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92 CALIFORNIA Los Angeles Attorney Reaches Settlement with US Bank Lost Angeles City Attorney Mike Feuer announced recently that his office has reached a $13.5 million settlement with US Bank to re- solve allegations for municipal code violations and other issues on hundreds of foreclosed properties in Los Angeles. "Banks must be accountable for the condi- differentiate ourselves from a crowded mar- ketplace, it was paramount to offer elevated service to our clients," said Jerome Jelinek, CEO and general counsel at CSS. "With the addition of DocMagic's Total eClose, we offer lenders the opportunity to transform their mortgage origination process through the elimination of paper, thereby significantly reducing costs and increasing efficiencies." CSS has created an easy-to-use, out-of-the- box eClosing solution by combining Doc- Magic's functionality, services, and integra- tions into a single offering. e Total eClose functionality from DocMagic unites eNote, eSignature, eNotary, MERS eRegistration, eDelivery, and eVault services to provide paperless end-to-end eClosings. e integration will also allow for easy and convenient eSigning and eNotarization of documents. "We are excited that CSS is successfully leveraging our Total eClose solution to provide a completely electronic closing process for their customers," said Dominic Iannitti, president and CEO of DocMagic. "As a settlement service provider, it is impressive that CSS has taken a leading role in promoting the benefits of eClosings and as an early adopter, they will enjoy a significant advantage over their competitors." TRID's increased compliance require- ments and the pending implementation of the Uniform Closing Dataset (UCD) requirement have brought the need for fully-electronic transactions to help lenders meet strict timing requirements and recreate compliance checks all throughout the transaction, according to the announcement. DocMagic's system provides electronic proof and evidence of compliant transactions for future audits by including a data and time stamp audit trail of everyone who has touched the transaction at any level—which allows lenders, originators, and servicers to success- fully demonstrate compliance with TRID, which has now been in effect for a year. All eDocuments from the original loan application to the final Closing Disclosure are stored in an eVault, giving lenders and servicers the ability to easily provide proof of compliance. tion of the properties they hold," said Feuer. "is significant settlement underscores my commitment that all foreclosed and vacant properties be kept up to code, so they don't be- come sources of blight or magnets for crime." US Bank will pay $11.9 million in civil penalties and $1.6 million to resolve Municipal Code violations. Additionally, the bank must maintain foreclosed properties in accordance with all applicable laws and standards for two years under terms of the settlement. US Bank has also agreed to designate one full-time senior employee to serve as a point of contact for city agencies regarding code violations at foreclosed properties owned by the bank. Originally filed in July, 2012, by then City Attorney Carmen Trutanich, the civil complaint focused on 170 of the over 1,500 properties US Bank had acquired in Los An- geles through the process of foreclosure. e complaint alleged that despite repeated notices to comply and hearing notices from various city agencies, US Bank failed to respond and bring its properties into compliance. However, officials for U.S. Bank argued at the time that Trutanich's lawsuit targeted the wrong entity because the bank was merely acting as a "trustee" of the pool of loans related to the properties, rather than the "servicer" or company directly managing the loan. Chief Deputy Jim Clark, Chief Assistant City Attorney omas Peters, Assistant City Attorneys Tina Hess and Michael Bostrom, and Deputy City Attorneys Suzanne Spillane, Ben Delfin, Miguel Bahamon, Travis Austin, George Sami, Janet Karkanen, Jessica Howell, and Jennifer Lam handled the litigation and settlement. e settlement is subject to Court approval. CSS Implements DocMagic's Total eClose Solution Title and settlement services provider Corporate Settlement Solutions (CSS) has successfully implemented DocMagic's Total eClose solution, according to an announce- ment from DocMagic, Inc., a provider of fully-compliant loan document preparation, compliance, eSign, and eDelivery solutions. With the integration of the Total eClose solution, CSS can offer a completely new customer experience, gain a competitive advantage, and remain 100 percent compli- ant with TRID at all times, according to the announcement. "We recognized early on that in order to California Hilary Marks Woman Owned Business BRE# 01730451 www.WESALECA.com 909-529-3707 HILARYREO@yahoo.com PAUL BOULDER "Tell Me Something Good" 916.919.5775 Mobile/Text California-REO.com website Paul@PaulBoudier.com email 36395 RESNET ID 109724 Equator ID BRE #01179722 The median sales price of a foreclosed home in August 2016 was $319,500 in California, according to RealtyTrac. KNOW THIS