Common use of LTV; Primary Mortgage Insurance Policy Clause in Contracts

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan as defined in the PHH Guide and disclosed to the Purchaser in the Offering Materials, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy obligates the Mortgagor or the Servicer thereunder, as applicable, to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan program as defined in the PHH Guide and disclosed to the Purchaser in the Offering Materialsnot requiring Primary Mortgage Insurance, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds insured’s in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s 's price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s 's price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s 's price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsExhibit 11 hereto), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “"insider’s 's price” " when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “"insider’s 's price”", (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “"insider’s 's price” " and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a "lender-paid" Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan program as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsDesignated Guidelines not requiring primary mortgage insurance, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy in accordance with the terms of the Fxxxxx Mae Guide or LPMI Policy the Fxxxxxx Mac Guide, issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds insured’s in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s 's price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s 's price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s 's price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. No action, inaction or event has occurred and no state of facts exists that has, or will result in the exclusion from, denial of, or defense to coverage. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in Exhibit 11 to the PHH Guide and disclosed to the Purchaser in the Offering MaterialsAgreement), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or applicable Seller/Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in Exhibit 11 hereto) and such Mortgage Loans listed on the Mortgage Loan Schedule as not required to have Primary Mortgage Insurance pursuant to the PHH Guide and disclosed to the Purchaser in the Offering MaterialsGuide, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;. As of the date of origination, no Mortgage Loan has a CLTV greater than 100%.

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in Exhibit 11 to the PHH Guide and disclosed to the Purchaser in the Offering MaterialsAgreement), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or applicable Seller/Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All To the knowledge of RWT Holdings, all provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and and, to the knowledge of RWT Holdings, all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan program as defined in the PHH Guide and disclosed to the Purchaser in the Offering Materialsnot requiring Primary Mortgage Insurance, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds insured's in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “"insider’s 's price” " when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “"insider’s 's price”", (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “"insider’s 's price” " and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a "lender-paid" Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsExhibit 11 hereto), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s 's price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s 's price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s 's price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan program as defined in the PHH Guide and disclosed to the Purchaser in the Offering Materialsnot requiring Primary Mortgage Insurance, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds insured’s in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s 's price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s 's price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s 's price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the The Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan program as defined in the PHH Guide and disclosed to the Purchaser in the Offering Materialsnot requiring Primary Mortgage Insurance, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller Company or Servicer, its successors and assigns and insureds insured’s in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s 's price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s 's price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s 's price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. No Mortgage Loan had an LTV as of the date of origination of greater than 100%. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsExhibit 13 hereto), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds insured’s in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s 's price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s 's price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s 's price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule. The Mortgage Loan Schedule will include the mortgage interest rate which is net of any such insurance premium. No action has been taken or failed to be taken by the Seller on or prior to the Funding Date which has resulted or will result in an exclusion from, denial of, or defense to coverage under any Primary Insurance Policy (including, without limitation, any exclusions, denials, counterclaims or defenses which would limit or reduce the availability of the timely payment of the full amount of the loss otherwise due thereunder to the insured) whether arising out of actions, representations, errors, omissions, negligence, or fraud of the Seller, or for any other reason under such coverage;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsExhibit 11 hereto), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “"insider’s 's price” " when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “"insider’s 's price”", (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “"insider’s 's price” " and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a "lender-paid" Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule. The Mortgage Loan Schedule will include the mortgage interest rate which is net of any such insurance premium. No action has been taken or failed to be taken by the Seller on or prior to the Funding Date which has resulted or will result in an exclusion from, denial of, or defense to coverage under any Primary Insurance Policy (including, without limitation, any exclusions, denials, counterclaims or defenses which would limit or reduce the availability of the timely payment of the full amount of the loss otherwise due thereunder to the insured) whether arising out of actions, representations, errors, omissions, negligence, or fraud of the Seller, or for any other reason under such coverage;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed Exhibit 11 to the Purchaser in the Offering MaterialsCendant Agreement), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or applicable Seller/Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “"insider’s 's price” " when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “"insider’s 's price”", (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “"insider’s 's price” " and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All To the knowledge of RWT Holdings, all provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and and, to the knowledge of RWT Holdings, all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a "lender-paid" Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-Loan- to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsLoans, if such Cendant Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Cendant Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or ServicerCendant, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “"insider’s 's price” " when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “"insider’s 's price”", (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “"insider’s 's price” " and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a "lender-paid" Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Cendant Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsExhibit 11 hereto), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed Exhibit 11 to the Purchaser in the Offering Materials[ ] Agreement), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or applicable Seller/Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All To the knowledge of Redwood Trust, all provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and and, to the knowledge of Redwood Trust, all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan program as defined in the PHH Guide and disclosed to the Purchaser in the Offering Materialsnot requiring Primary Mortgage Insurance, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds insured’s in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan as defined in the PHH Guide and disclosed to the Purchaser in the Offering Materials, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “"insider’s 's price” " when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “"insider’s 's price”", (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “"insider’s 's price” " and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy obligates the Mortgagor or the Servicer thereunder, as applicable, to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. Except with respect to Pledged Asset Mortgage Loans and any Alt-A loan program as defined in the PHH Cendant Guide and disclosed to the Purchaser in the Offering Materialsnot requiring Primary Mortgage Insurance, if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “"insider’s 's price” " when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “"insider’s 's price”, ," (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “"insider’s 's price” " and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a "lender-paid" Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule;

LTV; Primary Mortgage Insurance Policy. No Mortgage Loan except for the Additional Collateral Mortgage Loans has a Loan-to-Value Ratio in excess of 95%. Except with respect to Pledged Asset Additional Collateral Mortgage Loans and any Alt-A loan (as defined in the PHH Guide and disclosed to the Purchaser in the Offering MaterialsExhibit 11 hereto), if such Mortgage Loan had a Loan-to-Value Ratio of more than 80% at origination, such Mortgage Loan is and will be subject to a Primary Insurance Policy or LPMI Policy issued by a Qualified Mortgage Insurer, which insures the Seller or Servicer, its successors and assigns and insureds in the amount set forth on the Mortgage Loan Schedule; provided that, a Primary Mortgage Insurance Policy or LPMI Policy will not be required for any Cooperative Loan if (i) the proceeds of such Cooperative Loan were used to purchase a Cooperative Unit at the “insider’s 's price” when the building was converted to a Cooperative Corporation, (ii) the value of the Cooperative Unit for purposes of establishing the LTV at origination was such “insider’s 's price”, (iii) the principal amount of the Cooperative Loan at origination was not more than 100% of such “insider’s 's price” and (iv) the LTV at origination, as calculated using the Appraised Value at origination, was less than or equal to 80%. All provisions of such Primary Insurance Policy or LPMI Policy have been and are being complied with, such policy is in full force and effect, and all premiums due thereunder have been paid. Any related Mortgage subject to any such Primary Insurance Policy or LPMI Policy (other than a “lender-paid” Primary Insurance Policy) obligates the Mortgagor or the Servicer thereunder, as applicable, thereunder to maintain such insurance for the time period required by law and to pay all premiums and charges in connection therewith. As of the date of origination, the Loan-to-Value Ratio of such Mortgage Loan is as specified in the applicable Mortgage Loan Schedule. Nothing has come to the Seller’s attention to indicate that the current Appraised Value of the Mortgage Loan is less than the Appraised Value at origination;