Bulletin: SLS2008022

Date:
November 13, 2008
To:
All Issuing Offices
RE:
Washington Mutual Bank Takeover - Further Guidelines

Dear Associates:

This Bulletin supplements our Bulletin SLS2008016 and replaces Bulletin SLS2008020.

On September 25, 2008, the FDIC was appointed by the Office of Thrift Supervision as Receiver for Washington Mutual Bank, Henderson, Nevada ("WaMu Bank") and by Purchase and Assumption Agreement of same date, the FDIC, as Receiver sold substantially all the assets, including the subsidiary Washington Mutual Bank, FSB, Park City, Utah, to JPMorgan Chase Bank, National Association ("JPMorgan Chase").

We have obtained copies of the Order appointing the FDIC as Receiver of WaMu Bank and the Purchase and Assumption Agreement ("P&A Agreement") selling the assets to JPMorgan Chase.  The following requirements should always be followed:   

Loan Payoffs and Release of Liens
JPMorgan Chase has not yet integrated the Washington Mutual operations into its own systems.  Until that integration is accomplished, payoff information as to loans held in the name of Washington Mutual will continue to come from Washington Mutual. You can obtain payoff information for first lien loans by calling 866.926.8937 or 888.800.8738 for equity loans.   

Sale of REO Property
If the most recent deed of record is to WaMu as the grantee,  two deeds are needed - one from the FDIC, as Receiver for WaMu conveying the property to JPMorgan Chase, N.A. and the second from JPMorgan Chase, N.A. to the purchaser.  If the FDIC's deed is executed pursuant to a power of attorney, a recordable copy of the power of attorney (in form acceptable to Stewart) is required.   


Order appointing the FDIC as Receiver of WaMu Bank (Click to View)

Purchase and Assumption Agreement ("P&A Agreement") (Click to View)


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References

Bulletins Replaced:
SLS2008020 This Bulletin has been replaced by SLS2008022.
Related Bulletins:
SLS2008010 The Federal Deposit Insurance Corporation's (FDIC) role as Receiver and Conservator for failed banking institutions - Title implications for sales and loan payoffs
 
SLS2008016 Washington Mutual Bank Takeover
Underwriting Manual:
None
Exceptions Manual:
None
Forms:
None