Common use of Vacant Clause in Contracts

Vacant. The Property Condition field should show the last reported condition of the property. The acceptable codes are: • Damaged • Excellent • Fair • Gone • Good • Poor • Special Hazard • Unknown The FNMA Delinquent Reason Code field should show the Reason for Default. The following FNMA Delinquency Reason Codes to be used are below. Delinquency Code Delinquency Description 001 FNMA-Death of principal mortgagor 002 FNMA-Illness of principal mortgagor 003 FNMA-Illness of mortgagor’s family member 004 FNMA-Death of mortgagor’s family member 005 FNMA-Marital difficulties 006 FNMA-Curtailment of income 007 FNMA-Excessive Obligation 008 FNMA-Abandonment of property 009 FNMA-Distant employee transfer 011 FNMA-Property problem 012 FNMA-Inability to sell property 013 FNMA-Inability to rent property 014 FNMA-Military Service 015 FNMA-Other 016 FNMA-Unemployment 017 FNMA-Business failure 019 FNMA-Casualty loss 022 FNMA-Energy environment costs 023 FNMA-Servicing problems 026 FNMA-Payment adjustment 027 FNMA-Payment dispute 029 FNMA-Transfer of ownership pending 030 FNMA-Fraud 031 FNMA-Unable to contact borrower INC FNMA-Incarceration The FNMA Delinquent Status Code field should show the Status of Default. The following FNMA Delinquency Status Codes to be used are below. Status Code Status Description

Vacant. The Property Condition field should show the last reported condition of the property. The acceptable codes are: • Damaged • Excellent • Fair • Gone • Good • Poor • Special Hazard • Unknown The FNMA Delinquent Reason Code field should show the Reason for DefaultDelinquency. The following FNMA Delinquency Reason Codes to be used are below. Delinquency Code Delinquency Description 001 FNMA-Death of principal mortgagor 002 FNMA-Illness of principal mortgagor 003 FNMA-Illness of mortgagor’s family member 004 FNMA-Death of mortgagor’s family member 005 FNMA-Marital difficulties 006 FNMA-Curtailment of income 007 FNMA-Excessive Obligation 008 FNMA-Abandonment of property 009 FNMA-Distant employee transfer 011 FNMA-Property problem 012 FNMA-Inability to sell property 013 FNMA-Inability to rent property 014 FNMA-Military Service 015 FNMA-Other 016 FNMA-Unemployment 017 FNMA-Business failure 019 FNMA-Casualty loss 022 FNMA-Energy environment costs 023 FNMA-Servicing problems 026 FNMA-Payment adjustment 027 FNMA-Payment dispute 029 FNMA-Transfer of ownership pending 030 FNMA-Fraud 031 FNMA-Unable to contact borrower INC FNMA-Incarceration The FNMA Delinquent Status Code field should show the Status of Default. The following FNMA Delinquency Status Codes to be used are below. Status Code Status DescriptionDescription 09 Forbearance 17 Pre-foreclosure Sale Closing Plan Accepted 24 Government Seizure 26 Refinance 27 Assumption 28 Modification 29 Charge-Off 30 Third Party Sale 43 Foreclosure Started 44 Deed-in-Lieu Started 49 Assignment Completed 61 Second Lien Considerations 62 Veteran’s Affairs-No Bid 63 Veteran’s Affairs-Refund 64 Veteran’s Affairs-Buydown 65 Chapter 7 Bankruptcy 66 Chapter 11 Bankruptcy 67 Chapter 13 Bankruptcy EXHIBIT P FAIRBANKS’ REPORT FOR LIQUIDATED LOANS Date:____________ Base Liquidation Report Type of Liquidation: Investor Loan Number: Loan Number: Liq Report Log No: Lien Position: Report Date: REMIC # Ending Interest Rate: Original Amount of Loan: Fixed or Adjustable: UPB Accrued Int to frcl sale: Advanced Delinquent Interest: Date Borrower Paid To: Borrower’s Name: Property Address: MSP Bank/Category: Note Date: Date of REO: Disposition Date: Amount Date of Valuation Type of Valuation Market Value AS IS: Repaired: Supplemental Value AS IS: Repaired: REO BPO VALUE: List Price: Sales Price: Proceeds Expenses List Price: Servicing Advances: Sales Price: Payee 70R01 Acquisition: Broker’s Commission: Payee 75R60 REO: Bonus Commission: Payee 75R49 Foreclosure: Lien Purchase/Paid Off: Payee 75R36 Escrow: Seller Closing Costs: Payee 75R52 Bankruptcy: Repair Costs: Discrepancy Amount: Seller Concessions: Servicing Advance Total: Other Closing Costs: Advances Applied After Liquidation: Net Proceeds: Prior Additional Advances: Escrow Balance: Escrow Advance: