What must be included in an administration agreement on July 1, 2008?
Administration agreements with lenders/investors must be in writing. These agreements must include the following information: • The name in which the mortgage is registered; • Details of the trust agreement if the mortgage is held in trust; • Circumstances that the lender/investor may dispose of his/her interest in the mortgage; • What happens to payments, including penalties and bonuses; • Rights and duties of each lender/investor if a borrower defaults on the mortgage, and the costs for which each lender/investor will be responsible; • Procedures to follow in case of a foreclosure or power of sale; Information on administration fees, including how they are calculated and paid; and • Obligation of the Mortgage Administrator to promptly inform each lender/investor in case of mortgage defaults, new encumbrances, and other changes that affect the mortgage.
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