Exhibit 10.4(B)
--------------
EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement (the "Agreement"), dated
May 31, 2007, is among Bank of America, National Association, a national banking
association ("Assignor"), Banc of America Funding Corporation, a Delaware
corporation ("BAFC"), U.S. Bank National Association, a national banking
association, not in its individual capacity, but solely as trustee of the Banc
of America Funding 2007-4 Trust ("Assignee"), Xxxxx Fargo Bank, N.A., a national
banking association ("Xxxxx Fargo Bank"), as servicer, and acknowledged by Xxxxx
Fargo Bank, N.A. as master servicer of the Banc of America Funding 2007-4 Trust.
WHEREAS, pursuant to that certain Flow Servicing Rights Purchase and Sale
Agreement, dated as of July 1, 2006 (the "BANA Purchase Agreement"), by and
between the Assignor and Xxxxx Fargo Bank, the Assignor has sold, and Xxxxx
Fargo Bank has purchased, the servicing rights related to certain of the
mortgage loans (the "BANA Purchase Agreement Mortgage Loans") listed on Exhibit
A hereto;
WHEREAS, Xxxxx Fargo Bank has agreed to service the Mortgage Loans in
accordance with that certain Servicing Agreement, dated as of July 1, 2006 (the
"Servicing Agreement"), by and between the Assignor and Xxxxx Fargo Bank
(attached hereto in Appendix I);
WHEREAS, on the date hereof, the Assignor is transferring all of its right,
title and interest in and to the Mortgage Loans to BAFC;
WHEREAS, on the date hereof, BAFC is transferring all of its right, title
and interest in and to the Mortgage Loans to the Assignee; and
WHEREAS, on the date hereof, Xxxxx Fargo Bank, as a master servicer (in
such capacity, the "Master Servicer") and as securities administrator (in such
capacity, the "Securities Administrator"), is entering into a Pooling and
Servicing Agreement, dated the date hereof (the "Pooling Agreement"), among
BAFC, the Master Servicer, the Securities Administrator and the Assignee,
pursuant to which the Master Servicer shall supervise, monitor and oversee the
servicing of the Mortgage Loans.
For and in consideration of the sum of one dollar ($1.00) and other
valuable consideration the receipt and sufficiency of which are hereby
acknowledged, and of the mutual covenants herein contained, the parties hereto
hereby agree as follows:
1. The Assignor hereby grants, transfers and assigns to BAFC, and BAFC
hereby grants, transfers and assigns to Assignee, all of the right, title and
interest of the Assignor in, to and under the Servicing Agreement (other than
the rights of the Assignor to indemnification thereunder).
The Assignor specifically reserves and does not assign to BAFC or the
Assignee any right, title and interest in, to or under any mortgage loan subject
to the Servicing Agreement other than the Mortgage Loans.
2. The Assignor warrants and represents to, and covenants with, BAFC and
the Assignee that:
a. The Assignor is the lawful owner of the Mortgage Loans with the
full right to transfer the Mortgage Loans free from any and all claims and
encumbrances whatsoever;
b. The Assignor has not received notice of, and has no knowledge of,
any offsets, counterclaims or other defenses available to Xxxxx Fargo Bank with
respect to the Purchase Agreement, the Servicing Agreement or the Mortgage
Loans;
c. The Assignor has not waived or agreed to any waiver under, or
agreed to any amendment or other modification of, the Purchase Agreement, the
Servicing Agreement or the Mortgage Loans, including without limitation the
transfer of the servicing obligations under the Servicing Agreement. The
Assignor has no knowledge of, and has not received notice of, any waivers under
or amendments or other modifications of, or assignments of rights or obligations
under, the Purchase Agreement, the Servicing Agreement or the Mortgage Loans;
and
d. Neither the Assignor nor anyone acting on its behalf has offered,
transferred, pledged, sold or otherwise disposed of the Mortgage Loans, any
interest in the Mortgage Loans or any other similar security to, or solicited
any offer to buy or accept a transfer, pledge or other disposition of the
Mortgage Loans, any interest in the Mortgage Loans or any other similar security
from, or otherwise approached or negotiated with respect to the Mortgage Loans,
any interest in the Mortgage Loans or any other similar security with, any
person in any manner, or made any general solicitation by means of general
advertising or in any other manner, or taken any other action which would
constitute a distribution of the Mortgage Loans under the Securities Act of 1933
(the "33 Act") or which would render the disposition of the Mortgage Loans a
violation of Section 5 of the 33 Act or require registration pursuant thereto.
3. From and after the date hereof, Xxxxx Fargo Bank shall note the transfer
of the Mortgage Loans to the Assignee in its books and records, and Xxxxx Fargo
Bank shall recognize the Assignee as the owner of the Mortgage Loans.
Notwithstanding anything to the contrary contained in Section 9.01 of the
Servicing Agreement, Xxxxx Fargo Bank shall service the Mortgage Loans pursuant
to the Servicing Agreement as modified by Section 7 of this Agreement, for the
benefit of the Assignee. Xxxxx Fargo Bank acknowledges that a REMIC election
will be made with respect to the Mortgage Loans and that the Master Servicer,
pursuant to the Pooling Agreement, will administer on behalf of the Assignee the
terms and conditions of the Servicing Agreement.
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4. Xxxxx Fargo Bank hereby represents and warrants to each of the other
parties hereto (i) that the representations and warranties of Xxxxx Fargo Bank
in Section 3.01 of the Servicing Agreement are true and correct in all material
respects as of the date hereof with the same force and effect as though
expressly made at and/or as of the date hereof, (ii) that it has serviced the
Mortgage Loans in accordance with the terms of the Servicing Agreement, and
(iii) that it has taken no action nor omitted to take any required action the
omission of which would have the effect of impairing any mortgage insurance or
guarantee on the Mortgage Loans.
5. In accordance with Sections 2.03 and 9.01 of the Servicing Agreement,
the Assignor hereby instructs Xxxxx Fargo Bank, and Xxxxx Fargo Bank hereby
agrees, to release from its custody and deliver the Mortgage File (as defined in
the Servicing Agreement) for each Mortgage Loan to the Assignee, or a custodian
on its behalf under the Pooling Agreement, at the address set forth in Section 8
herein on or before the date hereof.
6. Xxxxx Fargo Bank hereby agrees that, in connection with each Mortgage
Loan of which the related Mortgage has been recorded in the name of MERS or its
designee, it shall take all actions as are necessary to cause the Assignee (MERS
ID #1001065), as trustee of the Trust pursuant to the Pooling Agreement, to be
shown as the owner of such Mortgage Loan on the records of MERS for purposes of
the system of recording transfers of beneficial ownership of mortgages
maintained by MERS.
7. Xxxxx Fargo Bank, BAFC and the Assignee hereby agree to the following
modifications to the Servicing Agreement:
a. Article I. Article I is hereby modified by deleting the definition of
"Principal Prepayment Period" and replacing it with the following:
"The calendar month preceding the month in which the related
Remittance Date occurs."
b. Section 4.03. Section 4.03 is hereby modified to read as follows:
"Continuously from the respective Cut-off Date until the principal and
interest on all Mortgage Loans are paid in full or the Mortgage Loans
have been fully liquidated (with respect to Mortgage Loans that remain
subject to this Agreement pursuant to Section 9.01 herein), in
accordance with this Agreement and Accepted Servicing Practices, the
Servicer shall proceed diligently to collect all payments due under
each of the Mortgage Loans when the same shall become due and payable
and shall take special care in ascertaining and estimating Escrow
Payments and all other charges that will become due and payable with
respect to the Mortgage Loan and the Mortgaged Property, to the end
that the installments payable by the Mortgagors will be sufficient to
pay such charges as and when they become due and payable."
c. Section 4.10. Section 4.10 is hereby modified by deleting the
following language from the fourth paragraph:
3
"and if the Mortgagor does not obtain such coverage, the Servicer
shall immediately force place the required coverage on the Mortgagor's
behalf."
d. Section 4.13. Section 4.13 is hereby deleted in its entirety and
replaced with the following:
"The Company or its agent shall inspect the Mortgaged Property as
often as is reasonably deemed necessary by the Company in accordance
with Accepted Servicing Practices or as may be required by the primary
mortgage guaranty insurer, to assure itself that the value of the
Mortgaged Property is being preserved. The Company shall keep a record
of each such inspection and, upon request, shall provide the Purchaser
with an electronic report of each such inspection."
e. Section 4.23 Section 4.23 is hereby modified by adding to the
beginning of the paragraph, the following language:
"The extent that the Servicer has serviced the Mortgage Loans for a
period of sixty (60) days,"
f. Section 5.01. Section 5.01 is hereby modified by deleting "the second
Business Day following" from the first sentence of the second
paragraph.
g. Section 5.02. Section 5.02 is hereby modified to read as follows:
"Not later than the tenth (10th) calendar day of each month, the
Servicer shall furnish to the Owner (or any master servicer) a
delinquency report in the form set forth in Exhibit D-1, a monthly
remittance advice in the form set forth in Exhibit D-2, and a realized
loss report in the form set forth in Exhibit D-3, each in a mutually
agreeable electronic format, as to the remittance on such Remittance
Date and as to the period ending on the last day of the month
preceding such Remittance Date. The information required by Exhibit
D-1 is limited to that which is readily available to the Servicer and
is mutually agreed to by the Servicer and the Owner (or any master
servicer)."
The exhibits referenced in this Section 7(g) are attached to this
Agreement as Exhibit B hereto.
h. Section 6.02, Section 6.02 is hereby modified by amending the second
paragraph, after "secured by the Mortgage" in the second line, to add
the following language:
"(other than as a result of modification of the Mortgage Loan or
liquidation of the Mortgaged Property pursuant to the terms of this
Agreement)"
4
i. Section 6.04. Section 6.04 is hereby modified by deleting the
references to "the Owner or any Master Servicer and Depositor" and
replacing them with "the Master Servicer and the Master Servicer shall
deliver to the Depositor."
j. Section 6.06. Section 6.06 is hereby modified by:
(1) deleting the references to "the Owner, any Master Servicer and any
Depositor" and replacing them with "the Master Servicer and the Master
Servicer shall deliver to the Depositor"; and
(2) inserting the following at the end of the fifth full paragraph
therein:
"Neither the Owner nor any Depositor or Master Servicer will request
delivery of a certification under clause (d) above unless a Depositor
or Master Servicer is required under the Exchange Act to file an
annual report on Form 10-K with respect to an issuing entity whose
asset pool includes the Mortgage Loans."
k. Section 9.01. Section 9.01 is hereby modified by:
(1) modifying Section 9.01(g)(iii) to read as follows:
"In addition to such information as the Servicer, 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
Servicer or any Subservicer, the Servicer or such Subservicer, as
applicable, shall, to the extent the Servicer 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):
(A) 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);
(B) material breaches of pool asset representations or warranties
or transaction covenants (Item 1121(a)(12) of Regulation AB); and
(C) 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
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origination, underwriting or other criteria for acquisition or
selection of pool assets (Item 1121(a)(14) of Regulation AB).
(iv) The Servicer shall provide to the Master Servicer and the Master
Servicer shall deliver to the 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 Servicer or any Subservicer or the Servicer or such
Subservicer's performance hereunder."; and
(2) modifying Section 9.01(k) by deleting the word "Investor" and
replacing it with "party designated by the Owner"
l. Section 10.01. Section 10.01 is hereby modified by:
(1) replacing the word "sixty (60)" with "thirty (30)" in Section
10.01(b) and inserting the following thereafter:
"(or, in the case of any failure by the Servicer to perform its
obligations under Section 6.04 or Section 6.06, ten (10))"; and
(2) replacing the word "fifteen (15)" with "ten (10)" in Section
10.01(j).
8. The Assignee's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Purchase Agreement and Servicing Agreement
is:
U.S. Bank National Association
000 X. XxXxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance Trust Services, BAFC 2007-4
BAFC's address for purposes of all notices and correspondence related to
the Mortgage Loans is:
Banc of America Funding Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: General Counsel and Chief Financial Officer
6
The Master Servicer's address for purposes of all notices and
correspondence related to the Mortgage Loans is:
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager - BAFC 2007-4
9. Xxxxx Fargo Bank shall remit all funds pursuant to the following wire
instructions:
XXXXX FARGO BANK, N.A.
ABA# 000000000
FOR CREDIT TO: SAS CLEARING, ACCT: 0000000000
FFC TO: BAFC 2007-4 #53150800
10. Xxxxx Fargo Bank hereby acknowledges that Xxxxx Fargo Bank, N.A. has
been appointed as the Master Servicer of the Mortgage Loans pursuant to the
Pooling Agreement, and therefore has the right to enforce all obligations of
Xxxxx Fargo Bank, as they relate to the Mortgage Loans, under the Servicing
Agreement. Such right will include, without limitation, the right to exercise
any and all rights of the Assignor (but not the obligations) under the Servicing
Agreement to monitor and enforce the obligations of Xxxxx Fargo Bank thereunder,
the right to receive all remittances required to be made by Xxxxx Fargo Bank
under the Servicing Agreement, the right to receive all monthly reports and
other data required to be delivered by Xxxxx Fargo Bank under the Servicing
Agreement, the right to examine the books and records of Xxxxx Fargo Bank, as
servicer, indemnification rights, and the right to exercise certain rights of
consent and approval relating to actions taken by Xxxxx Fargo Bank, as servicer.
11. Notwithstanding any provision of the Servicing Agreement to the
contrary, and solely with respect to the Mortgage Loans, any Prepayment
Penalties collected by Xxxxx Fargo Bank shall be remitted to the Master
Servicer.
12. It is expressly understood and agreed by the parties hereto that (i)
this Agreement is executed and delivered by U.S. Bank National Association not
individually or personally but solely as trustee on behalf of the Trust, in the
exercise of the powers and authority conferred and vested in it under the terms
of the Pooling Agreement, and (ii) under no circumstances shall U.S. Bank
National Association be personally liable for the payment of any indebtedness or
expenses of the Trust (including, without limitation, any fees, expenses or
indemnities payable under the Purchase Agreement or the Servicing Agreement), or
be liable for the breach or failure of any obligation, representation, warranty
or covenant of the Trust under this Agreement or any other related documents, as
to all of which recourse shall be had solely to the assets of the Trust in
accordance with the terms of the Pooling Agreement.
[Signatures Follow]
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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.
Bank of America, National Association,
as Assignor
By: /s/ Xxxxx X. Good
--------------------------------
Name: Xxxxx X. Good
Title: Principal
U.S. Bank National
Association, as Assignee
By: /s/ Xxxxxxx X. Xxxxx
--------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Banc of America Funding Corporation
By: /s/ Xxxxx Xxxxx
--------------------------------
Name: Xxxxx Xxxxx
Title: Senior Vice President
Xxxxx Fargo Bank, N.A., as servicer
By: /s/ Xxxxxx XxXxxxxx
--------------------------------
Name: Xxxxxx XxXxxxxx
Title: Vice President
Acknowledged and Agreed as
of the date first written above:
Xxxxx Fargo Bank, N.A., as Master Servicer
By: /s/ Xxxxxx Xxxxxx
--------------------------------
Name: Xxxxxx Xxxxxx
Title: Assistant Vice President
EXHIBIT A
Schedule of Mortgage Loans
[Please see the Free Writing Prospectus filed and
accepted by the Securities and Exchange
Commission on May 30, 2007, with a filing
date of May 30, 2007 and accession number
0001379434-07-000105.]
X-0
XXXXXXX X
Xxxxxxx X-0 Standard File Layout - Delinquency Reporting
*The column/header names in bold are the minimum fields Xxxxx Fargo must
receive from every Servicer
-------------------------------- ---------------------------------------------------------------------------------- ---------------
Column/Header Name Description Decimal Format Comment
-------------------------------- ---------------------------------------------------------------------------------- ---------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer.
This may be different than the LOAN_NBR
-------------------------------- ---------------------------------------------------------------------------------- ---------------
LOAN_NBR A unique identifier assigned to each loan by the originator.
------------------------------------------------------------ -----------------------------------------------------------------------
CLIENT_NBR Servicer Client Number
------------------------------------------------------------------------------------------------------------------- ---------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an external
servicer to identify a group of loans in their
system.
------------------------------------------------------------------------------------------------------------------- ---------------
BORROWER_FIRST_NAME First Name of the Borrower.
------------------------------------------------------------------------------------------------------------------- ---------------
BORROWER_LAST_NAME Last name of the borrower.
------------------------------------------------------------------------------------------------------------------- ---------------
XXXX_XXXXXXX Xxxxxx Name and Number of Property
------------------------------------------------------------------------------------------------------------------- ---------------
PROP_STATE The state where the property located.
------------------------------------------------------------------------------------------------------------------- ---------------
PROP_ZIP Zip code where the property is located.
------------------------------------------------------------------------------------------------------------------- ---------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is MM/DD/YYYY
due to the servicer at the end of processing cycle,
as reported by Servicer.
------------------------------------------------------------------------------------------------------------------- ---------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
------------------------------------------------------------------------------------------------------------------- ---------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
------------------------------------------------------------ -----------------------------------------------------------------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy
filing.
------------------------------------------------------------------------------------------------------------------- ---------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been MM/DD/YYYY
approved by the courts
------------------------------------------------------------------------------------------------------------------- ---------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either MM/DD/YYYY
by Dismissal, Discharged and/or a Motion For Relief
Was Granted.
------------------------------------------------------------------------------------------------------------------- ---------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
------------------------------------------------------------------------------------------------------------------- ---------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
------------------------------------------------------------------------------------------------------------------- ---------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------------- ---------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property MM/DD/YYYY
from the borrower.
------------------------------------------------------------------------------------------------------------------- ---------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------------- ---------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------- ---------------
B-1
--------------------------------------------------------------------------------------- --------------------------------------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------- ----------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by MM/DD/YYYY
the Servicer.
------------------------------------------------------------------------------------------------------------- ----------------------
REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------- ----------------------
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 performed. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------ --------------- -
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------ --------------- -
CURR_PROP_VAL The current "as is" value of the property based on 2
brokers price opinion or appraisal.
------------------------------------------------------------------------------------------------------------------ --------------- -
REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
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 With Mortgage MM/DD/YYYY
Insurance Company.
------------------------------------------------------------------------------------------------------------------ --------------- -
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------------ --------------- -
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------ --------------- -
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------------ --------------- -
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------ --------------- -
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------------ --------------- -
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
------------------------------------------------------------------------------------------------------------------ --------------- -
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------------ --------------- -
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 ($)
------------------------------------------------------------------------------------------------------------------ --------------- -
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------ --------------- -
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------------------------------------------------------------ --------------- -
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 Admin MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------ --------------- -
B-2
------------------------------------------------------------ -----------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
------------------------------------------------------------ -----------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or
dollar signs ($)
------------------------------------------------------------ -----------------------------------------------------------------------
B-3
Exhibit D-1: 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
B-4
Exhibit D-1: Standard File Codes - Delinquency Reporting, Continued
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
------------------------- -----------------------------------------------------
B-5
Exhibit D-1: Standard File Codes - Delinquency Reporting, Continued
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
------------------------------ -------------------------------------------------
B-6
Exhibit D-2: Standard File Layout - Scheduled/Scheduled
---------------------------------------------- ----------------------------------------------------------------- ------------- -----
Max
Column Name Description Decimal Format Comment Size
---------------------------------------------------------------------------------------------------------------- ------------- -----
Each file requires the following fields:
-------------------------------------- ----------------------------------------------------------------- ------------- -------------
SER_INVESTOR_NBR A value assigned by the Servicer to define a Text up to 20 digits 20
group of loans.
------------------------------------------------------------------------------------------ ------------- ---------------------------
LOAN_NBR A unique identifier assigned to each loan Text up to 10 digits 10
by the investor.
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. Text up to 10 digits 10
This may be different than the LOAN_NBR.
------------------------------------------------------------------------------------------ ------------- ---------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or
interest payment that a borrower is expected dollar signs ($) 11
to pay, P&I constant.
------------------------------------------------------------------------------------------ ------------- ---------------------------
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
------------------------------------------------------------------------------------------ ------------- ---------------------------
NET_INT_RATE The loan gross interest rate less the service fee 4 Max length of 6 6
rate as reported by the Servicer.
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as reported by 4 Max length of 6 6
the Servicer.
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as reported 2 No commas(,) or dollar
by the Servicer. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or dollar
Servicer. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
------------------------------------------------------------------------------------------ ------------- ---------------------------
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
------------------------------------------------------------------------------------------ ------------- ---------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar
beginning of the processing cycle. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar
end of the processing cycle. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that MM/DD/YYYY 10
the borrower's next payment is due to the Servicer,
as reported by Servicer.
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar
signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERV_CURT_DATE_1 The curtailment date associated with the first curtailment MM/DD/YYYY 10
amount.
------------------------------------------------------------------------------------------ ------------- ---------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first curtailment amount, if 2 No commas(,) or dollar
applicable. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar
signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERV_CURT_DATE_2 The curtailment date associated with the second curtailment MM/DD/YYYY 10
amount.
------------------------------------------------------------------------------------------ ------------- ---------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second curtailment amount, 2 No commas(,) or dollar
if applicable. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
B-7
---------------------------------------------- ----------------------------------------------------------------- ------------- -----
Exhibit 1: Continued Standard Loan Level File Layout
---------------------------------------------- ----------------------------------------------------------------- ------------- -----
Max
Column Name Description Decimal Format Comment Size
---------------------------------------------------------------------------------------------------------------- ------------- -----
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar
signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
SERV_CURT_DATE_3 The curtailment date associated with the third curtailment MM/DD/YYYY 10
amount.
------------------------------------------------------------------------------------------ ------------- ---------------------------
CURT_ADJ_ AMT_3 The curtailment interest on the third curtailment amount, 2 No commas(,) or dollar
if applicable. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
PIF_AMT The loan "paid in full" amount as reported by the Servicer. 2 No commas(,) or dollar
signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY
10
----------------------------------------------------------------------------------------- ------------- ----------------------------
Action Code Key:
ACTION_CODE The standard FNMA numeric code used to indicate the 15=Bankruptcy, 2
default/delinquent status of a particular loan. 30=Foreclosure, , 60=PIF,
63=Substitution,
65=Repurchase,70=REO
------------------------------------------------------------------------------------------ ------------- ---------------------------
INT_ADJ_AMT The amount of the interest adjustment as reported by the 2 No commas(,) or dollar
Servicer. signs ($) 11
------------------------------------------------------------------------------------------- ----------------------------- ---------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if applicable. 2 No commas(,) or dollar
signs ($) 11
------------------------------------------------------------------------------------------- ----------------------------- ---------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar
signs ($) 11
------------------------------------------------------------------------------------------- ----------------------------- ---------
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if applicable. 2 No commas(,) or dollar
signs ($) 11
--------------------------------------------------------------------------------------------------- ------------- ------------------
Plus the following applicable fields:
---------------------------------------------------------------------------------------------------------------- ------------- -----
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at the 2 No commas(,) or dollar
beginning of the cycle date to be passed through to investors. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to investors at the end 2 No commas(,) or dollar
of a processing cycle. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
SCHED_PRIN_AMT The scheduled principal amount as reported by the Servicer 2 No commas(,) or dollar
for the current cycle -- only applicable for signs ($) 11
Scheduled/Scheduled Loans.
------------------------------------------------------------------------------------------ ------------- ---------------------------
SCHED_NET_INT The scheduled gross interest amount less the service fee 2 No commas(,) or dollar
amount for the current cycle as reported by the Servicer signs ($) 11
-- only applicable for Scheduled/Scheduled Loans.
------------------------------------------------------------------------------------------ ------------- ---------------------------
ACTL_PRIN_AMT The actual principal amount collected by the Servicer for 2 No commas(,) or dollar
the current reporting cycle -- only applicable for Actual/ signs ($) 11
Actual Loans.
------------------------------------------------------------------------------------------ ------------- ---------------------------
ACTL_NET_INT The actual gross interest amount less the service fee amount 2 No commas(,) or dollar
for the current reporting cycle as reported by the Servicer -- signs ($) 11
only applicable for Actual/Actual Loans.
------------------------------------------------------------------------------------------ ------------- ---------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower prepays on his 2 No commas(,) or dollar
loan as reported by the Servicer. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived by the 2 No commas(,) or dollar
servicer. signs ($) 11
------------------------------------------------------------------------------------------ ------------- ---------------------------
B-8
-----------------------------------------------------------------------------------------------------------------------------------
Exhibit 1: Continued Standard Loan Level File Layout
------------------------------------------------------------------------------------------ ------------- ---------------------------
Column Name Description Decimal Format Comment Max Size
------------------------------------------------------------------------------------------ ------------- ---------------------------
MOD_DATE The Effective Payment Date of the Modification for the loan. MM/DD/YYYY 10
------------------------------------------------------------------------------------------ ------------- ---------------------------
MOD_TYPE The Modification Type. Varchar - value can be 30
alpha or numeric
------------------------------------------------------------------------------------------ ------------- ---------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest advances made by 2 No commas(,) or dollar 11
Servicer. signs ($)
------------------------------------------------------------------------------------------ ------------- ---------------------------
Flag to indicate if the repurchase of a loan is due to a breach Y=Breach 1
of Representations and Warranties
BREACH_FLAG N=NO Breach
Let blank if N/A
------------------------------------------------------------------------------------------ ------------- ---------------------------
B-9
Exhibit D-3: 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.
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 Servicing Officer certification
* Unusual or extraordinary items may require further documentation.
13. The total of lines 1 through 12.
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.
B-10
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 ( ).
B-11
Exhibit 3A: 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)
B-12
HOA/Condo Fees_______________________ ________________(12)
______________________________________ ________________(12)
Total Expenses $ _______________(13)
Credits:
(14) Escrow Balance $ _______________(14)
(15) HIP Refund ______________ (15)
(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)
B-13
Escrow Disbursement Detail
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
Type Date Paid Period of Coverage Total Paid Base Amount Penalties Interest
(Tax /Ins.)
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
--------------------- ------------------ --------------------- --------------- ------------------- ------------------ --------------
B-14
APPENDIX I
Servicing Agreement
[Included as Exhibit 10.4(A) to the Current Report on
Form 8-K pursuant to which this Assignment, Assumption and
Recognition Agreement is filed.]
