HomeMy WebLinkAboutWESTSTAR LOAN SERVICING INC. - 2001-06-13 DEP,AT' FNTAL FGKLIST _ a:..
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1?�oFess �l Spur Caw4�rs. "—uxs-FP �-cxH S ►«K�� r„ .
Loan Servicing for Community Development Block Grant (CDBG) Housing Rehabilitation Loans
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PROFESSIONAL SERVICES CONTRACT BETWEEN
THE CITY OF HUNTINGTON BEACH AND
WESTSTAR LOAN SERVICING, INC. FOR PROVIDING LOAN
SERVICNG FOR THE CITY OF HUNTINGTON BEACH'S
REHABILITATION LOAN PROGRAM
Table of Contents
1 Scope of Services............................... ... ..........................................................1
2 City Staff Assistance................................................................................................2
3 Time of Performance ...............................................................................................2
4 Compensation ..........................................................................................................2
5 Priorities...................................................................................................................2
6 Extra Work...............................................................................................................2
7 Method of Payment..................................................................................................3
8 Disposition of Plans, Estimates and Other Documents ...........................................4
9 Agreement to Indemnify..........................................................................................5
10 Workers' Compensation Insurance...........................................................................6
11 General Liability Insurance......................................................................................7
12 Professional Liability Insurance..............................................................................8
13 Certificates of Insurance ........ ............................. .............................................8
14 Independent Contractor............................................................................................9
15 Termination of Agreement.......................................................................................9
16 Assignment and Subcontracting.......................................................:.......................10
17 Copyrights Patents:.......I.............
18 City Employees and Officials ..................................................................................10
19 Notices .....................................................................................................................10
20 Modification.............................................................................................................11
21 Section Headings .....................................................................................................11
22 Interpretation of this Agreement..............................................................................11
23 Duplicate Original....................................................................................................12
24 Immigration..............................................................................................................12
25 Legal Services Subcontracting Prohibited...............................................................12
26 Attorney's Fees..........................................................................................................12
27 Fidelity Bond.............................
28 Entirety.....................................................................................................................I2
PROFESSIONAL SERVICES CONTRACT BETWEEN
THE CITY OF HUNTINGTON BEACH AND
WESTSTAR LOAN SERVICING, INC. FOR PROVIDING LOAN
SERVICING FOR THE CITY OF HUNTINGTON BEACH'S
REHABILITATION LOAM PROGRAM
THIS Agreement is made and entered into this /3Aday of 2001,
by and between the City of Huntington Beach, a municipal corporation of the State of California,
hereinafter referred to as "CITY," and WESTSTAR LOAN SERVICING, INC., a California
corporation, hereinafter referred to as "CONSULTANT."
WHEREAS, CITY desires to engage the services of a consultant to provide loan servicing
for the CITY's rehabilitation loan program; and
Pursuant to documentation on file in the office of the City Clerk, the provisions of
the Huntington Beach Municipal Code, Chapter 3.03, relating to procurement of professional
service contracts have been complied with; and
CONSULTANT has been selected, from others who submitted proposals, to perform said
services,
NOW, THEREFORE, it is agreed by CITY and CONSULTANT as follows:
1. SCOPE OF SERVICES
CONSULTANT shall provide all services as described in its Proposal (including
Exhibits A through G attached thereto) dated October 11, 2000 (a copy of the first 11 pages of
which is attached hereto as Exhibit A.). The entirety of CONSULTANT's October 11, 2000
Proposal is incorporated into this Agreement by this reference. These services shall sometimes
hereinafter be referred to as the "PROJECT." CITY shall assign a staff coordinator to work directly
with CONSULTANT in the performance of this Agreement. CONSULTANT hereby designates
Christie Eurton, who shall represent CONSULTANT and shall be CONSULTANT's primary
contract person with CITY.
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2. ADDITIONAL SERVICES OF CONSULTANT
In addition to all of the services of CONSULTANT as set forth in its October 11,
2000 Proposal, CONSULTANT shall also:
A. Establish the first day of a given month as the payment date of all new loans
set up by it during its performance of this Agreement; and
B. Make daily deposits of all loan proceeds paid to it by borrowers, and mail
--daily remittance information, with principal and interest breakdowns, to CITY's City Treasurer's
Office, P. O. Box 711, Huntington Beach, CA 92648.
3. - TERM OF PERFORMANCE
Unless sooner terminated as provided for herein, the initial term of this Agreement
shall be for the period commencing on December 8, 2000 and ending on September 30, 2001.
Thereafter, the term of this Agreement, by mutual agreement of the parties, may be extended for
additional periods of one fiscal year; with the first such extension period commencing on October 1,
2001 and ending on September 30, 2002. Any agreed upon extension of the term of this Agreement
shall take the form of a written modification to this Agreement.
4. CO_MPENSATION
In consideration of the performance of the services described herein, during the
initial December 8, 2000 to September 30, 2001 term of this agreement, CITY agrees to pay
CONSULTANT a fee not to exceed Fifteen Thousand Dollars (S I S,000.00). Inconsideration of
this performance of the services described herein, during each one fiscal year extension period of
this Agreement, CITY agrees to pay CONSULTANT a fee not to exceed Nineteen Thousand
Dollars (S19,000.00). Any mutually agreed upon change to the amount to be paid for
CONSULTANT's services shall take the form of a written modification of this Agreement.
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As stated in CONSULTANT's Proposal, CONSULTANT's fee for setting up a new
loan shall be Thirty Dollars ($30.00) per loan. However, this new loan set up fee shall be waived
for all of those existing loans previously administered for the CITY by the Bank of America. A list
of these formally administered Bank of America loans, to which this waiver is applicable, is
attached to this Agreement as Exhibit B and incorporated herein by reference.
As further stated in CONSULTANT's Proposal, CONSULTANT's monthly fee for
reporting and the maintenance of records is Seven Dollars (S7.00) per loan per month. And as
further stated in CONSULTANT's Proposal, CONSULTANT's fee for the collection of delinquent
accounts is Three Dollars ($3.00) per delinquent notice sent.
5. PRIORITIES
In the event there are any conflicts or inconsistencies between this Agreement, the
CITY's RFP, or the CONSULTANT's Proposal, the following order of precedence shall govern:
(1) Agreement, (2) the CONSULTANT's Proposal, and (3) the CITY's RFP.
6. EXTRA WORK
In the event CITY requires additional services not included in Exhibit "A," or
changes in the scope of services described in Exhibit "A," CONSULTANT will undertake such
work only after receiving written authorization from CITY. Additional compensation for such extra
work shall be allowed only if the prior written approval of CITY is obtained.
7. METHOD OF PAYMENT
A. CONSULTANT shall be entitled to monthly payments toward the total
amount of compensation to be paid to it under Paragraph 4 of this Agreement.
B. Delivery of work product: A copy of every memorandum, letter, report,
calculation and other documentation prepared by CONSULTANT shall be submitted to CITY to
demonstrate progress toward completion of tasks. In the event CITY rejects or has comments on
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any such product, CITY shall identify specific requirements for satisfactory completion. Any such
product which has not been formally accepted or rejected by CITY shall be deemed accepted.
C. CONSULTANT shall submit to CITY an invoice for each progress payment
due. Such invoice shall:
1) Reference this Agreement;
2) Describe the services performed;
3) Show the total amount of the payment due;
4) Include a certification by a principal member of CONSULTANT's
firm that the work has been performed in accordance with the
provisions of this Agreement; and
5) For all payments include an estimate of the percentage of work
completed.
Upon submission-of any such invoice, if CITY is satisfied that CONSULTANT is
making satisfactory progress toward completion of tasks in accordance with this Agreement, CITY
shall promptly approve the invoice, in which event payment shall be made within thirty(30) days of
receipt of the invoice by CITY. Such approval shall not be unreasonably withheld. If CITY does
not approve an invoice, CITY shall notify CONSULTANT in writing of the reasons for non-
approval within seven (7) calendar days of receipt of the invoice, and CONSULTAI`T's
performance shall be suspended until the parties agree that past performance by CONSULTANT is
in, or has been brought into compliance, or until this Agreement is terminated as provided herein.
D. Any billings for extra work or additional services authorized by CITY shall
be invoiced separately to CITY. Such invoice shall contain all of the information required above,
and in addition shall list the hours expended and hourly rate charged for such time. Such invoices
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shall be approved by CITY if the work performed is in accordance with the extra work or additional
services requested, and if CITY is satisfied that the statement of hours worked and costs incurred is
accurate. Such approval shall not be unreasonably withheld. Any dispute between the parties
concerning payment of such an invoice shall be treated as separate and apart from the ongoing
performance of the remainder of this Agreement.
S. DISPOSITION OF PLANS, ESTIMATES AND OTHER DOCUMENTS
CONSULTANT agrees that all materials prepared hereunder, including all original
drawings, designs, reports, both field and office notices, calculations, maps, memoranda, letters and
other documents, shall be turned over to CITY upon termination of this Agreement or upon
PROJECT completion, whichever shall occur first. In the event this Agreement is terminated, said
materials may be used by CITY in the completion of the PROJECT or as it otherwise sees fit. Title
to said materials shall pass to CITY upon payment of fees determined to be earned by
CONSULTANT to the point of termination or completion of the PROJECT, whichever is
applicable. CONSULTANT shall be entitled to retain copies of all data prepared hereunder.
9. HOLD HARMLESS
CONSULTANT shall protect, defend, indemnify, save and hold harmless CITY, its
officers, officials, employees, and agents from and against any and all liability, loss, damage,
expenses, costs {including without limitation, costs and fees of litigation of every nature} arising out
of or in connection with CONSULTANT's performance of this Agreement or its failure to comply
with any of its obligations contained in this Agreement by CONSULTANT, its officers, agents or
employees except such loss or damage which was caused by the sole negligence or willful
misconduct of CITY. CITY shall be reimbursed by CONSULTANT for all costs and attorney's fees
incurred by CITY in enforcing this obligation.
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10. WORKERS' COMPENSATION INSURANCE
Pursuant to California Labor Code Section 1$61, CONSULTANT acknowledges
awareness of Section 3700 et seq. of said Code, which requires every employer to be insured
against liability for workers' compensation; CONSULTANT covenants that it will comply with
such provisions prior to commencing performance of the work hereunder; and shall indemnify,
defend and hold harmless CITY from and against all claims, demands, payments, suit, actions,
proceedings, and judgments of every nature and description, including attorney's fees and costs
presented, brought or recovered against the CITY, for or on account of any liability under any of
said acts which may be incurred by reason of any work to be performed by CONSULTANT under
this Agreement.
CONSULTANT shall maintain workers' compensation insurance in an amount of
not less than One Hundred Thousand Dollars ($100,000) bodily injury by accident, each
occurrence, One Hundred Thousand Dollars (S100,000) bodily injury by disease, each employee,
Two Hundred Fifty Thousand Dollars ($250,000) bodily injury by disease, policy limit.
CONSULTANT shall require all subcontractors to provide such workers'
compensation insurance for all of the subcontractors' employees. CONSULTANT shall furnish to
CITY a certificate of waiver of subrogation under the terms of the workers' compensation insurance
and CONSULTANT shall similarly require all subcontractors to waive subrogation.
11. GENERAL LIABILITY INSURANCE
In addition to the workers' compensation insurance and CONSULTANT's covenant
to indemnify CITY, CONSULTANT shall obtain and furnish to CITY, a policy of general public
liability insurance, including motor vehicle coverage covering the PROJECT. The policy shall
indemnify CONSULTANT, its officers, agents and employees, white acting within the scope of
their duties, against any and all claims arising out of or in connection with the PROJECT, and shall
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provide coverage in not less than the following amount: combined single limit bodily injury and
property damage, including products/completed operations liability and blanket contractual liability,
of$1,000,000 per occurrence. If coverage is provided under a form which includes a designated
general aggregate limit, the aggregate limit must be no less than $1,000,000 for this PROJECT.
The policy shall name CITY, its agents, its officers, employees and volunteers as Additional
Insureds, and shall specifically provide that any other insurance coverage which may be applicable
to the PROJECT shall be deemed excess coverage and that CONSULTANT's insurance shall be
primary.
Under no circumstances shall the above-mentioned insurance contain a self-insured
retention, or a"deductible"or any other similar form of limitation on the required coverage.
12. PROFESSIONAL LIABILITY INSURANCE
CONSULTANT shall furnish a professional liability insurance policy covering the
work performed by it hereunder. Said policy shall provide coverage for CONSULTANT's
professional liability in an amount not less than 51,000,000 per occurrence and in the aggregate.
A claims-made policy shall be acceptable if the policy further provides that:
A. The policy retroactive date coincides with or precedes the initiation of the
scope of work (including subsequent policies purchased as renewals or
replacements).
B. CONSULTANT shall notify CITY of the reporting of any circumstances or
incidents that might give rise to future claims.
CONSULTANT will make every effort to maintain similar insurance during the
required extended period of coverage following project completion, including the requirement of
adding all additional insureds.
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If insurance is terminated for any reason, CONSULTANT agrees to purchase an
extended reporting provision of at least two (2) years to report claims arising from work performed
in connection with this Agreement.
13, CERTIFICATES OF INSURANCE
Prior to commencing performance of the work hereunder, CONSULTANT shall
furnish to CITY certificates of insurance subject to approval of the City Attorney evidencing the
foregoing insurance coverages as required by this Agreement; the certificates shall:
A. provide the name and policy number of each carrier and policy;
B. shall state that the policy is currently in force; and
C. shall promise that such policies shall not be suspended, voided or canceled by
either party, reduced in coverage or in limits except after thirty(30) days'
prior written notice; however, ten (10) days' prior written notice in the event
of cancellation for nonpayment of premium.
CONSULTANT shall maintain the foregoing insurance coverages in force until the
work under this Agreement is fully completed and accepted by CITY.
The requirement for carrying the foregoing insurance coverages shall not derogate
from the provisions for indemnification of CITY by CONSULTANT under the Agreement. CITY
or its representative shall at all times have the right to demand the original or a copy of all said
policies of insurance. CONSULTANT shall pay, in a prompt and timely manner, the premiums on
all insurance hereinabove required.
14. INDEPENDENT CONTRACTOR
CONSULTANT is, and shall be, acting at all times in the performance of this
Agreement as an independent contractor herein and not as an employee of the CITY.
CONSULTANT shall secure at its expense, and be responsible for any and all payment of all taxes,
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social security, state disability insurance compensation, unemployment compensation and other
payroll deductions for CONSULTANT and its officers, agents and employees and all business
licenses, if any, in connection with the services to be performed hereunder.
15. TERMINATION OF AGREEMENT
All work required hereunder shall be performed in a good and workmanlike manner.
Either party may terminate this Agreement, at any time with or without cause, during either the
initial term of this Agreement or any extension thereof, and whether or not PROJECT is fully
complete, upon sixty(60) days prior written notice to the other party. In the event of termination,
regardless of which party terminates this Agreement, all finished and unfinished documents,
exhibits, report, and evidence shall, at the option of the CITY, become its property and shall be
delivered to it by CONSULTANT.
16. ASSIGNMENT AND SUBCONTRACTING
This Agreement is a personal service contract and the supervisory work hereunder
shall not be delegated by CONSULTANT to any other person or entity without the express written
consent of CITY.
IT COPYRIGHTSMATENTS
CITY shall own all rights to any patent or copyright on any work, item or material
produced as a result of this Agreement.
18. CITY EMPLOYEES AND OFFICIALS
CONSULTANT shall employ no CITY official nor any regular CITY employee in
the work performed pursuant to this Agreement. No officer or employee of CITY shall have any
financial interest in this Agreement in violation of the applicable provisions of the California
Government Code.
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19. NOTICES
Any notice or special instructions required to be given in writing under this
Agreement shall be given either by personal delivery to CONSULTANT's agent (as designated in
Section I hereinabove) or to CITY's Director of Economic Development as the situation shall
warrant, or by enclosing the same in a sealed envelope, postage prepaid, and depositing the same in
the United States Postal Service, addressed as follows:
TO CITY: TO CONSULTANT:
Director of Economic Development Christie Eurton, Vice President
City of Huntington Beach WcstStar Loan Servicing, Inc.
P. O. Box 190, 2000 Main Street 225 South Lake Avenue, 11`l' Floor
Huntington Beach, CA 92648 Pasadena, CA 91101
20. MODIFICATION
No waiver or modification of any language in this Agreement shall be valid unless in
writing and duly executed by both parties.
21. SECTION HEADINGS
The titles, captions, section, paragraph, subject headings and descriptive phrases at
the beginning of the various sections in this Agreement are merely descriptive and are included
solely for convenience of reference only and are not representative of maters included or excluded
from such provisions, and do not interpret, define, limit or describe, or construe the intent of the
parties or affect the construction or interpretation of any provision of this Agreement.
22. INTERPRETATION OF THIS AGREEMENT
The language of all parts of this Agreement shall in all cases be construed as a
whole, according to its fair meaning, and not strictly for or against any of the parties. If any
provision of this Agreement is held by an arbitrator or court of competent jurisdiction to be
unenforceable, void, illegal or invalid or affect the remaining covenants and provisions of this
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Agreement. No covenant or provision shall be deemed dependent upon any other unless so
expressly provided here. As used in this Agreement, the masculine or neuter gender and singular or
plural number shall be deemed to include the other whenever the context so indicates or requires.
Nothing contained herein shall be construed so as to require the commission of any act contrary to
law-, and wherever there is any conflict between any provision contained herein and any present or
future statute, law, ordinance or regulation contrary to which the parties have no right to contract,
then the latter shall prevail, and the provision of this Agreement which is hereby affected shall be
curtailed and limited only to the extent necessary to bring it within the requirements of the law.
23. DUPLICATE ORIGINAL
The original of this Agreement and one or more copies hereto have been prepared
and signed in counterparts as duplicate originals, each of which so executed shall, irrespective of the
date of its execution and delivery, be deemed an original. Each of the parties hereto shall retain an
originally signed copy hereof. Each duplicate original shall be deemed an original instrument as
against any party who has signed it.
24. IMMIGRATION
CONSULTANT shall be responsible for full compliance with the immigration and
naturalization Iaws of the United States and shall, in particular, comply with the provisions of the
United States Code regarding employment verification.
25. LEGAL SERVICES SUBCONTRACTNG PROHIBITED
CONSULTANT and CITY agree that CITY is not liable for payment of any
subcontractor work involving legal services, and that such legal services are expressly outside the
scope of services contemplated hereunder. CONSULTANT understands that pursuant to
Huntington Beach City Charter Section 309, the City Attorney is the exclusive legal counsel for
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CITY; and CITY shall not be liable for payment of any legal services expenses incurred by
CONSULTANT.
26. ATTORNEY'S FEES
In the event suit is brought by either party to enforce the terms and provisions of this
Agreement or to secure the performance hereof, each party shall bear its own attorney's fees.
27. FIDELITY BOND
Prior to undertaking performance under this Agreement, CONSULTANT shall
furnish proof to CITY, for approval by the City Attorney, that it has obtained a fidelity bond
covering any loss or damage caused by the dishonest or unlawful act or acts of any of its employees
who perform services to CITY under this Agreement. CONSULTANT shall maintain said bond in
force and effect during the initial term of this Agreement, and any extension thereof.
28. ENTIRETY
The Agreement contains the entire agreement between the parties respecting the
subject matter of this Agreement and supercedes all prior understanding and agreements whether
oral or in writing.
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II` WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by
and through their authorized offices the day, month and year first above written.
WEJ- ARLOAN SERVIC G, INC. CITY OF HUNTINGTON BEACH, a
municipal corporation of the State of California
By: �
r
prim name
ITS: (circle one)Chairman resident lice President City ATministrator
AND
APPROVED AS TO FORM:
By:
print ame zN�oi City Attorney
ITS: (circle one ecretary ief Financial OfticerrAsst. f v 12._ O i
Secretary—Treasurer 6
INITI ED, REVIEWED AND APPROVED:
Ad. (_1
Director of Economi evelopment
Ci eas er
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WestStor
The Premier loan f
Servicing Company 1
City of Huntington Beach
RcdeveklmRont Loan Program
Proposal For Loan Servicing
October 11, 2000
Pasadena, Ca.
CORPORATE OVERVIEW
Weststar Loan Servicing, Inc., a subsidiary of Weststar Mortgage Corporation, based in
Albuquerque,New Mexico,(collectively "Weststar" and "the Company") functions as a loan
servicer for city and county redevelopment agencies, seller carry-back notes, resort properties,
land subdivisions, as well a collection agent for monthly rents on rental properties.
The Company contracts with municipalities, financial institutions, real estate developers and title
companies to perform individual loan servicing functions on their consumer and mortgage loan
portfolios. Our scope of services includes;
♦ Loan Servicing
♦ Trust Fund Accounting and Disbursements
The breath of experience and services we provide is due to the fact we are not a single
industry loan servicer.
During the past 15 years, Weststar and affiliates have gained considerable depth of experience in
servicing consumer loan products. The Company has specialized in this arena and is continuing
to expand, based on industry recognized skills in providing specialized reporting and collection
programs. We currently support clients such as City of Long Beach, City of Yakima, City of
Detroit, U.S. Bancorp,Norwest Bank, Stewart Title, Fidelity National Title and other NYSE
companies. Our full service approach provides the necessary range of supplemental activities
from collection efforts through to foreclosure, providing our clients the scope of services crucial
to maintaining servicing value and protecting the underlying asset.
Our experience with multiple loan types augments our broad capabilities with the collection of
loans. The Company is currently supporting approximately 100,000 loans. The loans supported
are equally split between loans serviced by the Company for others and loans serviced by major
institutions utilizing the Weststar technology in a service bureau environment.
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COMMUNITY DEVELOPMENT and REDEVELOPMENT AGENCIES
The primary objective of Title I of the Housing and Community Development Act of 1974, as
amended, is the development of viable urban communities by providing decent housing, a
suitable living environment, and expanding economic opportunities for persons of low and
moderate income.
Many local agencies, in keeping with national objectives, have also developed commercial and
economic development programs. These programs are, in many cases, dedicated to the
rehabilitation of commercial or industrial space, or for facade improvement. In California,
particularly, seismic retrofitting is of primary concern to many county governments.
Weststar is developing a specialty in assisting city and county redevelopment agencies account
for and manage these assets. Most agencies simply do not have the volume of loans necessary to
invest in the appropriate technology to assist them in adequately tracking and collecting on the
loans, which have been made.
In its service to government agencies, Weststar is committed to meeting the specialized needs of
our clients. Aided by a staff of dedicated professionals, our services are structured on the needs
of our clients. We bring to you a significant amount of private sector knowledge and an
understanding of public sector purpose.
Weststar has knowledge in both direct loan servicing and funds disbursement. Funds are held in
trust and disbursed without delay, either daily,weekly or semi-monthly upon proper
authorization.
Weststar is noted for dependable, efficient service delivery. Our professional staff offers you a
broad range of disciplines including.business administration, finance, and loan servicing. We try
to provide innovative ideas and approaches for services, which are continually passed on to our
client base regardless of industry.
Pay. Z
Summary of the benefits Weststar provides to City and County Redevelopment Agencies
♦ LONGEVITY-- We have a long term proven track record of providing loan portfolio
management and other financial and administrative services to government agencies, private
investors and land developers. Long term stability is an important factor when dealing with
extended term notes
♦ FINANCIAL STABILITY -- Our strong audited financial condition, attested to by Arthur
Andersen LLP,provides you the assurance the company can fulfill its contractual term. A
broad client base means financial independence, i.e., the company is not dependent on any
one client to stay in business.
♦ DIVERSIFICATION -- We offer a wide variety of financial and administrative services.
Our company can meet potential Agency needs such; loan processing, underwriting,
document preparation, construction funds disbursement, and several other specialized
services, all designed to meet your program requirements.
♦ FLEXIBLE REPORTING -- We have developed a series of reports which track each funding
source utilized by the agency and then roll-up the accounts into a single report providing
administrators can get a quick clear picture of their portfolios.
In addition, if a borrower has a loan, which was funded by multiple sources, Weststar tracks
and reports on each, fractionalized portion of the loan by funding source.
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LOAN SERVICING AND PORTFOLIO MANAGEMENT
The ongoing management of the portfolio is critical to ensure the repayment of the loans and
having these funds available for continual lending to new borrowers.
Some of our ty0ical services include;
♦ Payment processing
♦ Coupon production
♦ Telephone Customer service
♦ Delinquency management
♦ Specialized management reporting services, by funding source
♦ Annual production of 1098's for borrowers,
--including an annual history of payments received.
Payment Processing
All payments received are posted to the account on the day received, except for accounts, which
are in foreclosure. Funds are available for disbursement within 24 hours after receipt providing
a check does not get returned due to insufficient funds.
Coupon Production
Coupons are produced in-house the same day a request for coupons is received. Annually, a
coupon booklet is produced and sent to the borrowers. Should the borrower misplace their
coupon booklet, replacement coupons will be immediately produced and sent to the borrower
Telephone Customer Service
Customer service representatives are available during normal business hours, to answer any loan-
related questions from either the borrower or representatives of the Agency. A nationwide 800#
is available so as to minimize the expense to the borrower and agency.
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Delinquency Management
Weststar provides the agency the ability to monitor and control the delinquencies within their
portfolio. We are able to design a delinquency notice program to fit the specific needs of the
agency. Delinquency notices are typically sent at 15, 30, and 60 days after the payment was due,
but the frequency of notices may be changed based on our clients needs.
In addition, Weststar provides the Agency a delinquency report each month in order to monitor
the portfolios delinquency rates.
Specialized Management Reporting
Monthly reports are provided to manage the loan portfolio. Reports include;
■ A Contract Transaction Report for the total portfolio, which displays the basic loan status,
and payment activity.
■ A Delinquency Report based on the minimum days late requested by the agency (ie. /15,30
or 60 days delinquent),
■ New Loans Setup,
■ Paid Off Loans,
• Contract Transaction Report by Funding Source (same as the normal contract transaction
report, except it only reports loans by funding pool).
Specialized reports can be created at the Agency's request based on their needs, in addition any
report can be produced on demand, and faxed or mailed to the client.
In addition, basic portfolio information and delinquency information may be retrieved by our
clients via our internet website.
Annual Production of IRS Reporting Documents
Each January, Weststar produces a 1098 for every borrower,providing them with the interest,
which was paid on the loan. The form utilized by Weststar also provides the borrower a history
of all payments processed by Weststar for the pervious year. This allows the borrower to
compare their records with the payments received by Weststar.
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TRUST FUND ACCOUNTING AND DISBURSEMENTS
All client funds received by Weststar whether payments from borrowers or funds advanced by
the Agency in anticipation of loan funding are held in designated trust accounts. Each year, our
auditors, Arthur Andersen LLP, review and report on the trust funds in accordance with our
licensing requirements.
Weststar works with its clients with respect to their requirements for remitting funds to the
agency from loan payments received by Weststar. We are able to disburse funds in a variety of
means depending on the Agency's needs. Funds can be disbursed daily, weekly, semi-monthly
or monthly, via direct deposit into City/County bank accounts utilizing ACH, wire transfers or
check disbursement.
In addition, at month end, Weststar provides the Agency with a report which summarizes all the
cash inflows and outflows for the Agency.
SERVICES TO BE PROVIDED
For the-City of Huntington Beach
The following is a description of the services Weststar will provide to the City of Huntington
Beach ("City")and the fees to be charged for the service.
NEW LOAN SETUP
Weststar will setup a new loan account for each new loan submitted to the Company within 24
hours, provided the information required to be supplied by the City is complete.
A setup form will be provided to the City for the required information, an example of such form
is supplied in the EXHIBIT section of this response.
When a loan is setup by the Company, a welcome letter is sent notifying the borrower that
Weststar will be servicing the loan on behalf of the City, the letter will provide them with their
loan number, and our customer service 800##. In addition, they will receive mortgage coupons
for the remainder of the year. The coupons will provide an amount which is required to be paid
each month in accordance with the terms and conditions of their note, including principal,
interest, impounds (if required), and will also show the amount due if the account is received
subsequent to the last day of the grace period.
The fee for this service is: S30.00 per new loan vetun h.,
Pa ri
��lhg kT Ar
LOANSERVICING
In accordance with generally acceptable loan servicing practice, the Company will comply with
all relevant and applicable requirements of any State or Federal laws, rules or regulations
respecting or governing consumer credit and truth-in-lending and will provide the following
services;
PAYMENT PROCESSING
➢ Weststar will deposit all funds which are received into a client trust account which is a
segregated account from Weststar's corporate funds.
➢ Weststar will assess a borrower for late fees in accordance with the terms and conditions of
their respective note. Such late fee will be assessed at the end of the specified grace period if
the payment has not been received by Weststar.
➢ Weststar will contact the borrower on a periodic basis to secure any information which may
be required to be supplied in accordance with the loan agreement.
➢ Each semi-monthly disbursement to the City,will be segregated according to the funding
source and will reconcile with the semi-monthly and month end reports provided by the
Company. These monthly remittances and reports, will be provided no later than the 181h of
the current month and 5th business day of the following month or at intervals requested by
the City.
➢ The monthly remittances to the City will represent all principal, interest, and late fees less
applicable servicing fees, and NSF checks. Each disbursement will be for the applicable
program designated by the loan funding source. These disbursements will reconcile with the
individual program reports provided by Weststar.
REPORTING AND AMINTENACE OF RECORDS
Weststar will provide the City with a comprehensive set of monthly reports by funding source as
provided below;
➢ Each month and on a semi-monthly basis, a Contract Transaction Report(see EXHIBITS) by
funding source will be provided to the City, showing each loan serviced, payments
processed, principal, interest, impound and late fee application,and the remaining principal
balance due on each loan.
➢ An Aging Report(see EXHIBITS)will also be provided highlighting all accounts which are
more than 30 days delinquent. The report will provide the borrowers name, address, and
delinquent amounts.
➢ Upon request by the City, the Company will provide the City with a report of each loan
which is delinquent and will provide all recorded comments noted by the staff in the memo
fields related to conversations with the borrowers.
➢ At times, Weststar may obtain information related to a specific property in which the City is
a lienholder, related to abandonment, waste, or other matter which may effect the value of
the underlying property. At such time, the Company will notify the City of its information so
that City personnel may take appropriate action to preserve its asset.
➢ Upon request by the City, the Company will provide amortization schedules on specific loans
requested.
➢ Upon receipt of a payoff request, Weststar will provide the party requesting the payoff, a
written payoff statement.
➢ Each year a form 1098 will be provided to each borrower highlighting interest paid during
the previous calendar year and a payment history for the calendar year.
The monthly fee for this service is. S 7.00 per loatt per month.
� gR
Pa . Q
•
COLLECTION OF DELINQUENT ACCOUNTS (Optional Service)
Weststar has not been involved with the loan documentation preparation, underwriting or
previous collection efforts on the loans made by the City of Inglewood, and as such,the
Company will diligently execute its duties and will attempt to contain the delinquencies through
the following methods;
➢ Based on the terms and conditions of each individual note, the Company will immediately
send out a standard reminder letter to the borrower the day after the end of the specified
grace period, should a payment not be received on the specific loan.
➢ When a note becomes 30 days delinquent a second letter will be sent to the borrower, again
demanding payment of the past due monthly payment and late charges.
➢ When an account is 60 days past due a third and final demand for payment will be made prior
to the initiation of a formal demand for payment of the full amount due and owing. The
Company will also attempt to contact the borrower via the telephone in order to establish the
reasons for the delinquencies and attempt to cure the past due amounts.
➢ For delinquent accounts which are between 60-90 days in arrears, Weststar may provide
recommendations to the City to accept an extension agreement on a note if the borrower is
able to demonstrate to Company personnel, that there has been a reduction in household
income and that the borrower can pay at least the interest owing on a monthly basis.
It is the City's responsibility to evaluate the information and approve any extension
agreement with the borrower.
➢ In addition, for accounts which are delinquent, Weststar may also provide the City with a
recommendation to modify the remaining terms and conditions of the existing mortgage
given the circumstances surrounding the borrowers capacity to continue to make payments.
P� t o
It is the City's responsibility to evaluate the information and approve any loan modification
with the borrower.
Any and all communications with the borrower and Weststar staff will be in compliance with the
Fair Debt Collection Practices Act.
The fee for this service is: $3.00 per notice sent
Clam LT 4r
19 u Nd (IF A WJAN' AMMUNTING nse)LF!? miniTAND"NG 0702L)-oot-001 07-:31-00 01AG:_ 14
ACCOUNT NOTE SHORT NAME tifirE Amn[IN] lt%CLIF rl,.TE NXT/1,4014 PAY PRESEHI BALANCE. UFF FLMi-S LATE RCIS
r)f-p- NF)c:, rjevt: PAS' Il-IC ew-ffILINT P;I YFT I.-I-30-60-96
TLE DLR CON."ANY Nil; 00060000113
640107464 00001 m1THOFF SANDRA L 158/180 927.55 00001 07-01-00-00
06-25-:.,2 C.i r_2,;-()11) .00 ()0 SO:
660107595 00001 SANCHEZ RUflERF 20,000.00 07-29-07 157/100 3,546.27 00001 12-00-00-0(:
0 7--2 9-".-2 07-29-00 .00 00200
640113240 00001 H.EiVi? LARRY M 101,000.00 11-04-32 1,12/1a0 2.461.32 00001 06-00-00-00
11-04-o"i 00-04-00 00 00200
660114220 00001 ll-l_A.MA R 1 51 1:1()().00 04-24 OV 36/1.00 4,390.24 Cr)()i G,-,-0 0 00 0
04--��4-04 00-24-00 .00 00200
6 e..01.14938 00001 MIR!IAN A 22 1 tiocl.00 09-20-09 13 1/100 9,344.97 OCC01 01-00-00-00 f)
07-20-04 08-10-00 .00 00200
660114942 00001 02YLE HANNAH 10,000.00 .131/180 3.230.43 00001 00-00-00-OQ 0
09-20-04 o8-20-00 .00 00200
66Oi15153 00001 WRIGHT OUGLAS E 15,000,00 LO-12-LAY 131/l80 5,OiE[,52 OOOOL 24-04-00-00 0
10-12-04 08-12-00 .00 00200
660115359 00001 RYAN AVIS L 15,000.00 12-21-89 128/1130 3,894.04 00001 03-00-00-00 0
12-21-04 00-2 t00 .00 00200
660115404 00001 WELLS BOROTP.Y E 10,000.00 12-29-89 120/1BO 3,497-89 00001 12-0100-00 D
12-29-04 07-29-00 .00 00200
660116114 00001 UILS,2-1`1 ANNI:-7'E J 15,0co.00 123/1130 5,67C.75 0000i- 02-03-0*
06-08-05 00-03-00 .00 00200
460116231 LOCO! EOJTR !MNICTIE Fj 1z,qn.co C7- 4,7550.01 00001
07-12-05 08-12-00 .00 00200
5LO119448 00001 RnrE PHIl_t_1P 13,000.00 10-06-92 95/180 7,010.29 00001 03-00-00-00 0
10-0602 06-06-00 .00 00200
560122544 00001 FRUTOS ELVIRA h 10.000-00 09-21-94 71/180 6,626.49 00007 02-00-00-00 0
09_20_011 00-20-00 .00 00200
560122805 00001 SHUTER SYL.VIA 12,000.00 10-24-95 59/100 8,750.40 00007 00-00-00-00 0
10-7-10 oa-:7-00 .00 00200
s6clJ22952 00001 CINOCCO IM:7 M 15,635.00 06-06-1?6 52/3.90 11,925.B3 00007 00-00-00-01) 0
05-07-11 08-07-00 .00 00200
560123033 00001 01 BIA51 NICF.,CLnS E 15,000.00 10-02-96. 47/180 10,334.9"- 00007 00-00-00-00
10-02-11 08-02-00 .00 00200
56012'i369 0000. EALz_Y ..Cl-N' 1=,227.B3 021-0 -c/o 31/112 Q0cc7 00-00 00
06-01-07 00-01-00 .00 00200
560i23370 00001 3=.';EY FOWARS 5i963.11 02-0 LP0 3 L/ 90 4,1V.47 00007 00-00-Oz)-03
00-01-0IL 09-01-00 .00 00200
560123371 00001 BANEY EDW41b 5,963.11 02-01-9p 31/ 90 4,193.29 00007 00-00-00-00 D
0 8-)_.-05, IOU-31-00 .00 00200
560123372 00001 BARRAGAN ERNESTO 7,4HO.B1 03-01-9u 20/ 96 5,534.27 00007 01-01-00-00 0
-01, (SO-0:-00 .00 00200
160123375 00001 EHAMI MIARJOPIE 0,670.01 02-5-96 31/ 71. 6,072 00007 CC-00-00-00 0
G6--13-04 08-i5_00 .00 00200
560123:176 00001 CIOM7 MARJORIE 0,670.0-' ')2-- -9 0 31/ 76 6,072.72 OOCG7 00-Or-0:-39
06-L5-04 00-15-00 .00 00200
.601237179 (X'O�M SA L.'_Y 6,46F.76 2-I _9 F1 :jO/ 77 4.7Q9.2? 00007 0 0--C-0--0 0--C
09-15-04 00-111-00 .00 00200
560123303 00001 DURHAM :124-ARD L9,097.77 c`.-C I-9u 3../127 12.108.42 00007 02-01-.00-00 0
09-01-09 08-01-00 .00 00200
060123385 00001 E011:1NDSTON RT'ZHARO 6,006.09 01-01-9fl 32/ SS 3,84B.90 00007 04-01-00-00 0
o2-,)j-o:j _0 I._00 .03 ()(1201) t
'L01233e6 0000t HARKINS TERI 12,420.81 02-01-78 31/170 10,661.37 00007 00-00-00-00 0
04.-1,::-12 -NI-0:-00 0 0 2 1)C
19 l*LOAN AEGOLIN11Jt U.EALER < ISti81C 07-31-00 PAG:,' L
ACCOUNI' NOTE SHCIRC -`LAME NOTE AMCIUNT I!i!1UH f1A-rE NXT/NUM PAY PRE.;FNT BALANCE- OFF TIMES LAlr RCRS
NUMBER HArUR!IY ❑Ar. NIEXI n-_::_ DrrrL- r.S'T L:_d: -h:0Lf:7 N7YP:E
1660123388 00001 ALFRED HIPP 14,617.=,' 02-01-98 31/122' 11,911.75 0000-1 00-00-00-00 0
04--01-00 08--01-CO .00 00200
.660123309 00001 HIPP ALFRED 16,155.9„ 02-01-911 31/L22 13,165.12 00007 00-00-00-00 0
04-01-OL3 00-01-00 .00 00201i
.660123390 00001 HUNT KENLr--Y 520,492.5;7 02-ln-98 31/104 -5,784.59 00007 01-00-00--00 0
10-15-06 00-15-00 .00 00200
-660123392 00001 SARNHARr LGN: 14,351 .61 02-15-9i1 33/ 66 9,7'2.,4 00007 00-00-00-00 0
09-15-03 08-15-00 .00 00200
-660123393 00001 JOHNSON CAROLYN 8.61:;.04 03-01-98 Jo/ 59 4,453.62 C0007 00-00-00-00 O
02-01-0-1 09-01-00 ,00 00200
.660123394 00001 KASL-ER MICHAEL 2,483.22 02-05-90 31/ 58 1,404.42 00007 00-00-00-00 O
12-00-02 GB-O,J-00 .00 00200
,660123395 00001 LANGIN -ST(~!.-LA 13,933.52 02-01-90 31/1'_0 10.627.46 00007 00-00-00-00 O
04-01-07 06-on-00 ,00 00200
�660123396 00001 LEE E011ARJ 3.1.015.92 02-01-9r1 31/ 42 4.279.63 00007 01-01-00-00 0
08-01-01 08-01-00 .00 00200 -
'660123397 00001 LEE EDWARD 111013.92 02-01-98 31/ 42 4,279.63 00007 01-01.-00-00 0
08-01-01 08-01-00 .00 00200
,660123398 00001 LEE EDWARD 2,286.67 02-10-98 31/ 47 1,3.69.00 00007 01-01--GO--CO 0
01-10-()2 08-10-00 .00 00200 -
660123399 00001 LIN GREGORY 6,969.13 02-01-90 31/ 76 4,647.41 00007 00-00-00-00 0
06-01-04 00-01-00 .00 00200
660123400 00001 MCH'JGH gICH440 7,254.74 02-04-99 31/103 5,481.16 00007 04-00-00-00 0
09-04-06 09-04-00 .00 00200
660123402 00001 NELSON 0;1NAL3 4,561.69 03-01-98 30/ 77 2,942.87 00007 00-00-00-00 0 '
OB-01-04 09-01-00 ,00 00200
660123403 00001 NGUYEN DUNG 9,791,09 02-15-90 31/ 66 6,059.53 00007 00-00-00-00 0
09-115-03 08-15-00 ,00 00200
660123404 00001 NGUYEN KY 10.532.59 02-01-98 31/ 42 3,942.26 00007 02-00-00-00 O
OH-01-01 08-03.-00 ,00 00200
660123405 00001 NOLAN DOROTHY 3,554.80 02-01-98 31/125 2,353.49 00007 00-00-00-00 0
07-01-08 09-01-00 .00 00200
660123406 00001 ❑DEN LARRY 21.p26. 0 02-01-98 31/'11 17,001.24 00007 00-00-00-00 0
05-01-07 05-01-00 .00 00200
66012340Y 00001 QAgUNJIAH PAUL 16,300.40 0:1-01-98 31/102 27,1149.90 00007 03-02-00-00 0
08-01-06 OR-01-00 .00 00200
660123410 00001 SCHECH:'ER HAROLD t,884,z8 0z.-.01-98 31/124 4,622.20 00007 LO-00-03-00-
06-01-08 09-01-00 ,00 00200
660123411 00001 STEWART LFSTER 11,971.08 02-01-98 31/ 42 6,011.59 00007 00-00-00-00 (.
ca-03-0: OE1-;:]. ^.O ,OG 00200
660123412 00001 STOCK EL.ENA 4,953.34 02-15-90 31/ 64 3,365.78 00007 00-00-00-00 0
G6-1;-03 00-3 p}-00 .00 00200
6601-2741:1 0000: S-TOZ�.t '_-,c,=.A 6,013.07 02-0!.-99 3:./ 76 4,32`.96 00007 01-00-00-00 0
(36-01-04 08-U1-00 .00 00200
•660120414 00001 VERGARA VWARJ 16,004.16 3--/ 77 1 ),727.11 00007 OC-UG-00-00 (i
07-01-04 08-01-00 .00 00200
660123415 00001 VERGARA EDWARB 16.084-16 02-01-98 3:/ 77 10,727.11 00007 00-OC-61-0-0- c
07-01-04 08-0_-00 .00 00200
6601:!3416 00001 VERGARA EDWARD 16,084-16 02-01-98 31/ 77 10,727-11 00007 00-00--00-00 0
0-1-01-04 CB._0,-00 .00 002"
660:234-7 00001 WALDRON J[+:N 6,315.77 02-01-98 31/113 3.656.76 00007 00-00-00-00 0
07-01-07 U9-0i-00 ,00 00200
660123410 00001 WILKINBOr! 1 ' .257-53 -78 =1/127 8,665.7` 00007 00-00-00-00 0
09-03-ori 08-03-00 ,00 00200
GAN ;,,C000NI IN❑ DEALER OUTSTANDING R-7035-00I-001 07-31-00 PAGE 46
SM:[:CS"Mi NFl[:=_ F.:t:$1 AAtli. N1).F. .ASi;(INF S'_ISUF CA-c NXl'/hliT7 PAY PRESENT HALANCE C)FF TIMES LAIC. RCRS
1 NUMBER MATI)RITY DATE NEXT rm: DATE PAST D!JE AMOUNT NTYPE 15-30-60-90
.600120442 OOtSO; ^_f;L6 SANURr, lo,391,62 04-01-9U 29/240 9,754.75 00007 21-OL-00-00 O
04-01-1F3 (37-01--00 ,58.94 00200
i6E012:344:3 00001 KAHL 2Av11_!,_ =11 flrlC) Y,SSS.L'_i 04-01-90 29/16L3 8 510,67 00007 01-00-00-00 0
04-01-t2 00-01-00 .00 00200
,660F234P.S5 00001 HGIIG`I ,I,::V. it-' I I ,"'6v.4D 04-01-90 29/127 9,167.93 00307 00-00-00-00 0
11-U1-(l6 OR-UI-40 .00 00200
i660123472 00001 ESKARGI; `7ICt-RF:._ 2R.4110.10 10-14-97 1/ 1 211.4E10.10 00007 00-OC-00-00 0
09-01-07 09--01-07 .00 00200
.6601Z3473 00001 ESKARUS Hlct-.rEL 19,7135.1-9 10-on-97 11 1 IV17t75.19 00007 00-00-00-00 0
09-01-07 09-01-07 .00 00:?00
1660123474 00001 ESRARDS MICHAEL 19,790.09 10-00-97 1/ 1 19,790,09 00007 00-00-00-00 0
09-01-07 09-01-07 .00 00200.
'660123475 00001 ESKARDS MICHAEL 34,2:;3.31 10-08-97 1/ 1 34.253.31 00007 00-00-00-00 0
09-01-07 09-01-07 .ilU 00200
)660123L,07 00001 GE:R.1ES ;;AFWAT 17,026.43 10-it-97 1/ 1 17,826.43 00007 00-00-00-00 O
09-01-07 09-01-07 .00 00200 '
,660123525 00001 JAN751S1 ,1rRRY .1 �Q�D 7,500,2C1 06-01-913 27/ 62, 21759.12 131)007 04-01-00-00 0
06-01-0, 09-01-00 .00 00200
660123u35 00001 BURNS VERNON 11,500.00 00-06-YQ 24/180 10,2,99.33 00007 00-00-00-00 0
09-01-13 09-01-00 .00 00200
66o123577 00001 TORODE FRANK A 1.21000.00 11-23-9B 22/180 11,603.40 00007 00-00-00-00 0
11-09-13 08-09-00 .00 00200 1
TAL.S CI_R COMPANY N:-: 000000pC418
64 RO9.26FJ 0- - 640,714.34
58.74
I
I
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........... ....... ................. ... ... ........................................ ....
...... .....................
DATE IMM/DD/YYI
?7%
1.0
-04/11/2001
A Ct CER SURN
..................
.......................
PRODUCER THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION
Talbot Agency, Inc. ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE
HOLDER. THIS CERTIFICATE DOES NOT AMEND, EXTEND OR
P 0 Box 90756 87199 ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW.
7770 Jefferson NE, Suite 200 COMPANIES AFFORDING COVERAGE
Albuquerque, NM 87109 COMPANY Hartford Fire Insurance Co
(505) 828-4000 . . . fax (505) 828-0732 A
INSURED weststar mortgage Corporation COMPANY United National Insurance Co
P.O. Box 25400
COMPANY
Albuquerque
NM 87125
COMPANY
................
THIS IS T.D CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE liEF.N.ISSUED TO THE INSURED NAMEDA130V`E`F'0R'TH'E' POLICY PERIOD
INDICATED, NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS,
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES, LIMITS SHOWN MAY HAVE BEEN REDUCED BY PAID CLAIMS.
CO i i I POLICY EFFECTIVE I POLICY EXPIRATION
LTR TYPE OF INSURANCE POLICY NUMBER DATE IMM/DDtYY) DATE IMMIDDIYY LIMITS
GENERAL LIABILITY 34SBACS8897 112/13/2000 112/13/2001 G EN15RAL AGGREGATE 0 2, 000, 000
X I COMMERCIAL GENERAL LIABILITY PRODUCTS-COMP/OP AGG s 2, 000, 000
CLAIMS MA:)= FDX OCCUR PERSONA,_&A DV I NJURY 0 1, 000, 000
OWNER'S&CONTRACTOR'S PROT I I I EACH OCCURRENCE 4 :L, 000, 000
FIRE OAMAGE(Any one fire) i s 300, 000
MED EXP(Any one person) a 10, 000
AUTOMOBILE LIABILITY 34SEACS8897 12/13/2000 12/13/2001 COMBINED SINGLE LIMIT 4 1, 000, 000
ANY AUTO
ALL OWNED AUTOS 1 I BODILY INJURY
HSCHEDULED
AJ70S (Per person) 0
HIRED AUTOS APPRC VED AS TO I fFP9RMiRY 0
e Wnrl
NON-OWNED AUTOS RECEIVED GAM I 1UTTON9 C
-!kV
Bw Rnt�rt J.Whsdj�2'93'
�GARAGE LIABILITY APR 0 euu I S"dal Counsel AUTO ONLY-EA ACCIDENT 8
ANY AUTO OTHER THAN AUTO ONLY.
DEPARTMENT OF EACH ACCIDENT 6
ECONOMIC DEVELOPMENT AGGREGATE $
EXCESS LIABILITY EACH OCCURRENCE 0
AGGREGATE
OTHER THAN UMBRELLA FORM
AI WORKERS COMPENSATION AND 34WECFP9801 �2/13/2000 12/13/2001 X T`v,`RysTATuT OTH-1
EMPLOYERS'LIABILITY !
EL EACH ACCIDENT 1000000
I
THE PROPRIETOR/ INCL
i PARTNERS:EXECL)TIVE EL DISEASE-POLICY LIMIT 4 1000000
OFFICERS ARE: I ZXCL El-D:SEASE•EA EMPLOYEE 4 1000000
Errors & Omissions MPL101990A 11/01/2000 11/01/2001 $1,000,000
DESCRIPTION OF OPERATIONS/LOCATIONSIVEHICLESiSPECIAL ITEMS
Re: Serving of Rehabilitation Loans
City of Hun::.ing:.on Beach, its agenns, its off-Icers, employees ard vclunteers are additional insureds regarding general iiabiii
..........
HOER.. .: .......... ...........:.":CENTIPIDATE' .......
..........
CANCEL .......
........ CANCELLATION.�..m.. . ..,:............................
................... . . . ................................... - 0 .... ..... . i :.::.
City of Huntington Beach SHOULD ANY OF THE ABOVE DESCRIBED POLICIES BE CANCELLED BEFORE THE
Attn: luann Brunson EXPIRATION DATE THEREOF, THE ISSUING COMPANY WILL-eNVeAV6fi-TO MAIL
200 main street 30 DAYS WRITTEN NOTICE TO THE CERTIFICATE HOLDER NAMED TO THE LEFT,
Huntington Beach, CA 912648 IMPART. 1II:,
AUTy"R ED REP RASPNT TVE
. ....... J ACe
Ub %......... .. . . ............. ............... ORD-CORPORATION:1980
05/22/2001 11:47 62684 -4 9 WESTSTAR ' PAGE 02
AC RDI. CERTIFICATE OF LIABILITY INSURA CE DATlIMMiDO:yVi
1
a5/21%2Da
PROQUCEE THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION
Talbot Agencv, Inc. I ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE
HOLDPR. THIS CERTIFICATE DOHS NOT AMEND. EXTEND OR
P 0 Box 90156 81199 ALTER THE COVERAGE AFFORDED BY THE POLICIES BELOW.
7 7'0 Jefferson NE, SuzCe 200 COMPANIES AFFORDING COVERAGE
Albuquerque, NM 81169 coMPANY Hartford Fire Insurance Co
(505) 828-4000 . fax (505) 828-0732 A
IhtuAEO COMPANY
'•I-a:sSAr L_ar. :crdi:ir.: :::.-. I S
r.a� JI: LaK? n Sr? COMPANY
C
COMPANY
b
CbVERAQEB. I •I..:.
TWIS 15 TO CERTIFY THAT THE POLICIES OF ;NSURANCE LISTED BELOW NAVE BEEN ISSVED TO THE INSURED NAMED ABOVE FOR THE POUCY PERIOD
INDICATED, NOTWITHSTANDING A14Y REC1L':REMENT, TEAM OR CONDITION OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
CERTIFICATE MAY BE rS5I1ED OR MAY PERTAIN. T04E IP43URAAICE AFFORDED BY TmE PO4CIES DESCRIBED kF.REIN IS SUBJECT '0 ALL THE TERMS,
EXCLUSIONS AND CONDIT'ONS Or SJCH POL CIEs L1MR'S SwOWN MAY HAVE BEEN AEDuCED BY PAID CLAMS
-
00 I POLICT EPPECTIVI I►v4CY EXPIAA-71314
L7R TvPI OF INSURANCE I POLICY NUMBER QATEIrAMf0DIvv1 OATI{MMiQQ1YYI L.M.T1
041ERAL 0 IILITT OENEIIAL ACOREOATE I
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MAY-22-2061 :2:53 6268443499 99% P.22
CITY OF HUNTINGTON BEACH
INTER-DEPARTMENT COMMUNICATION
Economic Development Department
TO: Office of the City Clerk
FROM: Luann Brunson, Senior Analys
DATE: June 22, 2001
SUBJECT: Contract for Weststar Loan Servicing
The executed contract for Weststar Loan Servicing has been sent to you under separate
cover. Pursuant to chapter 3.03 of the Municipal Code, please be advised that requests
for proposal (RFP) were made to several companies, and 5 responses were received.
Attached is a matrix which shows the 5 respondents and comments.
Please let me know if you have any other questions. Thank you.
4
Rrm/Contact Cost Experience Rigfimnces Comments
JDEdwards[in-house] Unknown—would utilize city None—would adapt JDEdwards system None 30 day implementation
John Mazzula staff and resources to needs .
FCI •512.50 per month per loan • 20 years industry experience ' Mercury Savings&Loan 2 week implementation
8101 Kaiser Blvd (may negotiate down to$10) •currently services 5000+beneficiary • Aames Financial Corp.
Anaheim Hills •would waive$25 per loan loans • County of Orange
Mike Griffith,CEO set up fee • recently acquired loan servicing for Neighborhood Housing
Orange County Services
Rosenow Spevacek •$75 per month per loan • 20 years redevelopment and housing •City of Brea 30 day implementation
Group •$60000 one-time set-up fee implementation experience - •City of Coronado
540 N Golden Cir •currently servicing loans for city of La •City of El Cajon
Santa Ana Quinta •City of Lemon Grove
Jim Simon, Sr.Assoc. •affordable housing program
development and administration for
rehab loan program for 5 cities
Vengroff Williams& •$10 per month per loan •None specific •City of Huntington Beach 30 day implementation
Associates •no loan set up fee • 35 years asset management experience •Cisco Systems(Best
2154 Main Street •Software engineers on staff to design Partner Award)
Huntington Beach programs •Bank of America
Mark Vengroff,President •Nasdaq
•Amex
WestStar •$7 per month per loan 1 • 15 years experience servicing •City of Long Beach 30 day implementation
225 S Lake •$30 per loan set up fee consumer loan products •City of Yakima
Pasadena •currently servicing about 100,000 •City of Detroit
Christie Eurton,VP loans •U.S.Bancorp
•Norwest Bank
Otempuoanservicing.doc