Exhibit 99.14a
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EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT, dated July 1, 2006 (this
"Assignment"), among Xxxxxx Xxxxxxx Mortgage Capital Inc. ("MSMCI" or the
"Purchaser"), GMAC Mortgage Corporation, a Pennsylvania corporation
("Servicer"), and LaSalle Bank National Association ("LaSalle"), as trustee
("Trustee") of Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-11 (the "Trust") and
acknowledged by Xxxxx Fargo Bank, National Association, as master servicer (in
such capacity, the "Master Servicer") and as securities administrator (in such
capacity, the "Securities Administrator") and Xxxxxx Xxxxxxx Capital I Inc.
(the "Depositor").
WHEREAS, the Purchaser is the owner of various mortgage loans, including
the mortgage loans identified on Schedule 1 hereto (the "Specified Mortgage
Loans");
WHEREAS, the Servicer and the Purchaser are parties to a Servicing
Agreement, dated as of May 20, 2005 (the "Initial Servicing Agreement") and a
First Amended and Restated Servicing Agreement, dated as of January 1, 2006
(the "the Servicing Agreement"), pursuant to which the Servicer has agreed to
service the Specified Mortgage Loans on behalf of the Purchaser as "Owner" (as
such term is defined in the Servicing Agreement);
WHEREAS, in connection with the servicing of the Mortgage Loans
hereunder, the Seller agrees that, from and after the date hereof, each
Mortgage Loan serviced hereunder will be subject to the Servicing Agreement;
NOW, THEREFORE, in consideration of the mutual promises contained herein
and other good and valuable consideration (the receipt and sufficiency of
which are hereby acknowledged), the parties agree as follows:
1. Assignment and Assumption
The Purchaser, as Owner, is the owner of all of the rights, title and
interest of the rights (the "Servicing Rights"), in, to and under the
Servicing Agreement as it relates to the servicing of the Specified Mortgage
Loans. Pursuant to this Assignment, the Purchaser hereby grants, transfers and
assigns (i) its rights and obligations, as "Owner" under the Servicing
Agreement with respect to the Specified Mortgage Loans other than the
Servicing Rights which the Owner explicitly retains and (ii) any rights
granted to the Purchaser as Owner under the Servicing Agreement to the
Depositor (the "First Assignment and Assumption"), and the Depositor hereby
acknowledges the First Assignment and Assumption. Immediately after giving
effect to the First Assignment and Assumption, the Depositor hereby grants,
transfers and assigns its rights and obligations in and under the First
Assignment and Assumption to the Trustee, on behalf of the Trust, and the
Trustee, on behalf of the Trust, hereby accepts such assignment from the
Depositor (the "Second Assignment and Assumption").
The Servicer hereby acknowledges each of the First Assignment and
Assumption and the Second Assignment and Assumption.
For the purposes of this Assignment and the Servicing Agreement,
Schedule 1 hereto shall constitute a "Mortgage Loan Schedule" as such term is
defined in the Servicing Agreement,
and the assignment set forth herein shall constitute a "Reconstitution" (as
such term is defined in the Servicing Agreement).
2. Recognition of Trustee
The parties confirm that this Assignment includes the rights relating to
amendments or waivers under the Servicing Agreement. Accordingly, the right of
MSMCI, as Owner, to consent to any amendment of the Servicing Agreement and
its rights concerning waivers as set forth in Section 16 of the Servicing
Agreement shall be exercisable, to the extent any such amendment or waiver
affects the Specified Mortgage Loans or any of the rights under the Servicing
Agreement with respect thereto (other than the servicing of the Specified
Mortgage Loans, which shall be enforced by the Master Servicer) by the Trustee
on behalf of the Trust as the successor to the Purchaser in its capacity as
Owner under the Servicing Agreement.
It is expressly understood and agreed by the parties hereto that (i)
this Assignment is executed and delivered by LaSalle Bank National
Association, not individually or personally but solely on behalf of the Trust,
as assignee, in the exercise of the powers and authority conferred and vested
in it, as Trustee, pursuant to the Pooling and Servicing Agreement dated as of
July 1, 2006 among the Depositor, Xxxxx Fargo Bank, National Association, as
securities administrator and master servicer, and the Trustee (the "Pooling
and Servicing Agreement"), (ii) each of the representations, undertakings and
agreements herein made on the part of the Trust as assignee is made and
intended not as personal representations, undertakings and agreements by
LaSalle Bank National Association but is made and intended for the purpose of
binding only the Trust, (iii) nothing herein contained shall be construed as
creating any liability for LaSalle Bank National Association, individually or
personally, to perform any covenant (either express or implied) contained
herein and (iv) under no circumstances shall LaSalle Bank National Association
be personally liable for the payment of any indebtedness or expenses of the
Trust, or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the Trust under
this Assignment and (v) all recourse for any payment liability or other
obligation of the Trust as assignee shall be had solely to the assets of the
Trust.
3. Representations and Warranties
(a) The Depositor represents and warrants that it is a sophisticated
investor able to evaluate the risks and merits of the transactions
contemplated hereby, and that it has not relied in connection therewith upon
any statements or representations of the Servicer or MSMCI other than those
contained in the Servicing Agreement or this Assignment.
(b) Each of the parties hereto represents and warrants that it is duly
and legally authorized to enter into this Assignment.
(c) Each of the Depositor, the Purchaser and the Servicer represents and
warrants that this Assignment has been duly authorized, executed and delivered
by it and (assuming due authorization, execution and delivery thereof by each
of the other parties hereto) constitutes its legal, valid and binding
obligation, enforceable against it in accordance with its terms, except as
such enforcement may be limited by bankruptcy, insolvency, reorganization or
other similar laws
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affecting the enforcement of creditors' rights generally and by general
equitable principles (regardless of whether such enforcement is considered in
a proceeding in equity or at law).
(d) The Servicer hereby warrants and represents to, and covenants with,
the Purchaser and the Trustee that each of the representations and warranties
set forth in Section 6.01 of the Servicing Agreement are true and correct with
respect to the Servicer as of the date hereof.
(e) The Servicer hereby agrees that, for so long as the Trust is
reporting under the Exchange Act, its obligations under Sections 5.04 and 5.05
of the Initial Servicing Agreement and under Sections 31.04 and 31.05 of the
Servicing Agreement, as modified by this Assignment, shall survive the
termination and removal of the Servicer as servicer of the Specified Mortgage
Loans in the Trust and continue to apply for each calendar year during which
the Servicer services the Specified Mortgage Loans.
4. The Servicer hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Specified
Mortgage Loans pursuant to the Pooling and Servicing Agreement and, therefore,
has the right to enforce all obligations of the Servicer under the Servicing
Agreement. Such rights will include, without limitation, the right to
terminate the Servicer under the Servicing Agreement as provided thereunder,
the right to receive all remittances required to be made by the Servicer under
the Servicing Agreement, the right to receive all monthly reports and other
data required to be delivered by the Servicer under the Servicing Agreement,
the right to examine the books and records of the Servicer and the right to
exercise certain rights of consent and approval granted to the Purchaser under
the Servicing Agreement.
In accordance with the Second Assignment and Assumption, the Trustee, as
Owner, hereby directs the Servicer to make all distributions under the
Servicing Agreement to the Master Servicer by wire transfer of immediately
available funds to:
Xxxxx Fargo Bank, National Association
ABA Number: 000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: 50933300, MSM 2006-11
In accordance with the Second Assignment and Assumption, the Trustee, as
Owner, hereby directs the Servicer to deliver all reports required to be
delivered under the Servicing Agreement to the Master Servicer at the
following address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, MSM 2006-11
Office Number: (000) 000-0000
Telecopier: (000) 000-0000
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5. Amendments to Servicing Agreement.
(a) The following definitions in Section 1 are revised as follows with
respect to the Specified Mortgage Loans:
a. "Eligible Account" shall have the meaning set forth in the
Pooling and Servicing Agreement.
b. "Eligible Investments" shall have the meaning set forth in the
Pooling and Servicing Agreement.
c. "Indemnified Party": each Party described in the first sentence
of Section 31.07(a) of the Servicing Agreement.
d. "Remittance Date" shall mean no later than 1:00 p.m., New York
time, on the 18th day of each month, or if such 18th day is not a Business
Day, the first Business Day immediately following such 18th day.
(b) Solely with respect to the Specified Mortgage Loans, the words ";
provided, however," to and including the end of the penultimate sentence of
paragraph (a) of Section 3.01 are hereby deleted.
(c) The following paragraph is hereby incorporated into the Servicing
Agreement as new Section 3.19:
"3.19 Fair Credit Reporting Act
The Servicer, in its capacity as servicer for each Mortgage Loan,
agrees to fully furnish, in accordance with the Fair Credit Reporting
Act and its implementing regulations, accurate and complete information
(e.g., favorable and unfavorable) on its borrower credit files to
Equifax, Experian and Trans Union Credit Information Servicer (three of
the credit repositories), on a monthly basis."
(d) Solely with respect to the Specified Mortgage Loans, the following
deletions are hereby made to the fourth paragraph of Section 4.01:
a. the words "following the Business Day" are hereby deleted from
the first sentence and
b. the word "second" is hereby deleted from the second sentence.
(e) Solely with respect to the Specified Mortgage Loans, the first
sentence of Section 5.04 is amended by adding the words "(with a copy to the
Master Servicer)" after the word "Owner".
(f) Solely with respect to the Specified Mortgage Loans, Section 8.01(b)
is hereby amended and restated as follows:
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"(b) failure on the part of the Servicer duly to observe or perform in
any material respect any other of the covenants or agreements on the part of
the Servicer set forth in this Agreement (including but not limited to breach
by Servicer of any one or more of the representations, warranties and
covenants of the Servicer as set forth in Section 6.01 above) which continues
uncured for a period of thirty (30) days (except that (x) such number of days
shall be fifteen (15) days in the case of a failure to pay any premium for any
insurance policy required to be maintained under this Agreement and (y) such
number of days shall be fourteen (14) calendar days with respect to the
reports required under Sections 31.04 and 31.05 and the last paragraph of
Section 25) after the earlier of the date on which (i) written notice of such
failure, requiring the same to be remedied, shall have been given to the
Servicer by the Owner, or (ii) Servicer first becomes aware of such failure."
(g) Solely with respect to the Specified Mortgage Loans, the rights of
the Servicer pursuant to clause (iv) of Section 9.01(a) are hereby deleted.
(h) Solely with respect to the Specified Mortgage Loans, the rights of
the Servicer pursuant to Section 9.02 are hereby deleted.
(i) Section 20(a) of the Servicing Agreement is hereby amended to add
the Master Servicer as an "Indemnified Party" in accordance with such Section.
(j) Solely with respect to the Specified Mortgage Loans, the following
is added to the end of Section 22(a):
"or as necessary to provide the reports required by Section 4.05 of the
Pooling and Servicing Agreement."
(k) Section 31.03(d) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"For the purpose of satisfying its reporting obligation under the
Exchange Act with respect to any class of asset-backed securities, the
Company shall (or shall cause each Subservicer to) (i) promptly notify
the Purchaser, any Master Servicer and any Depositor in writing of (A)
any litigation or governmental proceedings pending against the Company,
any Subservicer that would be material to securityholders, (B) any
affiliations or relationships that develop following the closing date of
a Securitization Transaction between the Company, any Subservicer and
any of the parties specified in clause (D) of paragraph (a) of this
Section (and any other parties identified in writing by the requesting
party) with respect to such Securitization Transaction, but only to the
extent that such affiliations or relationships do not include the
Purchaser, Depositor or any of their respective affiliates as a party,
(C) any Event of Default under the terms of this Agreement or any
Reconstitution Agreement, (D) any merger, consolidation or sale of
substantially all of the assets of the Company and (E) the Company's
entry into an agreement with a Subcontractor to perform or assist the
Company with the performance of any of the Company's obligations under
this Agreement or any Reconstitution Agreement, and (ii) provide to the
Purchaser and any Depositor a description of such proceedings,
affiliations or relationships."
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(l) Section 31.03 (f) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"In addition to such information as the Company, as servicer, is
obligated to provide pursuant to other provisions of this Agreement, not
later than ten (10) days prior to the deadline for the filing of any
distribution report on Form 10-D in respect of any Securitization
Transaction that includes any of the Mortgage Loans serviced by the
Company or any Subservicer, the Company or such Subservicer, as
applicable, shall, to the extent the Company or such Subservicer has
knowledge, provide to the party responsible for filing such report
(including, if applicable, the Master Servicer) notice of the occurrence
of any of the following events along with all information, data, and
materials related thereto as may be required to be included in the
related distribution report on Form 10-D (as specified in the provisions
of Regulation AB referenced below):
(i) any material modifications, extensions or waivers of pool
asset terms, fees, penalties or payments during the distribution
period or that have cumulatively become material over time (Item
1121(a)(11) of Regulation AB);
(ii) material breaches of pool asset representations or
warranties or transaction covenants (Item 1121(a)(12) of
Regulation AB); and
(iii) information regarding new asset-backed securities
issuances backed by the same pool assets, any pool asset changes
(such as, additions, substitutions or repurchases), and any
material changes in origination, underwriting or other criteria
for acquisition or selection of pool assets (Item 1121(a)(14) of
Regulation AB).
(m) The following is inserted as 31.03 (g) of the Servicing Agreement:
"The Company shall provide to the Purchaser, any Master Servicer and any
Depositor, evidence of the authorization of the person signing any
certification or statement, copies or other evidence of Fidelity Bond
Insurance and Errors and Omission Insurance policy, financial
information and reports, and such other information related to the
Company or any Subservicer or the Company or such Subservicer's
performance hereunder."
(n) Section 31.04 is hereby amended and restated in its entirety as follows:
"On or before March 1 of each calendar year, commencing in 2007, the
Servicer shall deliver to the Owner and any Depositor a statement of
compliance addressed to the Owner and such Depositor and signed by an
authorized officer of the Servicer, to the effect that (i) a review of
the Servicer's activities during the immediately preceding calendar year
(or applicable portion thereof) and of its performance under this
Agreement and any applicable Reconstitution Agreement during such period
has been made under such officer's supervision, and (ii) to the best of
such officers' knowledge, based on such review, the Servicer has
fulfilled all of its obligations under this Agreement and any applicable
Reconstitution Agreement in all material respects throughout such
calendar year (or applicable portion thereof) or, if there has been a
failure to fulfill any such obligation in any material respect,
specifically identifying each such failure known to such officer and the
nature and the status thereof.
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"In the event that the Servicer fails to timely comply with this Section
31.04, the Depositor shall use its commercially reasonable efforts to
obtain written statements or assurances from the Commission, that such
failure to provide the required statement of compliance on a timely
basis, and a one time additional failure by the Servicer to comply with
this Section 31.04, will not result in any adverse effect on the
Depositor or its affiliates with respect to any Shelf Registration on
Form S-3 of the Depositor or any of its affiliates. Any costs or
expenses incurred by the Depositor or the Master Servicer in obtaining
such statement or assurances from the Commission shall be reimbursed to
the Depositor by the Servicer. In the event that the Depositor is unable
to receive any such assurances from the Commission after the use of such
commercially reasonable efforts of the related year, such failure by the
Servicer to comply with this Section 31.04 shall be deemed an Event of
Default, automatically at such time, without notice and without any cure
period, and Depositor may, in addition to whatever rights the Depositor
may have under Section 20 of the Servicing Agreement and at law or
equity or to damages, including injunctive relief and specific
performance, terminate all the rights and obligations of the Servicer
under this Agreement and in and to the Mortgage Loans and the proceeds
thereof without compensating the Servicer for the same, as provided in
Section 9 of the Servicing Agreement. Such termination shall be
considered with cause pursuant to Section 9.01 of the Servicing
Agreement. This paragraph shall supersede any other provision in this
Agreement or any other agreement to the contrary."
(o) Section 31.05(a)(iv) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
"deliver, and cause each Subservicer and Subcontractor described in
clause (iii) above to deliver, to the Purchaser, the Master Servicer,
any Depositor and any other Person that will be responsible for signing
the certification (a "Sarbanes Certification") required by Rules
13a-14(d) and 15d-14(d) under the Exchange Act (pursuant to Section 302
of the Xxxxxxxx-Xxxxx Act of 2002) on behalf of an asset-backed issuer
with respect to a Securitization Transaction a certification, signed by
an appropriate officer of the Servicer, in the form attached hereto as
Exhibit I. In addition to providing the Sarbanes Certification, the
Servicer shall also cooperate with the Depositor and provide such
additional information as the Depositor may reasonably request with
respect thereto."
(p) The third sentence of Section 31.06(a) is amended to require the
Company to cause any Subservicer or Subcontractor to comply with all of
the following Sections of the Servicing Agreement: Xxxxxxx 00.00, Xxxxxxx
00.00(x), (x), (x) and (g), Section 31.04, Section 31.05, Section
31.06(a) and Section 31.07.
(q) The last sentence of the second paragraph of Section 31.06(b) is
amended to require the Company to cause any Subservicer or Subcontractor
to provide any assessment of compliance and attestation but also any
other certifications required to delivered under Section 31.05.
(r) Section 31.07(a)(ii) of the Servicing Agreement is hereby amended and
restated in its entirety as follows:
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"(ii) any breach by the Company under this Section 31, including
particularly any failure by the Company, any Subservicer, any
Subcontractor to deliver any information, report, certification,
accountants' letter or other material when and as required, under this
Article II, including any failure by the Company to identify pursuant to
Section 31.06(b) any Subcontractor "participating in the servicing
function" within the meaning of Item 1122 of Regulation AB;"
(s) The word "or" is struck at the end of Section 31.07(a)(ii) of the
Servicing Agreement, the word "or" is added at the end of Section
31.07(a)(iii) of the Servicing Agreement, and the following is inserted
to Section 31.07(a) of the Servicing Agreement:
"(iv) negligence, bad faith or willful misconduct of the Company in
connection with its performance under this Article II.
If the indemnification provided for herein is unavailable or
insufficient to hold harmless an Indemnified Party, then the Company
agrees that it shall contribute to the amount paid or payable by such
Indemnified Party as a result of any claims, losses, damages or
liabilities incurred by such Indemnified Party in such proportion as is
appropriate to reflect the relative fault of such Indemnified Party on
the one hand and the Company on the other.
This indemnification shall survive the termination of this Agreement or
the termination of any party to this Agreement."
(t) The following parenthetical is inserted directly before the proviso
in the last sentence of the first paragraph of Section 31.07(b)(i) of
the Servicing Agreement:
"(and if the Company is servicing any of the Mortgage Loans in a
Securitization Transaction, appoint a successor servicer reasonably
acceptable to the Master Servicer for such Securitization Transaction)"
(u) The following paragraph is hereby incorporated into the Servicing
Agreement as new Section 32:
"Third Party Beneficiary. For purposes of this Agreement, any master
servicer appointed in connection with a Reconstitution by the Owner
shall be considered a third party beneficiary to this Agreement
(including but not limited to Sections 31.01, 31.03 and 31.04 hereof)
with respect to the Specified Mortgage Loans entitled to all the rights
and benefits accruing to any master servicer herein with respect to the
Specified Mortgage Loans as if it were a direct party to this
Agreement."
(v) Schedule I to the Servicing Agreement is hereby replaced in its
entirety with the Amended and Restated Schedule I attached to this
Assignment as Exhibit II.
(w) Exhibit J to the Servicing Agreement is hereby replaced in its
entirety with Exhibit IV attached hereto.
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(x) All assessments, reports and certifications required to be delivered
by the Servicer this Assignment shall include the Master Servicer as an
addressee, and the Master Servicer shall be entitled to rely upon all such
assessments, reports and certifications.
(y) Written notice provided in compliance with Sections 31.03(d), (e) or
(f) of the Servicing Agreement shall be substantially in the form of Exhibit
III to this Agreement.
6. Notices
The Depositor's address for purposes for all notices and correspondence
related to the Mortgage Loans, this Assignment and the Servicing Agreement is:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-11
The Trustee's address for purposes for all notices and correspondence related
to the Mortgage Loans, this Assignment and the Servicing Agreement is :
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Global Securities and Trust Services MSM 2006-11
The Purchaser's address for purposes for all notices and correspondence
related to the Mortgage Loans, this Assignment and the Servicing Agreement is:
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-11
With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
The Servicer's address for purposes for all notices and correspondence related
to the Mortgage Loans and this Assignment is :
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GMAC Mortgage Corporation
000 Xxxxxx Xxxx
Xxxxxxx, Xxxxxxxxxxxx 00000
Attention: Executive Vice President of National Loan Administration
7. Certain Matters Regarding the Trustee
Each party hereto hereby agrees as follows:
Notwithstanding any term hereof to the contrary, the execution and
delivery of this Assignment by Trustee is solely in its capacity as trustee
for Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-11 and not individually, and any
recourse against Trustee in respect of any obligations it may have under or
pursuant to the terms of this Assignment (if any) shall be limited solely to
the assets it may hold as trustee of Xxxxxx Xxxxxxx Mortgage Loan Trust
2006-11.
8. Continuing Effect
Except as contemplated by this Assignment, the Servicing Agreement shall
remain in full force and effect in accordance with its terms.
9. Governing Law
This Assignment and the rights and obligations hereunder shall be
governed by and construed in accordance with the internal laws of the State of
New York.
10. Counterparts
This Assignment may be executed in counterparts, each of which when so
executed shall be deemed to be an original and all of which when taken
together shall constitute one and the same instrument.
11. Definitions
Any capitalized term used but not defined in this Assignment has the
same meaning as in the Servicing Agreement.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties have caused this Assignment, Assumption
and Recognition Agreement to be executed by their duly authorized officers as
of the date first above written.
Purchaser Trust
XXXXXX XXXXXXX MORTGAGE LOAN TRUST
XXXXXX XXXXXXX MORTGAGE CAPITAL INC. 2006-11
BY: LASALLE BANK NATIONAL
ASSOCIATION, AS TRUSTEE
/s/ Xxxxxxx Xxx /s/ Xxxx Xxxxx
---------------------------------- -----------------------------------
By: Xxxxxxx Xxx By: Xxxx Xxxxx
---------------------------- ----------------------------
Its: VP Its: VP
---------------------------- ----------------------------
Taxpayer Identification
Number:
Servicer
GMAC MORTGAGE CORPORATION
/s/ Xxxxxx X. Xxxxxxx
----------------------------------
By: Xxxxxx X. Xxxxxxx
----------------------------
Its: VP
----------------------------
Taxpayer Identification
Number: 00-0000000
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
XXXXXX XXXXXXX CAPITAL I INC. ASSOCIATION, AS MASTER SERVICER
/s/ Xxxxxxx Xxx /s/ Xxxxxxxx Xxxxx
---------------------------------- -----------------------------------
By: Xxxxxxx Xxx By: Xxxxxxxx Xxxxx
---------------------------- ----------------------------
Its: VP Its: VP
---------------------------- ----------------------------
Taxpayer Identification
Number:
--------------------
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Schedule I
Specified Mortgage Loan Schedule
[see Schedule A to the Pooling and Servicing Agreement
on file with the Servicer, the Master Servicer and the Depositor]
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Exhibit IIA: Standard File Layout - Delinquency Reporting
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Column/Header Name Description Decimal Format
Comment
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SERVICER_LOAN_NBR A unique number assigned to a loan by the
Servicer. This may be different than the
LOAN_NBR
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LOAN_NBR A unique identifier assigned to each loan
by the originator.
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CLIENT_NBR Servicer Client Number
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SERV_INVESTOR_NBR Contains a unique number as assigned by an
external servicer to identify a group of
loans in their system.
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BORROWER_FIRST_NAME First Name of the Borrower.
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BORROWER_LAST_NAME Last name of the borrower.
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PROP_ADDRESS Street Name and Number of Property
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PROP_STATE The state where the property located.
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PROP_ZIP Zip code where the property is located.
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BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment MM/DD/YYYY
is due to the servicer at the end of
processing cycle, as reported by Servicer.
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LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
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BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim MM/DD/YYYY
was filed.
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BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was
filed.
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BANKRUPTCY_CASE_NBR The case number assigned by the court to
the bankruptcy filing.
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POST_PETITION_DUE_DATE The payment due date once the bankruptcy MM/DD/YYYY
has been approved by the courts
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BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal,
Discharged and/or a Motion For Relief Was
Granted.
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LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved MM/DD/YYYY
By The Servicer
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LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For
A Loan Such As;
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LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is MM/DD/YYYY
Scheduled
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To End/Close
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LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
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FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the
MM/DD/YYYY servicer with instructions to
begin foreclosure proceedings.
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ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
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FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney MM/DD/YYYY
in a Foreclosure Action
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FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is MM/DD/YYYY
expected to occur.
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FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
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FRCLSR_SALE_AMT The amount a property sold for at the 2 No
foreclosure sale. commas(,)
or dollar
signs ($)
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EVICTION_START_DATE The date the servicer initiates eviction MM/DD/YYYY
of the borrower.
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EVICTION_COMPLETED_DATE The date the court revokes legal MM/DD/YYYY
possession of the property from the
borrower.
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LIST_PRICE The price at which an REO property is 2 No
marketed. commas(,)
or dollar
signs ($)
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LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
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OFFER_AMT The dollar value of an offer for an REO 2 No
property. commas(,)
or dollar
signs ($)
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OFFER_DATE_TIME The date an offer is received by DA Admin MM/DD/YYYY
or by the Servicer.
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REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
----------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
----------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is
occupied.
----------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the
property.
----------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is MM/DD/YYYY
performed.
----------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
----------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the property 2
based on
----------------------------------------------------------------------------------------------------
2
----------------------------------------------------------------------------------------------------
brokers price opinion or appraisal.
----------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed pursuant to a
broker's price opinion or appraisal.
----------------------------------------------------------------------------------------------------
If applicable:
----------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
----------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower
to stop paying on a loan. Code indicates
the reason why the loan is in default for
this cycle.
----------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed MM/DD/YYYY
With Mortgage Insurance Company.
----------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No
commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
----------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No
Claim commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
----------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance 2 No
Company commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
----------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No
Company commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No
commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No
commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
3
----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No
commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No
commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans MM/DD/YYYY
Admin
----------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
----------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No
commas(,)
or dollar
signs ($)
----------------------------------------------------------------------------------------------------
4
EXECUTION COPY
Exhibit IIB: Standard File Codes - Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as
follows:
o ASUM- Approved Assumption
o BAP- Borrower Assistance Program
o CO- Charge Off
o DIL- Deed-in-Lieu
o FFA- Formal Forbearance Agreement
o MOD- Loan Modification
o PRE- Pre-Sale
o SS- Short Sale
o MISC- Anything else approved by the PMI or Pool Insurer
NOTE: Xxxxx Fargo Bank will accept alternative Loss Mitigation Types to those
above, provided that they are consistent with industry standards. If Loss
Mitigation Types other than those above are used, the Servicer must supply
Xxxxx Fargo Bank with a description of each of the Loss Mitigation Types prior
to sending the file.
The Occupant Code field should show the current status of the property code as
follows:
o Mortgagor
o Tenant
o Unknown
o Vacant
The Property Condition field should show the last reported condition of the
property as follows:
o Damaged
o Excellent
o Fair
o Gone
o Good
o Poor
o Special Hazard
o Unknown
The FNMA Delinquent Reason Code field should show the Reason for Delinquency
as follows:
--------------------------------------------------------
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 as
follows:
-------------------------------------------------------
Status Code Status Description
-------------------------------------------------------
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
-------------------------------------------------------
31 Probate
-------------------------------------------------------
32 Military Indulgence
-------------------------------------------------------
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
-------------------------------------------------------
2
EXECUTION COPY
Exhibit IIC: Standard File Layout - Master Servicing
----------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
----------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Text up to 10 digits 20
Servicer to define a group of
loans.
----------------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to Text up to 10 digits 10
each loan by the investor.
----------------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a Text up to 10 digits 10
loan by the Servicer. This may
be different than the LOAN_NBR.
----------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received Maximum length of 30 (Last, 30
in the file. It is not First)
separated by first and last
name.
----------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) or dollar 11
scheduled interest payment that signs ($)
a borrower is expected to pay,
P&I constant.
----------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as 4 Max length of 6 6
reported by the Servicer.
----------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate 4 Max length of 6 6
less the service fee rate as
reported by the Servicer.
----------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a 4 Max length of 6 6
loan as reported by the
Servicer.
----------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a 2 No commas(,) or dollar 11
loan as reported by the signs ($)
Servicer.
----------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as 2 No commas(,) or dollar 11
reported by the Servicer. signs ($)
----------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported 4 Max length of 6 6
by the Servicer.
----------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using 4 Max length of 6 6
to calculate a forecasted rate.
----------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar 11
balance at the beginning of the signs ($)
processing cycle.
----------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) or dollar 11
balance at the end of the signs ($)
processing cycle.
----------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of MM/DD/YYYY 10
processing cycle that the
borrower's next payment is due
to the Servicer, as reported by
Servicer.
----------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to 2 No commas(,) or dollar 11
be applied. signs ($)
----------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated MM/DD/YYYY 10
with the first curtailment
amount.
----------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,) or dollar 11
first curtailment amount, if signs ($)
applicable.
----------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount 2 No commas(,) or dollar 11
to be applied. signs ($)
----------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated MM/DD/YYYY 10
with the second curtailment
amount.
----------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,) or dollar 11
second curtailment amount, if signs ($)
applicable.
----------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to 2 No commas(,) or dollar 11
be applied. signs ($)
----------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated MM/DD/YYYY 10
with the third curtailment
amount.
----------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the 2 No commas(,) or dollar 11
third curtailment amount, if signs ($)
applicable.
----------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount 2 No commas(,) or dollar 11
as reported by the Servicer. signs ($)
----------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as MM/DD/YYYY 10
reported by the Servicer.
----------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code Action Code Key: 2
used to indicate the default/ 15=Bankruptcy,
delinquent status of a particular 30=Foreclosure, , 60=PIF,
loan. 63=Substitution,
65=Repurchase,70=REO
----------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest 2 No commas(,) or dollar 11
adjustment as reported by the signs ($)
Servicer.
----------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment 2 No commas(,) or dollar 11
----------------------------------------------------------------------------------------------------------
2
----------------------------------------------------------------------------------------------------------
amount, if applicable. signs ($)
----------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan 2 No commas(,) or dollar 11
Amount, if applicable. signs ($)
----------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is 2 No commas(,) or dollar 11
passing as a loss, if signs ($)
applicable.
----------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding 2 No commas(,) or dollar 11
principal amount due at the signs ($)
beginning of the cycle date to
be passed through to investors.
----------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance 2 No commas(,) or dollar 11
due to investors at the end of signs ($)
a processing cycle.
----------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount 2 No commas(,) or dollar 11
as reported by the Servicer for signs ($)
the current cycle -- only
applicable for
Scheduled/Scheduled Loans.
----------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest 2 No commas(,) or dollar 11
amount less the service fee signs ($)
amount for the current cycle as
reported by the Servicer --
only applicable for
Scheduled/Scheduled Loans.
----------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount 2 No commas(,) or dollar 11
collected by the Servicer for signs ($)
the current reporting cycle --
only applicable for
Actual/Actual Loans.
----------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest 2 No commas(,) or dollar 11
amount less the service fee signs ($)
amount for the current
reporting cycle as reported by
the Servicer -- only applicable
for Actual/Actual Loans.
----------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received 2 No commas(,) or dollar 11
when a borrower prepays on his signs ($)
loan as reported by the
Servicer.
----------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount 2 No commas(,) or dollar 11
for the loan waived by the signs ($)
servicer.
----------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of MM/DD/YYYY 10
the Modification for the loan.
----------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be 30
alpha or
----------------------------------------------------------------------------------------------------------
3
----------------------------------------------------------------------------------------------------------
numeric
----------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding 2 No commas(,) or dollar 11
principal and interest advances signs ($)
made by Servicer.
----------------------------------------------------------------------------------------------------------
4
Exhibit IID : Calculation of Realized Loss/Gain Form 332- Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually and
all credits as separate line items. Claim packages are due on the
remittance report date. Late submissions may result in claims not being
passed until the following month. The Servicer is responsible to remit
all funds pending loss approval and /or resolution of any disputed
items.
(a)
(b) The numbers on the 332 form correspond with the numbers listed
below.
Liquidation and Acquisition Expenses:
1. The Actual Unpaid Principal Balance of the Mortgage Loan. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
2. The Total Interest Due less the aggregate amount of servicing fee
that would have been earned if all delinquent payments had been
made as agreed. For documentation, an Amortization Schedule from
date of default through liquidation breaking out the net interest
and servicing fees advanced is required.
3. Accrued Servicing Fees based upon the Scheduled Principal Balance
of the Mortgage Loan as calculated on a monthly basis. For
documentation, an Amortization Schedule from date of default
through liquidation breaking out the net interest and servicing
fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form -
breakdown required showing period
of coverage, base tax, interest, penalty. Advances prior to
default require evidence of servicer efforts to recover
advances.
* For escrow advances - complete payment history (to calculate
advances from last positive escrow balance forward)
* Other
expenses - copies of corporate advance history showing all
payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the decision and
WFB's approved Officer Certificate
* Unusual or extraordinary items may require further documentation.
13. The total of lines 1 through 12.
(c) Credits:
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale, bid
instructions and Escrow Agent / Attorney Letter of Proceeds
Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332 form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part A/Initial
proceeds and line (18b) for Part B/Supplemental proceeds.
Total Realized Loss (or Amount of Any Gain)
23. The total derived from subtracting line 22 from 13. If the amount
represents a realized gain, show the amount in parenthesis ( ).
6
Exhibit IIE: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
------------------------ ---------------------- -----------------------------
Servicer Loan No. Servicer Name Servicer Address
------------------------ ---------------------- -----------------------------
XXXXX FARGO BANK, N.A. Loan No._____________________________
Borrower's Name: ________________________________________________________
Property Address: _______________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount _________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage
Loan $ ________________ (1)
(2) Interest accrued at Net Rate ________________ (2)
(3) Accrued Servicing Fees ________________ (3)
(4) Attorney's Fees ________________ (4)
(5) Taxes (see page 2) _______________ (5)
(6) Property Maintenance ________________
(6)
(7) MI/Hazard Insurance Premiums (see page 2) ________________ (7)
(8) Utility Expenses ________________ (8)
(9) Appraisal/BPO ________________ (9)
(10) Property Inspections ________________
(10)
(11) FC Costs/Other Legal Expenses ________________ (11)
(12) Other (itemize) ________________ (12)
Cash for Keys__________________________ ________________ (12)
HOA/Condo Fees_______________________ ________________ (12)
______________________________________ ________________ (12)
Total Expenses $ _______________ (13)
Credits:
(14) Escrow Balance $ _______________ (14)
(15) HIP Refund _______________
(15)
7
(16) Rental Receipts _______________ (16)
(17) Hazard Loss Proceeds _______________
(17)
(18) Primary Mortgage Insurance / Gov't Insurance _______________
(18a) HUD Part A
_______________ (18b)
HUD Part B
(19) Pool Insurance Proceeds _______________ (19)
(20) Proceeds from Sale of Acquired Property _______________ (20)
(21) Other (itemize) ________________
(21)
_________________________________________ ________________ (21)
Total Credits $________________ (22)
Total Realized Loss (or Amount of Gain) $________________ (23)
8
Escrow Disbursement Detail
===============================================================================
Type Date Paid Period of Total Paid Base Penalties Interest
(Tax /Ins.) Coverage Amount
===============================================================================
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
9
EXHIBIT III
Additional Disclosure Notification
Xxxxx Fargo Bank, N.A. as [Securities Administrator and Master Servicer]
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
Attn: Corporate Trust Services - MSM 2006-11 - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section [31.03(d)][31.03(e)][31.03(f)] of the Sale
and Servicing Agreement, dated as of [date], as amended by the Assignment,
Assumption and Recognition Agreement dated as of July 1, 2006 among Xxxxxx
Xxxxxxx Capital I Inc., as Depositor, GMAC Mortgage Corporation, Xxxxx Fargo
Bank, National Association, as Master Servicer, and LaSalle Bank National
Association as Trustee. The Undersigned hereby notifies you that certain
events have come to our attention that [will][may] need to be disclosed on
Form [ ].
Description of Additional Form [ ] Disclosure:
List of Any Attachments hereto to be included in the Additional Form [ ]
Disclosure:
Any inquiries related to this notification should be directed to [ ],
phone number: [ ]; email address: [ ].
[NAME OF PARTY]
as [role]
By: __________________________
Name:
Title:
10
EXHIBIT IV
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria";
-----------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-----------------------------------------------------------------------------------------------
Reference Criteria
-----------------------------------------------------------------------------------------------
General Servicing Considerations
-----------------------------------------------------------------------------------------------
Policies and procedures are instituted to monitor any
performance or other triggers and events of default in X
1122(d)(1)(i) accordance with the transaction agreements.
-----------------------------------------------------------------------------------------------
1122(d)(1)(ii) If any material servicing activities are
outsourced to third parties, policies and
procedures are instituted to monitor the third X
party's performance and compliance with such
servicing activities.
-----------------------------------------------------------------------------------------------
1122(d)(1)(iii) Any requirements in the transaction agreements to maintain a
back-up servicer for the mortgage loans are maintained.
-----------------------------------------------------------------------------------------------
1122(d)(1)(iv) A fidelity bond and errors and omissions policy is in effect
on the party participating in the servicing function
throughout the reporting period in the amount of coverage X
required by and otherwise in accordance with the terms of the
transaction agreements.
-----------------------------------------------------------------------------------------------
Cash Collection and Administration
-----------------------------------------------------------------------------------------------
1122(d)(2)(i) Payments on mortgage loans are deposited into the
appropriate custodial bank accounts and related bank clearing
accounts no more than two business days following receipt, or X
such other number of days specified in the transaction
agreements.
-----------------------------------------------------------------------------------------------
1122(d)(2)(ii) Disbursements made via wire transfer on behalf of an obligor
or to an investor are made only by authorized personnel. X
-----------------------------------------------------------------------------------------------
1122(d)(2)(iii) Advances of funds or guarantees regarding collections, cash
flows or distributions, and any interest or other fees charged X
for such advances, are made, reviewed and approved as
specified in the transaction agreements.
-----------------------------------------------------------------------------------------------
11
-----------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-----------------------------------------------------------------------------------------------
Reference Criteria
-----------------------------------------------------------------------------------------------
1122(d)(2)(iv) The related accounts for the transaction, such as cash reserve
accounts or accounts established as a form of
overcollateralization, are separately maintained (e.g., with X
respect to commingling of cash) as set forth in the
transaction agreements.
-----------------------------------------------------------------------------------------------
1122(d)(2)(v) Each custodial account is maintained at a
federally insured depository institution as set
forth in the transaction agreements. For
purposes of this criterion, "federally insured
depository institution" with respect to a foreign X
financial institution means a foreign financial
institution that meets the requirements of
Rule 13k-1 (b)(1) of the Securities Exchange Act.
-----------------------------------------------------------------------------------------------
1122(d)(2)(vi) Unissued checks are safeguarded so as to prevent X
unauthorized access.
-----------------------------------------------------------------------------------------------
1122(d)(2)(vii) Reconciliations are prepared on a monthly basis
for all asset-backed securities related bank
accounts, including custodial accounts and
related bank clearing accounts. These
reconciliations are (A) mathematically accurate;
(B) prepared within 30 calendar days after the
bank statement cutoff date, or such other number
of days specified in the transaction X
agreements; (C) reviewed and approved by someone
other than the person who prepared the
reconciliation; and (D) contain explanations for
reconciling items. These reconciling items are
resolved within 90 calendar days of their
original identification, or such other number of
days specified in the transaction agreements.
-----------------------------------------------------------------------------------------------
Investor Remittances and Reporting
-----------------------------------------------------------------------------------------------
12
-----------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-----------------------------------------------------------------------------------------------
Reference Criteria
-----------------------------------------------------------------------------------------------
1122(d)(3)(i) Reports to investors, including those to be filed
with the Commission, are maintained in accordance
with the transaction agreements and applicable
Commission requirements. Specifically, such
reports (A) are prepared in accordance with
timeframes and other terms set forth in the transaction X
agreements; (B) provide information calculated in accordance
with the terms specified in the transaction
agreements; (C) are filed with the Commission as
required by its rules and regulations; and (D)
agree with investors' or the trustee's records as
to the total unpaid principal balance and number
of mortgage loans serviced by the Servicer.
----------------------------------------------------------------------------------------------
1122(d)(3)(ii) Amounts due to investors are allocated and remitted in
accordance with timeframes, distribution priority and other X
terms set forth in the transaction agreements.
----------------------------------------------------------------------------------------------
1122(d)(3)(iii) Disbursements made to an investor are posted within two
business days to the Servicer's investor records, or such X
other number of days specified in the transaction agreements.
----------------------------------------------------------------------------------------------
1122(d)(3)(iv) Amounts remitted to investors per the investor
reports agree with cancelled checks, or other X
form of payment, or custodial bank statements.
----------------------------------------------------------------------------------------------
Pool Asset Administration
----------------------------------------------------------------------------------------------
1122(d)(4)(i) Collateral or security on mortgage loans is X
maintained as required by the transaction
agreements or related mortgage loan documents.
----------------------------------------------------------------------------------------------
1122(d)(4)(ii) Mortgage loan and related documents are safeguarded as
required by the transaction agreements X
----------------------------------------------------------------------------------------------
1122(d)(4)(iii) Any additions, removals or substitutions to the asset pool
are made, reviewed and approved in accordance with any X
conditions or requirements in the transaction agreements.
---------------------------------------------------------------------------------------------
13
-----------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-----------------------------------------------------------------------------------------------
Reference Criteria
-----------------------------------------------------------------------------------------------
1122(d)(4)(iv) Payments on mortgage loans, including any payoffs, made
in accordance with the related mortgage loan documents
are posted to the Servicer's obligor records maintained
no more than two business days after receipt, or such X
other number of days specified in the transaction
agreements, and allocated to principal, interest
or other items (e.g., escrow) in accordance with the
related mortgage loan documents.
---------------------------------------------------------------------------------------------
1122(d)(4)(v) The Servicer's records regarding the mortgage loans agree
with the Servicer's records with respect to an obligor's X
unpaid principal balance.
---------------------------------------------------------------------------------------------
1122(d)(4)(vi) Changes with respect to the terms or status of an obligor's X
mortgage loans (e.g., loan modifications or re-agings) are
made, reviewed and approved by authorized personnel in
accordance with the transaction agreements and related pool
asset documents.
---------------------------------------------------------------------------------------------
1122(d)(4)(vii) Loss mitigation or recovery actions (e.g., forbearance plans,
modifications and deeds in lieu of foreclosure, foreclosures
and repossessions, as applicable) are initiated, conducted X
and concluded in accordance with the timeframes or
other requirements established by the transaction
agreements.
----------------------------------------------------------------------------------------------
1122(d)(4)(viii)Records documenting collection efforts are maintained during the
period a mortgage loan is delinquent in accordance with the
transaction agreements. Such records are maintained on at
least a monthly basis, or such other period specified in X
the transaction agreements, and describe the entity's
activities in monitoring delinquent mortgage loans including,
for example, phone calls, letters and payment rescheduling
plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).
----------------------------------------------------------------------------------------------
1122(d)(4)(ix) Adjustments to interest rates or rates of return for mortgage
loans with variable rates are computed based on the related X
mortgage loan documents.
----------------------------------------------------------------------------------------------
14
-----------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
-----------------------------------------------------------------------------------------------
Reference Criteria
-----------------------------------------------------------------------------------------------
1122(d)(4)(x) Regarding any funds held in trust for an obligor (such as escrow
accounts): (A) such funds are analyzed, in accordance with
the obligor's mortgage loan documents, on at least an annual X
basis, or such other period specified in the
transaction agreements; (B) interest on such funds is paid,
or credited, to obligors in accordance with applicable mortgage
loan documents and state laws; and (C) such funds are
returned to the obligor within 30 calendar days of full
repayment of the related mortgage loans, or such other
number of days specified in the transaction agreements.
----------------------------------------------------------------------------------------------
1122(d)(4)(xi) Payments made on behalf of an obligor (such as tax or insurance
payments) are made on or before the related penalty or expiration
dates, as indicated on the appropriate bills or notices for such
payments, provided that such support has been received by the X
servicer at least 30 calendar days prior to these dates, or
such other number of days specified in the transaction agreements.
----------------------------------------------------------------------------------------------
1122(d)(4)(xii) Any late payment penalties in connection with any payment to
be made on behalf of an obligor are paid from the servicer's X
funds and not charged to the obligor, unless the late payment
was due to the obligor's error or omission.
----------------------------------------------------------------------------------------------
1122(d)(4)(xiii)Disbursements made on behalf of an obligor are posted within
two business days to the obligor's records maintained by the X
servicer, or such other number of days specified in the
transaction agreements.
----------------------------------------------------------------------------------------------
1122(d)(4)(xiv) Delinquencies, charge-offs and uncollectible accounts
are recognized and recorded in accordance with the transaction X
agreements.
----------------------------------------------------------------------------------------------
1122(d)(4)(xv) Any external enhancement or other support, identified in Item
1114(a)(1) through (3) or Item 1115 of Regulation AB, is
maintained as set forth in the transaction agreements.
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15
