Exhibit 99.10
EXECUTION COPY
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GSAA HOME EQUITY TRUST 2007-6
ASSET-BACKED CERTIFICATES
SERIES 2007-6
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
among
GS MORTGAGE SECURITIES CORP.,
as Assignor
DEUTSCHE BANK NATIONAL TRUST COMPANY, AS TRUSTEE
FOR GSAA HOME EQUITY TRUST 2007-6
as Assignee
and
XXXXX FARGO BANK, NATIONAL ASSOCIATION
as Servicer
and as acknowledged by
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Master Servicer
Dated as of
May 30, 2007
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ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT
ASSIGNMENT, ASSUMPTION AND RECOGNITION AGREEMENT (this "Assignment
Agreement") is made this 30th day of May, 2007, among Xxxxx Fargo Bank,
National Association ("Xxxxx Fargo"), a national banking association (in such
capacity, 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 2007-6 (the "Assignee"), and as
acknowledged by Xxxxx Fargo, as master servicer (in such capacity, the "Master
Servicer").
WHEREAS, Xxxxxxx Sachs Mortgage Company ("GSMC") and the Servicer
have entered into (i) the Second Amended and Restated Master Seller's
Warranties and Servicing Agreement, dated as of November 1, 2005, (ii) the
Assignment and Conveyance Agreement (07-AM02), dated as of January 29, 2007
and (iii) the Assignment and Conveyance Agreement (07-AM03), dated as of
February 27, 2007 (collectively, the "Servicing Agreement") pursuant to which
the Servicer 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 May 30, 2007, (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 May 1, 2007 (the "Trust Agreement"), among the Depositor, Deutsche Bank
National Trust Company, as a Trustee and as a custodian, The Bank of New York
Trust Company, National Association, as a custodian, U.S. Bank National
Association, as a custodian and Xxxxx Fargo, as Master Servicer, securities
administrator and as a custodian, 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
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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 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
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 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 3.1 of the Servicing Agreement are true and
correct as of the date hereto, and the representations and warranties
regarding the Mortgage Loans contained in Section 3.2 of the Servicing
Agreement were true and correct as of the respective 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 (which, for the purposes of this sentence, does not
include the Assignment and Conveyance Agreement (07-AM02), dated as of January
29, 2007), 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, it (and 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 Trustee 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
Trustee, on behalf of the
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Assignee. Such rights that the Master Servicer may enforce on behalf of the
Trustee will include, without limitation, the right to terminate the Servicer
under the Servicing 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 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 on behalf of the Assignee, 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 2007-6 Acct # 53154300
(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.
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(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 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
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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.
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. (a) 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 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 Trustee shall promptly deliver to the Assignor or its designee
the related Mortgage File and 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,
Xxxxx Fargo Bank, National Association
1 Home Campus, MAC #X2302-033
Xxx Xxxxxx, Xxxx 00000-0000
Attention: Xxxx X. Xxxxx
Tel: (000) 000-0000
Fax: (000) 000-0000
with a copy to,
Xxxxx Fargo Bank, National Association
1 Home Campus, MAC #X2401-06T
Xxx Xxxxxx, Xxxx 00000-0000
Attention: General Counsel
Tel: 000-000-0000
Fax: (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: Client Manager - GSAA 2007-6
or in the case of overnight deliveries:
Xxxxx Fargo Bank, National Association
0000 Xxx Xxxxxxxxx Xxxx
Xxxxxxxx, Xxxxxxxx 00000
Attention: Client Manager - GSAA 2007-6
or such address as may hereafter be furnished by the Master
Servicer;
(c) in the case of the Trustee or the Assignee,
Deutsche Bank National Trust Company
0000 Xxxx Xx. Xxxxxx Xxxxx
0
Xxxxx Xxx, Xxxxxxxxxx 00000-0000
Attention: Trust Administration - GS0706
Tel.: (000) 000-0000
or such other address as may hereafter be furnished by the
Trustee or 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 2007-6, in the 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 but is made and intended
for the purpose for binding only the GSAA Home Equity Trust 2007-6, (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
2007-6 or be liable for the breach or failure of any obligation,
representation, warranty or covenant made or undertaken by the GSAA Home
Equity Trust 2007-6 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., as Assignor
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/ Xxx Xxxxx
---------------------------------------
Name: Xxx Xxxxx
Title: Authorized Signer
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Servicer
By: /s/ Xxxxxxx Xxxxxx
---------------------------------------
Name: Xxxxxxx Xxxxxx
Title: Senior Vice President
Acknowledged and Agreed:
XXXXX FARGO BANK, NATIONAL ASSOCIATION,
as Master Servicer
By: /s/ Xxxxxx Xxxx
---------------------------------
Name: Xxxxxx Xxxx
Title: Vice President
Xxxxx Fargo Step 2 AAR
EXHIBIT A
Mortgage Loan Schedule
----------------------
[On File with the Securities Administrator as provided by the Depositor]
Xxxxx Fargo Step 2 AAR
EXHIBIT B
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Standard Loan Level File Layout - Master Servicing
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Column Name Description Decimal Format Comment Max
Size
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Each file requires the following fields:
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SER_INVESTOR_NBR A value assigned by the Servicer Text up to 20
to define a group of loans. digits 20
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LOAN_NBR A unique identifier assigned to Text up to 10
each loan by the investor. digits 10
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SERVICER_LOAN_NBR A unique number assigned to a Text up to 10
loan by the Servicer. This may digits 10
be different than the LOAN_NBR.
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SCHED_PAY_AMT Scheduled monthly principal and 2 No commas(,)
scheduled interest payment that or dollar 11
a borrower is expected to pay, signs ($)
P&I constant.
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NOTE_INT_RATE The loan interest rate as 4 Max length of 6
reported by the Servicer. 6
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NET_INT_RATE The loan gross interest rate 4 Max length of 6
less the service fee rate as 6
reported by the Servicer.
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SERV_FEE_RATE The servicer's fee rate for a 4 Max length of 6
loan as reported by the 6
Servicer.
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SERV_FEE_AMT The servicer's fee amount for a 2 No commas(,)
loan as reported by the or dollar 11
Servicer. signs ($)
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NEW_PAY_AMT The new loan payment amount as 2 No commas(,)
reported by the Servicer. or dollar 11
signs ($)
--------------------------------------------------------------------------------------
NEW_LOAN_RATE The new loan rate as reported by 4 Max length of 6
the Servicer. 6
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ARM_INDEX_RATE The index the Servicer is using 4 Max length of 6
to calculate a forecasted rate. 6
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ACTL_BEG_PRIN_BAL The borrower's actual principal 2 No commas(,)
balance at the beginning of the or dollar 11
processing cycle. signs ($)
--------------------------------------------------------------------------------------
ACTL_END_PRIN_BAL The borrower's actual principal 2 No commas(,)
balance at the end of the or dollar 11
processing cycle. signs ($)
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BORR_NEXT_PAY_DUE_DATE The date at the end of MM/DD/YYYY
processing cycle that the 10
borrower's next payment is due
to the Servicer, as reported by
Servicer.
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SERV_CURT_AMT_1 The first curtailment amount to 2 No commas(,)
be applied. or dollar 11
signs ($)
--------------------------------------------------------------------------------------
SERV_CURT_DATE_1 The curtailment date associated MM/DD/YYYY
with the first curtailment 10
amount.
--------------------------------------------------------------------------------------
CURT_ADJ_ AMT_1 The curtailment interest on the 2 No commas(,)
first curtailment amount, if or dollar 11
applicable. signs ($)
--------------------------------------------------------------------------------------
SERV_CURT_AMT_2 The second curtailment amount to 2 No commas(,)
be applied. or dollar 11
signs ($)
--------------------------------------------------------------------------------------
SERV_CURT_DATE_2 The curtailment date associated MM/DD/YYYY
with the second curtailment 10
amount.
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CURT_ADJ_ AMT_2 The curtailment interest on the 2 No commas(,)
second curtailment amount, if or dollar 11
applicable. signs ($)
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Xxxxx Fargo Step 2 AAR
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Exhibit 1: Continued Standard Loan Level File Layout
--------------------------------------------------------------------------------------
Column Name Description Decimal Format Comment Max
Size
--------------------------------------------------------------------------------------
SERV_CURT_AMT_3 The third curtailment amount to 2 No commas(,)
be applied. or dollar 11
signs ($)
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SERV_CURT_DATE_3 The curtailment date associated MM/DD/YYYY
with the third curtailment 10
amount.
--------------------------------------------------------------------------------------
CURT_ADJ_AMT_3 The curtailment interest on the 2 No commas(,)
third curtailment amount, if or dollar 11
applicable. signs ($)
--------------------------------------------------------------------------------------
PIF_AMT The loan "paid in full" amount 2 No commas(,)
as reported by the Servicer. or dollar 11
signs ($)
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PIF_DATE The paid in full date as MM/DD/YYYY
reported by the Servicer. 10
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Action Code
ACTION_CODE The standard FNMA numeric code Key: 2
used to indicate the 15=Bankruptcy,
default/delinquent status of a 30=Foreclosure,
particular loan. 60=PIF,
63=Substitution,
65=Repurchase
70=REO
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INT_ADJ_AMT The amount of the interest 2 No commas(,)
adjustment as reported by the or dollar 11
Servicer. signs ($)
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SOLDIER_SAILOR_ADJ_AMT The Soldier and Sailor 2 No commas(,)
Adjustment amount, if or dollar 11
appliable. signs ($)
--------------------------------------------------------------------------------------
NON_ADV_LOAN_AMT The Non Recoverable Loan Amount, 2 No commas(,)
if applicable. or dollar 11
signs ($)
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LOAN_LOSS_AMT The amount the Servicer is 2 No commas(,)
passing as a loss, if or dollar 11
applicable. signs ($)
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Plus the following applicable fields:
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SCHED_BEG_PRIN_BAL The scheduled outstanding 2 No commas(,)
principal amount due at the or dollar 11
beginning of the cycle date to signs ($)
be passed through to investors.
--------------------------------------------------------------------------------------
SCHED_END_PRIN_BAL The scheduled principal balance 2 No commas(,)
due to investors at the end of a or dollar 11
processing cycle. signs ($)
--------------------------------------------------------------------------------------
SCHED_PRIN_AMT The scheduled principal amount 2 No commas(,)
as reported by the Servicer for or dollar 11
the current cycle -- only signs ($)
applicable for
Scheduled/Scheduled Loans.
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SCHED_NET_INT The scheduled gross interest 2 No commas(,)
amount less the service fee or dollar 11
amount for the current cycle as signs ($)
reported by the Servicer --
only applicable for
Scheduled/Scheduled Loans.
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ACTL_PRIN_AMT The actual principal amount 2 No commas(,)
collected by the Servicer for or dollar 11
the current reporting cycle -- signs ($)
only applicable for
Actual/Actual Loans.
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ACTL_NET_INT The actual gross interest amount 2 No commas(,)
less the service fee amount for or dollar 11
the current reporting cycle as signs ($)
reported by the Servicer --
only applicable for Actual/
Actual Loans.
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PREPAY_PENALTY_ AMT The penalty amount received when 2 No commas(,)
a borrower prepays on his loan or dollar 11
as reported by the Servicer. signs ($)
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PREPAY_PENALTY_ WAIVED The prepayment penalty amount 2 No commas(,)
for the loan waived by the or dollar 11
servicer. signs ($)
--------------------------------------------------------------------------------------
MOD_DATE The Effective Payment Date of MM/DD/YYYY
the Modification for the loan. 10
--------------------------------------------------------------------------------------
MOD_TYPE The Modification Type. Varchar -
value can be 30
alpha or
numeric
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DELINQ_P&I_ADVANCE_AMT The current outstanding 2 No commas(,)
principal and interest advances or dollar 11
made by Servicer. signs ($)
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Flag to indicate if the Y=Breach
BREACH_FLAG repurchase of a loan is due to a N=NO Breach 1
breach of Representations and Let blank if
Warranties N/A
--------------------------------------------------------------------------------------
Xxxxx Fargo Step 2 AAR
EXHIBIT C
Standard File Layout - Delinquency Reporting
*The column/header names in bold are the minimum fields Xxxxx Fargo must
receive from every Servicer
-----------------------------------------------------------------------------------------------------
Column/Header Name Description Decimal Format
Comment
-----------------------------------------------------------------------------------------------------
SERVICER_LOAN_NBR A unique number assigned to a loan by
the Servicer. This may be different
than the LOAN_NBR
-----------------------------------------------------------------------------------------------------
LOAN_NBR A unique identifier assigned to each
loan by the originator.
-----------------------------------------------------------------------------------------------------
CLIENT_NBR Servicer Client Number
-----------------------------------------------------------------------------------------------------
SERV_INVESTOR_NBR Contains a unique number as assigned by an
external servicer to identify a group of
loans in their system.
-----------------------------------------------------------------------------------------------------
BORROWER_FIRST_NAME First Name of the Borrower.
-----------------------------------------------------------------------------------------------------
BORROWER_LAST_NAME Last name of the borrower.
-----------------------------------------------------------------------------------------------------
PROP_ADDRESS Street Name and Number of Property
-----------------------------------------------------------------------------------------------------
PROP_STATE The state where the property located.
-----------------------------------------------------------------------------------------------------
PROP_ZIP Zip code where the property is located.
-----------------------------------------------------------------------------------------------------
BORR_NEXT_PAY_DUE_DATE The date that the borrower's next MM/DD/YYYY
payment is due 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 MM/DD/YYYY
was filed.
-----------------------------------------------------------------------------------------------------
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 MM/DD/YYYY
has 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 MM/DD/YYYY
Approved By The Servicer
-----------------------------------------------------------------------------------------------------
LOSS_MIT_TYPE The Type Of Loss Mitigation Approved For
A Loan Such As;
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
LOSS_MIT_ACT_COMP_DATE The Date The Loss Mitigation Is Actually MM/DD/YYYY
Completed
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
ATTORNEY_REFERRAL_DATE Date File Was Referred To Attorney to MM/DD/YYYY
Pursue Foreclosure
-----------------------------------------------------------------------------------------------------
FIRST_LEGAL_DATE Notice of 1st legal filed by an Attorney MM/DD/YYYY
in a Foreclosure Action
-----------------------------------------------------------------------------------------------------
FRCLSR_SALE_EXPECTED_DATE The date by which a foreclosure sale is MM/DD/YYYY
expected 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
foreclosure sale. commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------
EVICTION_START_DATE The date the servicer initiates eviction MM/DD/YYYY
of the borrower.
-----------------------------------------------------------------------------------------------------
EVICTION_COMPLETED_DATE The date the court revokes legal MM/DD/YYYY
possession of the property from the borrower.
-----------------------------------------------------------------------------------------------------
LIST_PRICE The price at which an REO property is 2 No
marketed. commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------
LIST_DATE The date an REO property is listed at a MM/DD/YYYY
particular price.
-----------------------------------------------------------------------------------------------------
OFFER_AMT The dollar value of an offer for an REO 2 No
property. commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------
OFFER_DATE_TIME The date an offer is received by DA MM/DD/YYYY
Admin or by 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 MM/DD/YYYY
performed.
-----------------------------------------------------------------------------------------------------
APPRAISAL_DATE The date the appraisal was done. MM/DD/YYYY
-----------------------------------------------------------------------------------------------------
CURR_PROP_VAL The current "as is" value of the 2
property based on brokers price opinion
or appraisal.
-----------------------------------------------------------------------------------------------------
REPAIRED_PROP_VAL The amount the property would be worth 2
if 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 MM/DD/YYYY
With Mortgage Insurance Company.
-----------------------------------------------------------------------------------------------------
MI_CLAIM_AMT Amount of Mortgage Insurance Claim Filed No
commas(,)
or
dollar
signs
($)
-----------------------------------------------------------------------------------------------------
MI_CLAIM_PAID_DATE Date Mortgage Insurance Company MM/DD/YYYY
Disbursed Claim Payment
-----------------------------------------------------------------------------------------------------
MI_CLAIM_AMT_PAID Amount Mortgage Insurance Company Paid 2 No
On Claim commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------
POOL_CLAIM_FILED_DATE Date Claim Was Filed With Pool Insurance MM/DD/YYYY
Company
-----------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT Amount of Claim Filed With Pool 2 No
Insurance Company commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------
POOL_CLAIM_PAID_DATE Date Claim Was Settled and The Check Was MM/DD/YYYY
Issued By The Pool Insurer
-----------------------------------------------------------------------------------------------------
POOL_CLAIM_AMT_PAID Amount Paid On Claim By Pool Insurance 2 No
Company commas(,)
or dollar
signs ($)
-----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_FILED_DATE Date FHA Part A Claim Was Filed With HUD MM/DD/YYYY
-----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_AMT Amount of FHA Part A Claim Filed 2 No
commas(,)
or
dollar
signs
($)
-----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_DATE Date HUD Disbursed Part A Claim Payment MM/DD/YYYY
-----------------------------------------------------------------------------------------------------
FHA_PART_A_CLAIM_PAID_AMT Amount HUD Paid on Part A Claim 2 No
commas(,)
or
dollar
signs
($)
-----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_FILED_DATE Date FHA Part B Claim Was Filed With MM/DD/YYYY
HUD
-----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_AMT Amount of FHA Part B Claim Filed 2 No
commas(,)
or
dollar
signs
($)
-----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_DATE Date HUD Disbursed Part B Claim MM/DD/YYYY
Payment
-----------------------------------------------------------------------------------------------------
FHA_PART_B_CLAIM_PAID_AMT Amount HUD Paid on Part B Claim 2 No
commas(,)
or
dollar
signs
($)
-----------------------------------------------------------------------------------------------------
VA_CLAIM_FILED_DATE Date VA Claim Was Filed With the MM/DD/YYYY
Veterans 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
($)
-----------------------------------------------------------------------------------------------------
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:
----------------------------------------------------------
Delinquency Delinquency Description
Code
----------------------------------------------------------
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
----------------------------------------------------------
Standard File Codes - Delinquency Reporting, Continued
The FNMA Delinquent Status Code field should show the Status of Default as
follows:
----------------------------------------------------------
Status Code Status Description
----------------------------------------------------------
09 Forbearance
----------------------------------------------------------
17 Pre-foreclosure Sale Closing Plan
Accepted
----------------------------------------------------------
24 Government Seizure
----------------------------------------------------------
26 Refinance
----------------------------------------------------------
27 Assumption
----------------------------------------------------------
28 Modification
----------------------------------------------------------
29 Charge-Off
----------------------------------------------------------
30 Third Party Sale
----------------------------------------------------------
31 Probate
----------------------------------------------------------
32 Military Indulgence
----------------------------------------------------------
43 Foreclosure Started
----------------------------------------------------------
44 Deed-in-Lieu Started
----------------------------------------------------------
49 Assignment Completed
----------------------------------------------------------
61 Second Lien Considerations
----------------------------------------------------------
62 Veteran's Affairs-No Bid
----------------------------------------------------------
63 Veteran's Affairs-Refund
----------------------------------------------------------
64 Veteran's Affairs-Buydown
----------------------------------------------------------
65 Chapter 7 Bankruptcy
----------------------------------------------------------
66 Chapter 11 Bankruptcy
----------------------------------------------------------
67 Chapter 13 Bankruptcy
----------------------------------------------------------
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 Servicing Officer certification
* Unusual or extraordinary items may require further
documentation.
13. The total of lines 1 through 12.
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.
A-1
* 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:_____________________
------------------------ -------------------------- -----------------------
Servicer Loan No. Servicer Name Servicer Address
------------------------ -------------------------- -----------------------
XXXXX FARGO BANK, NATIONAL ASSOCIATION 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)
A-3
______________________________________ _______________
(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
----------------------------------------------------------------------------
Type Date Paid Period of Total Paid Base Penalties Interest
(Tax /Ins.) Coverage Amount
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A-5
