2017-01-25T15:36:24-06:00 2016-06-30 560574444 CHERRY BEKAERT LLP 1111 Metropolitan Ave Ste 1000 Charlotte NC 28204 990 2015-07-01 454458511 Office of Mortgage Settlement Oversight OFFI 9198254748 301 Fayetteville Street No 1801 Raleigh NC 27601 JOSEPH A SMITH JR PRESIDENT & DIRECTOR 9198254748 2017-01-24 1 Janice A Ratica P00358837 7043771678 2015 2021-01-29 14:40:06Z JOSEPH A SMITH JR 301 Fayetteville Street No 1801 Raleigh NC 27601 64166615 0 X https://www.mortgageoversight.com/ X 2012 NC see schedule o. 5 3 3 0 0 0 0 0 79938899 64161207 6348 5408 0 0 79945247 64166615 0 0 0 0 1035741 964689 0 0 0 73176307 56844178 74212048 57808867 5733199 6357748 16816936 19017753 9886388 5729457 6930548 13288296 X See description noted on Schedule O. 0 0 55578916 64161207 See description noted on Schedule O. 55578916 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 1 0 0 0 0 1 0 0 0 1 15 3 1 3 1 0 0 0 0 0 0 X 5 3 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NC X Joseph A Smith Jr 9198254734 301 Fayetteville St Suite 1801 RALEIGH NC 27601 Bonnie V Hancock Director 2.50 X 25750 0 0 Donald A Pape Director 4.00 X 24000 0 0 D Keith Pigues Director 2.50 X 24000 0 0 John S Allison Beg Jan 2016 Vice President, Treas. and Director 9.00 X X 25500 0 0 Joseph A Smith Jr President and Board Chair 40.00 X X 650000 0 0 John P Sabiston Former Vice President, Treas. and Director 40.00 X 184800 0 0 Christine Hood Assistant Secretary 40.00 X 0 0 0 934050 0 0 2 1 1 0 BDO USA LLP PO BOX 642743 PITTSBURGH PA 152642743 ACCOUNTING FIRMS - MONITORING COMPLIANCE 25383623 Baker Tilly Virchow Krause LLP 8219 Leesburg Pike 800 Tysons VA 22182 ACCOUNTING FIRMS - MONITORING COMPLIANCE 13649619 CROWE CHIZEK LLP PO BOX 145415 CINCINNATI OH 45250 ACCOUNTING FIRMS - MONITORING COMPLIANCE 9394173 RSM US LLP 331 WEST 3RD ST SUITE 200 DAVENPORT IA 52801 ACCOUNTING FIRMS - MONITORING COMPLIANCE 8043172 BKD LLP 220 W MAIN ST SUITE 1700 LOUISVILLE KY 40202 ACCOUNTING FIRMS - MONITORING COMPLIANCE 5916900 9 SETTLEMENT INCOME 900099 64161207 64161207 64161207 5408 5408 64166615 64161207 0 5408 X 934050 934050 3797 3797 26842 26842 182182 182182 33950 33950 55148914 55148914 180267 180267 213870 213870 131130 131130 48113 48113 905690 905690 62 62 57808867 55578916 2229951 0 15651721 18457105 1856 0 1163359 560648 16816936 19017753 9886388 5729457 9886388 5729457 X 6930548 13288296 6930548 13288296 16816936 19017753 6357748 0 X X 0 1 X 1 0 0 X Part X, Line 2: OMSO received Internal Revenue Service ("IRS") approval as a tax exempt organization on December 12, 2013 under Section 501(c)(4) of the Internal Revenue Code, and accordingly, is not subject to federal income tax. Management has evaluated the effect of the guidance provided by U.S. Generally Accepted Accounting Principles on Accounting for Uncertainty in Income Taxes. Management believes that OMSO continues to satisfy the requirements of a tax-exempt organization at June 30, 2016. Management has evaluated all other tax positions that could have a significant effect on the consolidated financial statements and determined OMSO had no uncertain income tax positions at June 30, 2016. OMSO's federal Exempt Organization Business Income Tax Returns (Form 990) are subject to examination by the IRS, generally for three years after they are filed. X X X 0 0 0 0 0 0 0 0 1 1 Joseph A Smith Jr President and Board Chair 650000 0 0 0 0 0 0 0 0 0 650000 0 0 0 John P Sabiston Former Vice President, Treas. and Di 184800 0 0 0 0 0 0 0 0 0 184800 0 0 0 Part I, Line 3 John Sabiston received $50,000 persuant to a consulting agreement for a portion of 2016. Part I, Line 8 The selection of the Monitor was made by agreement of all of the parties to the five consent judgements that comprise the Settlement. The OMSO Board of Directors does not have the right to terminate or replace the Monitor. The compensation of the Monitor is approved through the adoption process of the OMSO budget, where the Monitor expressly submits to the servicers that are subject to the Settlement and to a Monitoring Committee representing the government parties an annual budget that expressly discloses the Monitor's compensation, which budget is implemented absent an objection. Thus, the Monitor's compensation is subject to the initial contract exception under Treasury Regulation Section 53.4958-4(a)(3). Nevertheless, the compensation of the Monitor is reviewed by the OMSO Board of Directors in a process that follows the rebuttable presumption procedure described in Treasury Regulation Section 53.4958-6(c). Poyner Spruill Joseph A Smith, Jr., President and Director, is a partner at Poyner Spruill 2808170 THE MONITOR, JOSEPH A. SMITH, JR., WHO IS PRESIDENT AND DIRECTOR OF OMSO, BECAME A PARTNER WITH POYNER SPRUILL IN APRIL 2015. OMSO HAS A SUBLEASE AGREEMENT WITH POYNER SPRUILL FOR OFFICE SPACE FOR OMSO'S EMPLOYEE AND MANAGEMENT TEAM. THE OFFICE SPACE IS SUBLET FROM POYNER SPRUILL AT THE SAME RATE AS POYNER SPRUILL'S LEASE AGREEMENT. THE AMOUNT PAID FOR RENT TOTALED $114,745. OMSO ALSO HAS A LEGAL AND CONSULTING SERVICES AGREEMENT WITH POYNER SPRUILL FOR LEGAL AND ADMINISTRATIVE SUPPORT. THE AMOUNT PAID FOR LEGAL AND OFFICE SERVICES TOTALED $2,423,049. ALL TRANSACTIONS ARE AT ARM'S LENGTH AND FAIR MARKET VALUE. 0 JOhn Sabiston John Sabiston, former finance officer 50000 John Sabiston was engaged to provide consulting services to Office of Mortgage Settlement Oversight 0 FORM 990, PART I, LINE 1 AND PART III, LINES 1 AND 4A: JOSEPH A. SMITH, JR. FORMED THE OFFICE OF MORTGAGE SETTLEMENT OVERSIGHT (OMSO), A NOT-FOR-PROFIT CORPORATION, TO HELP HIM CARRY OUT HIS DUTIES AS MONITOR (THE MONITOR) OF THE NATIONAL MORTGAGE SETTLEMENT. THE MONITOR'S PRIMARY TASKS ARE TO DETERMINE WHETHER THE SERVICERS ARE IN COMPLIANCE WITH THE MORTGAGE SERVICING STANDARDS AND CONSUMER RELIEF REQUIREMENTS AS SET FORTH IN THE CONSENT JUDGMENTS THAT COMPRISE THE SETTLEMENT. OMSO ASSISTS THE MONITOR WITH FUNCTIONS RELATED TO THE BUSINESS OF BEING THE MONITOR, INCLUDING MANAGING THE OMSO BUDGET, CONTRACTING WITH CONSULTANTS AND PROFESSIONAL FIRMS, HIRING EMPLOYEES AND MAINTAINING BOOKS AND RECORDS. FOR FURTHER INFORMATION SEE THE 2016 OMSO ANNUAL REPORT AT: WWW.MORTGAGEOVERSIGHT.COM. Form 990, Part VI, Section B, line 11 THE FORM 990 HAS BEEN REVIEWED BY THE AUDIT COMMITTEE AND THEN THE ENTIRE BOARD OF DIRECTORS PRIOR TO ITS FILING. Form 990, Part VI, Section B, line 12c Each director and officer is required on at least an annual basis to disclose any known conflicts. The OMSO management regularly and consistently monitors and enforces the policy. In the event of a potential conflict, the director or officer will recuse himself/herself from deliberation and voting on the issue. Form 990, Part VI, Section B, line 15 As part of the corporate governance for the Office of Mortgage Settlement Oversight ("OMSO"), the Board of Directors of OMSO consults with its general counsel, Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P. and Pearl, Meyer and Associates, an independent executive compensation firm, to advise them on the reasonableness of proposed compensation for all officers and members of the board of directors. In addition, the Monitor's compensation is approved as part of a budget approved by a committee created under the Settlement. Form 990, Part VI, Section C, line 19 The organization's governing documents, conflict of interest policies, financial statements and annual reports are available to the public upon request. Form 990, Part IX, line 11g PROFESSIONAL FEES monitoring compliance: Program service expenses 50,926,631. Management and general expenses 0. Fundraising expenses 0. Total expenses 50,926,631. legal - monitoring compliance: Program service expenses 2,608,193. Management and general expenses 0. Fundraising expenses 0. Total expenses 2,608,193. monitoring system: Program service expenses 1,221,275. Management and general expenses 0. Fundraising expenses 0. Total expenses 1,221,275. communications: Program service expenses 392,815. Management and general expenses 0. Fundraising expenses 0. Total expenses 392,815. FORM 990, PART IX, LINE 11G: OTHER EXPENSES: THIS SCHEDULE OF EXPENSES IDENTIFIES THE DIRECT COSTS FOR THE MONITOR TO CARRY OUT HIS DUTIES UNDER THE SETTLEMENT AND ARE NOT SPECIFIC TO THE OPERATION OF THE OMSO CORPORATE OFFICE. Form 990, Part XII, Line 2c: THE AUDIT COMMITTEE OF THE OMSO BOARD OF DIRECTORS. THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. OMSO OCWEN LLC 301 FAYETTEVILLE STREET SUITE 1801 RALEIGH NC 27601 MONITORING NC 13136082 651333 Office of Mortgage Settlement Oversight OMSO ST LLC 301 FAYETTEVILLE STREET SUITE 1801 RALEIGH NC 27601 MONITORING NC 10713095 2680293 OFFice of Mortgage Settlement Oversight OMSO HSBC LLC 301 FAYETTEVILLE STREET SUITE 1801 rALEIGH NC 27601 Monitoring NC 4545216 3520207 OFFice of Mortgage Settlement Oversight