CWABS ASSET-BACKED CERTIFICATES TRUST 2004-BC4,
Issuer
CWABS, INC.,
Depositor
COUNTRYWIDE HOME LOANS, INC.,
Seller
COUNTRYWIDE HOME LOANS SERVICING LP,
Master Servicer
and
THE BANK OF NEW YORK,
Trustee
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AMENDMENT NO. 1 dated as of
April 19, 2005 to the
POOLING AND SERVICING AGREEMENT
Dated as of October 1, 2004
---------------------------------
ASSET-BACKED CERTIFICATES, SERIES 2004-BC4
AMENDMENT NO. 1 dated as of April 19, 2005, among CWABS, Inc.,
a Delaware corporation (the "Depositor"), Countrywide Home Loans, Inc., a New
York corporation (the "Seller"), Countrywide Home Loans Servicing LP, a Texas
limited partnership (the "Master Servicer") and The Bank of New York, a New York
banking corporation (the "Trustee").
Preliminary Statement
---------------------
The Depositor, the Trustee, the Seller and the Master Servicer entered
into a Pooling and Servicing Agreement (the "Agreement"), dated as of October 1,
2004, relating to the issuance of Asset-Backed Certificates, Series 2004-BC4.
The Depositor, the Trustee, the Seller and the Master Servicer desire to amend
the terms of the Agreement to add Xxxxxx Xxx representations pursuant to and in
accordance with Section 10.01 of the Agreement.
In consideration of the mutual premises and agreements herein, the
Depositor, the Trustee, the Seller and the Master Servicer agree as follows:
1. Capitalized terms not defined herein have the meanings assigned to them
in the Agreement.
2. Section 1.01 is hereby amended to add the following:
"BALLOON MORTGAGE LOAN: Any Mortgage Loan having an original term to
maturity that is shorter than the term of the related amortization schedule."
3. Article II is hereby amended to delete Sections 2.03(b)(lix) through
2.03(b)(lxiii) in their entirety and to add the following:
(lix) Each Mortgage Loan is in compliance with the anti-predatory
lending eligibility for purchase requirements of Xxxxxx Mae's Selling
Guide.
(lx) No Mortgage Loan is subject to the Home Ownership and Equity
Protection Act of 1994.
(lxi) No Mortgage Loan is a "high cost home loan" as defined in the
Georgia Fair Lending Act, as amended. No Mortgage Loan with a principal
balance at origination (or modification) equal to or less than the
mortgage loan balance limit of Xxxxxx Xxx in effect at the time of
origination (or modification) and secured by owner-occupied real
property located in the State of Georgia was originated (or modified)
on or after October 1, 2002 through and including March 6, 2003.
(lxii) No Mortgage Loan is a "High-Cost Home Loan" as defined in New
York Banking Law 6-1.
(lxiii) No Mortgage Loan is a "High-Cost Home Loan" as defined in the
Arkansas Home Loan Protection Act effective July 16, 2003 (Act 1340 of
2003).
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(lxiv) No Mortgage Loan is a "High-Cost Home Loan" as defined in the
Kentucky high-cost home loan statute effective June 24, 2003 (Ky. Rev.
Stat. Section 360.100).
(lxv) No Mortgage Loan is a "High-Cost Home Loan" as defined in the New
Jersey Home Ownership Act effective November 27, 2003 (N.J.S.A.
46:10B-22 et seq.).
(lxvi) No Mortgage Loan is a "High-Cost Home Loan" as defined in the
New Mexico Home Loan Protection Act effective January 1, 2004 (N.M.
Stat. Xxx. xx.xx. 58-21A-1 et seq.).
(lxvii) No Mortgage Loan is a "High-Risk Home Loan" as defined in the
Illinois High-Risk Home Loan Act effective January 1, 2004 (815 Ill.
Comp. Stat. 137/1 et seq.).
(lxviii) No Mortgage Loan is a "High-Cost Home Mortgage Loan" as
defined in the Massachusetts Predatory Home Loan Practices Act,
effective November 7, 2004 (Mass. Xxx. Laws Ch. 183C).
(lxix) No Mortgage Loan is a "High Cost Home Loan" as defined in the
Indiana Home Loan Practices Act, effective January 1, 2005 (Ind. Code
Xxx. Sections 24-9-1 through 24-9-9).
(lxx) No Mortgage Loan is a Balloon Mortgage Loan that has an original
stated maturity of less than seven (7) years.
(lxxi) No borrower was encouraged or required to select a Mortgage Loan
product offered by the Mortgage Loan's originator which is a higher
cost product designed for less creditworthy borrowers, unless at the
time of the Mortgage Loan's origination, such borrower did not qualify
taking into account credit history and debt-to-income ratios for a
lower-cost credit product then offered by the Mortgage Loan's
originator or any affiliate of the Mortgage Loan's originator. If, at
the time of loan application, the borrower may have qualified for a
lower-cost credit product than offered by any mortgage lending
affiliate of the Mortgage Loan's originator, the Mortgage Loan's
originator referred the borrower's application to such affiliate for
underwriting consideration.
(lxxii) The methodology used in underwriting the extension of credit
for each Mortgage Loan employs objective mathematical principles which
relate the borrower's income, assets and liabilities to the proposed
payment and such underwriting methodology does not rely on the extent
of the borrower's equity in the collateral as the principal determining
factor in approving such credit extension. Such underwriting
methodology confirmed that at the time of origination
(application/approval) the borrower had a reasonable ability to make
timely payments on the Mortgage Loan.
(lxxiii) The information set forth in the Prepayment Charge Schedule
with respect to each Mortgage Loan is complete, true and correct in all
material respects at the date or dates respecting which such
information is furnished and each Prepayment Charge is permissible and
enforceable in accordance with its terms under applicable law upon the
Mortgagor's full and voluntary principal prepayment (except to the
extent that: (1) the enforceability thereof may be limited by
bankruptcy, insolvency, moratorium,
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receivership and other similar laws relating to creditors' rights
generally; or (2) the collectibility thereof may be limited due to
acceleration in connection with a foreclosure or other involuntary
prepayment). With respect to any Mortgage Loan that contains a
provision for a Prepayment Charge: (i) prior to such loan's
origination, the borrower agreed to such Prepayment Charge in exchange
for a monetary benefit, including but not limited to a rate or fee
reduction, (ii) prior to such loan's origination, the borrower was
offered the option of obtaining a mortgage loan that did not require
payment of a Prepayment Charge, (iii) the Prepayment Charge is
disclosed to the borrower in the loan documents pursuant to applicable
state and federal law, (iv) for Mortgage Loans originated on or after
September 1, 2004, the duration of the prepayment period shall not
exceed three (3) years from the date of the Note, unless the Mortgage
Loan was modified to reduce the prepayment period to no more than three
years from the date of the Note and the borrower was notified in
writing of such reduction in prepayment period, and (v) notwithstanding
any state or federal law to the contrary, the Master Servicer shall not
impose such Prepayment Charge in any instance when the mortgage debt is
accelerated as the result of the borrower's default in making the loan
payments.
(lxxiv) No borrower was required to purchase any single premium credit
insurance policy (e.g., life, mortgage, disability, accident,
unemployment, or health insurance product) or debt cancellation
agreement as a condition of obtaining the extension of credit. No
borrower obtained a prepaid single-premium credit insurance policy
(e.g., life, mortgage, disability, accident, unemployement, or health
insurance product) or debt cancellation agreement in connection with
the origination of the Mortgage Loan. No proceeds from any Mortgage
Loan were used to purchase single premium credit insurance policies or
debt cancellation agreements as part of the origination of, or as a
condition to closing, such Mortgage Loan.
(lxxv) All points and fees related to each Mortgage Loan were disclosed
in writing to the borrower in accordance with applicable state and
federal law and regulation. Except in the case of a Mortgage Loan in an
original principal amount of less than $60,000 which would have
resulted in an unprofitable origination, no borrower was charged
"points and fees" (whether or not financed) in an amount greater than
5% of the principal amount of such loan, such 5% limitation is
calculated in accordance with Xxxxxx Mae's anti-predatory lending
requirements as set forth in the Xxxxxx Mae Selling Guide.
(lxxvi) All fees and charges (including finance charges) and whether or
not financed, assessed, collected or to be collected in connection with
the origination and servicing of each Mortgage Loan has been disclosed
in writing to the borrower in accordance with applicable state and
federal law and regulation.
(lxxvii) No Mortgage Loan is a High Cost Loan or Covered Loan, as
applicable (as such terms are defined in Standard & Poor's LEVELS(R)
Glossary, Version 5.6 Revised, Appendix E, attached hereto as Exhibit
U) and no Mortgage Loan originated on or after October 1, 2002 through
March 6, 2003 is governed by the Georgia Fair Lending Act.
4. Article II is hereby amended to add the following:
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"Section 3.21 CREDIT REPORTING.
The Master Servicer will transmit full-file credit reporting data for
each Mortgage Loan pursuant to Xxxxxx Xxx Guide Announcement 95-19 and, with
respect to each Mortgage Loan, the Master Servicer agrees it shall report one of
the following statuses each month as follows: new origination, current,
delinquent (30-, 60-, 90-days, etc.), foreclosed, or charged-off."
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IN WITNESS WHEREOF, the Depositor, the Master Servicer, the Seller and
the Trustee have caused their names to be signed hereto by their respective
officers thereunto duly authorized as of the day and year first above written.
CWABS, INC.,
as Depositor
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Vice President
COUNTRYWIDE HOME LOANS, INC.,
as Seller
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Vice President
COUNTRYWIDE HOME LOANS
SERVICING LP,
as Master Servicer
By: COUNTRYWIDE GP, INC.
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Vice President
THE BANK OF NEW YORK,
not in its individual capacity,
but solely as Trustee
By: /s/ Xxxxx Xxxxxx
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Name: Xxxxx Xxxxxx
Title: Assistant Treasurer
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