payment default, or payment default is reasonably imminent; and
(2) Anticipated recovery under a modification or workout plan exceeds the anticipated recovery through foreclosure on a net present value basis.
[ 2011 c 58 § 13.]
NOTES:
Findings—Intent—Short title—2011 c 58: See notes following RCW 61.24.005.