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8/7/2019 H Factor Final 4 Page
http://slidepdf.com/reader/full/h-factor-final-4-page 1/5
© Copyright 2011 [email protected] P O Box 1352, Bedford, Texas 76095‐1352
What The Investors Own
“Maybe, Just Maybe, an Unsecured
Indebtedness”
The h Factor
“MERS as Nominee”
The Delta Factor
“How to Slice and Dice
Multiple Pledges”
The Fannie Factor
“How to Slice and Dice
Multiple Pledges”
8/7/2019 H Factor Final 4 Page
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Security
Instrument
Mortgage
Note
Security
InstrumentMortgage
Note
Security
InstrumentMortgage
Note
Security
InstrumentMortgage
Note
Security
Instrument
Mortgage
Note
Security
Instrument
Mortgage
Note
Security
Instrument
Mortgage
Note
Security
InstrumentMortgage
Note
8/7/2019 H Factor Final 4 Page
http://slidepdf.com/reader/full/h-factor-final-4-page 3/5
Security
Instrument
Mortgage
Note
SecurityInstrument
MortgageNote
Security
Instrument
Mortgage
Note
Security
Instrument
Mortgage
Note
Security
Instrument
Mortgage
Note
Security
Instrument
Mortgage
Note
Security
Instrument
Mortgage
Note
Security
Instrument
Mortgage
Note
8/7/2019 H Factor Final 4 Page
http://slidepdf.com/reader/full/h-factor-final-4-page 4/5
Security
Instrument
Mortgage
Note
Obligor
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 1
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 2
Subsequent Purchaser 1
Securitizer
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 3
Subsequent Purchaser 2
Depositor
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
Instrument
Mortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 4
Subsequent Purchaser 3
Trust Trustee
Obligee 4
Trust Trustee
Uniform Commercial Code
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 5
Trust Custodian
Obligee 5
Trust Custodian
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Payment Stream of the
Mortgage is Security Collateral for
the Securities Payment Intangible
Continuous Perfection of the
Mortgage as security for the
Payment Intangible is
UCC Article 9
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Mortgage Note and Security
Instrument is the security for the
Mortgage
Continuous Perfection of the
Security Instrument is the Laws of
Local Jurisdiction
The Payment Stream of the
Mortgage is Security Collateral for
the Securities Payment Intangible
Continuous Perfection of the
Mortgage as security for the
Payment Intangible is
UCC Article 9
The Payment Stream of the
Mortgage is Security Collateral for
the Securities Payment Intangible
Continuous Perfection of the
Mortgage as security for the
Payment Intangible is
UCC Article 9
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 4
Trust Trustee
Uniform Commercial Code
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 5
Trust Custodian
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
Principal Only Split
Interest Only Split
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 4
Trust Trustee
Uniform Commercial Cod
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Cod
Article 9
Continuous Perfection
Payment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 5
Trust Custodian
Uniform Commercial Cod
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 4
Trust Trustee
Uniform Commercial Cod
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 5
Trust Custodian
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
2/5 Interest Only ARM
2/5 Principal ARM
8/7/2019 H Factor Final 4 Page
http://slidepdf.com/reader/full/h-factor-final-4-page 5/5
Security
Instrument
Mortgage
Note
Obligor
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 1
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 2
Subsequent Purchaser 1
Securitizer
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 3
Subsequent Purchaser 2
Depositor
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 4
Subsequent Purchaser 3
Trust Trustee
Obligee 4
Trust Trustee
Uniform Commercial Code
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Code
Article 9
Continuous PerfectionPayment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Security
Instrument
Mortgage
Note
Uniform
Commercial Code
States Equivalence
Article 3
Laws Local
Jurisdiction
Recording
Perfection
Mortgage
Obligee 5
Trust Custodian
Obligee 5
Trust Custodian
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Payment Stream of the
Mortgage is Security Collateral for
the Securities Payment Intangible
Continuous Perfection of the
Mortgage as security for the
Payment Intangible is
UCC Article 9
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Mortgage Note and Security
Instrument is the security for the
Mortgage
Continuous Perfection of the
Security Instrument is the Laws of
Local Jurisdiction
The Payment Stream of the
Mortgage is Security Collateral for
the Securities Payment Intangible
Continuous Perfection of the
Mortgage as security for the
Payment Intangible is
UCC Article 9
The Payment Stream of the
Mortgage is Security Collateral for
the Securities Payment Intangible
Continuous Perfection of the
Mortgage as security for the
Payment Intangible is
UCC Article 9
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 4
Trust Trustee
Uniform Commercial Code
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 5
Trust Custodian
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
Principal Only Split
Interest Only Split
(A)
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 4
Trust Trustee
Uniform Commercial Code
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 5
Trust Custodian
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
MEGA Trust
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 3
Depositor
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 4
Trust Trustee
Uniform Commercial Code
Article 9
Attachment/Perfection
Payment Intangible’s
Security
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
Payment Intangible
Authoritative Copy
Security
InstrumentMortgage
Note
Mortgage is
Security Collateral
For
Payment Intangible
Obligee 5
Trust Custodian
Uniform Commercial Code
Article 9
Continuous Perfection
Payment Intangible’s
Security
The Mortgage Payment Stream is
Swapped for the Certificates
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
The Certificates Payment Intangible
(Payment Stream) is Secured by the
Mortgage Pool
Interest Only Split
(B)
