Exhibit 10.2(A)
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
Assignment, Assumption and Recognition Agreement (the "Agreement"), dated
November 30, 2006, 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, as trustee of the Banc of America Funding 2006-I Trust
("Assignee"), Xxxxx Fargo Bank, N.A., a national banking association ("Xxxxx
Fargo Bank"), as master servicer of the Banc of America Funding 2006-I Trust (in
such capacity, the "Master Servicer"), PHH Mortgage Corporation (formerly known
as Cendant Mortgage Corporation) ("PHH Mortgage") and Xxxxxx'x Gate Residential
Mortgage Trust (formerly known as Cendant Residential Mortgage Trust) ("Xxxxxx'x
Gate," and together with PHH Mortgage, the "Underlying Sellers"), and PNC Bank,
N.A. ("PNC Bank").
WHEREAS, pursuant to that certain Assignment, Assumption and Recognition
Agreement, dated as of November 21, 2006, among PNC Bank, the Assignor and the
Underlying Sellers (the "Purchase Agreement"), which is attached in Appendix I
hereto, the Assignor purchased the Mortgage Loans (as defined herein) from PNC
Bank;
WHEREAS, pursuant to the terms of the Purchase Agreement, PHH Mortgage
currently services the Mortgage Loans pursuant to that certain Mortgage Loan
Purchase, Sale & Servicing Agreement, dated as of August 1, 2005, as amended by
the Regulation AB Compliance Addendum to Mortgage Loan Flow Purchase Sale and
Servicing Agreement dated as of January 1, 2006 and Amendment No. 1 to that
Mortgage Loan Purchase, Sale & Servicing Agreement, dated as of January 30,
2006, by and between the Assignor and the Underlying Sellers (the "Servicing
Agreement"), which is attached in Appendix II hereto, and in addition currently
services the Additional Collateral Mortgage Loans (as defined herein) pursuant
to that certain Additional Collateral Assignment and Servicing Agreement, dated
as of April 30, 2003, by and between PHH Mortgage and PNC Bank (the "ACASA," and
together with the Purchase Agreement and Servicing Agreement, the "Purchase and
Servicing Agreements"), which is attached in Appendix III hereto.
WHEREAS, PNC Bank acquired the Mortgage Loans from the Underlying Sellers
pursuant to the terms of that certain Mortgage Loan Flow Purchase, Sale &
Servicing Agreement, dated as of April 30, 2003, by and among PNC Bank and the
Underlying Sellers (the "Underlying Sale Agreement") and the ACASA, each of
which is attached in Appendix III hereto;
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, the Master Servicer is entering into a Pooling
and Servicing Agreement, dated the date hereof (the "Pooling Agreement), among
BAFC, the Master Servicer, Xxxxx 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 Assignee, all of the right, title and
interest of the Assignor in, to and under the Underlying Sale Agreement, the
ACASA, the Purchase Agreement, and the mortgage loans delivered under the
Purchase Agreement by PNC Bank to the Assignor and listed on Exhibit A attached
hereto (the "Mortgage Loans"). The Mortgage Loans that are "Additional
Collateral Mortgage Loans" are listed on Exhibit B attached hereto.
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 Purchase and Servicing Agreements 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 PNC Bank or the
Underlying Sellers with respect to the Underlying Sale Agreement, the
Purchase and Servicing Agreements 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 Underlying Sale Agreement,
the Purchase and Servicing Agreements or the Mortgage Loans, including
without limitation the transfer of the servicing obligations under the
Purchase and Servicing Agreements. 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 Underlying Sale Agreement or the Purchase and Servicing Agreements
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
2
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.
3. From and after the date hereof, (A) PNC Bank and the Underlying Sellers
shall (i) note the transfer of the Mortgage Loans to the Assignee in their
respective books and records and (ii) recognize the Assignee as the owner of the
Mortgage Loans and (B) notwithstanding anything to the contrary contained in the
Purchase Agreement or in Sections 2.05 and 3.05 of the Servicing Agreement, PHH
Mortgage, for the benefit of the Assignee, shall continue to service the
Mortgage Loans pursuant to the Servicing Agreement (including but not limited to
those provisions related to sales and reconstitutions of mortgage loans and all
provisions related to Regulation AB compliance, including servicer- and
originator-related provisions), as modified by Section 9 hereof, and shall in
addition service the Additional Collateral Mortgage Loans in accordance with the
ACASA.
4. The Underlying Sellers acknowledge that the Master Servicer, pursuant to
the Pooling Agreement, will administer on behalf of the Assignee the terms and
conditions of the Underlying Sale Agreement and the Purchase and Servicing
Agreements. The Master Servicer shall be authorized to enforce directly against
the Underlying Sellers any of the obligations of the Underlying Sellers to the
Assignor or its assignees provided for in the Purchase and Servicing Agreements,
including, without limitation, the right to exercise any and all rights of the
Assignor (but not the obligations) under the Underlying Sale Agreement and the
Purchase and Servicing Agreements to monitor and enforce the obligations of the
Underlying Sellers thereunder, the right to terminate the Underlying Sellers
under the Purchase and Servicing Agreements upon the occurrence of an event of
default thereunder, the right to receive all remittances required to be made by
the Underlying Sellers under the Purchase and Servicing Agreements, the right to
receive all monthly reports and other data required to be delivered by the
Underlying Sellers under the Purchase and Servicing Agreements, the right to
examine the books and records of the Underlying Sellers, indemnification rights,
and the right to exercise certain rights of consent and approval relating to
actions taken by the Underlying Sellers. All remittances by the Underlying
Sellers shall be made to the account or accounts designated by the Master
Servicer to the Underlying Sellers in writing from time to time. Wire
remittances shall be sent to: XXXXX FARGO BANK, N.A., ABA# 000000000, FOR CREDIT
TO: SAS CLEARING, ACCT: 0000000000, FFC TO: BAFC 2006-I # 50964200.
The Master Servicer shall be authorized to enforce directly against PNC
Bank any of the obligations of PNC Bank to the Assignor or its assignees
provided for in the Purchase Agreement.
3
5. Each Underlying Seller hereby represents and warrants to each of the
other parties hereto (i) that the representations and warranties of such
Underlying Seller in Section 3.01 of the Underlying Sale 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 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. PHH Mortgage
hereby represents and warrants to each of the other parties hereto (i) that its
representations and warranties in Section 3.02 of the Underlying Sale 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
and (ii) that it has serviced the Mortgage Loans in accordance with the terms of
the Purchase Agreement.
6. The Underlying Sellers hereby agree to cooperate with BAFC, the Master
Servicer and the Assignee 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
"Banc of America Funding 2006-I 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).
7. PHH Mortgage 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.
8. Each Underlying Seller hereby agrees that it shall not substitute a
Qualified Substitute Mortgage Loan for a Deleted Mortgage Loan.
9. The Underlying Sellers hereby agree to the following modifications to
the Servicing Agreement solely with respect to the Mortgage Loans:
a. Section 6.02. The third paragraph of Section 6.02 is hereby modified to
read as follows: Not later than the fifth (5th) Business Day of each
month, the Servicer shall furnish to the Purchaser a delinquency
report, a monthly remittance advice and a realized loss report,
including the information set forth in Exhibit 6.02, in both a
mutually agreeable physical form and content (including via website)
and a mutually agreeable electronic format and content 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.
4
b. Section 7.07. Section 7.07 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 Servicer 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."
c. Exhibit 6.02. Exhibit 6.02 is hereby amended by inserting the provisions
attached to this Agreement as Exhibit C at the end thereof.
10. With respect to each Additional Collateral Mortgage Loan, PHH Mortgage
acknowledges and agrees that it shall take all necessary steps to effectuate the
assignment of the Additional Collateral (as defined in the ACASA) to the
Assignee and its assigns, including but not limited to the provision of
necessary notices to the Surety Bond Issuer (as defined in the ACASA) and filing
of UCC financing statements and all other actions contemplated by the Purchase
and Servicing Agreements with respect to such Mortgage Loans.
11. Notwithstanding any provision in this Agreement to the contrary, it is
understood that the Underlying Sellers or PNC Bank, as applicable, are not
released from liability to the Assignor for any breaches of any representations,
warranties or covenants made by such Underlying Seller or PNC Bank, as
applicable, in the Purchase Agreement prior to the date hereof regardless of
when such breaches are discovered or made known.
12. The Assignee's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Purchase and Servicing Agreements is:
U.S. Bank National Association
000 X. XxXxxxx Xxxxxx, Xxxxx 000
Xxxxxxx, Xxxxxxxx 00000
Attention: Structured Finance Trust Services, BAFC 2006-I
The Assignor's address for purposes of all notices and correspondence
related to the Mortgage Loans and the Purchase and Servicing Agreements is:
Bank of America, National Association
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: Managing Director
5
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
[Signatures Follow]
6
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,
Assignor
By:/s/ Xxxxx X. Good
------------------------------
Name: Xxxxx X. Good
Title: Vice President
U.S. Bank National
Association, Assignee
By:/s/ Xxxxxxx X. Xxxxx
------------------------------
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Banc of America Funding Corporation
By:/s/ Xxxxx Xxxxxx
------------------------------
Name: Xxxxx Xxxxx
Title: Senior Vice President
PHH Mortgage Corporation
By:/s/ Chrissy Judge
------------------------------
Name: Chrissy Judge
Title: Assistant Vice President
Xxxxxx'x Gate Residential Mortgage Trust
By:/s/ Chrissy Judge
------------------------------
Name: Chrissy Judge
Title: Assistant Vice President
PNC Bank, N.A.
By:/s/ Xxxxx Xxxxxxxx
Name: Xxxxx Xxxxxxxx
Title: Vice President
Acknowledged and Agreed
as of the date first above written:
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
[See Exhibits D-1 and D-2 to the Pooling and Servicing Agreement]
EXHIBIT B
---------
Schedule of Additional Collateral Mortgage Loans
[See Exhibits D-1 and D-2 to the Pooling and Servicing Agreement]
EXHIBIT C
---------
Standard File Layout - Delinquency Reporting
------------------------------------------------------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------------------------------------------------------
PROP_ADDRESS Street 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 MM/DD/YYYY
was filed.
------------------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
has been approved by the courts
------------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal, Discharged
and/or a Motion For Relief Was Granted.
------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved MM/DD/YYYY
By The Servicer
------------------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
Scheduled To End/Close
------------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
------------------------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the MM/DD/YYYY
servicer with instructions to begin
foreclosure proceedings.
------------------------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
------------------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney MM/DD/YYYY
in a Foreclosure Action
------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is MM/DD/YYYY
expected to occur.
------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the 2 No commas(,) or dollar
foreclosure sale. signs ($)
------------------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction MM/DD/YYYY
of the borrower.
------------------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession MM/DD/YYYY
of the property from the borrower.
------------------------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is 2 No commas(,) or dollar
marketed. signs ($)
------------------------------------------------------------------------------------------------------------------------------
Exhibit C-1
------------------------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
------------------------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO 2 No commas(,) or dollar
property. signs ($)
------------------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin MM/DD/YYYY
or by the Servicer.
------------------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
------------------------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is
occupied.
------------------------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of
the property.
------------------------------------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is MM/DD/YYYY
performed.
------------------------------------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the 2
property based on brokers price opinion
or appraisal.
------------------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed pursuant to a
broker's price opinion or appraisal.
------------------------------------------------------------------------------------------------------------------------------
If applicable:
--------------
------------------------------------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
------------------------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower
to stop paying on a loan. Code indicates
the reason why the loan is in default for
this cycle.
------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed MM/DD/YYYY
With Mortgage Insurance Company.
------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,) or dollar
signs ($)
------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
------------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No commas(,) or dollar
Claim signs ($)
------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance 2 No commas(,) or dollar
Company signs ($)
------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
------------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No commas(,) or dollar
Company signs ($)
------------------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
Veterans Admin
------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
------------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,) or dollar
signs ($)
------------------------------------------------------------------------------------------------------------------------------
Exhbiit C-2
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
Exhibit C-3
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
--------------------------------------------------------------
Exhibit C-4
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
--------------------------------------------------------------
Exhibit C-5
Standard File Layout - Scheduled/Scheduled
---------------------------------------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
---------------------------------------------------------------------------------------------------------------------
SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a 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 Text up to 10 digits 10
Servicer. This may be different than the
LOAN_NBR.
---------------------------------------------------------------------------------------------------------------------
BORROWER_NAME The borrower name as received in the Maximum length of 30 (Last, 30
file. It is not separated by first and First)
last name.
---------------------------------------------------------------------------------------------------------------------
SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar signs 11
interest payment that a borrower is ($)
expected to pay, P&I constant.
---------------------------------------------------------------------------------------------------------------------
NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6 6
Servicer.
---------------------------------------------------------------------------------------------------------------------
NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the
Servicer.
---------------------------------------------------------------------------------------------------------------------
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
---------------------------------------------------------------------------------------------------------------------
SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
NEW_PAY_AMT The new loan payment amount as reported 2 No commas(,) or dollar signs 11
by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
---------------------------------------------------------------------------------------------------------------------
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
---------------------------------------------------------------------------------------------------------------------
ACTL_BEG_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs 11
at the beginning of the processing cycle. ($)
---------------------------------------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal balance 2 No commas(,) or dollar signs 11
at the end of the processing cycle. ($)
---------------------------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle MM/DD/YYYY 10
that the borrower's next payment is due
to the Servicer, as reported by Servicer.
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
---------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
---------------------------------------------------------------------------------------------------------------------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) or dollar signs 11
applied. ($)
---------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
---------------------------------------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs 11
curtailment amount, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
Exhibit C-6
---------------------------------------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
---------------------------------------------------------------------------------------------------------------------
ACTION_CODE The standard FNMA numeric code used to Action Code Key: 15=Bankruptcy, 2
indicate the default/delinquent status 30=Foreclosure, 60=PIF,
of a particular loan. 63=Substitution,
65=Repurchase,70=REO
---------------------------------------------------------------------------------------------------------------------
INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs 11
reported by the Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, 2 No commas(,) or dollar signs 11
if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs 11
applicable. ($)
---------------------------------------------------------------------------------------------------------------------
LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar signs 11
loss, if applicable. ($)
---------------------------------------------------------------------------------------------------------------------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) or dollar signs 11
amount due at the beginning of the cycle ($)
date to be passed through to investors.
---------------------------------------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs 11
investors at the end of a processing ($)
cycle.
---------------------------------------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) or dollar signs 11
reported by the Servicer for the current ($)
cycle -- only applicable for
Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------
SCHED_NET_INT The scheduled gross interest amount less 2 No commas(,) or dollar signs 11
the service fee amount for the current ($)
cycle as reported by the Servicer -- only
applicable for Scheduled/Scheduled Loans.
---------------------------------------------------------------------------------------------------------------------
ACTL_PRIN_AMT The actual principal amount collected by 2 No commas(,) or dollar signs 11
the Servicer for the current reporting ($)
cycle -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------
ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs 11
service fee amount for the current ($)
reporting cycle as reported by the
Servicer -- only applicable for
Actual/Actual Loans.
---------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) or dollar signs 11
borrower prepays on his loan as reported ($)
by the Servicer.
---------------------------------------------------------------------------------------------------------------------
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the 2 No commas(,) or dollar signs 11
loan waived by the servicer. ($)
---------------------------------------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
---------------------------------------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar - value can be alpha 30
or numeric
---------------------------------------------------------------------------------------------------------------------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs 11
interest advances made by Servicer. ($)
---------------------------------------------------------------------------------------------------------------------
Exhibit C-7
Calculation of Realized Loss/Gain Form 332- Instruction Sheet
The numbers on the 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. All line entries must be supported by
copies of appropriate statements, vouchers, receipts, bills,
canceled checks, etc., to document the expense. Entries not
properly documented will not be reimbursed to the Servicer.
13. The total of lines 1 through 12.
Credits:
--------
14-21. Complete as applicable. All line entries must be supported by
copies of the appropriate claims forms, EOBs, HUD-1 and/or
other proceeds verification, statements, payment checks, etc.
to document the credit. If the Mortgage Loan is subject to a
Bankruptcy Deficiency, the difference between the Unpaid
Principal Balance of the Note prior to the Bankruptcy
Deficiency and the Unpaid Principal Balance as reduced by the
Bankruptcy Deficiency should be input on line 20.
22. The total of lines 14 through 21.
Please note: For HUD/VA loans, use line (15) for Part A/Initial
proceeds and line (16) 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 ( ).
Exhibit C-8
Calculation of Realized Loss/Gain Form 332
XXXXX FARGO BANK, N.A.
CALCULATION OF REALIZED LOSS/GAIN
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 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 _________________(5)
(6) Property Maintenance _________________(6)
(7) MI/Hazard Insurance Premiums _________________(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__________________________ ________________
HOA/Condo Fees_________________________ ________________
_______________________________________ ________________
_______________________________________ ________________
Total Expenses $________________(13)
Credits:
(14) Escrow Balance $________________(14)
(15) HIP Refund ________________(15)
(16) Rental Receipts ________________(16)
(17) Hazard Loss Proceeds ________________(17)
Exhibit C-9
(18) Primary Mortgage Insurance Proceeds ________________(18)
(19) Pool Insurance Proceeds ________________(19)
(20) Proceeds from Sale of Acquired Property ________________(20)
(21) Other (itemize) ________________(21)
___________________________________________ ________________
___________________________________________ ________________
Total Credits $________________(22)
Total Realized Loss (or Amount of Gain) $________________(23)
Exhibit C-10
APPENDIX I
----------
Purchase Agreement
------------------
[Included as Exhibit 10.2(B) to the Current Report
on Form 8-K pursuant to which this Assignment, Assumption
and Recognition Agreement is filed]
APPENDIX II
-----------
Servicing Agreement
-------------------
[Included as Exhibits 10.2(C)-(F) to the Current Report
on Form 8-K pursuant to which this Assignment, Assumption
and Recognition Agreement is filed]
APPENDIX III
------------
Underlying Sale Agreement and ACASA
-----------------------------------
[Included as Exhibits 10.2(G) to the Current Report
on Form 8-K pursuant to which this Assignment, Assumption
and Recognition Agreement is filed]
