Exhibit 99.10(a)
EXECUTION COPY
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
THIS ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (this
"Assignment"), dated as of December 1, 2006, is entered into among Xxxxxx
Xxxxxxx Capital I Inc., a Delaware corporation (the "Depositor"), Xxxxxx
Xxxxxxx Mortgage Capital Inc. ("MSMCI"), Wachovia Mortgage Corporation as
seller ("Wachovia" and, in such capacity, the "Seller") and servicer (in such
capacity, the "Servicer"), and acknowledged by LaSalle Bank National
Association, as trustee (the "Trustee") of Xxxxxx Xxxxxxx Mortgage Loan Trust
2006-17XS (the "Trust"), and Xxxxx Fargo Bank, National Association, as master
servicer (or any successor master servicer, the "Master Servicer").
RECITALS
WHEREAS MSMCI, the Seller and the Servicer have entered into a certain
Seller's Purchase, Warranties and Servicing Agreement, dated as of September
1, 2004 (the "Initial Agreement"), as supplemented by the Amended and Restated
Regulation AB Compliance Addendum (the "Reg AB Addendum"), dated as of April
17, 2006, (as further amended or modified to the date hereof, the
"Agreement"), pursuant to which MSMCI has acquired certain Mortgage Loans
pursuant to the terms of the Agreement and the Servicer has agreed to service
such Mortgage Loans;
WHEREAS the Depositor has agreed, on the terms and conditions contained
herein, to purchase from MSMCI 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 Exhibit I hereto (the
"Specified Mortgage Loan Schedule"); 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, MSMCI hereby sells, assigns and
transfers to the Depositor all of its right, title and interest in the
Specified Mortgage Loans and all rights and obligations related thereto as
provided under the Agreement to the extent relating to the Specified Mortgage
Loans, the Depositor hereby accepts such assignment from MSMCI (the "First
Assignment and Assumption"), and the Seller hereby acknowledges the First
Assignment and Assumption.
MSMCI 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 MSMCI 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 and obligations
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 Seller hereby acknowledges the Second Assignment and
Assumption.
(c) On and as of the date hereof, MSMCI represents and warrants to the
Depositor and the Trustee that MSMCI 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 MSMCI's
acquisition of the Specified Mortgage Loans.
2. Recognition of Trustee
(a) From and after the date hereof, both MSMCI and the Seller 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, as modified hereby, the terms of which are
incorporated herein by reference. It is the intention of the Seller, the
Servicer, the Depositor, the Trustee and MSMCI that this Assignment shall be
binding upon and inure to the benefit of the Depositor, the Trustee and MSMCI
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 or waivers under
the Agreement. Accordingly, the right of MSMCI to consent to any amendment of
the Agreement and its rights concerning waivers as set forth in Sections 11.02
and 8.02 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 (other than the servicing of the
Specified Mortgage Loans, which shall be enforced by the Master Servicer) by
the Trustee as assignee of MSMCI.
(c) 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 and Servicing Agreement
dated as of the date hereof among the Depositor, the Master Servicer, Xxxxx
Fargo Bank, National Association, as securities administrator (the "Securities
Administrator") and the Trustee (the "Pooling and Servicing 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 and (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.
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 Seller or MSMCI 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.
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(c) Each of the Depositor, MSMCI, Seller and Servicer 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) The Seller hereby makes, as of the Closing Date (as defined in the
Pooling and Servicing Agreement referred to below), the representations and
warranties set forth in Section 3.01 of the Agreement, to and for the benefit
of the Depositor, the Trustee and the Trust, and by this reference
incorporates such representations and warranties herein, as of such Closing
Date.
(e) The Company hereby represents and warrants to the Assignee that, to
the extent the Mortgage Loans will be part of a REMIC, the Servicer shall
service the Mortgage Loans and any real property acquired upon default thereof
(including, without limitation, making or permitting any modification, waiver
or amendment of any term of any Mortgage Loan) in accordance with the
Servicing Agreement, but in no event in a manner that would (a) cause the
REMIC to fail or qualify as a REMIC or (b) result in the imposition of a tax
upon the REMIC (including, but not limited to, the tax on prohibited
transactions as defined in Section 860F(a)(2) of the Code, the tax on
contributions to a REMIC set forth in Section 860G(d) of the Code and the tax
on "net income from foreclosure property" as set forth in Section 860G(c) of
the Code).
4. The Servicer hereby acknowledges that Xxxxx Fargo Bank, National
Association has been appointed as the Master Servicer of the Specified
Mortgage Loans pursuant to the Pooling and Servicing Agreement 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 of MSMCI. The
Servicer shall make all distributions under the Agreement 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: 50973800, MSM 2006-17XS
The Servicer shall deliver all reports required to be delivered under
the 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 2006-17XS
Telecopier: (000) 000-0000
5. Amendments to the Initial Agreement
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The parties to this Assignment hereby agree to amend the Initial
Agreement as follows:
(a) With respect to the Specified Mortgage Loans, "Permitted
Investments" shall mean at any time, any one or more of the
following obligations and securities:
(i) obligations of the United States or any agency thereof,
provided that such obligations are backed by the full faith
and credit of the United States;
(ii) general obligations of or obligations guaranteed by any
state of the United States or the District of Columbia
receiving the highest long-term debt rating of each Rating
Agency, or such lower rating as shall not result in the
downgrading or withdrawal of the ratings then assigned to
the Certificates by the Rating Agencies, as evidenced by a
signed writing delivered by each Rating Agency;
(iii) commercial or finance company paper which is then
receiving the highest commercial or finance company paper
rating of each Rating Agency rating such paper, or such
lower rating as shall not result in the downgrading or
withdrawal of the ratings then assigned to the Certificates
by the Rating Agencies, as evidenced by a signed writing
delivered by each Rating Agency;
(iv) certificates of deposit, demand or time deposits, or
bankers' acceptances issued by any depository institution or
trust company incorporated under the laws of the United
States or of any state thereof and subject to supervision
and examination by federal and/or state banking authorities,
provided that the commercial paper and/or long-term
unsecured debt obligations of such depository institution or
trust company (or in the case of the principal depository
institution in a holding company system, the commercial
paper or long-term unsecured debt obligations of such
holding company, but only if Xxxxx'x is not the applicable
Rating Agency) are then rated one of the two highest
long-term and the highest short-term ratings of each Rating
Agency for such securities, or such lower ratings as shall
not result in the downgrading or withdrawal of the ratings
then assigned to the Certificates by the Rating Agencies, as
evidenced by a signed writing delivered by each Rating
Agency;
(v) demand or time deposits or certificates of deposit
issued by any bank or trust company or savings institution
to the extent that such deposits are fully insured by the
FDIC;
(vi) guaranteed reinvestment agreements issued by any bank,
insurance company or other corporation acceptable to the
Rating Agencies at the time of the issuance of such
agreements, as evidenced by a signed writing delivered by
each Rating Agency;
(vii) repurchase obligations with respect to any security
described in clauses (i) and (ii) above, in either case
entered into with a depository institution or trust company
(acting as principal) described in clause (iv) above;
(viii) securities (other than stripped bonds, stripped
coupons or instruments sold at a purchase price in excess of
115% of the face amount thereof) bearing interest or sold at
a discount issued by any corporation incorporated under the
laws of the United States or any state thereof which, at the
time of such
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investment, have one of the two highest ratings of each
Rating Agency (except if the Rating Agency is Moody's, such
rating shall be the highest commercial paper rating of
Moody's for any such series), or such lower rating as shall
not result in the downgrading or withdrawal of the ratings
then assigned to the Certificates by the Rating Agencies, as
evidenced by a signed writing delivered by each Rating
Agency;
(ix) interests in any money market fund which at the date of
acquisition of the interests in such fund and throughout the
time such interests are held in such fund has the highest
applicable rating by each Rating Agency rating such fund or
such lower rating as shall not result in a change in the
rating then assigned to the Certificates by each Rating
Agency, as evidenced by a signed writing delivered by each
Rating Agency, including funds for which the Trustee, the
Master Servicer, the Securities Administrator or any of its
Affiliates is investment manager or adviser;
(x) short-term investment funds sponsored by any trust
company or national banking association incorporated under
the laws of the United States or any state thereof which on
the date of acquisition has been rated by each applicable
Rating Agency in their respective highest applicable rating
category or such lower rating as shall not result in a
change in the rating then specified stated maturity and
bearing interest or sold at a discount acceptable to each
Rating Agency as shall not result in the downgrading or
withdrawal of the ratings then assigned to the Certificates
by the Rating Agencies, as evidenced by a signed writing
delivered by each Rating Agency; and
(xi) such other investments having a specified stated
maturity and bearing interest or sold at a discount
acceptable to the Rating Agencies as shall not result in the
downgrading or withdrawal of the ratings then assigned to
the Certificates by the Rating Agencies, as evidenced by a
signed writing delivered by each Rating Agency;
provided, that no such instrument shall be a Permitted
Investment if (i) such instrument evidences the right to
receive interest only payments with respect to the
obligations underlying such instrument or (ii) such
instrument would require the Depositor to register as an
investment company under the Investment Company Act of 1940,
as amended.
(b) The definition of "Remittance Date" in Section 1.01 of the
Initial Agreement is hereby amended and restated in its entirety
as follows:
"Remittance Date: The 18th day of each month (or, if such 18th day is
not a Business Day, the following Business Day)."
(c) The definition of "Servicing Fee" in Section 1.01 of the
Initial Agreement is hereby amended and restated in its entirety
as follows:
"The Servicing Fee with respect to each Mortgage Loan for any calendar
month (or a portion thereof) shall be 1/12 of the product of (i) the Scheduled
Principal Balance of the Mortgage Loan and (ii) the Servicing Fee Rate
applicable to such Mortgage Loan. Such fee shall be payable monthly, computed
on the basis of the same principal amount and period respecting which any
related interest payment on a Mortgage Loan is computed."
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(d) The definition of "Servicing Fee Rate" in Section 1.01 of the
Initial Agreement is hereby amended and restated in its entirety
as follows:
"Servicing Fee Rate": With respect to the adjustable rate Mortgage
Loans, 0.250% per annum."
(e) Subsection 3.02(d) of the Initial Agreement is hereby amended
and restated in its entirety as follows:
"As of the Closing Date, none of the Mortgage Loans are contractually
past due by more than 30 days;"
(f) The following paragraphs are hereby incorporated into the
Initial Agreement at the end of Section 4.13:
"The Seller shall prepare for and deliver to the Purchaser, or its
designee, a statement with respect to each REO Property that has been rented
showing the aggregate rental income received and all expenses incurred in
connection with the maintenance of such REO Property at such times as is
necessary to enable the Purchaser, or its designee, to comply with the
reporting requirements of the REMIC Provisions. The net monthly rental income,
if any, from such REO Property shall be deposited in the Certificate Account
no later than the close of business on each Determination Date. The Seller
shall perform the tax reporting and withholding required by Sections 1445 and
6050J of the Code with respect to foreclosures and abandonments, the tax
reporting required by Section 6050H of the Code with respect to the receipt of
mortgage interest from individuals and any tax reporting required by Section
6050P of the Code with respect to the cancellation of indebtedness by certain
financial entities, by preparing such tax and information returns as may be
required, in the form required, and delivering the same to the Purchaser, or
its designee, for filing.
Notwithstanding any other provision of this Agreement, no Mortgaged
Property acquired by the Purchaser, or its designee, shall be rented (or
allowed to continue to be rented) or otherwise used for the production of
income by or on behalf of the Purchaser, or its designee, in such a manner or
pursuant to any terms that would (i) cause such Mortgaged Property to fail to
qualify as "foreclosure property" within the meaning of section 860G(a)(8) of
the Code or (ii) subject any REMIC to the imposition of any federal, state or
local income taxes on the income earned from such Mortgaged Property under
Section 860G(c) of the Code or otherwise, unless the Seller has agreed to
indemnify and hold harmless the Purchaser, or its designee, with respect to
the imposition of any such taxes."
(g) The second paragraph of Section 5.01 of the Initial Agreement
is hereby amended and restated in its entirety as follows:
"With respect to any remittance received by the Purchaser after the
Business Day on which such payment was due, the Seller shall pay to the
Purchaser interest on any such late payment at an annual rate equal to the
Prime Rate, adjusted as of the date of each change, plus two percentage
points, but in no event greater than the maximum amount permitted by
applicable law. Such interest shall be deposited in the Custodial Account by
the Seller on the date such late payment is made and shall cover the period
commencing with such Business Day on which such payment was due and ending
with the Business Day on which such payment is made, both inclusive. Such
interest shall be remitted along with the distribution payable on the next
succeeding Remittance Date. The payment by the Seller of any such interest
shall not be deemed an extension of time for payment or a waiver of any Event
of Default by the Seller."
(h) The first paragraph of Section 5.02 of the Initial Agreement
is hereby amended and restated in its entirety as follows:
"Not later than the 5th Business Day of each month (or if such 5th day
is not a Business Day, the Business Day next succeeding such 5th day), the
Seller shall furnish to the Master Servicer in electronic
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form mortgage loan level data as mutually agreed upon by the Seller and the
Master Servicer and the monthly reports substantially in the form of Exhibit J
attached hereto with respect to the Mortgage Loans and the period from but
including the first day of the preceding calendar month through but excluding
the first day of such month."
(i) The first paragraph of Section 5.03 of the Initial Agreement
is hereby amended and restated in its entirety as follows:
"Not later than the close of business on the Business Day preceding each
Remittance Date, the Seller shall either (a) deposit in the Custodial Account
from its own funds an amount equal to the principal and interest portion of
all Monthly Payments (with interest adjusted to the Mortgage Loan Remittance
Rate) which were due on the Mortgage Loans during the applicable Due Period
and which were delinquent at the close of business on the immediately
preceding Determination Date or which were deferred pursuant to Section 4.01,
(b) cause to be made an appropriate entry in the records of the Custodial
Account that amounts held for future distribution have been, as permitted by
this Section 5.03, used by the Seller in discharge of any such Monthly Advance
or (c) make Monthly Advances in the form of any combination of (a) or (b)
aggregating the total amount of Monthly Advances to be made, whether or not
deferred pursuant to Section 4.01, which were due on a Mortgage Loan on the
immediately preceding Due Date and delinquent at the close of business on the
related Determination Date."
(j) The word "or" is deleted from the end of Section 8.01(vii),
the word "or" is added at the end of Section 8.01(viii) and the
following paragraph is hereby incorporated into the Agreement as
new Section 10.01(ix):
"(ix) failure by the Seller to duly perform, within the required time
period, its obligations under Section 2.04 and Section 2.05 of the Reg AB
Addendum which failure continues unremedied for a period of fourteen (14) days
after the date on which written notice of such failure, requiring the same to
be remedied, shall have been given to the Seller by any party to this
Agreement or by any master servicer responsible for master servicing the
Mortgage Loans pursuant to a securitization of such Mortgage Loans;"
(k) The following paragraph is hereby incorporated into the
Initial Agreement as new Section 11.19:
"Third Party Beneficiary. For purposes of this Agreement, including but
not limited to Section 2.04 and Section 2.05, respectively, of the Reg AB
Addendum, any Master Servicer shall be considered a third party beneficiary to
this Agreement (including the Reg AB Addendum and any other amendments or
modifications thereto) entitled to all the rights and benefits accruing to any
Master Servicer herein as if it were a direct party to this Agreement."
(l) Section 6.04 and Section 6.05 are hereby deleted from the
Initial Agreement, it being understood that they are superseded by
Section 2.04 and Section 2.05, respectively, of the Reg AB
Addendum.
(m) The second sentence in Section 8.01 of the Initial Agreement
is hereby replaced by the following:
"On or after the receipt by the Seller of such written notice of
termination, all authority and power of the Seller, as servicer, under this
Agreement, whether with respect to the Mortgage Loans or otherwise, shall pass
to and be vested in the successor appointed pursuant to Section 11.01."
(n) Exhibit J to the Initial Agreement is hereby replaced in its
entirety with the Amended and Restated Exhibit J attached to this
Assignment as Exhibit II.
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6. Amendments to the Reg AB Addendum
(a) Section 2.03(h) of the Reg AB Addendum is amended to also
require that written notice provided pursuant to Section 2.03(f)
shall be given in the form of Exhibit C.
(b) The phrase "March 1, but in no event later than" is hereby
deleted from the first line of each of Section 2.04 and Section
2.05 of the Reg AB Addendum.
(c) Section 2.06(b) of the Reg AB Addendum is amended as follows:
1. The first paragraph of Section 2.06(b) is amended to
insert the phrase ", the Master Servicer, if any" after each
occurrence of the phrase "the Purchaser".
2. The last sentence of the second paragraph of Section
2.06(b) is amended to insert the phrase "and the other
certifications" after the phrase "any assessment of
compliance and attestation".
(d) Section 2.07(a) of the Reg AB Addendum is amended as follows:
1. The phrase "including but not limited to any Master
Servicer" is inserted before the phrase "responsible for the
preparation,".
2. The clause ", affiliates" is inserted before the words
"and agents of each of the foregoing".
(e) Section 2.07(b)(ii) of the Reg AB Addendum is amended to
delete the phrase "which continues unremedied for ten calendar
days after the date on which such information, report,
certification or accountants' letter was required to be
delivered".
(f) Exhibit B to the Reg AB Addendum is replaced by Exhibit III
hereto.
(g) Exhibit C to the Reg AB Addendum is replaced by Exhibit IV
hereto.
7. Continuing Effect
Except as contemplated hereby, the Agreement shall remain in full force
and effect in accordance with its terms.
8. 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.
9. Notices
Any notices or other communications permitted or required under the
Agreement to be made to the Depositor, MSMCI, the Seller, the Servicer and the
Trustee shall be made in accordance with the terms of the Agreement and shall
be sent as follows:
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In the case of MSMCI:
Xxxxxx Xxxxxxx Mortgage Capital Inc.
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-17XS
With a copy to:
Xxxxxx Xxxxxxx & Co. Incorporated
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: General Counsel's Office
In the case of the Depositor:
Xxxxxx Xxxxxxx Capital I Inc.
0000 Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxx Xxxxxxx Mortgage Loan Trust 2006-17XS
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 2006-17XS
In the case of Wachovia and the Servicer:
Wachovia Mortgage Corporation
000 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: Xxxxxx Xxxxxx
With a copy to:
Wachovia Mortgage Corporation
0000 Xxxxxxxxx Xxxxxx Xxxxx
Xxxxxxx, Xxxxx Xxxxxxxx 00000
Attention: Xxx Xxxxxx
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.
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10. 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.
11. 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.
12. Definitions
Any capitalized term used but not defined in this Assignment has the
same meaning as in the Agreement.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have executed this Assignment the
day and year first above written.
XXXXXX XXXXXXX MORTGAGE
CAPITAL INC.
By: /s/ XXXXXXX XXX
----------------------------
Name: XXXXXXX XXX
Title: VICE PRESIDENT
XXXXXX XXXXXXX CAPITAL I INC.
By: /s/ XXXXXXX XXX
----------------------------
Name: XXXXXXX XXX
Title: VICE PRESIDENT
WACHOVIA MORTGAGE CORPORATION
By: /s/ XXXXXX X. XXXXXX
----------------------------
Name: XXXXXX X. XXXXXX
Title: VP
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL
ASSOCIATION, as Master Servicer
By: /s/ XXXXXXXX XXXXX
-------------------------------------
Name: XXXXXXXX XXXXX
Title: VICE PRESIDENT
LASALLE BANK, NATIONAL
ASSOCIATION, as Trustee of Xxxxxx Xxxxxxx
Mortgage Loan Trust 2006-17XS
By: /s/ XXXXX X. XXXX
------------------------------------
Name: XXXXX X. XXXX
Title: ASSISTANT VICE PRESIDENT
EXHIBIT I
Mortgage Loan Schedule
[see Schedule A to Pooling and Servicing Agreement]
Exhibit IIA: Standard File Layout - Delinquency Reporting
------------------------------------------------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
to the servicer at the end of processing cycle,
as reported by Servicer.
------------------------------------------------------------------------------------------------------------------------
LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim 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 MM/DD/YYYY
been approved by the courts
------------------------------------------------------------------------------------------------------------------------
BANKRUPTCY_DCHRG_DISM_DATE The Date The Loan Is Removed From MM/DD/YYYY
Bankruptcy. Either by Dismissal, Discharged
and/or a Motion For Relief Was Granted.
------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By MM/DD/YYYY
The Servicer
------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A
Loan Such As;
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled MM/DD/YYYY
To End/Close
------------------------------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
------------------------------------------------------------------------------------------------------------------------
FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer MM/DD/YYYY
with instructions to begin foreclosure
proceedings.
------------------------------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue MM/DD/YYYY
Foreclosure
------------------------------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a MM/DD/YYYY
Foreclosure Action
------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected MM/DD/YYYY
to occur.
------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------
FRCLSR_SALE_AMT The amount a property sold for at the 2 No commas(,)
foreclosure sale. or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction of the MM/DD/YYYY
borrower.
------------------------------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal possession of MM/DD/YYYY
the property from the borrower.
------------------------------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
------------------------------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO 2 No commas(,)
property. or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA Admin or by MM/DD/YYYY
the Servicer.
------------------------------------------------------------------------------------------------------------------------
REO_CLOSING_DATE The date the REO sale of the property is MM/DD/YYYY
scheduled to close.
------------------------------------------------------------------------------------------------------------------------
REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
------------------------------------------------------------------------------------------------------------------------
OCCUPANT_CODE Classification of how the property is occupied.
------------------------------------------------------------------------------------------------------------------------
PROP_CONDITION_CODE A code that indicates the condition of the
property.
------------------------------------------------------------------------------------------------------------------------
PROP_INSPECTION_DATE The date a property inspection is 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 2
on brokers price opinion or appraisal.
------------------------------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth if 2
repairs are completed pursuant to a broker's
price opinion or appraisal.
------------------------------------------------------------------------------------------------------------------------
If applicable:
------------------------------------------------------------------------------------------------------------------------
DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
------------------------------------------------------------------------------------------------------------------------
DELINQ_REASON_CODE The circumstances which caused a borrower to
stop paying on a loan. Code indicates the
reason why the loan is in default for this
cycle.
------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With MM/DD/YYYY
Mortgage Insurance Company.
------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed MM/DD/YYYY
Claim Payment
------------------------------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On 2 No commas(,)
Claim or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance 2 No commas(,)
Company or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
------------------------------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No commas(,)
Company 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
($)
------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans MM/DD/YYYY
Admin
------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim MM/DD/YYYY
Payment
------------------------------------------------------------------------------------------------------------------------
VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,)
or dollar signs
($)
------------------------------------------------------------------------------------------------------------------------
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
---------------------- ------------------------------------------ -------------- -------------------------- ----------
Column Name Description Decimal Format Comment Max Size
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SER_INVESTOR_NBR A value assigned by the Servicer to Text up to 10 digits 20
define a group of loans.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
LOAN_NBR A unique identifier assigned to each Text up to 10 digits 10
loan by the investor.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERVICER_LOAN_NBR A unique number assigned to a loan Text up to 10 digits 10
by the Servicer. This may be
different than the LOAN_NBR.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
BORROWER_NAME The borrower name as received in Maximum length of 30 30
the file. It is not separated by first (Last, First)
and last name.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,) 11
scheduled interest payment that a or dollar signs ($)
borrower is expected to pay, P&I
constant.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
NOTE_INT_RATE The loan interest rate as reported by 4 Max length of 6 6
the Servicer.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the
Servicer.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_FEE_AMT The servicer's fee amount for a loan 2 No commas(,) 11
as reported by the Servicer. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
NEW_PAY_AMT The new loan payment amount as 2 No commas(,) 11
reported by the Servicer. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
ARM_INDEX_RATE The index the Servicer is using to 4 Max length of 6 6
calculate a forecasted rate.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,) 11
balance at the beginning of the or dollar signs ($)
processing cycle.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
---------------------- ------------------------------------------ -------------- -------------------------- ----------
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,) 11
balance at the end of the processing or dollar signs ($)
cycle.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
BORR_NEXT_PAY_ The date at the end of processing MM/DD/YYYY 10
DUE_DATE cycle that the borrower's next payment
is due to the Servicer, as reported by
Servicer.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_CURT_AMT_1 The first curtailment amount to be 2 No commas(,) 11
applied. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_CURT_DATE_1 The curtailment date associated with MM/DD/YYYY 10
the first curtailment amount.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) 11
curtailment amount, if applicable. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_CURT_AMT_2 The second curtailment amount to be 2 No commas(,) 11
applied. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_CURT_DATE_2 The curtailment date associated with MM/DD/YYYY 10
the second curtailment amount.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) 11
curtailment amount, if applicable. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_CURT_AMT_3 The third curtailment amount to be 2 No commas(,) 11
applied. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SERV_CURT_DATE_3 The curtailment date associated with MM/DD/YYYY 10
the third curtailment amount.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) 11
curtailment amount, if applicable. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
PIF_AMT The loan "paid in full" amount as 2 No commas(,) 11
reported by the Servicer. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
ACTION_CODE The standard FNMA numeric Action Code Key: 2
code used to indicate the 15=Bankruptcy,
default/delinquent status of 30=Foreclosure, , 60=PIF,
a particular loan. 63=Substitution,
65=Repurchase,70=REO
---------------------- ------------------------------------------ -------------- -------------------------- ----------
INT_ADJ_AMT The amount of the interest adjustment 2 No commas(,) 11
as reported by the Servicer. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SOLDIER_SAILOR_ The Soldier and Sailor Adjustment 2 No commas(,) 11
ADJ_AMT amount, if applicable. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
---------------------- ------------------------------------------ -------------- -------------------------- ----------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) 11
applicable. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
LOAN_LOSS_AMT The amount the Servicer is passing as 2 No commas(,) 11
a loss, if applicable. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SCHED_BEG_PRIN_BAL The scheduled outstanding principal 2 No commas(,) 11
amount due at the beginning of the or dollar signs ($)
cycle date to be passed through to
investors.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SCHED_END_PRIN_BAL The scheduled principal balance due 2 No commas(,) 11
to investors at the end of a processing or dollar signs ($)
cycle.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SCHED_PRIN_AMT The scheduled principal amount as 2 No commas(,) 11
reported by the Servicer for the or dollar signs ($)
current cycle -- only applicable for
Scheduled/Scheduled Loans.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
SCHED_NET_INT The scheduled gross interest amount 2 No commas(,) 11
less the service fee amount for the or dollar signs ($)
current cycle as reported by the
Servicer -- only applicable for
Scheduled/Scheduled Loans.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
ACTL_PRIN_AMT The actual principal amount collected 2 No commas(,) 11
by the Servicer for the current or dollar signs ($)
reporting cycle -- only applicable for
Actual/Actual Loans.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
ACTL_NET_INT The actual gross interest amount less 2 No commas(,) 11
the service fee amount for the current or dollar signs ($)
reporting cycle as reported by the
Servicer -- only applicable for
Actual/Actual Loans.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
PREPAY_PENALTY_ AMT The penalty amount received when a 2 No commas(,) 11
borrower prepays on his loan as or dollar signs ($)
reported by the Servicer.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
PREPAY_PENALTY_ The prepayment penalty amount for 2 No commas(,) 11
WAIVED the loan waived by the servicer. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
---------------------- ------------------------------------------ -------------- -------------------------- ----------
MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
---------------------- ------------------------------------------ -------------- -------------------------- ----------
---------------------- ------------------------------------------ -------------- -------------------------- ----------
MOD_TYPE The Modification Type. Varchar - value can be 30
alpha or numeric
---------------------- ------------------------------------------ -------------- -------------------------- ----------
DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) 11
interest advances made by Servicer. or dollar signs ($)
---------------------- ------------------------------------------ -------------- -------------------------- ----------
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.
(h)
(i) 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. (j) 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)
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 Period of Total Base
(Tax /Ins.) Paid Coverage Paid Amount Penalties Interest
------------- --------- ----------- ------- ---------- ----------- -------------
------------- --------- ----------- ------- ---------- ----------- -------------
------------- --------- ----------- ------- ---------- ----------- -------------
------------- --------- ----------- ------- ---------- ----------- -------------
------------- --------- ----------- ------- ---------- ----------- -------------
------------- --------- ----------- ------- ---------- ----------- -------------
------------- --------- ----------- ------- ---------- ----------- -------------
------------- --------- ----------- ------- ---------- ----------- -------------
EXHIBIT III
SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE
The assessment of compliance to be delivered by [the Company] [Name of
Subservicer] shall address, at a minimum, the criteria identified as below as
"Applicable Servicing Criteria";
----------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------------
General Servicing Considerations
----------------------------------------------------------------------------------------------------------------------------
Policies and procedures are instituted to monitor any performance or
other triggers and events of default in accordance with the
1122(d)(1)(i) transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
If any material servicing activities are outsourced
to third parties, policies and procedures are
instituted to monitor the third party's
1122(d)(1)(ii) performance and compliance with such servicing activities. X
----------------------------------------------------------------------------------------------------------------------------
Any requirements in the transaction agreements to maintain a back-
1122(d)(1)(iii) up servicer for the mortgage loans are maintained.
----------------------------------------------------------------------------------------------------------------------------
A fidelity bond and errors and omissions policy is
in effect on the party participating in the
servicing function throughout the reporting period
in the amount of coverage required by and otherwise
1122(d)(1)(iv) in accordance with the terms of the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Cash Collection and Administration
----------------------------------------------------------------------------------------------------------------------------
Payments on mortgage loans are deposited into the
appropriate custodial bank accounts and related bank
clearing accounts no more than two business days
following receipt, or such other number of
1122(d)(2)(i) days specified in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Disbursements made via wire transfer on behalf of an obligor or to
1122(d)(2)(ii) an investor are made only by authorized personnel. X
----------------------------------------------------------------------------------------------------------------------------
Advances of funds or guarantees regarding
collections, cash flows or distributions, and any
interest or other fees charged for such advances,
are made, reviewed and approved as specified in the
1122(d)(2)(iii) transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
The related accounts for the transaction, such as
cash reserve accounts or accounts established as a
form of overcollateralization, are separately
maintained (e.g., with respect to commingling of
1122(d)(2)(iv) cash) as set forth in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------------
Each custodial account is maintained at a federally
insured depository institution as set forth in the
transaction agreements. For purposes of this
criterion, "federally insured depository
institution" with respect to a foreign financial
institution means a foreign financial institution
that meets the requirements of Rule 13k-1 (b)(1)
1122(d)(2)(v) of the Securities Exchange Act. X
----------------------------------------------------------------------------------------------------------------------------
Unissued checks are safeguarded so as to prevent unauthorized
1122(d)(2)(vi) access. X
----------------------------------------------------------------------------------------------------------------------------
Reconciliations are prepared on a monthly basis for
all asset-backed securities related bank accounts,
including custodial accounts and related bank
clearing accounts. These reconciliations are (A)
mathematically accurate; (B) prepared within 30
calendar days after the bank statement cutoff date,
or such other number of days specified in the
transaction agreements; (C) reviewed and approved by
someone other than the person who prepared the
reconciliation; and (D) contain explanations for
reconciling items. These reconciling items are
resolved within 90 calendar days of their original
identification, or such other number of days
1122(d)(2)(vii) specified in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Investor Remittances and Reporting
----------------------------------------------------------------------------------------------------------------------------
Reports to investors, including those to be filed
with the Commission, are maintained in accordance
with the transaction agreements and applicable
Commission requirements. Specifically, such reports
(A) are prepared in accordance with timeframes and
other terms set forth in the transaction agreements;
(B) provide information calculated in accordance
with the terms specified in the transaction
agreements; (C) are filed with the Commission as
required by its rules and regulations; and (D) agree
with investors' or the trustee's records as to the
total unpaid principal balance and
1122(d)(3)(i) number of mortgage loans serviced by the Servicer. X
----------------------------------------------------------------------------------------------------------------------------
Amounts due to investors are allocated and remitted
in accordance with timeframes, distribution priority
1122(d)(3)(ii) and other terms set forth in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Disbursements made to an investor are posted within
two business days to the Servicer's investor
records, or such other number of days
1122(d)(3)(iii) specified in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Amounts remitted to investors per the investor
reports agree with cancelled checks, or other form
1122(d)(3)(iv) of payment, or custodial bank statements. X
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------------
Pool Asset Administration
----------------------------------------------------------------------------------------------------------------------------
Collateral or security on mortgage loans is maintained as required by
1122(d)(4)(i) the transaction agreements or related mortgage loan documents. X
----------------------------------------------------------------------------------------------------------------------------
Mortgage loan and related documents are safeguarded as required by
1122(d)(4)(ii) the transaction agreements X
----------------------------------------------------------------------------------------------------------------------------
Any additions, removals or substitutions to the
asset pool are made, reviewed and approved in
accordance with any conditions or
1122(d)(4)(iii) requirements in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Payments on mortgage loans, including any payoffs,
made in accordance with the related mortgage loan
documents are posted to the Servicer's obligor
records maintained no more than two business days
after receipt, or such other number of days
specified in the transaction agreements, and
allocated to principal, interest or other items
(e.g., escrow) in accordance with the related
1122(d)(4)(iv) mortgage loan documents. X
----------------------------------------------------------------------------------------------------------------------------
The Servicer's records regarding the mortgage loans agree with the
1122(d)(4)(v) Servicer's records with respect to an obligor's unpaid principal
balance. X
----------------------------------------------------------------------------------------------------------------------------
Changes with respect to the terms or status of an
obligor's mortgage loans (e.g., loan modifications
or re-agings) are made, reviewed and approved by
authorized personnel in accordance with the
1122(d)(4)(vi) transaction agreements and related pool asset documents. X
----------------------------------------------------------------------------------------------------------------------------
Loss mitigation or recovery actions (e.g.,
forbearance plans, modifications and deeds in lieu
of foreclosure, foreclosures and repossessions, as
applicable) are initiated, conducted and concluded
in accordance with the timeframes or other
1122(d)(4)(vii) requirements established by the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Records documenting collection efforts are
maintained during the period a mortgage loan is
delinquent in accordance with the transaction
agreements. Such records are maintained on at least
a monthly basis, or such other period specified in
the transaction agreements, and describe the
entity's activities in monitoring delinquent
mortgage loans including, for example, phone calls,
letters and payment rescheduling plans in cases
where delinquency is
1122(d)(4)(viii) deemed temporary (e.g., illness or unemployment). X
----------------------------------------------------------------------------------------------------------------------------
Adjustments to interest rates or rates of return for
mortgage loans with variable rates are computed
based on the related mortgage loan
1122(d)(4)(ix) documents. X
----------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
Applicable
Servicing
Servicing Criteria Criteria
----------------------------------------------------------------------------------------------------------------------------
Reference Criteria
----------------------------------------------------------------------------------------------------------------------------
Regarding any funds held in trust for an obligor
(such as escrow accounts): (A) such funds are
analyzed, in accordance with the obligor's mortgage
loan documents, on at least an annual basis, or such
other period specified in the transaction
agreements; (B) interest on such funds is paid, or
credited, to obligors in accordance with applicable
mortgage loan documents and state laws; and (C) such
funds are returned to the obligor within 30 calendar
days of full repayment of the related mortgage
loans, or such other number of
1122(d)(4)(x) days specified in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Payments made on behalf of an obligor (such as tax
or insurance payments) are made on or before the
related penalty or expiration dates, as indicated on
the appropriate bills or notices for such payments,
provided that such support has been received by the
servicer at least 30 calendar days prior to these
dates, or such other number of days specified in the
1122(d)(4)(xi) transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Any late payment penalties in connection with any
payment to be made on behalf of an obligor are paid
from the servicer's funds and not charged to the
obligor, unless the late payment was due to the
1122(d)(4)(xii) obligor's error or omission. X
----------------------------------------------------------------------------------------------------------------------------
Disbursements made on behalf of an obligor are
posted within two business days to the obligor's
records maintained by the servicer, or
1122(d)(4)(xiii) such other number of days specified in the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Delinquencies, charge-offs and uncollectible accounts are recognized
1122(d)(4)(xiv) and recorded in accordance with the transaction agreements. X
----------------------------------------------------------------------------------------------------------------------------
Any external enhancement or other support, identified in Item
1122(d)(4)(xv) 1114(a)(1) through (3) or Item 1115 of Regulation
AB, is maintained as set forth in the transaction agreements.
----------------------------------------------------------------------------------------------------------------------------
[WACHOVIA MORTGAGE CORPORATION]
[NAME OF SUBSERVICER]
Date: ______________________________
By: ________________________________
Name:
Title:
EXHIBIT IV
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 [deal number] - SEC REPORT PROCESSING
RE: **Additional Form [ ] Disclosure**Required
Ladies and Gentlemen:
In accordance with Section [2.03(d)][2.03(e)][2.03(f)] of the Regulation
AB Compliance Addendum, dated as of April 17, 2006, as amended by the
Assignment, Assumption and Recognition Agreement dated as of [date] among
Xxxxxx Xxxxxxx Capital I Inc., as Depositor, Wachovia Mortgage Corporation,
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:
