b'AB 3088 continued from page 8 LLC with at least one member as athe recording of a Notice of Default, theConclusionCorporation denial notice must also be attached to theWhile AB 3088 definitely adds layers of Civil Code 2923.5 Declaration (for thoseadditional procedures for certain loans, it Only applies if the borrower was currentlicensees foreclosing on 175 or fewer CAis a welcomed improvement compared to on payments as of February 1, 2020; andloans yearly), which is recorded with yourmany of the other bills that were narrowly Notice of Default. or otherwise defeated during 2020.For Onlyappliesiftheborroweristhat, we have to thank the Mikes for experiencing a financial hardship thatPractice Tip:Be careful about includingall their hard work, as well as the CMA prevents the borrower from makingcertain private consumer information in themembers who voiced their opposition to timely payments due, directly, ordenial letter if the letter is to be attachedtheir representatives and donated to the indirectly, to the COVID emergency.Noteto the Notice of Default Declaration, as itPAC.Since 2021 is bound to be anotherthe code does not provide a definitionbecomes public when recorded.challenging year, please remember to donate of financial hardship. to the PAC early and often.Thank you!*This article is not intended to provide If all of these conditions have been meteverything one needs to comply with and the borrower requests any type ofAB 3088s new requirements.Instead, it forbearance between September 1, 2020is intended to give the reader enoughSince 1994, Mr. Finlay has focused his legal and April 1, 2021, the loan servicer mustinformation to know what to look for whencareer on consumer finance and mortgage-either approve the request (in which case,servicing its loans.For more information,related litigation, compliance and regulatory there are no specific requirements), sendplease contact your counsel or the authormatters.Mr. Finlay is at the forefront of a defective notice letter, giving theat rfinlay@wrightlegal.net.In addition, if youthe mortgage banking industry, handling borrower 21 days to cure the defect, or denyneed more substantial help, Wright, Finlayall aspects of the ever-changing default the request in writing.The written denial& Zak has an AB 3088 Compliance Packageservicing and mortgage banking litigation must identify the specific reasons why theto help CMA members set up their internalarena, including compliance issues for borrower did not qualify for the forbearance.compliance procedures and answer anyservicers, lenders, investors, title companies If the lender later ends up proceeding withquestions. and foreclosure trustees.Points of InterestWinter 2020/2021Page 9'