MCS Names Steve Porter as General Counsel
Mortgage Contracting Services Names Stephen C. Porter as General Counsel
PLANO, Texas, Jul 07, 2014 –
PLANO, Texas – Mortgage Contracting Services, a nationwide provider of property preservation, inspections and REO property maintenance to the financial services industry, has named Stephen C. Porter as the company’s general counsel. He will work in the company’s Plano, Texas, headquarters.
Mr. Porter previously served as chief litigation counsel at the Addison, Texas, law firm Barrett Daffin Frappier Turner & Engel, LLP. In his new role, he is responsible for consulting with MCS management on all legal matters affecting the company.
“Steve has 23 years of experience working in the mortgage servicing industry, and we have no doubt that he is the perfect person to take the helm of MCS’ legal department,” says company CEO Caroline Reaves. “The mortgage servicing industry is facing an unprecedented regulatory environment, and Steve is more than up to the task of guiding us during this interesting time.”
Mr. Porter earned his Bachelor of Business Administration from Baylor University in 1968 and his Doctor of Jurisprudence from Southern Methodist University School of Law in 1973. He also served as a First Lieutenant in the U.S. Army from 1968-1971, including service during the Vietnam conflict.
Mr. Porter maintains the highest AV rating from the legal ranking service Martindale-Hubbell, and he currently serves as a member of the USFN (America’s Mortgage Banking Attorneys), American Legal & Financial Network and the Mortgage Bankers Association. Mr. Porter is admitted to practice before the U.S. Supreme Court, U.S. 5th Circuit Court of Appeals and the U.S. District Courts for the Northern and Western Districts of Texas.
About MCS:
For more than 25 years, MCS has protected and preserved communities across the nation. Some of the largest and most respected banks and mortgage servicers in the industry trust MCS to perform property inspections, property preservation and REO property maintenance services in all 50 states. MCS has a history of providing these services in a highly-regulated environment, the proven ability to handle large volumes of properties, and a record of recruiting and monitoring a substantial vendor network.
Texas Secretary of State Filings
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BDF Law Group Lawyer Sanctioned by S.D. Tex. Judge Hilda Tagle for Bad Faith Removal of Foreclosure case from State to Federal Court https://t.co/OL1eV20HNY pic.twitter.com/Z1Y0NZmDFE
— LawsInTexas (@lawsintexasusa) June 18, 2020
#DidYouKnow The SEC brought several cases arising out of alleged misrepresentations and omissions made in connection with the structuring and issuance of MBS and CDO securities. In 2010, the SEC sued Goldman Sachs and an employee Fabrice Tourre (cont’d) #GoldmanSachs
— LawsInTexas (@lawsintexasusa) August 11, 2019
…for allegedly failing to disclose to noteholders of the Abacus CDO that a short investor had played a significant role in selecting the CDO’s assets. News of the lawsuit caused Goldman Sachs stock price to fall approximately 13%—a market capitalization loss of $14.2 billion.
— LawsInTexas (@lawsintexasusa) August 11, 2019
Inspection Services
MCS understands the importance of monitoring the condition of deliquent properties. As such, we place an emphasis on providing our clients comprehensive, knowledgeable reports on the properties they give us to monitor. Only through working together are we able to ensure our clients are notified of any issues as quickly as possible to help mitigate any risks and lessen neighborhood blight.
Occupancy Inspection
The primary purpose of this inspection is to determine if a property is currently occupied. The full names, contact phone numbers, rental information (if applicable), real estate agent or property manager information and the number of units will be provided, if it can be determined at the time of inspection. The property condition and any existing or potential conditions that could impact the value of the property will also be provided.
Property Condition Inspection
This inspection includes a direct visual observation of the property to determine the overall condition and occupancy status of the property. MCS will determine if there are any existing or potential conditions that could impact the value of the property. Property condition inspections can be completed on either a contact or no-contact basis.
Disaster Inspection
This inspection will determine the condition of the property and will document damages, if applicable, that are observed due to the disaster. Disaster inspections can be completed within regular inspection time frames or on a rush basis, depending on the accessibility of the impacted area.
REO Check Inspection
REO Check is an independent, on-site assessment of an REO property to determine the overall condition and marketability. This service can be completed weekly, biweekly or on a monthly basis from the time of asset acquisition until the property is sold. It provides information about each property’s overall interior and exterior condition, noting such things as damages, violations and the presence of hazardous conditions.
REO Check may also be used to assess the initial and ongoing maintenance of the property, including if debris is present and if the lawn is being maintained. In addition, the pre-marketing services performed by the listing agent are assessed, including the placement of signage and marketing materials, accessibility to the property and the overall marketability of each property.
The service ultimately ensures clients that each property is being kept secure, well maintained and readily marketable to show prospective buyers.
Insurance Loss Inspection
This inspection provides the inspector’s opinion of the approximate percentage of repairs completed based on the scope and dollar amount of repairs. We will attempt to make contact with the homeowner immediately following the receipt of the inspection order to schedule the appointment at the property.
Sale Date Inspection
This inspection type is conducted on a certain date (the foreclosure sale date which is provided to MCS from the client). The property condition and occupancy status are documented to determine if an eviction may be required. If the property is vacant, preservation work is performed consistent with each client specifications.
Letter Delivery Service
The purpose of the letter delivery service is to leave an envelope with client specific documents at the property. Contact with the occupant/s is available based on each client’s requirements. A photo of the subject property and the letter attached to the front door will be provided.
Due Diligence Inspection
This inspection is completed during the due diligence phase of portfolio acquisitions for the purpose of reviewing specific loan portfolios. Each inspection documents the occupancy and property condition of each property and notates high risk issues such as hazardous materials, damages and violations. Exception-based reporting is available as part of the due diligence process that highlights discrepancies within each portfolio.
Insurance Inspection
This inspection is used as part of the underwriting process for new homeowner’s insurance policies or as a recertification when policies renew. The inspection provides a summary of the property condition, notates any health or safety concerns and documents any other conditions that could impact the issuance of a new insurance policy.
Origination Inspection (Prior to Funding Inspection)
This inspection provides a summary of the occupancy and property condition of each property and is used prior to the funding of an origination, refinance or home equity transaction.
Photo Service
MCS can provide onsite, third party photos for any industry in every ZIP code in the United States and its surrounding territories. Photos are taken per client specifications and are available in real time for review on our web-based, proprietary technology platform, MCS360.
Property Condition Report
The property condition report is an independent, third party assessment that documents the actual property condition and complements Automated Valuation Model (AVM) reports in order to help meet Interagency Appraisal and Evaluation Guidelines for lending. As a result of the federal guidelines, regulated institutions must ascertain the actual physical condition of the subject property as well as economic or local market conditions when an AVM is used for lending purposes.
QC Compliance Inspection
This inspection is an independent, third party evaluation performed by banks or servicers in an effort to perform regulatory oversight of their existing vendor/s and agents. The purpose of this inspection is to verify previously received inspection results and/or specific preservation services already completed. Photo documentation is included to support discrepancies.
Additional Inspection Types
Additional Inspection Types Include:
-Bankruptcy Inspection
-Foreclosure Inspection
-Manufactured Housing Inspection
-Rush Inspection
Property Preservation Services
MCS works with servicers throughout the United States and its territories to ensure the properties they are responsible for are preserved and maintained in a manner that complies with the regulatory guidelines for the loan type as well as any code compliance legislation for the area. We work with our vendors to secure the property, remove any debris, conduct regular lawn maintenance and winterize when necessary. We share a common goal of getting a property into conveyance condition.
Lawn Maintenance
MCS will perform the necessary lawn maintenance to maintain the property’s appearance, prevent further degradation to the grounds and relieve the property of any existing or potential violation of local ordinance. Lawn maintenance includes mowing the lawn, weeding, edge trimming, sweeping of all paved areas (sidewalks, driveways, patios, etc.) and removal of all lawn clippings, related cuttings and incidental debris. The disposal of all clippings and incidental debris is removed in compliance with jurisdictional requirements.
MCS also provides an automatic grass cut program, where we will maintain the grounds at the property according to the applicable investor guidelines for each loan type. We will continue maintaining the grounds at the property until instructed to remove the property from the program or when maintenance is no longer needed, as specified by the investor specifications for each loan type and/or client requirements.
Initial Secure
This property preservation service authorizes MCS to perform required services based on the applicable investor guidelines and/or client requirements. For loan types with no applicable regulatory guidelines, the HUD guidelines will be followed. Services typically include changing an entry lock, locking all windows and doors, winterizing to the applicable specifications and maintaining the exterior grounds, when in season.
Winterization
This property preservation service authorizes MCS to winterize the plumbing at each property to prevent freeze damage, according to the investor requirements for each loan type.
Lock Change
MCS will change the lock(s) at each property to the key code according to the regulatory requirements and/or client requirements. For loan types with no applicable regulatory guidelines, the HUD guidelines will be followed. No additional property preservation will be completed in conjunction with this work order type, unless otherwise specifically requested.
Conveyance Condition Management
MCS will ensure that all work required by the regulatory guidelines for each loan type is complete and that the property is in conveyance condition. If any work is needed to bring the property into conveyance condition and can be completed per the published investor guidelines, the services will be completed in conjunction with this work order. If the work cannot be completed per the published investor guidelines, an estimate will be provided to bring the property into conveyance condition.
Debris Removal
This property preservation service authorizes MCS to remove interior, exterior and/or hazardous debris at each property based on client requirements and/or the investor specifications for each loan type.
Pool Securing
MCS will secure each pool or hot tub based on the regulatory requirements for the applicable loan type. This could include covering, decking, screening, pumping water out of the pool, chemical treatment and/or padlocking the pool gate, if required.
24/7 Call Center
MCS offers a 24 hour a day, 7 day a week call center that can handle emergency and non-emergency calls from occupants, neighbors, code official and other interested parties for both pre-sale and REO properties. MCS will work with each client to determine which services should be considered emergencies and handled immediately.
Additional Property Preservation Types
Additional Property Preservation Types Include:
-Allow Access
-Re-Secure
REO Property Maintenance
The longer a property remains on the market, the more important REO property maintenance becomes. MCS works with our clients to provide the necessary REO property preservation and inspection services to help mitigate the risk of holding properties and reduce holding timelines.
REO Secure
MCS will change the lock(s) and install a lock box at the property based on the key/lock box code according to the client’s specifications. In addition, all doors, windows, gates and other openings will be secured based on the client’s requirements.
Lawn Maintenance
MCS will perform the necessary lawn maintenance to maintain the property’s appearance, prevent further degradation to the grounds and relieve the property of any existing or potential violations of local ordinances. Lawn maintenance includes mowing of the lawn, weeding, edge trimming, sweeping of all paved areas (sidewalks, driveways, patios, etc.) and removal of all lawn clippings, related cuttings and incidental debris. The disposal of all clippings and incidental debris is removed in compliance with jurisdictional requirements.
MCS also provides an automatic grass cut program, where we will maintain the grounds at the property according to the applicable client’s requirements. We will continue maintaining the grounds at the property until instructed to remove the property from the program or when maintenance is no longer required, as specified by the client’s specifications.
Janitorial Services
MCS provides janitorial services to bring each property to a marketable condition. The services include vacuuming of all carpets, mopping all non-carpeted floors, scrubbing all bowls and basins and wiping down all counter tops, cabinets and appliances. Janitorial services can be performed at the time of initial services and on a monthly recurring basis.
Debris Removal
MCS will remove interior, exterior and/or hazardous debris at the property as authorized by the client’s specifications.
Repair and Rehabilitations
MCS offers full-spectrum repair and rehabilitation of all REO properties. MCS strives to ensure that market-competitive materials and improvements are reflected in all aspects of the work. MCS will provide a cost-effective scope that enhances the marketability of each property in any given price range.
Emergency Maintenance
MCS will mitigate emergency conditions as quickly as possible, when there is a clear threat to the property or the health, safety or general welfare of persons on or near the property. Such conditions may involve the presence of toxic or noxious materials, potential vandalism, water penetration, mechanical plumbing, pools or electrical hazards and other related conditions.
Winterization
This REO property maintenance service authorizes MCS to winterize the plumbing at the property, to prevent freeze damage, according to the client’s requirements for the geographic region of the property.
Pool Maintenance
MCS provides pool services that include the initial start-up of the pool and its operating systems, which may include draining, acid washing, treating and refilling the pool. Ongoing pool maintenance services can be provided on a weekly basis to ensure that the pool is maintained in an appealing manner to enhance marketability of the property. Pools will be secured via a locked gate or other means to discourage unauthorized persons from entering the pool area.
24/7 Call Center
MCS offers a 24 hour a day, 7 day a week call center that can handle emergency and non-emergency calls from occupants, neighbors, code official and other interested parties for both pre-sale and REO properties. MCS will work with each client to determine which services should be considered emergencies and handled immediately.
Smoke Detector, Carbon Monoxide Detector & Water Heater Strap Installations
MCS provides smoke detector, carbon monoxide detector and water heater strap installation per local code requirements.
Auction Sign Placement
MCS provides auction sign placement services, where we place auction signs at the properties scheduled for auction. Once the signs are placed, property checks are conducted prior to the auction to ensure the signs are still intact. The auction signs are removed once each property has been sold.
Relocation Assistance Management
MCS will coordinate with the listing agent and client to facilitate the relocation assistance exchange. MCS will inspect the property based upon the client’s specifications and instructions. If the property meets the client’s specifications, MCS will complete the relocation assistance exchange with the occupant(s) and secure the property.
Eviction Management
MCS provides property preservation support of the eviction and lock out process as required by each client. MCS will coordinate with local authorities on the removal of all debris and personal property at the property. MCS will follow the specific instructions provided with each lockout request based on state, county and city jurisdictions as well as client requirements.
Property Registration Services
More and more often, municipalities are enacting rules that require loan servicers to register properties that are in default. Tracking the enacted ordinances; which includes, identifying municipalities and their registration requirements as well as completing the actual property registration – is something that MCS is experienced in and well-qualified to do.
Property Registration, Re-Registration and De-Registration
MCS facilitates property registration services on behalf of our clients, while adhering to required code compliance and property registration local ordinances. We process both foreclosure and vacant property registrations ensuring all mandatory forms are provided to the proper municipal contact.
Lastly, we monitor time-frames and renew registrations as needed and will de-register the property upon notification of our client’s disposition of that property.
Property Registration Research
MCS will complete property registration research for our clients, which does not result in registration action.
HOA and Utility Services
MCS offers our clients many benefits with our Homeowners Association (HOA) and utility services. From reviewing and negotiating bills on behalf of our clients, our close relationships with utility providers and our centralized database that allows for real time tracking and reporting; MCS has the tools to provide these services effectively with the quality our clients expect.
Utility Activation and Deactivation
MCS facilitates utility services on behalf of our clients either as a one time basis or to continuously maintain utility services per investor regulations or to prevent further damage to a property; we will contact the local utility company to have services transferred under our client’s name.
Utility Certification
MCS notifies utility companies of our client’s ownership of properties and requests final bills from each utility provider. In the case that our clients are required to maintain utility services per investor regulations or to prevent damage to a property, we instruct the utility companies to have the service transferred to our client’s name.
MCS determines and promptly advises our clients if there are any outstanding balances on their utility bills that may result in a lien being placed against the property that would hinder conveyance by the client.
MCS provides our clients with documentation supporting outstanding utility company bills and we provide certification to our clients to ensure compliance with HUD ML-2013-18.
Utility Payment Processing
MCS processes HOA bills on behalf of our clients.
Utility Research
MCS performs utility research on behalf of our clients that does not result in a utility action.
HOA Certification
If a client’s property is subject to HOA assessments, MCS identifies and notifies the HOA of our client’s ownership of the property and will request all final or recurring invoices for assessments. We provide our clients with these documents and consult with them on how to address. When paid, we will provide proof of payment to clients as well as certification to ensure compliance with HUD ML-2013-18.
HOA Research and Information
MCS researches the property and will provide the name and contact information for applicable HOA to our clients.
HOA Payment Processing
MCS processes HOA bills and pays for them on behalf of our clients.
Other Services
MCS offers a variety of other services to accompany our property inspection, property preservation and REO property maintenance services. Click on the link below to view some of our services offered. If you don’t see the service you are interested in listed, please let us know by filling out our questions or comments form. We’ll be happy to let you know if it is something we are capable of providing.
Property Registration Services
MCS will facilitate the processing and completion of property registration services on behalf of the client. This includes the research of ordinances and completion of the property registration, renewal and/or de-registration as required.
Environmental Remediation
MCS provides support with the research, identification and resolution of biohazards including: black mold infestations, chemical or oil spills, meth labs, deceased habitants, Chinese drywall remediation, asbestos issues, lead paint contamination and other biohazard issues.
Police Report
Upon request, MCS will contact the appropriate law enforcement officials to obtain the official documentation for cases of theft, vandalism and/or any other event at the property warranting a fire or police report.
Utility Activation/Deactivation
MCS will facilitate all utility related functions for each REO property serviced. MCS will coordinate with local utility providers and municipalities to manage the activation, ongoing service, and deactivation for each utility service that is necessary for each property.
MCS will review utility related expenses and will submit invoices, including related supporting documentation and MCS fees, to the client for payment.
Utility Payment Processing
MCS will process utility reimbursements to agents/brokers on behalf of the client for utility expenses related to properties serviced by MCS. Agents/brokers will submit documentation, including invoices and proof of payment, to MCS for their utility expenses related to the activation, ongoing service and deactivation of all necessary utility services for each REO property.
MCS will review the utility documentation to ensure that reimbursements to agents/brokers are properly supported and will reimburse agents/brokers timely. MCS will submit invoices to the client based on reimbursements paid to agents/brokers and the related MCS fees.
Admit Stephen C. Porter resigned or retired due to the sheer volume of civil actions #BDF had to defend naming him as a serial “robo-signer” as he had “robo- signed” so many #foreclosure documents while at BDF. #fakedocs #DOJ #LenderProcessingServices #TrumpRecession pic.twitter.com/jsqjCm4fSr
— LawsInTexas (@lawsintexasusa) August 16, 2019
Admit that you as an #attorney cannot avoid liability on the ground that you were acting as an agent for your client if you knowingly commit a #fraudulent act that injures a third person. Toles v. Toles (Tex. App. 2003); Likover v. Sunflower Terrace II, Ltd (Tex. App. 1985). #law pic.twitter.com/QH5Mhfdz3y
— LawsInTexas (@lawsintexasusa) August 16, 2019
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