ONEWEST BANK, F.S.B. v. JACOBS, 333 P.3d 979

OWB moved for summary judgment on standing to foreclose a note/mortgage originally issued by IndyMac to Jacobs.
BNY, as Trustee, filed the foreclosure action in 2006; petition attached unendorsed note.
IndyMac later failed; the FDIC sold servicing rights to OWB; OWB began servicing on behalf of BNY in 2009.
Jacobs and IndyMac had a forbearance agreement; Jacobs allegedly failed to make timely payments.
OWB attached affidavit stating possession of the original note and mortgage and that the note was indorsed in blank; PSA structure assigned enforcement rights to master servicer.
Trial court granted OWB summary judgment, finding OWB had standing and Jacobs breached the note; Jacobs appealed arguing lack of standing and other deficiencies.

Issue	Plaintiff's Argument	Defendant's Argument	Held
Whether OWB had standing to foreclose the note	OWB, as successor in interest, had standing	OWB lacked standing to enforce the note	OWB had standing; record shows rights of holder via nonholder in possession under PSA; affirmed.
Whether BNY/OWB were proper parties and whether the record showed who owned/enforced the note	IndyMac delivered the note for enforcement through PSA; OWB thus valid assignee	Record insufficient to show real party in interest	Record supported substitution and enforcement rights; standing established.

Deutsche Bank National Trust Co. v. Brumbaugh, 2012 OK 3, 270 P.3d 151 (Okla. 2012) (requires plaintiff to show entitlement to enforce the note before foreclosure)
CPT Asset Backed Certificates, Series 2004-EC1 v. Kham, 2012 OK 22, 278 P.3d 586 (Okla. 2012) (identifies standing categories: holder, nonholder in possession with rights of holder, or enforce under 3-309/3-418)
Bank of America, NA v. Kabba, 2012 OK 23, 276 P.3d 1006 (Okla. 2012) (standing when holder or in-possession rights exist; question of fact if only unindorsed note)
U.S. Bank National Ass'n v. Baber, 2012 OK 55, 280 P.3d 956 (Okla. 2012) (further on standing and enforceability considerations)