Exhibit 10.3(F)
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EXECUTION COPY
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ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement, dated August 30, 2007,
among Bank of America, National Association, a national banking association (the
"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
2007-7 Trust (the "Assignee"), SunTrust Mortgage, Inc., a Virginia corporation
("SunTrust") and as acknowledged by ▇▇▇▇▇ Fargo Bank, N.A., a national banking
association ("▇▇▇▇▇ Fargo Bank"), as master servicer of the Banc of America
Funding 2007-7 Trust;
WHEREAS, pursuant to (i) that certain Flow Sale and Servicing Agreement,
dated as of February 1, 2004, by and between Assignor (as successor in interest
to Banc of America Mortgage Capital Corporation), as purchaser, and SunTrust, as
seller (as amended by (a) that certain Amendment No. 1, dated as of June 1,
2004, by and between the Assignor and SunTrust, (b) that certain Master
Assignment, Assumption and Recognition Agreement, dated September 1, 2004, by
and among Banc of America Mortgage Capital Corporation, SunTrust, the Assignor
and Wachovia Bank, National Association, (c) that certain Amendment No. 2, dated
as of November 1, 2004, by and between the Assignor and SunTrust, and (d) that
certain Regulation AB Compliance Addendum to the Flow Sale and Servicing
Agreement, dated as of January 1, 2006, by and between the Assignor and
SunTrust), (ii) that certain Memorandum of Sale, dated June 8, 2007, by and
between the Assignor and SunTrust and (iii) that certain Memorandum of Sale,
dated July 9, 2007, by and between the Assignor and SunTrust (collectively, the
"Sale and Servicing Agreement"), each of which is attached in Appendix I hereto,
the Assignor purchased the Mortgage Loans (as defined herein) from SunTrust and
SunTrust currently services the Mortgage Loans;
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, ▇▇▇▇▇ Fargo Bank, as master servicer (in such
capacity, the "Master Servicer"), is entering into a Pooling and Servicing
Agreement, dated the date hereof (the "Pooling Agreement"), among BAFC, the
Master Servicer, ▇▇▇▇▇ Fargo Bank, as securities administrator (the "Securities
Administrator"), and the Assignee, pursuant to which the Master Servicer will
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 the Assignee, all of the right, title
and interest of the Assignor in, to and under the Sale and Servicing Agreement
(other than the rights of the Assignor to indemnification thereunder), and the
mortgage loans delivered under such agreement by SunTrust to the Assignor (who
delivered such mortgage loans to the Assignor) and listed on Exhibit A attached
hereto (the "Mortgage Loans").
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 Sale and 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 SunTrust with
respect to the Sale and 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 Sale and Servicing
Agreement or the Mortgage Loans, including without limitation the
transfer of the servicing obligations under the Sale and 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 Sale and 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, as amended (the "Securities Act"), or which
would render the disposition of the Mortgage Loans a violation of
Section 5 of the Securities Act or require registration pursuant
thereto.
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3. From and after the date hereof, SunTrust shall (i) note the transfer of
the Mortgage Loans to the Assignee in its books and records, (ii) recognize the
Assignee as the owner of the Mortgage Loans and (iii) notwithstanding anything
to the contrary contained in Section 9.01 of the Sale and Servicing Agreement,
continue to service the Mortgage Loans pursuant to the Sale and Servicing
Agreement, as modified by Section 11 of this Agreement, for the benefit of the
Assignee.
4. SunTrust 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 Sale and Servicing Agreement with respect to the Mortgage Loans. The Master
Servicer shall be authorized to enforce directly against SunTrust any of the
obligations of SunTrust to the Assignor or its assignees provided for in the
Sale and Servicing Agreement relating to the Mortgage Loans including, without
limitation, the right to exercise any and all rights of the Assignor (but not
the obligations) under the Sale and Servicing Agreement to monitor and enforce
the obligations of SunTrust thereunder, the right to terminate SunTrust under
the Sale and Servicing Agreement upon the occurrence of an event of default
thereunder, the right to receive all remittances required to be made by SunTrust
under the Sale and Servicing Agreement, the right to receive all monthly reports
and other data required to be delivered by SunTrust under the Sale and Servicing
Agreement, the right to examine the books and records of SunTrust,
indemnification rights, and the right to exercise certain rights of consent and
approval relating to actions taken by SunTrust. All remittances by SunTrust
shall be made to the account or accounts designated by the Master Servicer to
SunTrust in writing from time to time. Wire remittances shall be sent to: ▇▇▇▇▇
FARGO BANK, N.A., ABA# ▇▇▇▇▇▇▇▇▇, FOR CREDIT TO: SAS CLEARING, ACCT: ▇▇▇▇▇▇▇▇▇▇,
FFC TO: BAFC 2007-7 # 53175200.
5. The Assignee shall notify SunTrust in writing within 5 business days
thereafter, but in no event later than the next Remittance Date, of the
appointment of any successor to ▇▇▇▇▇ Fargo as Master Servicer under the Pooling
Agreement.
6. SunTrust hereby restates as of the date hereof, for the benefit of each
of the other parties hereto, each of the representations and warranties in
Sections 3.01 and 3.02 of the Sale and Servicing Agreement with the same effect
under such Sale and Servicing Agreement as if such representations and
warranties had been made as of the date hereof, provided, however, that with
respect to those representations and warranties that relate to the delinquency
of any Mortgage Loan or condition of any Mortgaged Property (as defined in the
Sale and Servicing Agreement), SunTrust restates such representations and
warranties as of the Closing Date (as defined in the Sale and Servicing
Agreement). SunTrust hereby represents and warrants to each of the other parties
hereto (i) that it has serviced the Mortgage Loans in accordance with the terms
of the Sale and Servicing Agreement, (ii) 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 and (iii)
that any information provided by it on or before the date hereof to any of the
parties hereto is true and correct.
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7. SunTrust hereby agrees to cooperate with BAFC, the Master Servicer and
the Securities Administrator to enable BAFC, the Master Servicer and the
Securities Administrator to fully comply with all Securities and Exchange
Commission ("SEC") disclosure and reporting requirements in effect from time to
time with respect to the trust created by the Pooling Agreement (which shall be
named the "Banc of America Funding 2007-7 Trust") (the "Trust") and any
securities representing ownership interests in or backed by assets of the Trust,
including without limitation, the SEC's published rules regarding asset-backed
securities (Release Nos. 33-8518); 34-50905; File No. S7-21-0433-8419).
8. SunTrust 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, 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.
9. In accordance with Sections 2.01 and 9.01 of the Sale and Servicing
Agreement, the Assignor hereby instructs SunTrust, and SunTrust hereby agrees,
to release from its custody and deliver the contents of the Servicing File (as
defined in the Sale and Servicing Agreement) for each Mortgage Loan to the
Assignee, in its capacity as custodian under the Pooling Agreement, at the
address set forth in Section 12 herein on or before the closing date of the
related Pass-Through Transfer (as defined in the Sale and Servicing Agreement).
10. SunTrust hereby agrees that it will make Monthly Advances as
contemplated by Section 5.03 of the Sale and Servicing Agreement through the
Remittance Date prior to the date on which cash is received in connection with
the liquidation of REO Property, subject to the final proviso of the third
sentence of Section 5.03.
11. SunTrust, BAFC and the Assignee hereby agree to the following
modifications to the Sale and Servicing Agreement with respect to the Mortgage
Loans:
a. Article 1.
(i) The definition of "Qualified Substitute Mortgage Loan" is hereby
deleted in its entirety and replaced with the following:
"A mortgage loan eligible to be substituted by the Company for a
Deleted Mortgage Loan which must, on the date of such substitution,
(i) have an outstanding principal balance, after deduction of all
scheduled payments due in the month of substitution (or in the case of
a substitution of more than one mortgage loan for a Deleted Mortgage
Loan, an aggregate principal balance), not in excess of the Stated
Principal Balance of the Deleted Mortgage Loan; (ii) have a Mortgage
Loan Remittance Rate not less than, and not more than 2% greater than
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the Mortgage Loan Remittance Rate of the Deleted Mortgage Loan; (iii)
have a remaining term to maturity not greater than and not more than
one year less than that of the Deleted Mortgage Loan; (iv) comply with
each representation and warranty set forth in Sections 3.01 and 3.02;
(v) be of the same type as the Deleted Mortgage Loan; (vi) have the
same Mortgage Interest Rate as the Deleted Mortgage Loan; (vii) have a
FICO score not less than that of the Deleted Mortgage Loan, (vii) have
an LTV not greater than that of the Deleted Mortgage Loan; (ix) have a
credit grade not lower in quality than that of the Deleted Mortgage
Loan and (x) have the same lien status as the Deleted Mortgage Loan."
(ii) The definition of "Remittance Date" is hereby deleted in its
entirety and replaced with the following:
"The eighteenth (18th) day (or if such day is not a Business Day, the
immediately preceding Business Day) of any month, beginning with the
First Remittance Date."
b. Section 3.02. Section 3.02 is hereby modified by inserting the
following as subsection (iii):
"No Mortgage Loan (other than a Mortgage Loan that is a New Jersey
covered purchase loan originated on or after November 27, 2003 through
July 6, 2004) is a High Cost Loan or Covered Loan, as applicable (as
such terms are defined in S&P's LEVELS(R) Glossary Version 5.7 (or the
now-current version thereof) and no Mortgage Loan originated on or
after October 1, 2002 through March 6, 2003 is governed by the Georgia
Fair Lending Act."
c. Section 4.04. Section 4.04 is hereby modified by adding the following
sentence after the penultimate sentence:
"The amount of any losses incurred on funds deposited in the Custodial
Account shall be deposited by the Company into the Custodial Account
on the Business Day prior to the Remittance Date."
d. Section 4.17. Section 4.17 is hereby modified by replacing the phrase
"on or before the Remittance Date" in the second line with "on or
before the 5th Business Day".
e. Section 5.02. The third paragraph of Section 5.02 is hereby modified
to read as follows: Not later than the fifth (5th) Business Day of
each month, the Company shall furnish to the Purchaser a delinquency
report in the form set forth in Exhibit G-1, a monthly remittance
advice in the form set forth in Exhibit G-2, and a realized loss
report in the form set forth in Exhibit G-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."
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The exhibits referenced in this Section 11(e) are attached to this
Agreement as Exhibit B hereto.
f. Section 6.07. Section 6.07 is hereby modified by replacing subsection
(ii) with the following:
"result in the imposition of a tax upon the REMIC (including but not
limited to the tax on "prohibited transactions" as defined in Section
860F(a)(2) of the Code and the tax on "contributions" to a REMIC set
forth in Section 860G(d) of the Code) unless the Company has received
an Opinion of Counsel (at the expense of the party seeking to take
such action) to the effect that the contemplated action will not
endanger such REMIC status or result in the imposition of any such
tax."
12. The Assignee's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Sale and Servicing Agreement is:
U.S. Bank National Association
▇▇▇ ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇
▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Structured Finance Trust Services, BAFC 2007-7
The Assignor's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Sale and Servicing Agreement is:
Bank of America, National Association
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Managing Director
BAFC's address for purposes of all notices and correspondence related to
the Mortgage Loans is:
Banc of America Funding Corporation
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: General Counsel and Chief Financial Officer
▇▇▇▇▇ Fargo Bank's address for purposes of all notices and correspondence
related to its role as Master Servicer of the Mortgage Loans is:
▇▇▇▇▇ Fargo Bank, N.A.
▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇
▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: Client Manager - BAFC 2007-7
13. Notwithstanding any provision herein to the contrary, it is understood
that SunTrust is not released from liability to the Assignor for any breaches of
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any representations, warranties or covenants made by SunTrust in the Sale and
Servicing Agreement prior to the date hereof regardless of when such breaches
are discovered or made known.
14. 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 and Servicing 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 and Servicing Agreements), 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 and Servicing 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/ ▇▇▇▇▇ ▇. Good
-------------------------------
Name: ▇▇▇▇▇ ▇. Good
Title: Principal
U.S. Bank National Association,
as Assignee
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Vice President
Banc of America Funding Corporation
By: /s/ ▇▇▇▇▇ ▇▇▇▇▇
---------------------------------------
Name: ▇▇▇▇▇ ▇▇▇▇▇
Title: Senior Vice President
SunTrust Mortgage, Inc., as servicer
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇▇
---------------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇-▇▇▇▇▇▇▇
Title: Vice President
Acknowledged and Agreed as
of the date first above written:
▇▇▇▇▇ Fargo Bank, N.A., as Master Servicer
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇ Colli
-------------------------------
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
Title: Vice President
EXHIBIT A
Schedule of Mortgage Loans
[Please see the Free Writing Prospectus filed and accepted
by the Securities and Exchange Commission on August
30, 2007, with a filing date of August 30, 2007 and
accession number 0001379402-07-000035.]
A-1
EXHIBIT B
Exhibit G-1 Standard File Layout - Delinquency Reporting
*The column/header names in bold are the minimum fields ▇▇▇▇▇ Fargo must
receive from every Servicer
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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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▇▇▇▇_▇▇▇▇▇▇▇ ▇▇▇▇▇▇ Name and Number of Property
------------------------------------------------------------------------------------------------ ----------- ----------------
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 is due to the MM/DD/YYYY
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 was filed. MM/DD/YYYY
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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 has been approved MM/DD/YYYY
by the courts
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BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by MM/DD/YYYY
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 By The Servicer MM/DD/YYYY
------------------------------------------------------------------------------------------------ ----------- ----------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
------------------------------------------------------------------------------------------------ ----------- ----------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
------------------------------------------------------------------------------------------------ ----------- ----------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
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FRCLSR_APPROVED_DATE The date DA Admin sends a letter
to the servicer with MM/DD/YYYY
instructions to begin foreclosure
proceedings.
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ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
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FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
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FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
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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 foreclosure sale. 2 No commas(,)
or dollar
signs ($)
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EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
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EVICTION_COMPLETED_DATE The date the court revokes legal
possession of the property
MM/DD/YYYY from the borrower.
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LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
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LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
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OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
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OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
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B-1
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REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
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REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
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OCCUPANT_CODE Classification of how the property is occupied.
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PROP_CONDITION_CODE A code that indicates the condition of the property.
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PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
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APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
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CURR_PROP_VAL The current "as is" value of the property based on brokers 2
price opinion or appraisal.
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REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
completed pursuant to a broker's price opinion or appraisal.
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If applicable:
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DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
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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.
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MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
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MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
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MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
------------------------------------------------------------------------------------------------ ----------- ----------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
------------------------------------------------------------------------------------------------ ----------- ----------------
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
------------------------------------------------------------------------------------------------ ----------- ----------------
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-2
Exhibit G-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: ▇▇▇▇▇ 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 ▇▇▇▇▇
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-3
Exhibit G-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-4
Exhibit G-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-5
Exhibit G-2: Standard File Layout - Scheduled/Scheduled
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Column Name Description Decimal Format Comment
Max
Size
------------------------------------------------------------------------------------- --------- ---------------------- ------
Each file requires the following fields:
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SER_INVESTOR_NBR A value assigned by the Servicer to define a Text up to 20 digits
group of loans. 20
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
LOAN_NBR A unique identifier assigned to each loan by Text up to 10 digits
the investor. 10
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Text up to 10 digits
Servicer. This may be different than the 10
LOAN_NBR.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or
interest payment that a borrower is expected to dollar signs ($) 11
pay, P&I constant.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6
Servicer. 6
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
NET_INT_RATE The loan gross interest rate less the service 4 Max length of 6
fee rate as reported by the Servicer. 6
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_FEE_RATE The servicer's fee rate for a loan as reported 4 Max length of 6
by the Servicer. 6
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or
reported by the Servicer. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or
Servicer. dollar signs ($) 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
forecasted rate. 6
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or
beginning of the processing cycle. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
ACTL_END_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or
end of the processing cycle. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that MM/DD/YYYY
the borrower's next payment is due to the 10
Servicer, as reported by Servicer.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or
dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_CURT_DATE_1 The curtailment date associated with the first MM/DD/YYYY
curtailment amount. 10
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or
curtailment amount, if applicable. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or
dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_CURT_DATE_2 The curtailment date associated with the second MM/DD/YYYY
curtailment amount. 10
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or
curtailment amount, if applicable. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
B-6
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Exhibit 1: Continued Standard Loan Level File Layout
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Column Name Description Decimal Format Comment Max
Size
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or
dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SERV_CURT_DATE_3 The curtailment date associated with the third MM/DD/YYYY
curtailment amount. 10
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or
curtailment amount, if applicable. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
PIF_AMT The loan "paid in full" amount as reported by 2 No commas(,) or
the Servicer. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY
Servicer. 10
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Action Code Key:
ACTION_CODE The standard FNMA numeric code used to indicate 15=Bankruptcy, 2
the default/delinquent status of a particular 30=Foreclosure, ,
loan. 60=PIF,
63=Substitution,
65=Repurchase,70=REO
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or
reported by the Servicer. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or
applicable. 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, 2 No commas(,) or
if applicable. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Plus the following applicable fields:
------------------------------------------------------------------------------------- --------- ---------------------- ------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due 2 No commas(,) or
at the beginning of the cycle date to be passed dollar signs ($) 11
through to investors.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or
investors at the end of a processing cycle. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SCHED_PRIN_AMT The scheduled principal amount as reported by 2 No commas(,) or
the Servicer for the current cycle -- only dollar signs ($) 11
applicable for Scheduled/Scheduled Loans.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or
service fee amount for the current cycle as dollar signs ($) 11
reported by the Servicer -- only applicable for
Scheduled/Scheduled Loans.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
ACTL_PRIN_AMT The actual principal amount collected by the 2 No commas(,) or
Servicer for the current reporting cycle -- dollar signs ($) 11
only applicable for Actual/Actual Loans.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or
service fee amount for the current reporting dollar signs ($) 11
cycle as reported by the Servicer -- only
applicable for Actual/Actual Loans.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or
prepays on his loan as reported by the dollar signs ($) 11
Servicer.
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan 2 No commas(,) or
waived by the servicer. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
B-7
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Exhibit 1: Continued Standard Loan Level File Layout
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Column Name Description Decimal Format Comment Max
Size
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
MOD_DATE The Effective Payment Date of the Modification MM/DD/YYYY
for the loan. 10
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
MOD_TYPE The Modification Type. Varchar - value can
be alpha or numeric 30
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or
advances made by Servicer. dollar signs ($) 11
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
Flag to indicate if the repurchase of a loan is Y=Breach
BREACH_FLAG due to a breach of Representations and N=NO Breach 1
Warranties Let blank if N/A
----------------------------------- ------------------------------------------------- --------- ---------------------- ------
B-8
Exhibit G-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 Officer Certificate
* 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
B-9
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 ( ).
B-10
Exhibit 3A: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
---------------------- ---------------------- -------------------------
Servicer Loan No. Servicer Name Servicer Address
---------------------- ---------------------- -------------------------
▇▇▇▇▇ 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)
B-11
______________________________________ ________________(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=-12
Escrow Disbursement Detail
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
---------------- ------------- ---------------- ------------- --------------- ---------------- --------------
B-13
APPENDIX I
Sale and Servicing Agreement
[Included as Exhibits 10.3(A), (B), (C), (D) and (E) to the Current Report on
Form 8-K pursuant to which this Assignment, Assumption and
Recognition Agreement is filed.]
