EDITOR: KORTE AND WORTMAN P.A

 
                                                                      1
 
 
 
                   IN THE FIFTEENTH JUDICIAL CIRCUIT COURT IN AND FOR
 
                               PALM BEACH COUNTY, FLORIDA
 
                               CASE NO. 502010CA023949 AW
 
 
 
                BANKUNITED,                       
                                                                                   
                                                   
            
 
 
                                         – - -
 
                           DEPOSITION OF VANESSA CORTEZ, TAKEN
                            AT THE INSTANCE OF THE DEFENDANTS
 
                                         – - -
 
                                           West Palm Beach, Florida
                                           Friday, June 22, 2012
                                           10:25 a.m. – 10:50 a.m.
 
                                         – - -

         I thought that this Deposition was very interesting, it involves Bankunited, FSB; BankUnited NA and BankUnited, this is the stage that is set to  play the name trick, with the style of the case to use the fake assignments to push the fraud that the bankster have been trapped into by its failed system devised to make a killing amount of profit and money.

Well Vanessa Cortez was Deposed by  Allegra Fung Esq from the Corte and Wortman PA                                                     
 
 
 
           1    APPEARANCES:
 
           2
                       ALBERTELLI LAW
           3           P.O. Box 23028
                       Tampa, Florida  33623
           4           Attorneys for the Plaintiff
                       BY:  KRYSTA MATHEIS, ESQ.
           5
 
           6           KORTE & WORTMAN, P.A.
                       Suite 102
           7           2041 Vista Parkway
                       West Palm Beach, Florida  33411
           8           Attorneys for the Defendants
                       BY:  ALLEGRA FUNG, ESQ.
           9
 
 
           1                         I N D E X
 
           2
                WITNESS:                                     PAGE
           3
 
           4    VANESSA CORTEZ:
 
           5         Direct Examination by Ms. Fung            4
 
            
 
           9                          EXHIBITS
 
          10
                     Defendants’ Exhibit 1 for i.d.             6
          11
                     Defendants’ Exhibit 2 for i.d.            10
          12
                     Defendants’ Exhibit 3 for i.d.            15
          13
 
 
           1          The deposition of VANESSA CORTEZ was taken before
 
           2    me, Phillip W. Loter, RMR, Notary Public, State of
 
           3    Florida at Large, at Suite 302, 2161 Palm Beach Lakes
 
           4    Boulevard, in the City of West Palm Beach, County of
 
           5    Palm Beach, State of Florida, beginning at the hour of
 
           6    10:25 a.m., on Friday, June 22, 2012, pursuant to the
 
           7    Notice filed herein, at the instance of the Plaintiff
 
           8    in the above-entitled cause pending before the
 
           9    above-named Court.
 
          10                             – - -
 
          11    THEREUPON,
 
          12                         VANESSA CORTEZ,
 
          13    being by me first duly sworn to testify the whole
 
          14    truth, as hereinafter certified, testified as follows:
 
          15                       DIRECT EXAMINATION
 
          16    BY MS. FUNG:
 
          17          Q.    Can you state your name for the record.
 
          18          A.    Vanessa Cortez, C-o-r-t-e-z.
 
          19          Q.    Can you give me the benefit of your
 
          20    educational background.
 
          21          A.    I have an Associates Degree in paralegal.
 
          22          Q.    Okay.
 
          23          A.    I have a Bachelor’s Degree in criminal
 
          24    justice.
 
          25          Q.    Okay.  Anything further?

                                                                      5
 
 
 
           1          A.    Not at the moment.
 
           2          Q.    Any plans for anything further?
 
           3          A.    Yes.  I am attempting to consider law
 
           4    school.
 
           5          Q.    Yes.  We will leave it at that.
 
           6          A.    I am thinking about it.
 
           7          Q.    Can you give me the benefit of your
 
           8    employment background starting from now working
 
           9    backwards.
 
          10          A.    Sure.  Right now I am with BankUnited, N.A.
 
          11    I am assistant vice-president.  I am — previous to
 
          12    that — that was about a week ago I received that
 
          13    promotion.
 
          14          Q.    Congratulations.
 
          15          A.    Thank you.  Prior to that I was a default
 
          16    legal liaison from I want to say January of 2011
 
          17    until –
 
          18          Q.    A week ago?
 
          19          A.    Yeah, June 2012.  And prior to that I was
 
          20    at BankUnited from October of 2009 to January of 2011
 
          21    as a foreclosure specialist at BankUnited.  Prior to
 
          22    that –
 
          23          Q.    Would that be BankUnited not with the N.A.?
 
          24          A.    Right, yes.
 
          25          Q.    Okay.

                                                                      6
 
 
 
           1          A.    Prior to that I worked with right now I
 
           2    believe their name is Firefly Legal Services.  They are
 
           3    a process serving company here in Florida.
 
           4                I was an office team supervisor for Firefly
 
           5    Legal from 2008 till 2009.
 
           6          Q.    Any other experience in the foreclosure
 
           7    field?
 
           8          A.    No.
 
           9          Q.    Okay.  So it was limited really to your
 
          10    employment with BankUnited period, and then I guess
 
          11    subsequently BankUnited, N.A.?
 
          12          A.    Right.  And Firefly.  They were a process
 
          13    serving company for foreclosures, so we filed
 
          14    complaints, we worked with process servers on affidavit
 
          15    of service.
 
          16                So that was my other extent as far as
 
          17    foreclosure.  Prior to that I lived in New York.
 
          18          Q.    Not relevant.
 
          19          A.    Yes.
 
          20                        (Thereupon, the proffered document
 
          21                        was marked Defendants’ Exhibit
 
          22                        No. 1 for identification only.)
 
          23    BY MS. FUNG:
 
          24          Q.    I am going to mark this as Exhibit 1, which
 
          25    you have in front of you.

                                                                      7
 
 
 
           1          A.    Yes.
 
           2          Q.    I only made one copy.  Save trees.  You
 
           3    guys never want the copies anyway.
 
           4                Are you the representative that the
 
           5    plaintiff designates as best able to answer questions
 
           6    regarding the transfer of the note?
 
           7          A.    Yes, ma’am.
 
           8          Q.    Best able to answer questions regarding
 
           9    calculation of damages?
 
          10          A.    Yes.
 
          11          Q.    There is a lost note here, but there is no
 
          12    lost note actually in this case, so we will skip that
 
          13    one.
 
          14                Was there ever a trust in this case?
 
          15          A.    No.
 
          16          Q.    Was there any kind of servicing agreement
 
          17    involved in this loan that you know of?
 
          18          A.    Sometimes I think you guys reference this
 
          19    as far as the purchase and assumption agreement.  I
 
          20    don’t know if that’s –
 
          21          Q.    Okay.  Well, what is that?
 
          22          A.    Well, that is the agreement that was put in
 
          23    place when FSB was seized by the OTS and put into
 
          24    receivership for the F.D.I.C.
 
          25          Q.    Okay.  Well, we will talk about that –

                                                                      8
 
 
 
           1    well, actually, let’s just talk about that now.  Can
 
           2    you explain to me that chain of events.
 
           3          A.    Yes.  On May 21st of 2009 BankUnited, FSB
 
           4    was seized by the OTS and placed into receivership with
 
           5    the F.D.I.C.
 
           6          Q.    Okay.
 
           7          A.    The F.D.I.C. then accepted into the
 
           8    purchase and assumption agreement with BankUnited which
 
           9    was a new set of investors that came in to manage and
 
          10    service the FSB portfolio, and that was on May 22nd of
 
          11    2009 that that agreement was put into place.
 
          12                BankUnited was in process of service
 
          13    straight through to February of this year.
 
          14          Q.    Well, let’s back up.  May 21, 2009 is
 
          15    BankUnited, FSB.
 
          16          A.    Yes.
 
          17          Q.    Then it went to the F.D.I.C.
 
          18          A.    Right.  I guess in that evening timeframe,
 
          19    right.
 
          20          Q.    The very next day, May 22nd of 2009, it got
 
          21    purchased and what was the new name of the company?
 
          22          A.    BankUnited alone.  No comma FSB.
 
          23          Q.    Okay.  And then subsequent to that, because
 
          24    now you’re saying that it’s BankUnited, N.A., when did
 
          25    that name — what occurred with that?

                                                                      9
 
 
 
           1          A.    They became a national association on
 
           2    February of 2012.  So we had taken on the now known as
 
           3    N.A.
 
           4          Q.    Okay.  May 21st of 2009 when it became
 
           5    BankUnited — from BankUnited, FSB to the F.D.I.C. were
 
           6    you currently working at BankUnited?
 
           7          A.    No, I was not.
 
           8          Q.    Okay.  So you actually — because I know
 
           9    you said that you started in 2009, and I didn’t catch
 
          10    the date.
 
          11                What was the actual date that you started
 
          12    with BankUnited?
 
          13          A.    October 2009.
 
          14          Q.    Okay.  So it was actually several months
 
          15    afterwards?
 
          16          A.    Yes, ma’am.
 
          17          Q.    Okay.  So you have no experience regarding
 
          18    the transfer from BankUnited, FSB to F.D.I.C. to
 
          19    BankUnited because you weren’t with any of the three
 
          20    companies?
 
          21          A.    Well, I was with BankUnited and I was with
 
          22    BankUnited, N.A.  Are you –
 
          23          Q.    Well, no, no, no.  During the time of
 
          24    May — between May 21st of 2009 and May 22nd of 2009.
 
          25          A.    No, I was not with the bank.  No.

                                                                     10
 
 
 
           1          Q.    So you were not involved in any way with
 
           2    the transfer of ownership?
 
           3          A.    No, ma’am.
 
           4          Q.    Okay.  Because your hiring date occurred
 
           5    several months after 2009 or May 21st of 2009.  Okay.
 
           6    So we actually don’t have to ask you about any trust
 
           7    agreements or servicing agreements.
 
           8                        (Thereupon, the proffered document
 
           9                        was marked Defendants’ Exhibit
 
          10                        No. 2 for identification only.)
 
          11    BY MS. FUNG:
 
          12          Q.    Let’s actually talk about Exhibit 2, which
 
          13    is a copy of the complaint.  Based on your review of
 
          14    Exhibit 2 can you track for me the ownership of this
 
          15    note?
 
          16          A.    It was filed as BankUnited.
 
          17          Q.    Okay.  Who is the originator of the note?
 
          18          A.    BankUnited, FSB.
 
          19          Q.    Okay.  And can you — is there any kind of
 
          20    endorsements or allonges transferring the ownership of
 
          21    this note?  Which I have conveniently tabbed.
 
          22          A.    I love you already.  Yes, there is a blank
 
          23    allonge.
 
          24          Q.    Okay.  Do you know when the allonge was
 
          25    attached to the note?

                                                                     11
 
 
 
           1          A.    No, I do not.
 
           2          Q.    Okay.  Is there any kind of date indicating
 
           3    when it was executed?
 
           4          A.    No.
 
           5          Q.    Okay.  And can you read out who is — who
 
           6    executed the allonge?
 
           7          A.    By Doreen Pleffner, senior vice-president.
 
           8          Q.    And is she currently with BankUnited?
 
           9          A.    Yes, she is.
 
          10          Q.    Yes?
 
          11          A.    Yes.
 
          12          Q.    Do you know her personally?
 
          13          A.    Yes.
 
          14          Q.    Okay.  So she is still employed?
 
          15          A.    Yes, ma’am.
 
          16          Q.    What is her title now?
 
          17          A.    Still senior vice-president.
 
          18          Q.    Okay.  Is there any other document that
 
          19    would indicate the transfer of the — who owns the note
 
          20    right now?
 
          21          A.    BankUnited, N.A.
 
          22          Q.    Okay.  Is there anything that would — any
 
          23    other document that would indicate the transfer of
 
          24    ownership from BankUnited, FSB to BankUnited, N.A.?
 
          25          A.    To my knowledge the purchase and assumption

                                                                     12
 
 
 
           1    agreement.  The F.D.I.C. Web site has also some
 
           2    detailed information on how the actual execution of the
 
           3    transfer happened that day.  It was — it’s public
 
           4    knowledge though.
 
           5          Q.    On the F.D.I.C. Web site?
 
           6          A.    Yes.  That is also another indication of
 
           7    the transfer to the new investors.
 
           8          Q.    Okay.  Under the purchase and assumption
 
           9    agreement did it indicate that this loan in particular
 
          10    was transferred?
 
          11          A.    On the F.D.I.C. Web site there is not a
 
          12    schedule attached.  No, not to my knowledge.
 
          13          Q.    Okay.  Is there anything in your business
 
          14    records that would indicate that this particular loan
 
          15    was part of the purchase and assumption?
 
          16          A.    Well, our payment history, it shows the
 
          17    distinction from FSB to BankUnited to BankUnited, N.A.
 
          18                At the top of our life of the loan payment
 
          19    history you see the transition.  It has always remained
 
          20    with the same system, so you’re able to see the — I
 
          21    guess the changing, the evolution.
 
          22          Q.    Right.  Good word.  But other than the
 
          23    payment history then is there anything else that would
 
          24    indicate the transfer of this from BankUnited, FSB
 
          25    through the F.D.I.C. to BankUnited to BankUnited, N.A.?

                                                                     13
 
 
 
           1          A.    Not to my knowledge.
 
           2          Q.    Okay.  So the payment history is just that
 
           3    it indicates that I guess during a certain time up to
 
           4    May 21, 2009 the loan was serviced by BankUnited, FSB,
 
           5    May 22nd, 2009 it’s now serviced by BankUnited period,
 
           6    and then I guess once the name change occurred to N.A.
 
           7    then it changes in your payment history to BankUnited,
 
           8    N.A.?
 
           9          A.    Yes, ma’am.
 
          10          Q.    Okay.  And is that the only thing that
 
          11    would indicate to you that this particular loan was
 
          12    part of the transfer between BankUnited, FSB to
 
          13    BankUnited?
 
          14          A.    Yes.
 
          15          Q.    Okay.  Do you know where the note is right
 
          16    now?
 
          17          A.    Filed at the court.
 
          18          Q.    Okay.  And do you know where the note was
 
          19    kept?
 
          20          A.    Yes.  It’s in our corporate office in our
 
          21    vault.
 
          22          Q.    Okay.  At the time of the — May 21st of
 
          23    2009 do you know where the note was kept?
 
          24          A.    No, I do not.
 
          25          Q.    Okay.  When did you become aware of where

                                                                     14
 
 
 
           1    the note was kept?
 
           2          A.    Once I became an employee of BankUnited I
 
           3    was — with my user name and my employment I am able
 
           4    to, you know, with guidance into the vault, send
 
           5    e-mails or, you know, receive access to that area.
 
           6          Q.    Do you know if the note ever left the vault
 
           7    prior to being sent to your attorney?
 
           8          A.    Not to my knowledge, no.
 
           9          Q.    Okay.  Do you know when the note was sent
 
          10    to your attorney?
 
          11          A.    Yes.  August –
 
          12                   MS. MATHEIS:  I actually don’t know.  I
 
          13    have it in my computer system at the office.  I don’t
 
          14    have it at the moment.
 
          15                   THE WITNESS:  I do have a Bailey letter
 
          16    that shows it was sent August of 2010.
 
          17    BY MS. FUNG:
 
          18          Q.    Okay.  And how was it sent?  Was it Fed Ex,
 
          19    UPS?
 
          20          A.    Yes.  We Fed Ex all of our originals to our
 
          21    attorneys.
 
          22          Q.    Okay.  Have you ever seen the original
 
          23    note?
 
          24          A.    No.
 
          25          Q.    Okay.  Let’s talk about — actually, what

                                                                     15
 
 
 
           1    documents did you review in preparation of the depo?
 
           2          A.    I reviewed a copy of the note and mortgage,
 
           3    the complaint.  There was an affidavit that was filed
 
           4    on this case that I also reviewed for its accuracy.
 
           5                And our current system as far as what was
 
           6    owed at this point, the delinquency and those kinds of
 
           7    fee related issues.
 
           8          Q.    Okay.  Did you talk to anybody about this
 
           9    case in preparation for the depo?
 
          10          A.    No.  Just counsel.
 
          11          Q.    Okay.  That I don’t want to go into.  Let’s
 
          12    talk about amounts due and owing.  How much is it that
 
          13    the plaintiff is currently seeking?
 
          14          A.    Currently seeking.  We have a principal
 
          15    balance — I know I have — the principal balance is
 
          16    $339,314.12.
 
          17          Q.    Okay.  We will actually mark this as
 
          18    Exhibit 3.  Just make sure it’s the same thing.
 
          19                   MS. MATHEIS:  Okay.
 
          20                   MS. FUNG:  Here it is.  I will mark this
 
          21    as Exhibit 3, which is actually the motion.  Okay.  The
 
          22    affidavit should be in here.  And is that Cesar Romero?
 
          23                   THE WITNESS:  Yes.
 
          24                        (Thereupon, the proffered document
 
          25                        was marked Defendants’ Exhibit

                                                                     16
 
 
 
           1                        No. 3 for identification only.)
 
           2    BY MS. FUNG:
 
           3          Q.    Let’s talk about Exhibit 3.  All right.
 
           4    Let’s go over it then.  The principal balance, because
 
           5    we are looking at Exhibit 3, has the amount listed as
 
           6    $339,314.12.  Is that the current principal balance due
 
           7    at this point?
 
           8          A.    Yes, ma’am.
 
           9          Q.    Okay.  And this affidavit was — or the
 
          10    amount calculated was actually as of –
 
          11          A.    July 2011.
 
          12          Q.    Okay.  The interest, has the interest
 
          13    changed?
 
          14          A.    Yes.
 
          15          Q.    Okay.  What’s the current interest?
 
          16          A.    The current interest is $53,782.77.
 
          17          Q.    Okay.
 
          18          A.    And the per diem has come down to thirty
 
          19    one thirty eight with a 3.375 interest rate.
 
          20          Q.    Do you know how the interest is calculated?
 
          21          A.    We are — we have a payoff DMSP system we
 
          22    use.  We enter in our good through date and the system
 
          23    will generate those figures.
 
          24          Q.    Okay.  And actually, looking at the note
 
          25    this is actually an adjustable rate note, right?

                                                                     17
 
 
 
           1          A.    Yes.
 
           2          Q.    Okay.  Do you know how the rate was
 
           3    adjusted?
 
           4          A.    Well, I do see that in 2010 it was 7.875.
 
           5    And then it has come down to the 3.375.
 
           6          Q.    Does it reflect — well, let me rephrase.
 
           7    Does the interest rate change daily or is it monthly or
 
           8    is it — how is it calculated since it’s an adjustable
 
           9    rate?
 
          10          A.    I don’t know.  I am not 100 percent sure.
 
          11          Q.    No, that’s okay.  All right.  But you do
 
          12    know it’s changed from the beginning — the origination
 
          13    of the loan to now?
 
          14          A.    Yes.  And we have a record of that.
 
          15          Q.    And your understanding is that it just
 
          16    reflects the I guess changes in whatever the average
 
          17    interest rate is?
 
          18          A.    Right.
 
          19          Q.    Okay.  And pre-acceleration late charges.
 
          20    Are there any additional late charges?
 
          21          A.    No.
 
          22          Q.    Okay.  So it’s still just $130.04?
 
          23          A.    Correct.
 
          24          Q.    Property inspections.
 
          25          A.    That has changed.  It was 130 and it is now

                                                                     18
 
 
 
           1    $299.
 
           2          Q.    And do you know how many inspections have
 
           3    been done?
 
           4          A.    23.
 
           5          Q.    And what are the dates of those?  You don’t
 
           6    have to read them all, but just the first one to the
 
           7    last.
 
           8          A.    They go from August 2010 through June 2012.
 
           9          Q.    Okay.  And it looks like on this affidavit
 
          10    between — it’s pro-rata MIP, MIP/PMI, taxes, insurance
 
          11    are all zero.
 
          12                Have any of those changed?
 
          13          A.    Yes.
 
          14          Q.    Okay.  Which ones?
 
          15          A.    Taxes.
 
          16          Q.    Okay.  And what is the balance?
 
          17          A.    $1,359.28.
 
          18          Q.    Okay.
 
          19          A.    And that was 2011 taxes.
 
          20          Q.    Okay.  Anything else?
 
          21          A.    No.  That’s it.
 
          22          Q.    Okay.  And the recording fee is still
 
          23    $12.10?
 
          24          A.    Yes.
 
          25          Q.    Okay.  Let’s actually talk about the

                                                                     19
 
 
 
           1    default letter which I think you had as your exhibit,
 
           2    which I am just going to refer to as Plaintiff’s
 
           3    Exhibit 3.
 
           4                By looking at the default letter can you
 
           5    tell who issued the default letter?
 
           6          A.    No.  It’s from our collections department
 
           7    just by the coding under the signature line.
 
           8          Q.    Oh, let me rephrase.  Not an individual in
 
           9    particular.  Whether or not it was BankUnited, FSB or
 
          10    BankUnited or BankUnited, N.A.
 
          11          A.    It was BankUnited.
 
          12          Q.    Okay.  And are you familiar with their
 
          13    policies and procedures regarding the issuance of these
 
          14    default letters?
 
          15          A.    Yes.
 
          16          Q.    And can you walk me through it?
 
          17          A.    The DMSP system, our system of record, it
 
          18    will cue.  When a person is in eminent danger then the
 
          19    collection calls begin to try to do some sort of
 
          20    resolution, alternatives, those kinds of things.
 
          21                If those resolutions are not completed
 
          22    within 45 days or so of default, 30 to 45 days, a
 
          23    demand letter will be generated.
 
          24                The collections department will review it
 
          25    just to make sure the unit number is included and that

                                                                     20
 
 
 
           1    there wasn’t any kind of computer generated issues.
 
           2                And then it goes through an audit process.
 
           3    Once they review that all of the system of record
 
           4    matches what has came out of the letter because it’s
 
           5    digital, then they would send it out.  And send it out
 
           6    certified mail and also regular mail.
 
           7          Q.    Do you know if this default letter was
 
           8    returned as undelivered?
 
           9          A.    Yes.  I saw a notation that it was
 
          10    received — it did return back as unclaimed.  Not
 
          11    undeliverable.
 
          12          Q.    Okay.  What was — what’s the policy and
 
          13    procedures after a letter is returned as unclaimed?
 
          14          A.    Well, we would try to reach out to the
 
          15    borrower.  According to the notes the borrower had
 
          16    restricted any kind of communication.  Sort of a cease
 
          17    and desist kind of situation.
 
          18          Q.    And how did he do that?
 
          19          A.    There was a call in to — a call out that
 
          20    says do not contact borrower and have all numbers
 
          21    removed.
 
          22          Q.    And would that have been made by the
 
          23    borrower, that request?
 
          24          A.    Well, yeah.  They would call in, or
 
          25    sometimes we — in instances we get letters from the

                                                                     21
 
 
 
           1    attorneys or any kind of communication that says –
 
           2          Q.    Stop?
 
           3          A.    — stop.
 
           4          Q.    And do you know when that cease and desist
 
           5    was received?
 
           6          A.    It does not — it’s not listed as a cease
 
           7    and desist, but it’s just our life of the loan comment
 
           8    is what we call it so that it’s viable to everyone.
 
           9    Even in our lost mit department so it doesn’t get lost
 
          10    in translation and someone calls the borrower and we
 
          11    make any violation.
 
          12          Q.    Okay.
 
          13          A.    And this is dated June 20th.  Hold on a
 
          14    second.  I do have some additional –
 
          15          Q.    June 20th of what year?
 
          16          A.    2012.  It looks like February of 2011
 
          17    borrower referred me to attorney representing Melanie
 
          18    Weissman.
 
          19          Q.    Okay.
 
          20          A.    In 2010 we received a third party
 
          21    authorization letter it appears from the notation also.
 
          22          Q.    Okay.  And that postdated the default
 
          23    letter?
 
          24          A.    Yes.
 
          25          Q.    Okay.  And the default letter, is it sent

                                                                     22
 
 
 
           1    out on letterhead?
 
           2          A.    Yes.  This is our archived copy to save.
 
           3    When our attorneys ask us for discovery documents we
 
           4    archive it out of the system.
 
           5          Q.    And so let me clarify that.  Does that mean
 
           6    that the actual printed copy on letterhead is not
 
           7    scanned in the system; rather the body of the letter is
 
           8    saved in your system?
 
           9          A.    Well, we do have a copy that is scanned,
 
          10    but for the most part for our attorneys we give them
 
          11    the actual system document so that it can show all of
 
          12    the coding that would reference to the note so we can
 
          13    correlate –
 
          14          Q.    Okay.
 
          15          A.    — the documentation within our records to
 
          16    the letter.
 
          17          Q.    So this would be more like internal
 
          18    notation kind of things that you’re talking about?
 
          19          A.    Yes.
 
          20          Q.    Okay.  Actually, let’s go back to the
 
          21    interest rate real quick.  Do you know which department
 
          22    for BankUnited, FSB would have been in charge of
 
          23    entering the information into the system?
 
          24          A.    We –
 
          25          Q.    FSB.

                                                                     23
 
 
 
           1          A.    Yes.  We have currently that same
 
           2    department because they handle our modification.
 
           3          Q.    Okay.
 
           4          A.    And it’s like our board up department, our
 
           5    loan servicing area.  And they do all of the board up
 
           6    and DMSP as far as documents for modification, the
 
           7    interest changes for the borrowers, that kind of thing.
 
           8          Q.    And what’s the name of that department?
 
           9          A.    I always call them board up, but that’s
 
          10    not — it’s loan servicing.
 
          11          Q.    And have you ever worked in loan servicing?
 
          12          A.    No, I have not.
 
          13          Q.    Okay.  Do you know if they have any
 
          14    policies and procedures to check the accuracy of
 
          15    information entered into the system?
 
          16          A.    I am not 100 percent sure.
 
          17          Q.    Okay.  You have no personal knowledge is
 
          18    the easiest way to say that, right?
 
          19          A.    Correct.
 
          20          Q.    Okay.  Do you know once the information is
 
          21    entered are there any checks done to make sure,
 
          22    especially on an adjustable rate, that the rate is
 
          23    accurately reflecting the change in the market?
 
          24          A.    I am not sure.  It’s out of our — out of
 
          25    my specific department.

                                                                     24
 
 
 
           1          Q.    That would be the –
 
           2          A.    Loan servicing area.
 
           3          Q.    Okay.  So as far as calculating the
 
           4    interest rate and entering of the information into the
 
           5    system, and specifically I mean like the principal
 
           6    amount, the interest rate and the initial end, it is
 
           7    the loan department?
 
           8          A.    Loan servicing department.  We rely on, you
 
           9    know, our business records and the accuracy of the
 
          10    employees in that department.
 
          11          Q.    Okay.  But you yourself have never worked
 
          12    there and have no practical information about how they
 
          13    handle their department?
 
          14          A.    No.  I mean we have basic training sessions
 
          15    that we go through just to have an idea of what every
 
          16    department, you know, processes, contacts in that area,
 
          17    if we have any questions.  As far as specifically
 
          18    working in that department, no.
 
          19                   MS. FUNG:  I am done.  Any redirect?
 
          20                   MS. MATHEIS:  I don’t have any.
 
          21                   MS. FUNG:  I guess the only other
 
          22    question is read or waive.
 
          23                   MS. MATHEIS:  We would like to read.
 
          24                   (Thereupon, at 10:50 a.m. the foregoing
 
          25                   proceedings were concluded.)

                                                                     25
 
 
 
           1                   CERTIFICATE OF OATH
 
           2
 
           3    THE STATE OF FLORIDA
 
           4    COUNTY OF PALM BEACH
 
           5
 
           6         I, Phillip W. Loter, the undersigned authority,
 
           7    certify that VANESSA CORTEZ personally appeared before
 
           8    me and was duly sworn.
 
           9
 
          10         WITNESS my hand and official seal this 29th day of
 
          11    June 2012.
 
          12
 
          13
 
          14
 
          15                           _______________________________
                                       Phillip W. Loter
          16                           Notary Public, State of Florida
                                       My Commission #DD0858406
          17                           Expires:  April 8, 2013
 
          18
 
          19
 
          20
 
          21
 
          22
 
          23
 
          24
 
          25

                                                                     26
 
 
 
           1                   C E R T I F I C A T E
 
           2
                THE STATE OF FLORIDA,   )
           3                            )
                COUNTY OF PALM BEACH.   )
           4
 
           5
 
           6             I, Phillip W. Loter, Registered Merit
 
           7    Reporter, do hereby certify that I was authorized to
 
           8    and did stenographically report the foregoing
 
           9    deposition; and that the transcript is a true and
 
          10    correct transcription of the testimony given by the
 
          11    witness.
 
          12             I further certify that I am not a relative,
 
          13    employee, attorney or counsel of any of the parties,
 
          14    nor am I a relative or employee of any of the parties’
 
          15    attorney or counsel connected with the action, nor am I
 
          16    financially interested in the action.
 
          17           Dated this 29th day of June 2012.
 
          1
          21
                                      Phillip W. Loter, RMR
          22
 

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