MGIC
Mortgage Guaranty Commitment/Certificate
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Mortgage Guaranty Insurance Corporation (the "Company"), 000 X. Xxxxxxxx
Xxxxxx/P.O. Box 488 Milwaukee, Wisconsin 53201-0488, hereby agrees to pay to
the Insured any Loss due to the Default by a Borrower on the Loan identified
below, subject to the terms and conditions of the Master Policy, the
conditions noted, if any, and in reliance on the Insured's application for
insurance.
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Insured Xxxxx Fargo Bank Minnesota, N.A. as Trustee for the Amortizing
Residential Collateral Trust Series 2001-BC1
Name
Mailing 6th and Marquette
Address Minneapolis, Minnesota 55479
Master Policy # 22-400-4-1291 / Total Amount Due $
See 1st billing
COMMITMENT/CERTIFICATE To be Assigned / Initial Premium $
See 1st billing
Commitment Effective Date January 1, 2001 / Amount of Loan
Insured $201,379,184.73
in aggregate and
as identified on
Appendix A
Commitment Expiration Date March 15, 2001 / Amount of Coverage
See list of Loans
identified on Appendix A
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LOAN INFORMATION
Borrower Name: See Attachment 1 for incorporation by reference of
all other Loan information referred to in this section of
the Commitment/Certificate.
Property Address: See Attachment 1 for incorporation by reference of all
other Loan information referred to in this section of the
Commitment/Certificate.
Sale Price: See Attachment 1 for incorporation by reference of
all other Loan information referred to in this section of
the Commitment/Certificate. /
Appraised Value: See Attachment 1for incorporation by reference of
all other Loan information referred to in this section of
the Commitment/Certificate. / Amortization Period: See
Attachment 1 for incorporation by reference of all other
Loan information referred to in this section of the
Commitment/Certificate.
(Continued on Attachment 1)
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Initial Premium Description Annual Renewals %
See Attachment 1
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COMPANY'S DECLARATION: The Company has obtained the above Loan information
from the Loan application and supporting documentation submitted by the
Insured. The Company has relied on the Loan information being correct and true
in extending coverage to the Loan. The Company considers the Loan information
to be representations of the Insured which are material to the Company's
acceptance of the risk and to the hazard assumed.
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INSURED CERTIFICATION: The undersigned certifies that the: 1) Loan
transaction, as described above, has been Consummated; 2) Loan information set
forth above on the Original Commitment/Certificate (C/C) is true and correct
and the Company can rely on it in extending coverage to the Loan; 3) Loan is
not in Default at the time the applicable premium is paid; 4) Conditions, if
any, identified on the Original C/C, have been satisfied; 5) Insured has
attached to its retained original C/C the insured Application and all
supporting documentation and representations submitted to the Company by or on
behalf of the Insured; and 6) Insured has no knowledge of any material changes
in any statement contained in such Application, supporting documentation or
representations.
Any assignment of the servicing of the Loan or rights of the Insured under the
C/C must be in accordance with the terms and conditions of the Master Policy.
All capitalized terms herein shall have the same meaning set forth in the
Master Policy.
SERVICING SOLD? If so, complete the SERVICING DATA BOX on
REMITTANCE COPY you send to MGIC.
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Effective Date Insured Loan Number Authorized Signature of Insured
of Certificate
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1/1/2001
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Form #71-7066 Sign and keep this Original DO NOT SEND TO MGIC.
(2/94) Commitment/Certificate
Mortgage Guaranty Commitment/Certificate
Attachment 1
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The Company hereby insures a total of 1,564 loans, identified on the attached
Appendix A (in the form of a computer diskette) (individually a "Loan" or
collectively the "Loans"), with an aggregate Amount of Loan Insured (for all
Loans) of $201,379,184.73 as identified above. The Amount of Loan Insured and
the Amount of Coverage for each individual Loan are as shown on Appendix A.
The initial and renewal premium will be non-refundable and will be payable
monthly for each month coverage remains in effect. Such premiums are
calculated as a per annum percentage of 71 basis points (0.710%) applied to
the unpaid principal balance of each Loan determined as of the beginning of
the prior month. The quoted premium rate does not reflect premium taxes which
are due and required to be paid by the insured in the states of Kentucky and
West Virginia. The portfolio contains 3 loans in these states.
In issuing this Commitment/Certificate for the Loans, the Company relied upon
certain information and data received from the Insured and/or Xxxxxx Brothers,
Incorporated, including, but not limited to information and data contained in
several Internet file transfers to the Company from Xxxxxx Brothers,
Incorporated in February, 2001 and a letter agreement dated March 6, 2001
between the Company, the Insured, and Xxxxxx Brothers, Incorporated, all of
which will be considered part of the "Application" or "Transmittal" for
insurance of the Loans, such Internet files in the form of a computer diskette
and letter being attached to and made a part of this Commitment/Certificate.
Pursuant to Section 2.7(a) of the Master Policy referred to above this
Commitment/Certificate is certified and becomes effective without the
Insured's execution and return of same.
This Commitment/Certificate is also subject to the terms and conditions of the
following Endorsements, which are applicable to all of the Loans:
(1) Master Reporting Program Endorsement -- MGIC Form #71-7139 (8/94)
(2) Endorsement to Mortgage Guaranty Master Policy-- MGIC Form #71-70163
(2/01)
(3) Endorsement to Mortgage Guaranty Master Policy (Incontestability for
Master Reporting Program) -- MGIC Form #71-70165 (2/01)
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