ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (this “Assignment”), dated as of September 1, 2006, is entered into among X.X. Xxxxxx Acceptance Corporation I, a Delaware corporation (the “Depositor”), HSBC Bank USA, National Association, as trustee (the “Trustee”) of X.X. Xxxxxx Alternative Loan Trust 2006-A5 (the “Trust”), X.X. Xxxxxx Mortgage Acquisition Corp. (“JPMorgan Acquisition”), PHH Mortgage Corporation (“PHH”), formerly known as Cendant Mortgage Corporation, Xxxxxx’x Gate Residential Mortgage Trust (“Xxxxxx’x Gate” and together with PHH, the “Sellers”), with PHH Mortgage Corporation, as the servicer (in such capacity, the “Servicer”) and U.S. Bank National Association (the “Master Servicer”).
RECITALS
WHEREAS JPMorgan Acquisition, PHH Mortgage Corporation, as a seller and servicer, and Xxxxxx’x Gate Residential Mortgage Trust, as a seller have entered into a certain Amended and Restated Mortgage Loan Flow Purchase, Sale & Servicing Agreement, dated as of January 1, 2006 (the “Agreement”) pursuant to which JPMorgan Acquisition has acquired certain Mortgage Loans pursuant to the terms of the Agreement and PHH Mortgage Corporation has agreed to service such Mortgage Loans;
WHEREAS the Depositor has agreed, on the terms and conditions contained herein, to purchase from JPMorgan Acquisition certain of the Mortgage Loans (the “Specified Mortgage Loans”) which are subject to the provisions of the Agreement and are listed on the mortgage loan schedule attached as Schedule I hereto (the “Specified Mortgage Loan Schedule”);
WHEREAS, pursuant to the Agreement, the Servicer has agreed to service the Specified Mortgage Loans for the applicable Servicing Fee Rate (as defined in the Pooling and Servicing Agreement referred to below) as specified on Schedule II; and
WHEREAS the Trustee, on behalf of the Trust, has agreed, on the terms and conditions contained herein, to purchase from the Depositor the Specified Mortgage Loans;
NOW, THEREFORE, in consideration of the mutual promises contained herein and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties agree as follows:
1.
Assignment and Assumption
(a)
On and as of the date hereof, JPMorgan Acquisition hereby sells, assigns and transfers to the Depositor all of its right, title and interest in the Specified Mortgage Loans and all rights related thereto as provided under the Agreement to the extent relating to the Specified Mortgage Loans, the Depositor hereby accepts such assignment from JPMorgan Acquisition (the “First Assignment and Assumption”), and the Sellers hereby acknowledge the First Assignment and Assumption.
JPMorgan Acquisition specifically reserves and does not assign to the Depositor hereunder any and all right, title and interest in, to and under and all obligations of JPMorgan Acquisition with respect to any Mortgage Loans subject to the Agreement which are not the Specified Mortgage Loans.
(b)
On and as of the date hereof, immediately after giving effect to the First Assignment and Assumption, the Depositor hereby sells, assigns and transfers to the Trustee, on behalf of the Trust, all of its right, title and interest in the Specified Mortgage Loans and all rights related thereto as provided under the Agreement to the extent relating to the Specified Mortgage Loans, and the Trustee, on behalf of the Trust, hereby accepts such assignment from the Depositor (the “Second Assignment and Assumption”), and the Sellers hereby acknowledge the Second Assignment and Assumption.
(c)
On and as of the date hereof, JPMorgan Acquisition represents and warrants to the Depositor and the Trustee that JPMorgan Acquisition has not taken any action that would serve to impair or encumber the respective ownership interests of the Depositor and the Trustee in the Specified Mortgage Loans since the date of JPMorgan Acquisitions’ acquisition of the Specified Mortgage Loans.
2.
Recognition of Trustee
(a)
From and after the date hereof, both JPMorgan Acquisition and the Sellers shall note the transfer of the Specified Mortgage Loans to the Trustee, in their respective books and records and shall recognize the Trustee, on behalf of the Trust, as of the date hereof, as the owner of the Specified Mortgage Loans, and Servicer shall service the Specified Mortgage Loans for the benefit of the Trust pursuant to the Agreement, the terms of which are incorporated herein by reference. It is the intention of the Sellers, the Servicer, the Depositor, the Trustee and JPMorgan Acquisition that this Assignment shall be binding upon and inure to the benefit of the Depositor, the Trustee and JPMorgan Acquisition and their respective successors and assigns.
(b)
Without in any way limiting the foregoing, the parties confirm that this Assignment includes the rights relating to amendments and waivers under the Agreement. Accordingly, the right of JPMorgan Acquisition to consent to any amendment of the Agreement and its rights concerning waivers as set forth in Section 12.07 of the Agreement shall be exercisable, to the extent any such amendment or waiver affects the Specified Mortgage Loans or any of the rights under the Agreement with respect thereto (including, without limitation, the servicing of the Specified Mortgage Loans), by the Trustee as assignee of JPMorgan Acquisition.
3.
Representations and Warranties
(a)
The Depositor represents and warrants that it is a sophisticated investor able to evaluate the risks and merits of the transactions contemplated hereby, and that it has not relied in connection therewith upon any statements or representations of the Sellers or JPMorgan Acquisition other than those contained in the Agreement or this Assignment.
(b)
Each of the parties hereto represents and warrants that it is duly and legally authorized to enter into this Assignment.
(c)
Each of the parties hereto represents and warrants that this Assignment has been duly authorized, executed and delivered by it and (assuming due authorization, execution and delivery thereof by each of the other parties hereto) constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles (regardless of whether such enforcement is considered in a proceeding in equity or at law).
(d)
Each Seller hereby restates, as of the Closing Date (as defined in the Pooling and Servicing Agreement referred to below) (or, with respect to the representations and warranties specifically mentioned in Section 3.05 of the Agreement, as of the applicable Funding Date (as defined in the Agreement)), the representations and warranties set forth in Sections 3.01, 3.02 and 3.03 of the Agreement, with respect to each of the Specified Mortgage Loans that were sold by it under the Agreement, to and for the benefit of the Depositor, the Trustee and the Trust (other than those representations and warranties specifically excepted pursuant to Section 3.05 of the Agreement), and by this reference incorporates such representations and warranties herein, as of such Closing Date. In addition, each Seller hereby represents and warrants that (i) each Specified Mortgage Loan sold by it under the Agreement is a “qualified mortgage” within the meaning of 860G(a)(3) of the Code and (ii) each Specified Mortgage Loan sold by it under the Agreement that is a Cooperative Loan is secured by stock in a “cooperative housing corporation” within the meaning of Section 216(b) of the Code.
4.
The Servicer hereby acknowledges that U.S. Bank National Association has been appointed as the Master Servicer of the Specified Mortgage Loans pursuant to the pooling and servicing agreement dated as of the date hereof among the Depositor, the Master Servicer, the Securities Administrator and the Trustee (the “Pooling and Servicing Agreement”) for Mortgage Pass-Through Certificates, Series 2006-A5 and, therefore, has the right to enforce all obligations of the Servicer under the Agreement. Such rights will include, without limitation, the right to terminate the Servicer under the Agreement upon the occurrence of an event of default thereunder, the right to receive all remittances required to be made by the Servicer under the Agreement, the right to receive all monthly reports and other data required to be delivered by the Servicer under the Agreement, the right to examine the books and records of the Servicer, indemnification rights and the right to exercise certain rights of consent and approval relating to actions taken by JPMorgan Acquisition. The Servicer shall make all distributions under the Agreement to the Master Servicer by wire transfer of immediately available funds to:
U.S. Bank National Association
ABA Number: 000000000
Account Name: U.S. Bank Corporate Trust
Account number: 173103322058
For further credit to:
X.X. Xxxxxx Alternative Loan Trust 2006-A5,
Distribution Account Number: 106337000
The Servicer shall deliver all reports required to be delivered under the Agreement to the Master Servicer at the following address:
U.S. Bank National Association
0000 Xxxxx Xxxx, #000
Xxxxx, XX 00000
Attention: X.X. Xxxxxx Alternative Loan Trust 2006-A5
Telecopier: (000) 000-0000
5.
Establishment of Collection Account
The Servicer shall establish and maintain a separate Collection Account in the name of the Trustee, in trust for X.X. Xxxxxx Alternative Loan Trust 2006-A5, for all funds collected and received on the Specified Mortgage Loans.
6.
Amendments to the Agreement
The parties to the Agreement hereby agree to amend the Agreement as follows:
(a)
With respect to the Specified Mortgage Loans, “Permitted Investments” shall have the meaning of such term as defined in the Pooling and Servicing Agreement.
(b)
Notwithstanding any provision in the Agreement to the contrary, the parties to the Agreement hereby agree that the Servicer’s aggregate obligations under Section 5.04, clause (4)(ii) of the Agreement, with respect to a Mortgage Pool (as defined in the Pooling and Servicing Agreement) for any month shall be limited to the total amount of Servicing Fees actually received for the Specified Mortgage Loans in such Mortgage Pool by the Servicer during such month.
(c)
Section 6.02 of the Agreement is hereby replaced in its entirety with the following:
“Section 6.02
Reporting.
On or before the fifth Business Day after the end of the related Due Period during the term hereof, the Servicer shall deliver to the Purchaser monthly accounting reports in the forms set forth on Exhibit 6.02 attached hereto (or such other format or such other data as is mutually agreed upon by the Servicer, the Master Servicer and the Purchaser) with respect to the most recently ended Monthly Period, or the Servicer shall provide training and passwords to the Purchaser to have access to view such reports via the Servicer’s website. Such monthly accounting reports shall include information as to the aggregate Unpaid Principal Balance of all Mortgage Loans, the scheduled amortization of all Mortgage Loans, any delinquencies and the amount of any Principal Prepayments as of the most recently ended Record Date.
The Servicer shall provide the Purchaser with such information concerning the Mortgage Loans as is necessary for the Purchaser to prepare its federal income tax return as the Purchaser may reasonably request from time to time.”
(d)
Exhibit I hereto is hereby added as Exhibit 6.02(i) to the Agreement.
(e)
Exhibit II hereto is hereby added as Exhibit 6.02(j) to the Agreement.
7.
Indemnification by Master Servicer
The Master Servicer shall indemnify and hold harmless the Servicer and its affiliates, and in each case, its officers, directors and agents from and against any losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach by the Master Servicer or any of its officers, directors, agents or affiliates of its obligations in connection with the preparation, filing and certification of any Form 10-K pursuant to the Pooling and Servicing Agreement or the negligence, bad faith or willful misconduct of the Master Servicer in connection therewith. In addition, the Master Servicer shall indemnify and hold harmless the Servicer and its affiliates, and in each case, its officers, directors and agents from and against any losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach by any Servicer (as defined in the Pooling and Servicing Agreement), other than the Servicer (as defined herein), of its obligations in connection with any back-up certification (or any other back-up documents) to any certification of any Form 10-K required to be provided by the Master Servicer, but solely to the extent the Master Servicer receives amounts from such Servicer in connection with any indemnification provided by such Servicer (in each case as defined in the Pooling and Servicing Agreement) to the Master Servicer.
8.
Continuing Effect
Except as contemplated hereby, the Agreement shall remain in full force and effect in accordance with its terms.
9.
Governing Law
This Assignment and the rights and obligations hereunder shall be governed by and construed in accordance with the internal laws of the State of New York.
10.
Notices
Any notices or other communications permitted or required under the Agreement to be made to JPMorgan Acquisition, the Depositor, the Trustee, PHH, Xxxxxx’x Gate and the Servicer shall be made in accordance with the terms of the Agreement and shall be sent to the Depositor and Trustee as follows:
In the case of JPMorgan Acquisition:
X.X. Xxxxxx Mortgage Acquisition Corp.
000 Xxxx Xxxxxx, 0xx Xxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxxx Xxxxx
Telephone: (000) 000 0000
Facsimile: (000) 000 0000
With a copy to:
JPMorgan Chase & Co.
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel’s Office
In the case of the Depositor:
X.X. Xxxxxx Acceptance Corporation I
000 Xxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: X.X. Xxxxxx Alternative Loan Trust 2006-A5
In the case of the Trustee:
HSBC Bank USA National Association
000 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: CTLA - Structured Finance
In the case of Cendant:
PHH Mortgage Corporation
0000 Xxxxxxxxxx Xxxx
Xx. Xxxxxx, XX 00000
Attention: Xxxxx Xxxxx, Vice President, Secondary Marketing
In the case of Xxxxxx’x Gate:
c/o Cendant Mortgage Corporation, as Administrator
0000 Xxxxxxxxxx Xxxx
Xx. Xxxxxx, XX 00000
Attention: Xxxxx Xxxxx, Vice President, Secondary Marketing
In the case of the Servicer:
PHH Mortgage Corporation
0000 Xxxxxxxxxx Xxxx
Xx. Xxxxxx, XX 00000
Attention: Xxxxx Xxxxx, Vice President, Secondary Marketing
In the case of the Master Servicer:
U.S. Bank National Association
0000 Xxxxx Xxxx, #000
Xxxxx, XX 00000
Attention: X.X. Xxxxxx Alternative Loan Trust 2006-A5
Telecopier: (000) 000-0000
With a copy to the Securities Administrator:
U.S. Bank National Association
00 Xxxxxxxxxx Xxxxxx, XX-XX-XX0X
Xx. Xxxx, Xxxxxxxxx 00000
Telecopier: (000) 000-0000
Attention: Structured Finance/X.X. Xxxxxx Alternative Loan Trust 2006-A5
or to such other address as may hereafter be furnished by the Depositor and the Trustee to the parties in accordance with the provisions of the Agreement.
11.
Ratification
Except as modified and expressly amended by this Assignment, the Agreement is in all respects ratified and confirmed, and all terms, provisions and conditions thereof shall be and remain in full force and effect.
12.
Counterparts
This Assignment may be executed in counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same instrument.
13.
Definitions
Any capitalized term used but not defined in this Assignment has the same meaning as in the Agreement.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties hereto have executed this Assignment the day and year first above written.
X.X. XXXXXX MORTGAGE ACQUISITION CORP.
By: _/s/ Xxxx X. Hyun____________________
Name: Xxxx X. Xxxx
Title: Vice President
X.X. XXXXXX ACCEPTANCE CORPORATION I
By: __/s/ Xxxx X. Hyun____________________
Name: Xxxx X. Xxxx
Title: Vice President
HSBC BANK USA, NATIONAL ASSOCIATION, as Trustee of X.X. Xxxxxx Alternative Loan Trust 2006-A5
By: _/s/ Xxxxxxxx Acebedo_________________
Name: Xxxxxxxx Xxxxxxx
Title: Vice President
PHH MORTGAGE CORPORATION
By: _/s/ Crissy Judge _____________________
Name: Crissy Judge
Title: Assistant Vice President
XXXXXX’X GATE RESIDENTIAL
MORTGAGE TRUST
By: __/s/ Crissy Judge______________ _____
Name: Crissy Judge
Title: Assistant Vice President
PHH MORTGAGE CORPORATION, as Servicer
By: __/s/ Crissy Judge_____________________
Name: Crissy Judge
Title: Assistant Vice President
U.S. BANK NATIONAL ASSOCIATION, not individually, but solely as Master Servicer
By: _/s/ Xxxxxxx X. Rantz_________________
Name: Xxxxxxx X. Xxxxx
Title: Vice President
Schedule I
Mortgage Loan Schedule
[See Schedule A to Pooling and Servicing Agreement]
Schedule II
[Servicing Fee Rate]
PHH Loan ID | Serving Fee(%) |
35706274 | 0.375 |
38882874 | 0.375 |
7100531883 | 0.25 |
38656500 | 0.25 |
7109975602 | 0.25 |
38894499 | 0.25 |
35221472 | 0.375 |
39003199 | 0.375 |
7106756104 | 0.25 |
38945937 | 0.25 |
38865622 | 0.25 |
7100950364 | 0.25 |
7100419139 | 0.25 |
38894614 | 0.25 |
39007729 | 0.25 |
7103678699 | 0.25 |
7108024592 | 0.25 |
7101804008 | 0.25 |
39182449 | 0.375 |
38691416 | 0.375 |
7100554315 | 0.25 |
7102086886 | 0.25 |
7101651235 | 0.25 |
38877114 | 0.35 |
38824595 | 0.375 |
7101748791 | 0.25 |
7102013203 | 0.25 |
38899357 | 0.25 |
39081062 | 0.25 |
7102156762 | 0.25 |
35089374 | 0.375 |
39135652 | 0.25 |
39045539 | 0.25 |
38644738 | 0.375 |
7100532949 | 0.25 |
38813143 | 0.25 |
7107723608 | 0.25 |
35526185 | 0.25 |
34845321 | 0.375 |
35385376 | 0.375 |
35026939 | 0.375 |
35447192 | 0.375 |
35008903 | 0.375 |
34821363 | 0.375 |
35197045 | 0.375 |
35673581 | 0.375 |
38674982 | 0.375 |
34981829 | 0.375 |
35396118 | 0.375 |
38915211 | 0.375 |
38915237 | 0.375 |
38915427 | 0.375 |
35003771 | 0.375 |
34983098 | 0.375 |
35032804 | 0.375 |
35272087 | 0.375 |
35490366 | 0.375 |
34406371 | 0.375 |
35413087 | 0.375 |
35651918 | 0.375 |
35598812 | 0.375 |
35255488 | 0.375 |
34585125 | 0.375 |
35662063 | 0.375 |
34569897 | 0.375 |
35588466 | 0.375 |
34541755 | 0.375 |
38744975 | 0.375 |
35438142 | 0.375 |
38992780 | 0.375 |
7100529697 | 0.25 |
7100534622 | 0.25 |
7101851710 | 0.25 |
35089317 | 0.25 |
7102156747 | 0.25 |
7109259668 | 0.25 |
7104975789 | 0.25 |
32636094 | 0.375 |
34850180 | 0.375 |
35237296 | 0.375 |
35241678 | 0.375 |
35500222 | 0.375 |
35507912 | 0.375 |
35511146 | 0.375 |
35517416 | 0.375 |
35576313 | 0.375 |
35597384 | 0.375 |
35647288 | 0.375 |
35697457 | 0.375 |
35772359 | 0.375 |
35772383 | 0.375 |
38683686 | 0.375 |
38774410 | 0.375 |
35501030 | 0.375 |
32642043 | 0.375 |
35501543 | 0.375 |
35564558 | 0.375 |
35514819 | 0.375 |
38715306 | 0.375 |
35528744 | 0.375 |
35510452 | 0.375 |
35242353 | 0.375 |
32632259 | 0.375 |
35503069 | 0.375 |
30336465 | 0.375 |
32551046 | 0.375 |
32557985 | 0.375 |
32575490 | 0.375 |
32631657 | 0.375 |
32631780 | 0.375 |
32634222 | 0.375 |
32636748 | 0.375 |
32638678 | 0.375 |
32644361 | 0.375 |
32644742 | 0.375 |
32645988 | 0.375 |
32646960 | 0.375 |
32648404 | 0.375 |
32649477 | 0.375 |
32650814 | 0.375 |
32651390 | 0.375 |
32651416 | 0.375 |
32651895 | 0.375 |
32651903 | 0.375 |
32652273 | 0.375 |
32652307 | 0.375 |
32652331 | 0.375 |
32652679 | 0.375 |
32653685 | 0.375 |
32655425 | 0.375 |
32657181 | 0.375 |
32657660 | 0.375 |
32658437 | 0.375 |
32659203 | 0.375 |
32659740 | 0.375 |
34681007 | 0.375 |
34710582 | 0.375 |
34855379 | 0.375 |
34860494 | 0.375 |
34868844 | 0.375 |
34904755 | 0.375 |
34942458 | 0.375 |
35047638 | 0.375 |
35183391 | 0.375 |
35199793 | 0.375 |
35236256 | 0.375 |
35237775 | 0.375 |
35242460 | 0.375 |
35251248 | 0.375 |
35322353 | 0.375 |
35329168 | 0.375 |
35329176 | 0.375 |
35333491 | 0.375 |
35334846 | 0.375 |
35339332 | 0.375 |
35339928 | 0.375 |
35340215 | 0.375 |
35380740 | 0.375 |
35395284 | 0.375 |
35431162 | 0.375 |
35448968 | 0.375 |
35459023 | 0.375 |
35491844 | 0.375 |
35506286 | 0.375 |
35507011 | 0.375 |
35511047 | 0.375 |
35511187 | 0.375 |
35511807 | 0.375 |
35513068 | 0.375 |
35514207 | 0.375 |
35516806 | 0.375 |
35519214 | 0.375 |
35519826 | 0.375 |
35532126 | 0.375 |
35540467 | 0.375 |
35541572 | 0.375 |
35551001 | 0.375 |
35553072 | 0.375 |
35565613 | 0.375 |
35566975 | 0.375 |
35571470 | 0.375 |
35573211 | 0.375 |
35573583 | 0.375 |
35573708 | 0.375 |
35574995 | 0.375 |
35576156 | 0.375 |
35577063 | 0.375 |
35579010 | 0.375 |
35580059 | 0.375 |
35581958 | 0.375 |
35586536 | 0.375 |
35586791 | 0.375 |
35588284 | 0.375 |
35590371 | 0.375 |
35591429 | 0.375 |
35592898 | 0.375 |
35594357 | 0.375 |
35595172 | 0.375 |
35601996 | 0.375 |
35603240 | 0.375 |
35607852 | 0.375 |
35616077 | 0.375 |
35625631 | 0.375 |
35627587 | 0.375 |
35631951 | 0.375 |
35634492 | 0.375 |
35636273 | 0.375 |
35655448 | 0.375 |
35656693 | 0.375 |
35659853 | 0.375 |
35662329 | 0.375 |
35662410 | 0.375 |
35665777 | 0.375 |
35672567 | 0.375 |
35679166 | 0.375 |
35685908 | 0.375 |
35702760 | 0.375 |
35720853 | 0.375 |
35724277 | 0.375 |
35728781 | 0.375 |
35737121 | 0.375 |
35738269 | 0.375 |
35742345 | 0.375 |
35744333 | 0.375 |
35761444 | 0.375 |
35764190 | 0.375 |
35766195 | 0.375 |
35768787 | 0.375 |
35770130 | 0.375 |
35772789 | 0.375 |
35773662 | 0.375 |
35774330 | 0.375 |
35775675 | 0.375 |
35777093 | 0.375 |
35777143 | 0.375 |
35777622 | 0.375 |
35778927 | 0.375 |
35780519 | 0.375 |
38633863 | 0.375 |
38637724 | 0.375 |
38641551 | 0.375 |
38641866 | 0.375 |
38642757 | 0.375 |
38645511 | 0.375 |
38645529 | 0.375 |
38646543 | 0.375 |
38646899 | 0.375 |
38665030 | 0.375 |
38665139 | 0.375 |
38670568 | 0.375 |
38670923 | 0.375 |
38676722 | 0.375 |
38680914 | 0.375 |
38684718 | 0.375 |
38686234 | 0.375 |
38687836 | 0.375 |
38687869 | 0.375 |
38687877 | 0.375 |
38694121 | 0.375 |
38695235 | 0.375 |
38698684 | 0.375 |
38700621 | 0.375 |
38711917 | 0.375 |
38714291 | 0.375 |
38717708 | 0.375 |
38723227 | 0.375 |
38723300 | 0.375 |
38728895 | 0.375 |
38732608 | 0.375 |
38733457 | 0.375 |
38760245 | 0.375 |
38764908 | 0.375 |
38772224 | 0.375 |
38786836 | 0.375 |
38772745 | 0.375 |
35573625 | 0.375 |
32657348 | 0.375 |
35216670 | 0.375 |
35547983 | 0.375 |
30336952 | 0.375 |
38767950 | 0.375 |
38768826 | 0.375 |
32645301 | 0.375 |
35581552 | 0.375 |
32652604 | 0.375 |
35695972 | 0.375 |
35776657 | 0.375 |
32643215 | 0.375 |
35501246 | 0.375 |
35510486 | 0.375 |
35505866 | 0.375 |
32581134 | 0.375 |
32656118 | 0.375 |
32649808 | 0.375 |
35547504 | 0.375 |
35527845 | 0.375 |
35692516 | 0.375 |
35318575 | 0.375 |
32647737 | 0.375 |
38643516 | 0.375 |
32646358 | 0.375 |
35512631 | 0.375 |
35564921 | 0.375 |
32652349 | 0.375 |
35585124 | 0.375 |
35780410 | 0.375 |
35565548 | 0.375 |
35504968 | 0.375 |
35519313 | 0.375 |
35771716 | 0.375 |
35778836 | 0.375 |
35520576 | 0.375 |
35771773 | 0.375 |
35572502 | 0.375 |
35567213 | 0.375 |
35516103 | 0.375 |
35511641 | 0.375 |
35575737 | 0.375 |
38681813 | 0.375 |
35511617 | 0.375 |
32651986 | 0.375 |
35771468 | 0.375 |
35771823 | 0.375 |
35510528 | 0.375 |
35571587 | 0.375 |
35779669 | 0.375 |
7110015257 | 0.375 |
35517531 | 0.375 |
35513217 | 0.375 |
35713833 | 0.375 |
32644395 | 0.375 |
32579344 | 0.375 |
35705318 | 0.375 |
32638520 | 0.375 |
35498971 | 0.375 |
35619493 | 0.375 |
32651325 | 0.375 |
35502426 | 0.375 |
35577337 | 0.375 |
35213248 | 0.375 |
35459916 | 0.375 |
34859496 | 0.375 |
35520485 | 0.375 |
35293620 | 0.375 |
35243500 | 0.375 |
35466937 | 0.375 |
35624923 | 0.375 |
32645970 | 0.375 |
38792735 | 0.375 |
35236157 | 0.375 |
35228675 | 0.375 |
38980876 | 0.375 |
35581602 | 0.375 |
38650925 | 0.375 |
38825147 | 0.375 |
7110000663 | 0.375 |
35243583 | 0.375 |
35244201 | 0.375 |
34615450 | 0.375 |
32571721 | 0.375 |
34862318 | 0.375 |
34918466 | 0.375 |
34944116 | 0.375 |
38851168 | 0.375 |
38857033 | 0.375 |
38933891 | 0.375 |
35781293 | 0.375 |
35527662 | 0.375 |
35071075 | 0.375 |
7110004202 | 0.375 |
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Exhibit I
Exhibit: Calculation of Realized Loss/Gain Form
Claim packages must be submitted by the remittance report date. Packages received late may not be paid until the next reporting cycle. Documentation is required to support amounts for each item.
Liquidation and Acquisition Expenses:
Line 1 - 3 The Actual Unpaid Principal Balance, Interest accrued at Net Rate and
accrued Servicing Fee. For documentation, an amortization schedule from the date of
default through liquidation. Schedule should include net interest and servicing fees.
Line 4 - 6 Disbursement of Taxes, Hazard and Flood Insurance and MI Insurance from
date of default through liquidation. The documentation should include the date of
disbursement, amount of disbursement, period of coverage,
Line 7 - 11 Foreclosure expenses and property preservation. Provide documentation of
all expenses and disbursements. For escrow advances, please provide a complete
payment history.
Line 12 Other requires complete corporate advance histories to support expense.
- REO repairs > $1500 require explanation
- REO reports > $3000 require evidence of a least 2 bids.
- Short Sale or Charge Off require P&L supporting the decision and USBHM's
approved Officer Certification
Total lines 1 through 12
Credits:
Line 13 - 22 Complete as applicable.
Documentation required:
- Copy of HUD-1 from sale of REO. If 3rd Party Sale, bid instructions
and Escrow Agent/Attorney.
- Proceeds Breakdown
- Rental Income, if applicable
- Copy of PMI/MI claims and agency payment advice
- Pool Insurance Breakdown, if applicable
- All other credits need to be clearly defined.
Total lines 13 through 22.
Total Realized Loss (or Amount of Any Gain)
The total is the sum of Total Credits less Total Expenses. If the amount represents a gain,
please indicate the amount as (xxx.xx).
Exhibit 3A: Calculation of Realized Loss/Gain Form | ||
Date: | Borrower: | |
TO: US Bank Home Mortgage | Property Address: | |
0000 Xxxxx Xxxxx, Xxxxx 000 | ||
Xxxxx, XX 00000 | Servicer Loan No.: | |
Master Servicing Department | USBHM Loan No.: | |
Fax: 000-000-0000 | ||
Liquidation Type: REO Sales 3rd Party Sale Short Sale Charge Off | ||
Liquidation and Acquisition Expenses: | ||
Actual Unpaid Principal Balance | $ | |
Interest accrued at Net Rate | ||
Accrued Servicing Fee | ||
Tax Disbursements | ||
Hazard and Flood Insurance Disbursements | ||
MI Insurance Disbursements | ||
Property Inspections | ||
Attorney’s Fees | ||
FC Costs/Other Legal Expenses | ||
Appraisal/BPO | ||
Utility Expenses | ||
Other (Itemize) | ||
Total Expenses: | $ | |
Credits: | ||
Escrow Balance | $ | |
HIP Refund | ||
Hazard Loss Proceeds | ||
Rent Receipts | ||
Primary Mortgage Claim Funds | ||
HUD Part A | ||
HUD Part B | ||
Pool Insurance Proceeds | ||
Proceeds from Sale of Property | ||
Other (Itemize) | ||
Total Credits: | $ | |
TOTAL REALIZED LOSS (OR GAIN) | $ | |
Prepared By: | Servicer | |
Phone No.: | Email Address: | |
Escrow Disbursement Detail
Type (Tax /Ins.) | Date Paid | Period of Coverage | Total Paid | Base Amount | Penalties | Interest |
Exhibit II
Exhibit: 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 due to the servicer at the end of processing cycle, as reported by Servicer. | MM/DD/YYYY | |
LOAN_TYPE | Loan Type (i.e. FHA, VA, Conv) |
| |
BANKRUPTCY_FILED_DATE | The date a particular bankruptcy claim was filed. | MM/DD/YYYY | |
BANKRUPTCY_CHAPTER_CODE | The chapter under which the bankruptcy was filed. |
| |
BANKRUPTCY_CASE_NBR | The case number assigned by the court to the bankruptcy filing. |
| |
POST_PETITION_DUE_DATE | The payment due date once the bankruptcy has been approved by the courts | MM/DD/YYYY | |
BANKRUPTCY_DCHRG_DISM_DATE | The Date The Loan Is Removed From Bankruptcy. Either by Dismissal, Discharged and/or a Motion For Relief Was Granted. | MM/DD/YYYY | |
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 | |
FRCLSR_APPROVED_DATE | The date DA Admin sends a letter to the servicer with instructions to begin foreclosure proceedings. | MM/DD/YYYY | |
ATTORNEY_REFERRAL_DATE | Date File Was Referred To Attorney to Pursue Foreclosure | MM/DD/YYYY | |
FIRST_LEGAL_DATE | Notice of 1st legal filed by an Attorney in a Foreclosure Action | MM/DD/YYYY | |
FRCLSR_SALE_EXPECTED_DATE | The date by which a foreclosure sale is expected to occur. | MM/DD/YYYY | |
FRCLSR_SALE_DATE | The actual date of the foreclosure sale. | MM/DD/YYYY | |
FRCLSR_SALE_AMT | The amount a property sold for at the foreclosure sale. | 2 | No commas(,) or dollar signs ($) |
EVICTION_START_DATE | The date the servicer initiates eviction of the borrower. | MM/DD/YYYY | |
EVICTION_COMPLETED_DATE | The date the court revokes legal possession of the property from the borrower. | MM/DD/YYYY | |
LIST_PRICE | The price at which an REO property is marketed. | 2 | No commas(,) or dollar signs ($) |
LIST_DATE | The date an REO property is listed at a particular price. | MM/DD/YYYY | |
OFFER_AMT | The dollar value of an offer for an REO property. | 2 | No commas(,) or dollar signs ($) |
OFFER_DATE_TIME | The date an offer is received by DA Admin or by the Servicer. | MM/DD/YYYY | |
REO_CLOSING_DATE | The date the REO sale of the property is scheduled to close. | MM/DD/YYYY | |
REO_ACTUAL_CLOSING_DATE | Actual Date Of REO Sale | MM/DD/YYYY | |
OCCUPANT_CODE | Classification of how the property is occupied. |
| |
PROP_CONDITION_CODE | A code that indicates the condition of the property. |
| |
PROP_INSPECTION_DATE | The date a property inspection is performed. | MM/DD/YYYY | |
APPRAISAL_DATE | The date the appraisal was done. | MM/DD/YYYY | |
CURR_PROP_VAL | The current "as is" value of the property based on brokers price opinion or appraisal. | 2 |
|
REPAIRED_PROP_VAL | The amount the property would be worth if repairs are completed pursuant to a broker's price opinion or appraisal. | 2 |
|
If applicable: |
|
| |
DELINQ_STATUS_CODE | FNMA Code Describing Status of Loan | ||
DELINQ_REASON_CODE | The circumstances which caused a borrower to stop paying on a loan. Code indicates the reason why the loan is in default for this cycle. | ||
MI_CLAIM_FILED_DATE | Date Mortgage Insurance Claim Was Filed With Mortgage Insurance Company. | MM/DD/YYYY | |
MI_CLAIM_AMT | Amount of Mortgage Insurance Claim Filed | No commas(,) or dollar signs ($) | |
MI_CLAIM_PAID_DATE | Date Mortgage Insurance Company Disbursed Claim Payment | MM/DD/YYYY | |
MI_CLAIM_AMT_PAID | Amount Mortgage Insurance Company Paid On Claim | 2 | No commas(,) or dollar signs ($) |
POOL_CLAIM_FILED_DATE | Date Claim Was Filed With Pool Insurance Company | MM/DD/YYYY | |
POOL_CLAIM_AMT | Amount of Claim Filed With Pool Insurance Company | 2 | No commas(,) or dollar signs ($) |
POOL_CLAIM_PAID_DATE | Date Claim Was Settled and The Check Was Issued By The Pool Insurer | MM/DD/YYYY | |
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 ($) |
VA_CLAIM_FILED_DATE | Date VA Claim Was Filed With the Veterans Admin | MM/DD/YYYY | |
VA_CLAIM_PAID_DATE | Date Veterans Admin. Disbursed VA Claim Payment | MM/DD/YYYY | |
VA_CLAIM_PAID_AMT | Amount Veterans Admin. Paid on VA Claim | 2 | No commas(,) or dollar signs ($) |
Exhibit 2: Standard File Codes – Delinquency Reporting
The Loss Mit Type field should show the approved Loss Mitigation Code as follows:
·
ASUM-
Approved Assumption
·
BAP-
Borrower Assistance Program
·
CO-
Charge Off
·
DIL-
Deed-in-Lieu
·
FFA-
Formal Forbearance Agreement
·
MOD-
Loan Modification
·
PRE-
Pre-Sale
·
SS-
Short Sale
·
MISC-
Anything else approved by the PMI or Pool Insurer
NOTE: U.S. 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 U.S. 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:
·
Mortgagor
·
Tenant
·
Unknown
·
Vacant
The Property Condition field should show the last reported condition of the property as follows:
·
Damaged
·
Excellent
·
Fair
·
Gone
·
Good
·
Poor
·
Special Hazard
·
Unknown
Exhibit 2: 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 2: 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 |
