SB 900 Compliance

• SB 900 Compliance Requirements will be effective in 12 days!
• SB 900 Compliance Package ready for purchase now!

Recently enacted SB 900/AB 278 (California Homeowners Bill of Rights) allows borrowers a private right of action and the right to claim damages and attorney’s fees for failure to comply. The legislation will likely overturn current case law protecting lenders from many foreclosure claims. Any covered lender must comply or face the likelihood of numerous lawsuits. Borrower counsel are already preparing. Now is the time for you to prepare.

• The Scheer Law Group, LLP (“SLG”) is now finalizing an SB 900 Compliance Package, for use by Lenders/Servicers processing 175 or less foreclosures in the State of California, in the prior reporting period established by their regulator consisting of:
• A compliance memorandum, explaining statutory requirements and risks.
• Flowchart.
• Forms to be used to comply with the statute, in PDF or Word format.
• Use of the Compliance Package will assist covered lenders in developing their own policies and procedures to ensure compliance. SLG will also provide consulting to any lender/servicers who need assistance in developing such policies and procedures, at an additional reduced hourly rate.
• Flat Fee and Range of Services: SLG will be providing its Compliance Package for a flat fee of $3500.00 Included in the fee will be an initial consultation to give a general overview of what you will need to prepare for and one hour of review with SLG counsel to discuss implementation and use of the forms after they are provided to you.
• Note: SLG has separate fee packages for lenders processing more than 175 foreclosures in the State of CA.

Please note: If you want more information on the scope of the compliance requirements for SB 900, you can order the SLG webinar: California Foreclosure-Bankruptcy-Eviction: Legislation and Litigation Update (Where have we been, Where are we going?). Exhibit C to the presentation materials provides a detailed outline of coverage issues facing lenders. This webinar is available for purchase on our website: www.scheerlawgroup.com

This Compliance Package limited to financial institutions or licensees that foreclosed on 175 or fewer res prop, 4 units or less, in CA, during last year or reporting period.

Ordering: The Compliance Package is now ready for purchase. If you are interested in ordering a Compliance Package, please contact: Joshua Scheer at: (415) 4918900 x 108 or email: [email protected], or contact Spencer Scheer at: (415) 4918900 x 105 or email: [email protected]

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“This firm knows what they are doing . SLG is an unique, pragmatic law firm: In this rapidly changing legal environment, they keep me informed, protect our interests and understand our business needs”.

– Pat McCarty, Sr. VP – Circle Bank

“I have attended the SLG presentation on Loss Mitigation, Where have we been and where are we going? It is a practical and effective overview of the loss mitigation process from workouts through evictions, with a focus on current and pending regulations. It is fast paced, practical and hits on issues that are relevant to lenders and servicers, and will help us better understand the current market realities and mitigate losses. I highly recommend this seminar”

-Steve Stone, Chief Financial Officer – 1st United Services Credit Union

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