Exhibit 99.15a
--------------
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT, dated
July 1, 2006, ("Agreement") among Xxxxxx Xxxxxxx Mortgage Capital Inc.
("Assignor"), Xxxxxx Xxxxxxx Capital I Inc. ("Assignee") and Xxxxx Fargo Bank,
National Association (in such capacity, the "Company") and acknowledged by
LaSalle Bank National Association ("LaSalle"), as trustee ("Trustee") of
Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-11 (the "Trust"), and Xxxxx Fargo
Bank, National Association, as master servicer (or any successor master
servicer, the "Master Servicer"):
For and in consideration of the sum of TEN DOLLARS ($10.00)
and other valuable consideration the receipt and sufficiency of which hereby
are acknowledged, and of the mutual covenants herein contained, the parties
hereto hereby agree as follows:
1. Assignment and Conveyance
The Assignor hereby conveys, sells, grants, transfers and assigns to
the Assignee all of the right, title and interest of the Assignor, as
purchaser, in, to and under (a) those certain mortgage loans listed on the
schedule (the "Mortgage Loan Schedule") attached hereto as Exhibit A (the
"Mortgage Loans") and (b) except as described below, that certain Master
Seller's Warranties and Servicing Agreement dated as of April 1, 2006 (the
"SWSA"), between the Assignor, as purchaser (the "Purchaser"), and the
Company, as servicer, solely insofar as the SWSA relates to the Mortgage
Loans. In connection with the transfer of the Mortgage Loans hereunder, the
Company agrees that, from and after the date hereof, each Mortgage Loan
transferred hereunder will be subject to, and serviced under, the SWSA.
The Assignor specifically reserves and does not assign to
the Assignee hereunder any and all right, title and interest in, to and under
and any obligations of the Assignor with respect to any mortgage loans subject
to the SWSA which are not the Mortgage Loans set forth on the Mortgage Loan
Schedule and are not the subject of this Agreement.
2. Recognition of the Company
From and after the date hereof (the "Closing Date"), the Company
shall and does hereby recognize that the Assignor will transfer the Mortgage
Loans and assign its rights under the SWSA to the Assignee and that the
Assignee will thereafter transfer the Mortgage Loans and assign its rights
under the SWSA and this Agreement to the Trust created pursuant to a pooling
and servicing agreement, dated as of July 1, 2006 (the "Pooling Agreement"),
among the Assignee, Xxxxx Fargo Bank, National Association, as securities
administrator, the Master Servicer and the Trustee. The Company hereby
acknowledges and agrees that from and after the date hereof (i) the Trust will
be the owner of the Mortgage Loans, (ii) the Company shall look solely to the
Trust for performance of any obligations of the Assignor insofar as they
relate to the enforcement of the representations, warranties and covenants
with respect to the Mortgage Loans, (iii) the Trust (including the Trustee
and, with respect to the servicing of the Mortgage Loans, the Master Servicer
acting on the Trust's behalf) shall have all the rights and remedies available
to the Assignor, insofar as they relate to the Mortgage Loans, under the SWSA,
including, without limitation, the enforcement of the document delivery
requirements set forth in Section 2.01 of the SWSA, and shall be entitled to
enforce all of the obligations of the Company thereunder insofar as they
relate to the Mortgage Loans, and (iv) all references to the Owner (insofar as
they relate to the rights, title and interest and, with respect to obligations
of the Owner, only insofar as they relate to the enforcement of the
representations, warranties and covenants of the Company) under the SWSA
insofar as they relate to the Mortgage Loans, shall be deemed to refer to the
Trust. Neither the Company nor the Assignor shall amend or agree to amend,
modify, waive, or otherwise alter any of the terms or provisions of the SWSA
which amendment, modification, waiver or other alteration would in any way
affect the Mortgage Loans
or the Company's performance under the SWSA with respect to the Mortgage Loans
without the prior written consent of the Trustee and the Master Servicer.
3. Notwithstanding any statement to the contrary in Section 2 above, the
Company shall and does hereby acknowledge that the indemnification provisions
set forth in Section 3.03, Section 8.01 and the first instance of Section
9.01(f) of the SWSA shall be available to and for the benefit of the Assignor,
the Assignee and the Trust (including the Trustee and the Master Servicer
acting on the Trust's behalf), as provided in the SWSA.
4. Representations and Warranties
a. The Assignee 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
Assignor or the Company other than those contained in the SWSA or
this Agreement.
b. Each of the parties hereto represents and warrants that
it is duly and legally authorized to enter into this Agreement.
c. Each of the Assignor, Assignee and Company hereto
represents and warrants that this Agreement 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 with respect to the Company, similar laws administered by the
FDIC affecting the contract obligations of insured banks and by
general equitable principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law).
d. The Company hereby restates, as of the Closing Date (as
defined in the Pooling Agreement, the representations and warranties
set forth in Section 3.01 of the SWSA to and for the benefit of the
Assignee and the Trust, and by this reference incorporates such
representations and warranties herein, as of such Closing Date.
5. The Company hereby acknowledges that Xxxxx Fargo Bank, National Association
has been appointed as the Master Servicer of the Mortgage Loans pursuant to
the Pooling Agreement and, therefore, has the right to enforce all obligations
of the Company under the SWSA. Such rights will include, without limitation,
the right to terminate the Company under the SWSA upon the occurrence of an
event of default thereunder, the right to receive all remittances required to
be made by the Company under the SWSA, the right to receive all monthly
reports and other data required to be delivered by the Company under the SWSA,
the right to examine the books and records of the Company, indemnification
rights and the right to exercise certain rights of consent and approval
relating to actions taken by the Assignor. The Company shall make all
distributions under the SWSA to the Master Servicer by wire transfer of
immediately available funds to:
Xxxxx Fargo Bank, National Association
ABA Number: 000-000-000
Account Name: Corporate Trust Clearing
Account number: 0000000000
For further credit to: 50933300, MSM 2006-11
The Company shall deliver all reports required to be
delivered under this Agreement to the Master Servicer at the following
address:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager, MSM 2006-11
Telecopier: (000) 000-0000
6. Certain Matters Regarding the Trustee
Each party hereto hereby agrees as follows:
It is expressly understood and agreed by the parties hereto that (i)
this Assignment is executed and delivered by LaSalle Bank National
Association, not individually or personally but solely on behalf of the Trust,
as the assignee, in the exercise of the powers and authority conferred and
vested in it, as Trustee, pursuant to the Pooling Agreement, (ii) each of the
representations, undertakings and agreements herein made on the part of
assignee is made and intended not as personal representations, undertakings
and agreements by LaSalle Bank National Association but is made and intended
for the purpose of binding only the Trust, (iii) nothing herein contained
shall be construed as creating any liability for LaSalle Bank National
Association, individually or personally, to perform any covenant (either
express or implied) contained herein, (iv) under no circumstances shall
LaSalle Bank National Association be personally liable for the payment of any
indebtedness or expenses of the Trust, or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or undertaken by
the Trust under this Assignment and (v) all recourse for any payment liability
or other obligation of the assignee shall be had solely to the assets of the
Trust.
7. Amendments to the SWSA
The parties to this Agreement hereby agree to amend the SWSA as
follows:
a. With respect to Article I, "Permitted Investments" shall have the
meaning of such term as defined in the Pooling and Servicing
Agreement.
b. With respect to Article I, the definition of "Static Pool
Information" shall be inapplicable.
c. With respect to Article I, the definition of "Third-Party
Originator" shall be inapplicable.
d. Section 3.01(i) (Selection Process), Section 3.01(k) (Sale
Treatment) and Section 3.01(m) (No Broker's Fees) of the SWSA shall
be inapplicable.
e. Section 3.02 shall be inapplicable.
f. Section 4.05(vii) is hereby amended to add the term "Monthly
Advances," prior to the term "Servicing Advances."
g. The following is added as the second paragraph of Section 4.09:
"Amounts on deposit in the Custodial Account may at the
option of the Servicer be invested in Permitted
Investments. Any such Permitted Investment shall be made
in the name of the Servicer in trust for the benefit of
the Owner. All income on or gain realized from any such
Permitted Investment shall be for the benefit of the
Servicer and may be withdrawn from the Custodial Account
at any time by the Servicer. Any losses incurred in
respect of any such investment shall be deposited in the
Custodial Account, by the Servicer out of its own funds
immediately as realized."
h. The words "on or before the Remittance Date" are hereby deleted
from the first sentence of Section 4.17.
i. The second sentence of the second paragraph of Section 5.01 is
hereby amended and restated in its entirety as follows:
"Such interest shall be deposited in the Custodial Account
by the Company on the date such late payment is made and
shall cover the period commencing with the day following
the Business Day on which such payment was due and ending
with the Business Day on which such payment is made, both
inclusive."
j. The first paragraph of Section 5.02 is hereby amended and
restated in its entirety as follows:
"Not later than the Remittance Report Date, the Company
shall furnish to the Purchaser in an electronic form the
information required by the reports attached hereto as
Exhibit II, or a form otherwise mutually agreed to by the
Company and Purchaser, with a trial balance report
attached thereto, as to the remittance period ending on
the last day of the preceding month."
k. Section 6.05 is hereby deleted in its entirety.
l. The third clause of the first sentence of Section 6.07(ii) is
hereby amended and restated as follows:
"which continues unremedied for fourteen (14) calendar
days after the date on which such information,"
m. Section 9.01(e)(i) is hereby deleted in its entirety.
n. Section 9.01(e)(ii) is hereby deleted in its entirety.
o. Section 9.01(e)(iii) is amended to require the Company to comply
with the obligations thereof in connection with the purchase of
servicing rights for the Specified Mortgage Loans.
p. The following is added as the second paragraph of Section
9.01(e)(vii):
"The Company shall provide to the Purchaser, any Master
Servicer and any Depositor, evidence of the authorization
of the person signing any certification or statement,
copies or other evidence of Fidelity Bond Insurance and
Errors and Omission Insurance policy, financial
information and reports, and such other information
related to the Company or any Subservicer or the Company
or such Subservicer's performance hereunder."
q. Section 9.01(f)(i)(A) is amended to change the cross-reference
regarding material provided in written or electronic form from
"Section 9.01(f)" to "Section 9.01(e)".
r. Section 10.01(ii) is hereby amended and restated in its entirety
as follows:
"failure by the Company duly to observe or perform in any
material respect any other of the covenants or agreements
on the part of the Company set forth in this Agreement
(other than as set forth in Section 6.07) which continues
unremedied for a period of 90 days after the date on which
written notice of such failure, requiring the same to be
remedied, shall have been given to the Company by the
Purchaser or by the Custodian; or"
s. Written notice provided in compliance with Sections 9.01 (e)(iv),
(v) and (vi) of the SWSA shall be substantially in the form of
Exhibit III to this Agreement.
8. Miscellaneous
A copy of all assessments, attestations, reports and certifications
required to be delivered by the Servicer under this Agreement and the SWSA
shall be delivered to the Master Servicer by the date(s) specified herein or
therein, and where such documents are required to be addressed to any party,
such addressees shall include the Master Servicer and the Master Servicer
shall be entitled to rely on such documents.
Any notices or other communications permitted or required under the
Agreement to be made to the Assignor, Assignee, the Master Servicer, the
Company, and the Trustee 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 the Depositor:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-11
In the case of the Trustee:
LaSalle Bank National Association
000 Xxxxx XxXxxxx Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxxxxx 00000
Attention: Global Securities and Trust Services MSM 2006-11
In the case of the Company:
Xxxxx Fargo Bank, N.A.
1 Home Xxxxxx
Xxx Xxxxxx, Xxxx 00000-0000
Attention: Xxxx X. Xxxxx, MAC#X2401-042
With a copy to
Xxxxx Fargo Bank, N.A.
0000 Xxx Xxxxxxx Xxx
Xxxxxxxxx, Xxxxxxxx 00000
Attention: Xxxxxx XxXxxxxx, MAC#X3901-01C
With a copy to:
Xxxxx Fargo Bank, N.A.
1 Home Campus
Xxx Xxxxxx, Xxxx 00000-0000
Attention: General Counsel, MAC#X2401-06T
9. This Agreement shall be construed in accordance with the laws of the State
of New York, without regard to conflicts of law principles, and the
obligations, rights and remedies of the parties hereunder shall be determined
in accordance with such laws.
10. No term or provision of this Agreement may be waived or modified unless
such waiver or modification is in writing and signed by the party against whom
such waiver or modification is sought to be enforced.
11. This Agreement shall inure to the benefit of (i) the successors and
assigns of the parties hereto and (ii) the Trust (including the Trustee and
the Master Servicer acting on the Trust's behalf). Any entity into which
Assignor, Assignee or Company may be merged or consolidated shall, without the
requirement for any further writing, be deemed Assignor, Assignee or Company,
respectively, hereunder.
12. Each of this Agreement and the SWSA shall survive the conveyance of the
Mortgage Loans and the assignment of the SWSA (solely with respect to the
Mortgage Loans) by Assignor to Assignee and nothing contained herein shall
supersede or amend the terms of the SWSA.
13. This Agreement may be executed simultaneously in any number of
counterparts. Each counterpart shall be deemed to be an original and all such
counterparts shall constitute one and the same instrument.
14. In the event that any provision of this Agreement conflicts with any
provision of the SWSA with respect to the Mortgage Loans, the terms of this
Agreement shall control.
15. Capitalized terms used in this Agreement (including the exhibits hereto)
but not defined in this Agreement shall have the meanings given to such terms
in the SWSA.
[SIGNATURE PAGE FOLLOWS]
IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their duly authorized officers as of the date first above written.
XXXXXX XXXXXXX MORTGAGE CAPITAL INC.
By: /s/ Xxxxxxx Xxx
-----------------------------
Name: Xxxxxxx Xxx
Title: XX
XXXXXX XXXXXXX CAPITAL I INC.
By: /s/ Xxxxxxx Xxx
-----------------------------
Name: Xxxxxxx Xxx
Title: XX
XXXXX FARGO BANK, N.A.
By: /s/ Xxxxxx XxXxxxxx
-----------------------------
Name: Xxxxxx XxXxxxxx
Title: VP
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ Xxxxxxxx Xxxxx
-----------------------------------
Name: Xxxxxxxx Xxxxx
Title: VP
LASALLE BANK NATIONAL ASSOCIATION,
as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-11
By: /s/ Xxxx Xxxxx
-----------------------------------
Name: Xxxx Xxxxx
Title: VP
Schedule I
Specified Mortgage Loan Schedule
[see Schedule A to the Pooling and Servicing Agreement
on file with the Servicer, the Master Servicer and the Depositor]
Exhibit IIA: Standard File Layout - Delinquency Reporting EXECUTION COPY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
Format
Column/Header Name Description Decimal Comment
--------------------------------------------- -------------------------------------------------------------- --------- -------------
SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This
may be different than the LOAN_NBR
--------------------------------------------- -------------------------------------------------------------- --------- -------------
LOAN_NBR A unique identifier assigned to each loan by the originator.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
CLIENT_NBR Servicer Client Number
--------------------------------------------- -------------------------------------------------------------- --------- -------------
SERV_INVESTOR_NBR Contains a unique number as
assigned by an external servicer
to identify a group of loans in
their system.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
BORROWER_FIRST_NAME First Name of the Borrower.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
BORROWER_LAST_NAME Last name of the borrower.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
XXXX_XXXXXXX Xxxxxx Name and Number of Property
--------------------------------------------- -------------------------------------------------------------- --------- -------------
PROP_STATE The state where the property located.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
PROP_ZIP Zip code where the property is located.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next payment is due to the MM/DD/YYYY
servicer at the end of processing cycle, as reported
by Servicer.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy
filing.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved MM/DD/YYYY
by the courts
--------------------------------------------- -------------------------------------------------------------- --------- -------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From Bankruptcy. Either by MM/DD/YYYY
Dismissal, Discharged and/or a Motion For Relief Was
Granted.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
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 MM/DD/YYYY
instructions to begin foreclosure proceedings.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property MM/DD/YYYY
from the borrower.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
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 2
price opinion or appraisal.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
completed pursuant to a broker's price opinion or appraisal.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
If applicable:
--------------------------------------------- -------------------------------------------------------------- --------- -------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
--------------------------------------------- -------------------------------------------------------------- --------- -------------
DELINQ_REASON_CODE The circumstances which caused a borrower to stop paying on a
loan. Code indicates the reason why the loan is in default
for this cycle.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
--------------------------------------------- -------------------------------------------------------------- --------- -------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
--------------------------------------------- -------------------------------------------------------------- --------- -------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
--------------------------------------------- -------------------------------------------------------------- --------- -------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
--------------------------------------------- -------------------------------------------------------------- --------- -------------
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 IIB: 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
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
------------------------ -------------------------------------------------------
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 IIC: Standard File Layout - Master Servicing EXECUTION COPY
------------------------- ---------------------------------------------------- ------- --------------------------------------- -----
Max
Column Name Description Decimal Format Comment Size
------------------------- ---------------------------------------------------- ------- --------------------------------------- -----
SER_INVESTOR_NBR A value assigned by the Servicer to define a group Text up to 10 digits 20
of loans.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
LOAN_NBR A unique identifier assigned to each loan by the Text up to 10 digits 10
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 file. It is Maximum length of 30 (Last, First) 30
not separated by first and last name.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SCHED_PAY_AMT Scheduled monthly principal and scheduled interest 2 No commas(,) or dollar signs ($) 11
payment that a borrower is expected to pay, P&I
constant.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
NOTE_INT_RATE The loan interest rate as reported by the Servicer. 4 Max length of 6 6
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
NET_INT_RATE The loan gross interest rate less the service fee 4 Max length of 6 6
rate as reported by the Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_FEE_RATE The servicer's fee rate for a loan as reported by 4 Max length of 6 6
the Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_FEE_AMT The servicer's fee amount for a loan as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
NEW_PAY_AMT The new loan payment amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
NEW_LOAN_RATE The new loan rate as reported by the Servicer. 4 Max length of 6 6
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
ARM_INDEX_RATE The index the Servicer is using to calculate a 4 Max length of 6 6
forecasted rate.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
ACTL_BEG_PRIN_BAL The borrower's actual principal balance at the 2 No commas(,) or dollar signs ($) 11
beginning of the processing cycle.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
ACTL_END_PRIN_BAL The borrower's actual principal balance at the end 2 No commas(,) or dollar signs ($) 11
of the processing cycle.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that the MM/DD/YYYY 10
borrower's next payment is due to the Servicer, as
reported by Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_CURT_DATE_1 The curtailment date associated with the first MM/DD/YYYY 10
curtailment amount.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
CURT_ADJ_ AMT_1 The curtailment interest on the first curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_CURT_DATE_2 The curtailment date associated with the second MM/DD/YYYY 10
curtailment amount.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
CURT_ADJ_ AMT_2 The curtailment interest on the second curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SERV_CURT_DATE_3 The curtailment date associated with the third MM/DD/YYYY 10
curtailment amount.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
CURT_ADJ_AMT_3 The curtailment interest on the third curtailment 2 No commas(,) or dollar signs ($) 11
amount, if applicable.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
PIF_AMT The loan "paid in full" amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
PIF_DATE The paid in full date as reported by the Servicer. MM/DD/YYYY 10
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
Action Code Key: 15=Bankruptcy, 2
30=Foreclosure,, 60=PIF, 63=Substitution
65=Repurchase,70=REO
------- --------------------------------------- ----
ACTION_CODE The standard FNMA numeric code used to
indicate the default/delinquent status
of a particular loan.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
INT_ADJ_AMT The amount of the interest adjustment as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if applicable. 2 No commas(,) or dollar signs ($) 11
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
LOAN_LOSS_AMT The amount the Servicer is passing as a loss, if 2 No commas(,) or dollar signs ($) 11
applicable.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount due at 2 No commas(,) or dollar signs ($) 11
the beginning of the cycle date to be passed
through to investors.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SCHED_END_PRIN_BAL The scheduled principal balance due to investors 2 No commas(,) or dollar signs ($) 11
at the end of a processing cycle.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SCHED_PRIN_AMT The scheduled principal amount as reported by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current cycle -- only
applicable for Scheduled/Scheduled
Loans.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current cycle
as reported by the Servicer -- only
applicable for Scheduled/Scheduled
Loans.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
ACTL_PRIN_AMT The actual principal amount collected by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current reporting cycle
-- only applicable for Actual/Actual
Loans.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
ACTL_NET_INT The actual gross interest amount less the service 2 No commas(,) or dollar signs ($) 11
fee amount for the current reporting
cycle as reported by the Servicer --
only applicable for Actual/Actual Loans.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or dollar signs ($) 11
prepays on his loan as reported by the Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan waived 2 No commas(,) or dollar signs ($) 11
by the servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
MOD_DATE The Effective Payment Date of the Modification for MM/DD/YYYY 10
the loan.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
MOD_TYPE The Modification Type. Varchar - value can be alpha or numeric 30
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and interest 2 No commas(,) or dollar signs ($) 11
advances made by Servicer.
------------------------- ---------------------------------------------------- ------- --------------------------------------- ----
Exhibit IID : Calculation of Realized Loss/Gain Form 332- Instruction Sheet
NOTE: Do not net or combine items. Show all expenses individually and
all credits as separate line items. Claim packages are due on the
remittance report date. Late submissions may result in claims not
being passed until the following month. The Servicer is responsible
to remit all funds pending loss approval and /or resolution of any
disputed items.
(a)
(b) The numbers on the 332 form correspond with the numbers listed
below.
Liquidation and Acquisition Expenses:
1. The Actual Unpaid Principal Balance of the Mortgage Loan.
For documentation, an Amortization Schedule from date of
default through liquidation breaking out the net interest and
servicing fees advanced is required.
2. The Total Interest Due less the aggregate amount of
servicing fee that would have been earned if all delinquent
payments had been made as agreed. For documentation, an
Amortization Schedule from date of default through liquidation
breaking out the net interest and servicing fees advanced is
required.
3. Accrued Servicing Fees based upon the Scheduled Principal
Balance of the Mortgage Loan as calculated on a monthly basis.
For documentation, an Amortization Schedule from date of
default through liquidation breaking out the net interest and
servicing fees advanced is required.
4-12. Complete as applicable. Required documentation:
* For taxes and insurance advances - see page 2 of 332 form
- breakdown required showing period
of coverage, base tax, interest, penalty. Advances prior
to default require evidence of servicer efforts to
recover advances.
* For escrow advances - complete payment history (to
calculate advances from last positive escrow balance
forward)
* Other expenses - copies of corporate advance history
showing all payments
* REO repairs > $1500 require explanation
* REO repairs >$3000 require evidence of at least 2 bids.
* Short Sale or Charge Off require P&L supporting the
decision and WFB's approved Officer Certificate
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
(c) Credits:
14-21. Complete as applicable. Required documentation:
* Copy of the HUD 1 from the REO sale. If a 3rd Party Sale,
bid instructions and Escrow Agent / Attorney Letter of
Proceeds Breakdown.
* Copy of EOB for any MI or gov't guarantee
* All other credits need to be clearly defined on the 332
form
22. The total of lines 14 through 21.
Please Note: For HUD/VA loans, use line (18a) for Part A/Initial
proceeds and line (18b) for Part B/Supplemental proceeds.
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 IIE: Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: _______________
Phone: ______________________ Email Address:_____________________
---------------------------------- -------------------------------------- --------------------------------------------
Servicer Loan No. Servicer Name Servicer Address
---------------------------------- -------------------------------------- --------------------------------------------
XXXXX FARGO BANK, N.A. Loan No._____________________________
Borrower's Name: _________________________________________________________
Property Address: _________________________________________________________
Liquidation Type: REO Sale 3rd Party Sale Short Sale Charge Off
Was this loan granted a Bankruptcy deficiency or cramdown Yes No
If "Yes", provide deficiency or cramdown amount _______________________________
Liquidation and Acquisition Expenses:
(1) Actual Unpaid Principal Balance of Mortgage Loan $ ________________
(1)
(2) Interest accrued at Net Rate ________________
(2)
(3) Accrued Servicing Fees ________________
(3)
(4) Attorney's Fees ________________
(4)
(5) Taxes (see page 2) ________________
(5)
(6) Property Maintenance ________________
(6)
(7) MI/Hazard Insurance Premiums (see page 2) ________________
(7)
(8) Utility Expenses ________________
(8)
(9) Appraisal/BPO ________________
(9)
(10) Property Inspections ________________
(10)
(11) FC Costs/Other Legal Expenses ________________
(11)
(12) Other (itemize) ________________
(12)
Cash for Keys__________________________ ________________
(12)
18
HOA/Condo Fees_______________________ ________________
(12)
______________________________________ ________________
(12)
Total Expenses $ ________________
(13)
Credits:
(14) Escrow Balance $ ________________
(14)
(15) HIP Refund ________________
(15)
(16) Rental Receipts ________________
(16)
(17) Hazard Loss Proceeds ________________
(17)
(18) Primary Mortgage Insurance / Gov't Insurance ________________
(18a) HUD Part A
________________
(18b) HUD Part B
(19) Pool Insurance Proceeds ________________
(19)
(20) Proceeds from Sale of Acquired Property ________________
(20)
(21) Other (itemize) ________________
(21)
_________________________________________ ________________
(21)
Total Credits $ ________________
(22)
Total Realized Loss (or Amount of Gain) $ ________________
(23)
Escrow Disbursement Detail
---------------- -------------- --------------- -------------- --------------- --------------- --------------
Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
---------------- -------------- --------------- -------------- --------------- --------------- --------------
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EXHIBIT III
Additional Disclosure Notification
Xxxxx Fargo Bank, N.A. as [Securities Administrator and Master Servicer]
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Fax: (000) 000-0000
E-mail: xxx.xxx.xxxxxxxxxxxxx@xxxxxxxxxx.xxx
Attn: Corporate Trust Services - MSM 2006-11 - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section 9.01(e) [iv][v][vi] of the Master Seller's
Warranties and Servicing Agreement, dated as of April 1, 2006, as amended by
the Assignment, Assumption and Recognition Agreement dated as of July 1, 2006
among Xxxxxx Xxxxxxx Capital I Inc., as Depositor, Xxxxx Fargo Bank, National
Association, as Servicer, Xxxxx Fargo Bank, National Association, as Master
Servicer, and LaSalle Bank National Association as Trustee. The Undersigned
hereby notifies you that certain events have come to our attention that
[will][may] need to be disclosed on Form [ ].
Description of Additional Form [ ] Disclosure:
List of Any Attachments hereto to be included in the Additional Form [ ]
Disclosure:
Any inquiries related to this notification should be directed to [ ], phone
number: [ ]; email address [ ] [NAME OF PARTY] as [role]
By: __________________
Name:
Title:
