EXHIBIT 99.14
EXECUTION COPY
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GSAA HOME EQUITY TRUST 2006-11
ASSET-BACKED CERTIFICATES
SERIES 2006-11
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
among
GS MORTGAGE SECURITIES CORP.,
as Assignor
DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE FOR GSAA HOME
EQUITY TRUST 2006-11,
as Assignee
and
AMERICAN HOME MORTGAGE SERVICING, INC.,
as Servicer
and as acknowledged by
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Master Servicer
Dated as of
June 30, 2006
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ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (this "Assignment
Agreement") is made this 30th day of June, 2006, among American Home Mortgage
Servicing, Inc., a Maryland corporation (the "Servicer"), GS Mortgage
Securities Corp., a Delaware corporation (the "Assignor"), and Deutsche Bank
National Trust Company, not in its individual capacity, but solely as trustee
(in such capacity, the "Trustee") on behalf of GSAA Home Equity Trust 2006-11
(the "Assignee"), and as acknowledged by Xxxxx Fargo Bank, National
Association, as master servicer (in such capacity, the "Master Servicer").
WHEREAS, Xxxxxxx Xxxxx Mortgage Company ("GSMC"), American Home
Mortgage Corp. (the "Company") and the Servicer have entered into the Mortgage
Loan Sale and Servicing Agreement, dated as of December 1, 2005 (the
"Servicing Agreement") pursuant to which the Company sold to GSMC certain
mortgage loans listed on the mortgage loan schedule attached as an exhibit to
the Servicing Agreement;
WHEREAS, GSMC has assigned and conveyed certain mortgage loans
(the "Mortgage Loans"), which Mortgage Loans are subject to the provisions of
the Servicing Agreement, to the Assignor pursuant to an Assignment, Assumption
and Recognition Agreement, dated as of June 30, 2006 (the "GSMC Assignment
Agreement");
WHEREAS, the Assignee has agreed on certain terms and conditions
to purchase from the Assignor the Mortgage Loans acquired by the Assignor
pursuant to the GSMC Assignment Agreement, which Mortgage Loans are listed on
the mortgage loan schedule attached as Exhibit A hereto (the "Mortgage Loan
Schedule"); and
WHEREAS, pursuant to a Master Servicing and Trust Agreement, dated
as of June 1, 2006 (the "Trust Agreement"), among the Depositor, the Trustee,
Deutsche Bank National Trust Company, as a custodian, U.S. Bank National
Association, as a custodian, JPMorgan Chase Bank, National Association, as a
custodian, and Xxxxx Fargo Bank, National Association, as Master Servicer and
securities administrator (in such capacity, the "Securities Administrator"),
the Assignor will transfer the Mortgage Loans to the Assignee, together with
the Assignor's rights under the Servicing Agreement, to the extent relating to
the Mortgage Loans (other than the rights of the Assignor to indemnification
thereunder).
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) The Assignor hereby assigns to the Assignee, as of the date
hereof all of its right, title and interest in and to the Mortgage Loans and
the GSMC Assignment Agreement (including without limitation the rights of GSMC
under the Servicing Agreement to the extent assigned to the Assignor under the
GSMC Assignment Agreement) from and after the date hereof, and the Assignee
hereby assumes all of the Assignor's obligations under the Servicing
Agreement, to the extent relating to the Mortgage Loans from and after the
date hereof; the Servicer hereby acknowledges such assignment and assumption
and hereby agrees to the release
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of the Assignor from any obligations under the Servicing Agreement from and
after the date hereof, to the extent relating to the Mortgage Loans.
(b) The Assignor represents and warrants to the Assignee that the
Assignor has not taken any action which would serve to impair or encumber the
Assignor's ownership interest in the Mortgage Loans since the date of the
applicable Servicing Agreement.
(c) The Servicer and the Assignor shall have the right to amend,
modify or terminate the Servicing Agreement without the joinder of the
Assignee with respect to mortgage loans not conveyed to the Assignee
hereunder; provided, however, that such amendment, modification or termination
shall not affect or be binding on the Assignee.
2. Accuracy of Servicing Agreement.
The Servicer and the Assignor represent and warrant to the
Assignee that (i) attached as Exhibit B to the GSMC Assignment Agreement is a
true, accurate and complete copy of the Servicing Agreement, (ii) the
Servicing Agreement is in full force and effect as of the date hereof, (iii)
except as contemplated herein or as provided under the GSMC Assignment
Agreement, the Servicing Agreement has not been amended or modified in any
respect and (iv) no notice of termination has been given to the Servicer under
the Servicing Agreement. The Servicer, in its capacity as seller and/or
servicer under the Servicing Agreement, further represents and warrants that
the representations and warranties contained in Section 7.02(A) and (B), as
applicable, of the Servicing Agreement are true and correct as of the Closing
Date (as such term is defined in the Servicing Agreement), and the Seller
represents and warrants that the representations and warranties regarding the
Mortgage Loans contained in Section 7.01 of the Servicing Agreement were true
and correct as of the Closing Date.
3. Recognition of Assignee.
(a) From and after the date hereof, the Servicer shall note the
transfer of the Mortgage Loans to the Assignee in its books and records, shall
recognize the Assignee as the owner of the Mortgage Loans and, notwithstanding
anything herein or in the Servicing Agreement to the contrary shall service
all of the Mortgage Loans for the benefit of the Assignee pursuant to the
Servicing Agreement, the terms of which are incorporated herein by reference.
It is the intention of the Assignor, Servicer and Assignee that the Servicing
Agreement shall be binding upon and inure to the benefit of the Servicer and
the Assignee and their successors and assigns.
(b) The Servicer further acknowledges that, from and after the
date hereof, the Servicer's servicing of the Mortgage Loans pursuant to the
Servicing Agreement (and any servicing by any of its successors under the
Servicing Agreement) will be subject to the supervision of the Master Servicer
and that the Master Servicer, acting on behalf of the Assignee as the owner of
the Mortgage Loans, shall have the same rights as were assigned by GSMC, in
its capacity as the original "Owner" under the Servicing Agreement, to the
Assignor under the GSMC Assignment Agreement, and further assigned hereunder
by the Assignor to the Assignee. Such rights that the Master Servicer may
enforce on behalf of the Assignee will include, without limitation, the right
to terminate the Servicer under the Servicing Agreement upon the occurrence
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of an event of default thereunder, the right to receive all remittances
required to be made by the Servicer under the Servicing Agreement, the right
to receive all monthly reports and other data required to be delivered by the
Servicer under the Servicing Agreement and the right to exercise certain
rights of consent and approval relating to actions taken by the Servicer.
(c) All reports and other data required to be delivered by the
Servicer to the "Owner" under the Servicing Agreement shall be delivered to
the Master Servicer at the address set forth in Section 10 hereof. All
remittances required to be made to the Trustee, as the successor in interest
to the Assignor under the Servicing Agreement, shall be made instead to the
Master Servicer by wire transfer to the following account:
Xxxxx Fargo Bank, National Association
ABA #: 000000000
For credit to: SAS Clearing
Acct #: 0000000000
FFC to: GSAA 2006-11 Acct # 50924100
(d) Notwithstanding anything to the contrary in the Servicing
Agreement, with respect to the Mortgage Loans, not later than the tenth (10th)
calendar day of each month (or if such tenth (10th) calendar day is not a
Business Day, the immediately succeeding Business Day), the Servicer shall
furnish to the Master Servicer (i)(a) monthly loan data in the format set
forth in Exhibit B hereto (or in such other format mutually agreed-upon
between the Servicer and the Master Servicer), (b) default loan data in the
format set forth in Exhibit C hereto (or in such other format mutually
agreed-upon between the Servicer and the Master Servicer) and (c) information
regarding realized losses and gains in the format set forth in Exhibit D
hereto (or in such other format mutually agreed-upon between the Servicer and
the Master Servicer), in each case relating to the period ending on the last
day of the preceding calendar month, (ii) all such information required
pursuant to clause (i)(a) above on a magnetic tape, electronic mail, or other
similar media reasonably acceptable to the Master Servicer and (iii) all
supporting documentation with respect to the information required under the
preceding paragraph.
4. Representations and Warranties of the Assignee. The Assignee
hereby represents and warrants to the Assignor as follows:
(a) Decision to Purchase. 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 Servicer other than those contained in the Servicing
Agreement or this Assignment Agreement.
(b) Authority. The Assignee hereto represents and warrants that it
is duly and legally authorized to enter into this Assignment Agreement
and to perform its obligations hereunder and under the Servicing
Agreement.
(c) Enforceability. The Assignee hereto represents and warrants
that this Assignment Agreement has been duly authorized, executed and
delivered by it and (assuming due authorization, execution and delivery
thereof by each of the other parties
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hereto) constitutes its legal, valid and binding obligation, enforceable
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).
5. Representations and Warranties of the Assignor. The Assignor
hereby represents and warrants to the Assignee as follows:
(a) Organization. The Assignor has been duly organized and is
validly existing as a corporation in good standing under the laws of the
State of Delaware with full power and authority (corporate and other) to
enter into and perform its obligations under the Servicing Agreement and
this Assignment Agreement.
(b) Enforceability. This Assignment Agreement has been duly
executed and delivered by the Assignor, and, assuming due authorization,
execution and delivery by each of the other parties hereto, constitutes
a legal, valid, and binding agreement of the Assignor, enforceable
against it in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium, or other similar laws affecting
creditors' rights generally and to general principles of equity
regardless of whether enforcement is sought in a proceeding in equity or
at law.
(c) No Consent. The execution, delivery and performance by the
Assignor of this Assignment Agreement and the consummation of the
transactions contemplated hereby do not require the consent or approval
of, the giving of notice to, the registration with, or the taking of any
other action in respect of, any state, federal or other governmental
authority or agency, except such as has been obtained, given, effected
or taken prior to the date hereof.
(d) Authorization; No Breach. The execution and delivery of this
Assignment Agreement have been duly authorized by all necessary action
on the part of the Assignor; neither the execution and delivery by the
Assignor of this Assignment Agreement, nor the consummation by the
Assignor of the transactions herein contemplated, nor compliance by the
Assignor with the provisions hereof, will conflict with or result in a
breach of, or constitute a default under, any of the provisions of the
governing documents of the Assignor or any law, governmental rule or
regulation or any material judgment, decree or order binding on the
Assignor or any of its properties, or any of the provisions of any
material indenture, mortgage, deed of trust, contract or other
instrument to which the Assignor is a party or by which it is bound.
(e) Actions; Proceedings. There are no actions, suits or
proceedings pending or, to the knowledge of the Assignor, threatened,
before or by any court, administrative agency, arbitrator or
governmental body (i) with respect to any of the transactions
contemplated by this Assignment Agreement or (ii) with respect to any
other matter that in the judgment of the Assignor will be determined
adversely to the Assignor and will if determined adversely to the
Assignor materially adversely affect its ability to perform its
obligations under this Assignment Agreement.
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It is understood and agreed that the representations and
warranties set forth in this Section 5 shall survive delivery of the Mortgage
Loan Documents to the Assignee or its designee and shall inure to the benefit
of the Assignee and its assigns notwithstanding any restrictive or qualified
endorsement or assignment. Upon the discovery by the Assignor or the Assignee
and its assigns of a breach of the foregoing representations and warranties,
the party discovering such breach shall give prompt written notice to the
other parties to this Assignment Agreement, and in no event later than two (2)
Business Days from the date of such discovery. It is understood and agreed
that the obligations of the Assignor set forth in Section 6 to repurchase a
Mortgage Loan constitute the sole remedies available to the Assignee and its
assigns on their behalf respecting a breach of the representations and
warranties contained in this Section 5.
It is understood and agreed that the Assignor has made no
representations or warranties to the Assignee other than those contained in
this Section 5, and no other affiliate of the Assignor has made any
representations or warranties of any kind to the Assignee.
6. Repurchase of Mortgage Loans.
Upon discovery or notice of any breach by the Assignor of any
representation, warranty or covenant under this Assignment Agreement that
materially and adversely affects the value of any Mortgage Loan or the
interest of the Assignee therein (it being understood that any such defect or
breach shall be deemed to have materially and adversely affected the value of
the related Mortgage Loan or the interest of the Assignee therein if the
Assignee incurs a loss as a result of such defect or breach), the Assignee
promptly shall request that the Assignor cure such breach and if the Assignor
does not cure such breach in all material respects within ninety (90) days
from the date on which it is notified of the breach, the Assignee may enforce
the Assignor's obligation hereunder to purchase such Mortgage Loan from the
Assignee at the Repurchase Price (as defined in the Servicing Agreement).
In the event the Servicer has breached a representation or
warranty under the Servicing Agreement that materially and adversely affects
the value of any mortgage Loan, or the interest of the Assignee therein, and
thus is obligated to repurchase such Mortgage Loan under the Servicing
Agreement, and such breach is substantially identical to, or covers the same
matters as, a representation or warranty breached by the Assignor hereunder,
the Assignee shall first proceed against the Servicer. If the Servicer does
not within ninety (90) days after notification of the breach, take steps to
cure such breach (which may include certifying to progress made and requesting
an extension of the time to cure such breach, as permitted under the Servicing
Agreement) or purchase the Mortgage Loan, the Assignee shall be entitled to
enforce the obligations of the Assignor hereunder to cure such breach or to
purchase the Mortgage Loan from the Trust. In such event, the Assignor shall
succeed to the rights of the Assignee to enforce the obligations of the
Servicer to cure such breach or repurchase such Mortgage Loan under the terms
of the Servicing Agreement with respect to such Mortgage Loan. In the event of
a repurchase of any Mortgage Loan by the Assignor, the applicable custodian on
behalf of the Trustee shall promptly deliver to the Assignor or its designee
the related Mortgage File and the Trustee shall assign to the Assignor all of
the Assignee's rights under the Servicing Agreement, but only insofar as the
Servicing Agreement relate to such Mortgage Loan.
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Except as specifically set forth herein, the Assignee shall have
no responsibility to enforce any provision of this Assignment Agreement, to
oversee compliance hereof, or to take notice of any breach or default thereof.
7. Termination; Optional Clean-Up Call.
In connection with the Trust Agreement, the Master Servicer hereby
agrees to the following obligations described below. For purposes of this
Section 7 only, any capitalized term used but not defined in this Assignment
Agreement has the same meaning assigned thereto in the Trust Agreement.
If the party with the optional call right elects to terminate the
Trust Fund pursuant to Sections 11.01 of the Trust Agreement, by no later than
the 10th day of the month of the final distribution, the Master Servicer shall
notify the Trustee and the Securities Administrator of the final Distribution
Date and of the applicable repurchase price of the Mortgage Loans and REO
Properties.
In the event such party purchases the Mortgage Loans (and REO
Properties) pursuant to Section 11.01 of the Trust Agreement and pursuant to
the Step 2 Assignment Agreements, the Master Servicer is required thereunder
to remit to the Securities Administrator the applicable Termination Price on
the Remittance Date immediately preceding the applicable final Distribution
Date. Upon such final deposit with respect to the Trust Fund and the receipt
by the Securities Administrator and the Custodians of a Request for Release
therefor, the Master Servicer shall direct the Custodians to release to the
Master Servicer or its designee the Custodial Files for the Mortgage Loans.
8. Continuing Effect.
Except as contemplated hereby, the Servicing Agreement shall
remain in full force and effect in accordance with their respective terms.
9. Governing Law.
THIS ASSIGNMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS HEREUNDER
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK (WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF).
EACH PARTY HERETO HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
WAIVES ANY AND ALL RIGHTS IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS
ASSIGNMENT AGREEMENT, OR ANY OTHER DOCUMENTS AND INSTRUMENTS EXECUTED IN
CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER ORAL OR WRITTEN), OR ACTIONS OF SUCH PARTY. THIS PROVISION IS A
MATERIAL INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS ASSIGNMENT AGREEMENT.
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10. Notices.
Any notices or other communications permitted or required
hereunder or under the Servicing Agreement shall be in writing and shall be
deemed conclusively to have been given if personally delivered at or mailed by
registered mail, postage prepaid, and return receipt requested or transmitted
by telex, telegraph or telecopier and confirmed by a similar mailed writing,
to:
(a) in the case of the Servicer,
American Home Mortgage Servicing, Inc.
0000 Xxxxxx Xxxx, Xxxxx 000
Xxxxxx, Xxxxx 00000
Attention: Xxxxx Xxxxxxxx, Executive Vice President
Tel.: (000) 000-0000
Fax: (000) 000-0000
with a copy to,
American Home Mortgage Corp.
000 Xxxxxxxxxxx Xxxx
Xxxxxxxx, Xxx Xxxx 00000
Attention: Xxxx X. Xxxx, General Counsel
Fax: (000) 000-0000
Tel.: (000) 000-0000
or such other address as may hereafter be furnished by the
Servicer;
(b) in the case of the Master Servicer,
Xxxxx Fargo Bank, National Association
X.X. Xxx 00
Xxxxxxxx, Xxxxxxxx 00000
Attention: GSAA 2006-11
or in the case of overnight deliveries:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: GSAA 2006-11
or such other address as may hereafter be furnished by the Master
Servicer;
(c) in the case of the Assignor,
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GS Mortgage Securities Corp.
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxx Xxxxxxx
Tel.: (000) 000-0000
Fax: (000) 000-0000
with a copy to:
GS Mortgage Securities Corp.
00 Xxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Attention: Xxxxxxx Xxxxxxx
Tel.: (000) 000-0000
Fax: (000) 000-0000
or such other address as may hereafter be furnished by the
Assignor; and
(d) in the case of the Trustee or the Assignee,
Deutsche Bank National Trust Company
0000 Xxxx Xx. Xxxxxx Xxxxx
Xxxxx Xxx, Xxxxxxxxxx 00000-0000
Attention: Trust Administration - GS0611
Tel.: (000) 000-0000
or such other address as may hereafter be furnished by the Assignee.
11. Counterparts.
This Assignment Agreement 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
Agreement has the meaning assigned thereto in the Servicing Agreement or the
Trust Agreement, as applicable.
13. Third Party Beneficiary. The parties agree that the Master
Servicer is intended to be, and shall have the rights of, a third party
beneficiary of this Assignment Agreement.
14. Trustee Capacity.
It is expressly understood and agreed by the parties hereto that
(a) this Assignment Agreement is executed and delivered by Deutsche Bank
National Trust Company, not individually or personally, but solely on behalf
of GSAA Home Equity Trust 2006-11, in the
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exercise of the powers and authority conferred and vested in it, (b) each of
the representations, undertakings and agreements by Deutsche Bank National
Trust Company is made and intended for the purpose of binding only the GSAA
Home Equity Trust 2006-11, (c) nothing herein contained shall be construed as
creating any liability on the part of Deutsche Bank National Trust Company,
individually or personally, to perform any covenant either express or implied
contained herein, all such liability, if any, being expressly waived by the
parties hereto, and by any person claiming by, through or under the parties
hereto and (d) under no circumstances shall Deutsche Bank National Trust
Company be personally liable for the payment of any indebtedness or expenses
of the GSAA Home Equity Trust 2006-11 or be liable for the breach or failure
of any obligation, representation, warranty or covenant made or undertaken by
the GSAA Home Equity Trust 2006-11 under this Agreement or any other related
document or documents.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have executed this
Assignment Agreement the day and year first above written.
GS MORTGAGE SECURITIES CORP.
By: /s/ Xxxxxxxx Xxxx
----------------------------------------
Name: Xxxxxxxx Xxxx
Title: Vice President
DEUTSCHE BANK NATIONAL TRUST COMPANY,
not in its individual capacity but solely
as Trustee
By: /s/ Xxxxxxx Xxxxx
----------------------------------------
Name: Xxxxxxx Xxxxx
Title: Vice President
AMERICAN HOME MORTGAGE SERVICING, INC.,
as Servicer
By: /s/ Xxxx X. Xxxx
----------------------------------------
Name: Xxxx. X. Xxxx
Title: Executive Vice President
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Master Servicer
By: /s/ Xxxxxxxx X. Xxxxx
--------------------------------------------------
Name: Xxxxxxxx X. Xxxxx
Title: Vice President
American Home Step 2 AAR
EXHIBIT A
Mortgage Loan Schedule
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[On File with the Securities Administrator as provided by the Depositor]
EXHIBIT B
Standard File Layout - Master Servicing
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Column Name Description Decimal Format Comment Max Size
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SER_INVESTOR_NBR A value assigned by the Servicer to define a Text up to 10 digits 20
group of loans.
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LOAN_NBR A unique identifier assigned to each loan by Text up to 10 digits 10
the investor.
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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.
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BORROWER_NAME The borrower name as received in the file. Maximum length of 30 (Last, First) 30
It is not separated by first and last name.
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SCHED_PAY_AMT Scheduled monthly principal and scheduled 2 No commas(,) or dollar signs ($) 11
interest payment that a borrower is expected
to pay, P&I constant.
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NOTE_INT_RATE The loan interest rate as reported by the 4 Max length of 6 6
Servicer.
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NET_INT_RATE The loan gross interest rate less the 4 Max length of 6 6
service fee rate as reported by the Servicer.
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SERV_FEE_RATE The servicer's fee rate for a loan as 4 Max length of 6 6
reported by the Servicer.
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SERV_FEE_AMT The servicer's fee amount for a loan as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
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NEW_PAY_AMT The new loan payment amount as reported by 2 No commas(,) or dollar signs ($) 11
the Servicer.
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NEW_LOAN_RATE The new loan rate as reported by the 4 Max length of 6 6
Servicer.
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ARM_INDEX_RATE The index the Servicer is using to calculate 4 Max length of 6 6
a forecasted rate.
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ACTL_BEG_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the beginning of the processing cycle.
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ACTL_END_PRIN_BAL The borrower's actual principal balance at 2 No commas(,) or dollar signs ($) 11
the end of the processing cycle.
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BORR_NEXT_PAY_DUE_DATE The date at the end of processing cycle that MM/DD/YYYY 10
the borrower's next payment is due to the
Servicer, as reported by Servicer.
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SERV_CURT_AMT_1 The first curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
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SERV_CURT_DATE_1 The curtailment date associated with the MM/DD/YYYY 10
first curtailment amount.
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CURT_ADJ_ AMT_1 The curtailment interest on the first 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
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SERV_CURT_AMT_2 The second curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated with the MM/DD/YYYY 10
second curtailment amount.
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CURT_ADJ_ AMT_2 The curtailment interest on the second 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
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SERV_CURT_AMT_3 The third curtailment amount to be applied. 2 No commas(,) or dollar signs ($) 11
----------------------------------------------------------------------------------------------------------------------------------
SERV_CURT_DATE_3 The curtailment date associated with the MM/DD/YYYY 10
third curtailment amount.
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CURT_ADJ_AMT_3 The curtailment interest on the third 2 No commas(,) or dollar signs ($) 11
curtailment amount, if applicable.
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PIF_AMT The loan "paid in full" amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer.
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PIF_DATE The paid in full date as reported by the MM/DD/YYYY 10
Servicer.
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Action Code Key: 15=Bankruptcy, 2
ACTION_CODE The standard FNMA numeric code used to 30=Foreclosure, , 60=PIF,
indicate the default/delinquent status of a 63=Substitution,
particular loan. 65=Repurchase,70=REO
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INT_ADJ_AMT The amount of the interest adjustment as 2 No commas(,) or dollar signs ($) 11
reported by the Servicer.
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SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor Adjustment amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
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NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, if 2 No commas(,) or dollar signs ($) 11
applicable.
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LOAN_LOSS_AMT The amount the Servicer is passing as a 2 No commas(,) or dollar signs ($) 11
loss, if applicable.
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SCHED_BEG_PRIN_BAL The scheduled outstanding principal amount 2 No commas(,) or dollar signs ($) 11
due at the beginning of the cycle date to be
passed through to investors.
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SCHED_END_PRIN_BAL The scheduled principal balance due to 2 No commas(,) or dollar signs ($) 11
investors at the end of a processing cycle.
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SCHED_PRIN_AMT The scheduled principal amount as reported 2 No commas(,) or dollar signs ($) 11
by the Servicer for the current cycle --
only applicable for Scheduled/Scheduled
Loans.
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SCHED_NET_INT The scheduled gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current cycle as
reported by the Servicer -- only applicable
for Scheduled/Scheduled Loans.
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ACTL_PRIN_AMT The actual principal amount collected by the 2 No commas(,) or dollar signs ($) 11
Servicer for the current reporting cycle --
only applicable for Actual/Actual Loans.
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ACTL_NET_INT The actual gross interest amount less the 2 No commas(,) or dollar signs ($) 11
service fee amount for the current reporting
cycle as reported by the Servicer -- only
applicable for Actual/Actual Loans.
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PREPAY_PENALTY_ AMT The penalty amount received when a borrower 2 No commas(,) or dollar signs ($) 11
prepays on his loan as reported by the
Servicer.
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PREPAY_PENALTY_ WAIVED The prepayment penalty amount for the loan 2 No commas(,) or dollar signs ($) 11
waived by the servicer.
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MOD_DATE The Effective Payment Date of the MM/DD/YYYY 10
Modification for the loan.
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MOD_TYPE The Modification Type. Varchar - value can be alpha or 30
numeric
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DELINQ_P&I_ADVANCE_AMT The current outstanding principal and 2 No commas(,) or dollar signs ($) 11
interest advances made by Servicer.
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EXHIBIT C
Standard File Layout - Delinquency Reporting
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Column/Header Name Description Decimal Format Comment
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SERVICER_LOAN_NBR A unique number assigned to a loan by the Servicer. This
may be different than the LOAN_NBR
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LOAN_NBR A unique identifier assigned to each loan by the originator.
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CLIENT_NBR Servicer Client Number
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SERV_INVESTOR_NBR Contains a unique number as assigned by an external servicer
to identify a group of loans in their system.
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BORROWER_FIRST_NAME First Name of the Borrower.
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BORROWER_LAST_NAME Last name of the borrower.
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PROP_ADDRESS Street Name and Number of Property
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PROP_STATE The state where the property located.
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PROP_ZIP Zip code where the property is located.
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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.
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LOAN_TYPE Loan Type (i.e. FHA, VA, Conv)
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BANKRUPTCY_FILED_DATE The date a particular bankruptcy claim was filed. MM/DD/YYYY
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BANKRUPTCY_CHAPTER_CODE The chapter under which the bankruptcy was filed.
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BANKRUPTCY_CASE_NBR The case number assigned by the court to the bankruptcy
filing.
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POST_PETITION_DUE_DATE The payment due date once the bankruptcy has been approved MM/DD/YYYY
by the courts
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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.
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LOSS_MIT_APPR_DATE The Date The Loss Mitigation Was Approved By The Servicer MM/DD/YYYY
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LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For A Loan Such As;
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LOSS_MIT_EST_COMP_DATE The Date The Loss Mitigation /Plan Is Scheduled To End/Close MM/DD/YYYY
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LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually Completed MM/DD/YYYY
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FRCLSR_APPROVED_DATE The date DA Admin sends a letter to the servicer with MM/DD/YYYY
instructions to begin foreclosure proceedings.
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ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to Pursue Foreclosure MM/DD/YYYY
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FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney in a Foreclosure MM/DD/YYYY
Action
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FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is expected to occur. MM/DD/YYYY
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FRCLSR_SALE_DATE The actual date of the foreclosure sale. MM/DD/YYYY
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FRCLSR_SALE_AMT The amount a property sold for at the foreclosure sale. 2 No commas(,)
or dollar
signs ($)
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EVICTION_START_DATE The date the servicer initiates eviction of the borrower. MM/DD/YYYY
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EVICTION_COMPLETED_DATE The date the court revokes legal possession of the property MM/DD/YYYY
from the borrower.
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LIST_PRICE The price at which an REO property is marketed. 2 No commas(,)
or dollar
signs ($)
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LIST_DATE The date an REO property is listed at a particular price. MM/DD/YYYY
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OFFER_AMT The dollar value of an offer for an REO property. 2 No commas(,)
or dollar
signs ($)
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OFFER_DATE_TIME The date an offer is received by DA Admin or by the Servicer. MM/DD/YYYY
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REO_CLOSING_DATE The date the REO sale of the property is scheduled to close. MM/DD/YYYY
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REO_ACTUAL_CLOSING_DATE Actual Date Of REO Sale MM/DD/YYYY
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OCCUPANT_CODE Classification of how the property is occupied.
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Page 1 of 24
Please be advised that failure to comply with ANY or all of the guidelines
entailed herein may result in issuance of late reporting fees.
(C) Copyright Xxxxx Fargo Bank, Corporate Trust Services
Contact us with Reporting Questions: XXXXxxxxxxXXX@XxxxxXxxxx.xxx
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PROP_CONDITION_CODE A code that indicates the condition of the property.
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PROP_INSPECTION_DATE The date a property inspection is performed. MM/DD/YYYY
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APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
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CURR_PROP_VAL The current "as is" value of the property based on brokers 2
price opinion or appraisal.
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REPAIRED_PROP_VAL The amount the property would be worth if repairs are 2
completed pursuant to a broker's price opinion or appraisal.
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If applicable:
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DELINQ_STATUS_CODE FNMA Code Describing Status of Loan
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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.
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MI_CLAIM_FILED_DATE Date Mortgage Insurance Claim Was Filed With Mortgage MM/DD/YYYY
Insurance Company.
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MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No commas(,)
or dollar
signs ($)
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MI_CLAIM_PAID_DATE Date Mortgage Insurance Company Disbursed Claim Payment MM/DD/YYYY
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MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid On Claim 2 No commas(,)
or dollar
signs ($)
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POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance Company MM/DD/YYYY
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POOL_CLAIM_AMT Amount of Claim Filed With Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
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POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was Issued By The Pool MM/DD/YYYY
Insurer
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POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance Company 2 No commas(,)
or dollar
signs ($)
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FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
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FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No commas(,)
or dollar
signs ($)
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FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
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FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No commas(,)
or dollar
signs ($)
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FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With HUD MM/DD/YYYY
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FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No commas(,)
or dollar
signs ($)
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FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim Payment MM/DD/YYYY
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FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No commas(,)
or dollar
signs ($)
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VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the Veterans Admin MM/DD/YYYY
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VA_CLAIM_PAID_DATE Date Veterans Admin. Disbursed VA Claim Payment MM/DD/YYYY
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VA_CLAIM_PAID_AMT Amount Veterans Admin. Paid on VA Claim 2 No commas(,)
or dollar
signs ($)
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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
Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Reason Code field should show the Reason for Delinquency
as follows:
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Delinquency Code Delinquency Description
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001 FNMA-Death of principal mortgagor
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002 FNMA-Illness of principal mortgagor
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003 FNMA-Illness of mortgagor's family member
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004 FNMA-Death of mortgagor's family member
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005 FNMA-Marital difficulties
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006 FNMA-Curtailment of income
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007 FNMA-Excessive Obligation
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008 FNMA-Abandonment of property
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009 FNMA-Distant employee transfer
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011 FNMA-Property problem
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012 FNMA-Inability to sell property
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013 FNMA-Inability to rent property
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014 FNMA-Military Service
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015 FNMA-Other
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016 FNMA-Unemployment
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017 FNMA-Business failure
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019 FNMA-Casualty loss
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022 FNMA-Energy environment costs
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023 FNMA-Servicing problems
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026 FNMA-Payment adjustment
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027 FNMA-Payment dispute
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029 FNMA-Transfer of ownership pending
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030 FNMA-Fraud
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031 FNMA-Unable to contact borrower
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INC FNMA-Incarceration
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Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Status Code field should show the Status of Default as
follows:
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Status Code Status Description
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09 Forbearance
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17 Pre-foreclosure Sale Closing Plan Accepted
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24 Government Seizure
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26 Refinance
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27 Assumption
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28 Modification
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29 Charge-Off
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30 Third Party Sale
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31 Probate
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32 Military Indulgence
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43 Foreclosure Started
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44 Deed-in-Lieu Started
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49 Assignment Completed
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61 Second Lien Considerations
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62 Veteran's Affairs-No Bid
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63 Veteran's Affairs-Refund
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64 Veteran's Affairs-Buydown
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65 Chapter 7 Bankruptcy
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66 Chapter 11 Bankruptcy
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67 Chapter 13 Bankruptcy
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EXHIBIT D
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.
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.
Credits:
Page 1 of 24
Please be advised that failure to comply with ANY or all of the guidelines
entailed herein may result in issuance of late reporting fees.
(C) Copyright Xxxxx Fargo Bank, Corporate Trust Services
Contact us with Reporting Questions: XXXXxxxxxxXXX@XxxxxXxxxx.xxx
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 ( ).
A-2
Calculation of Realized Loss/Gain Form 332
Prepared by: __________________ Date: __________
Phone: ______________________ Email Address:_______________________
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Servicer Loan No. Servicer Name Servicer Address
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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)
A-4
Escrow Disbursement Detail
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Type Date Paid Period of Total Paid Base Amount Penalties Interest
(Tax /Ins.) Coverage
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A-5
