EXHIBIT 10.2
FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT, dated as of [________] [__], 20[___],
between Residential Funding Company, LLC, a Delaware limited liability company
("RFC") and Residential Asset Mortgage Products, Inc., a Delaware corporation
(the "Company").
Recitals
A. RFC has entered into seller contracts ("Seller Contracts") with
the seller/servicers pursuant to which such seller/servicers sell mortgage loans
to RFC.
B. The Company wishes to purchase from RFC certain Mortgage Loans
(as hereinafter defined) originated pursuant to the Seller Contracts.
C. The Company, RFC, as master servicer, and [__________], as
trustee (the "Trustee"), are entering into a Pooling and Servicing Agreement
dated as of [________] [__], 20[___] (the "Pooling and Servicing Agreement"),
pursuant to which the Trust will issue Mortgage Asset-Backed Pass-Through
Certificates, Series 20[__]-RZ[__] (the "Certificates") consisting of
[twenty-five classes designated as Class A-1, Class X-0, Xxxxx X-0, Class M-1,
Class M-2, Class M-3, Class M-4, Class M-5, Class M-6, Class M-7, Class M-8,
Class M-9, Class B-1, Class B-2, Class B-3, Class SB, Class R-I and Class R-II],
representing beneficial ownership interests in a trust fund consisting primarily
of a pool of fixed and adjustable rate one- to four-family mortgage loans
identified on Exhibit F to the Pooling and Servicing Agreement (the "Mortgage
Loans").
D. In connection with the purchase of the Mortgage Loans, the
Company will assign to RFC a de minimis portion of the [Class R-I and Class
R-II] Certificates (the "Retained Certificates").
E. In connection with the purchase of the Mortgage Loans and the
issuance of the Certificates, RFC wishes to make certain representations and
warranties to the Company.
F. The Company and RFC intend that the conveyance by RFC to the
Company of all its right, title and interest in and to the Mortgage Loans
pursuant to this Agreement shall constitute a purchase and sale and not a loan.
NOW THEREFORE, in consideration of the recitals and the mutual promises
herein and other good and valuable consideration, the parties agree as follows:
1. All capitalized terms used but not defined herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.
2. Concurrently with the execution and delivery hereof, RFC hereby
assigns to the Company without recourse all of its right, title and interest in
and to the Mortgage Loans, including all interest and principal received on or
with respect to the Mortgage Loans after the Cut-off Date (other than payments
of principal and interest due on the Mortgage Loans in the
month of the Cut-off Date). In consideration of such assignment, RFC will
receive from the Company, in immediately available funds, an amount equal to
$[________], including accrued interest, and the Retained Certificates. In
connection with such assignment and at the Company's direction, RFC has in
respect of each Mortgage Loan endorsed the related Mortgage Note (other than any
Destroyed Mortgage Note, as defined in the following sentence) to the order of
the Trustee and delivered an assignment of mortgage in recordable form to the
Trustee or its agent. A Destroyed Mortgage Note means a Mortgage Note the
original of which was permanently lost or destroyed.
The Company and RFC intend that the conveyance by RFC to the Company
of all its right, title and interest in and to the Mortgage Loans pursuant to
this Section 2 shall be, and be construed as, a sale of the Mortgage Loans by
RFC to the Company. It is, further, not intended that such conveyance be deemed
to be a pledge of the Mortgage Loans by RFC to the Company to secure a debt or
other obligation of RFC. Nonetheless, (a) this Agreement is intended to be and
hereby is deemed to be a security agreement within the meaning of Articles 8 and
9 of the Minnesota Uniform Commercial Code and the Uniform Commercial Code of
any other applicable jurisdiction; (b) the conveyance provided for in this
Section shall be deemed to be a grant by RFC to the Company of a security
interest in all of RFC's right (including the power to convey title thereto),
title and interest, whether now owned or hereafter acquired, in and to (A) the
Mortgage Loans, including the Mortgage Notes, the Mortgages, any related
insurance policies and all other documents in the related Mortgage Files, (B)
all amounts payable pursuant to the Mortgage Loans in accordance with the terms
thereof and (C) any and all general intangibles consisting of, arising from or
relating to any of the foregoing, and all proceeds of the conversion, voluntary
or involuntary, of the foregoing into cash, instruments, securities or other
property, including, without limitation, all amounts from time to time held or
invested in the Certificate Account or the Custodial Account, whether in the
form of cash, instruments, securities or other property; (c) the possession by
the Trustee, the Custodian or any other agent of the Trustee of Mortgage Notes
or such other items of property as constitute instruments, money, payment
intangibles, negotiable documents, goods, deposit accounts, letters of credit,
advices of credit, investment property, certificated securities or chattel paper
shall be deemed to be "possession by the secured party", or possession by a
purchaser or a person designated by such secured party, for purposes of
perfecting the security interest pursuant to the Minnesota Uniform Commercial
Code and the Uniform Commercial Code of any other applicable jurisdiction
(including, without limitation, Sections 8-106, 9-313 and 9-106 thereof); and
(d) notifications to persons holding such property, and acknowledgments,
receipts or confirmations from persons holding such property, shall be deemed
notifications to, or acknowledgments, receipts or confirmations from, financial
intermediaries, bailees or agents (as applicable) of the Trustee for the purpose
of perfecting such security interest under applicable law. RFC shall, to the
extent consistent with this Agreement, take such reasonable actions as may be
necessary to ensure that, if this Agreement were deemed to create a security
interest in the Mortgage Loans and the other property described above, such
security interest would be deemed to be a perfected security interest of first
priority under applicable law and will be maintained as such throughout the term
of this Agreement. Without limiting the generality of the foregoing, RFC shall
prepare and deliver to the Company not less than 15 days prior to any filing
date, and the Company shall file, or shall cause to be filed, at the expense of
RFC, all filings necessary to maintain the effectiveness of any original filings
necessary under the Uniform Commercial Code as in effect in any jurisdiction to
perfect the Company's security interest in or lien on the
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Mortgage Loans including without limitation (x) continuation statements, and (y)
such other statements as may be occasioned by (1) any change of name of RFC or
the Company, (2) any change of location of the place of business, state of
formation or the chief executive office of RFC, or (3) any transfer of any
interest of RFC in any Mortgage Loan.
3. Concurrently with the execution and delivery hereof, the Company
hereby assigns to RFC without recourse all of its right, title and interest in
and to the Retained Certificates as part of the consideration payable to RFC by
the Company pursuant to this Agreement.
4. RFC represents and warrants to the Company that on the date of
execution hereof (or, if otherwise specified below, as of the date so
specified):
(a) The information set forth in the Mortgage Loan Schedule for such
Mortgage Loans is true and correct in all material respects as of the date
or dates respecting which such information is furnished;
(b) Each Mortgage Loan constitutes a qualified mortgage under
Section 860G(a)(3)(A) of the Code and Treasury Regulations Section
1.860G-2(a)(1);
(c) Immediately prior to the conveyance of the Mortgage Loans to the
Company, RFC had good title to, and was the sole owner of, each Mortgage
Loan free and clear of any pledge, lien, encumbrance or security interest
(other than rights to servicing and related compensation) and such
conveyance validly transfers ownership of the Mortgage Loans to the
Company free and clear of any pledge, lien, encumbrance or security
interest;
(d) Each Mortgage Note constitutes a legal, valid and binding
obligation of the Mortgagor enforceable in accordance with its terms
except as limited by bankruptcy, insolvency or other similar laws
affecting generally the enforcement of creditors' rights;
(e) To the best of RFC's knowledge as of the Cut-off Date, there is
no default, breach, violation or event of acceleration existing under the
terms of any Mortgage Note or Mortgage and no event which, with notice and
expiration of any grace or cure period, would constitute a default,
breach, violation or event of acceleration under the terms of any Mortgage
Note or Mortgage, and no such default, breach, violation or event of
acceleration has been waived by RFC or by any other entity involved in
servicing a Mortgage Loan;
(f) As of the Cut-off Date, [none] of the Mortgage Loans are 30 days
or more delinquent in payment of principal and interest;
(g) [None] of the Mortgage Loans are Buydown Mortgage Loans;
(h) To the best of RFC's knowledge, there is no delinquent tax or
assessment lien against any related Mortgaged Property;
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(i) No Mortgagor has any valid right of offset, defense or
counterclaim as to the related Mortgage Note or Mortgage, except as may be
provided under the Relief Act;
(j) No Mortgage Loan provides for payments that are subject to
reduction by withholding taxes levied by any foreign (non-United States)
sovereign government;
(k) (1) The proceeds of each Mortgage Loan have been fully disbursed
and (2) to the best of Seller's knowledge, there is no requirement for
future advances thereunder and any and all requirements as to completion
of any on-site or off-site improvements and as to disbursements of any
escrow funds therefor (including any escrow funds held to make Monthly
Payments pending completion of such improvements) have been complied with.
All costs, fees and expenses incurred in making, closing or recording the
Mortgage Loans were paid;
(l) To the best of RFC's knowledge, with respect to each Mortgage
Loan, there are no mechanics' liens or claims for work, labor or material
affecting any Mortgaged Property which are or may be a lien prior to, or
equal with, the lien of the related Mortgage, except such liens that are
insured or indemnified against by a title insurance policy;
(m) With respect to each Mortgage Loan, a policy of title insurance
was effective as of the closing of each Mortgage Loan, is valid and
binding, and remains in full force and effect, unless the Mortgaged
Properties are located in the State of Iowa and an attorney's certificate
has been provided;
(n) To the best of RFC's knowledge, each Mortgaged Property is free
of damage and in good repair and no notice of condemnation has been given
with respect thereto and RFC knows of nothing involving any Mortgaged
Property that could reasonably be expected to materially adversely affect
the value or marketability of any Mortgaged Property;
(o) Each Mortgage contains customary and enforceable provisions
which render the rights and remedies of the holder adequate to realize the
benefits of the security against the Mortgaged Property, including (i) in
the case of a Mortgage that is a deed of trust, by trustee's sale, or (ii)
by judicial foreclosure or, if applicable, non-judicial foreclosure, and
to the best of RFC's knowledge, there is no homestead or other exemption
available to the Mortgagor that would interfere with such right to sell at
a trustee's sale or right to foreclosure, subject in each case to
applicable federal and state laws and judicial precedents with respect to
bankruptcy and right of redemption;
(p) To the best of RFC's knowledge, with respect to each Mortgage
that is a deed of trust, a trustee duly qualified under applicable law to
serve as such is properly named, designated and serving, and except in
connection with a trustee's sale after default by a Mortgagor, no fees or
expenses are payable by the seller or RFC to the trustee under any
Mortgage that is a deed of trust;
(q) If the improvements securing a Mortgage Loan are located in a
federal designated special flood hazard area, flood insurance in the
amount required under the
4
Program Guide covers such Mortgaged Property (either by coverage under the
federal flood insurance program or by coverage from private insurers);
(r) With respect to each Mortgage Loan, any appraisal made in
connection with the origination of the Mortgage Loan was made by an
appraiser who meets the minimum qualifications for appraisers as specified
in the Program Guide;
(s) Each Mortgage Loan is covered by a standard hazard insurance
policy;
(t) To the best of RFC's knowledge, any escrow arrangements
established with respect to any Mortgage Loan are in compliance with all
applicable local, state and federal laws and are in compliance with the
terms of the related Mortgage Note;
(u) No Mortgage Loan was originated on or after October 1, 2002 and
before March 7, 2003, which is secured by property located in the State of
Georgia;
(v) As of the Cut-off Date, [none] of the Mortgage Loans are secured
by a leasehold estate. If any of the Mortgage Loans are secured by a
leasehold interest, with respect to each leasehold interest: the use of
leasehold estates for residential properties is an accepted practice in
the area where the related Mortgaged Property is located; residential
property in such area consisting of leasehold estates is readily
marketable; the lease is recorded and no party is in any way in breach of
any provision of such lease; the leasehold is in full force and effect and
is not subject to any prior lien or encumbrance by which the leasehold
could be terminated or subject to any charge or penalty; and the remaining
term of the lease does not terminate less than ten years after the
maturity date of such Mortgage Loan;
(w) Each Mortgage Loan as of the time of its origination complied in
all material respects with all applicable local, state and federal laws,
including, but not limited to, all applicable predatory lending laws;
(x) [None] of the Mortgage Loans are subject to the Home Ownership
and Equity Protection Act of 1994. [None] of the Mortgage Loans are loans
that, under applicable state or local law in effect at the time of
origination of the loan, are referred to as (1) "high cost" or "covered"
loans or (2) any other similar designation if the law imposes greater
restrictions or additional legal liability for residential mortgage loans
with high interest rates, points and/or fees;
(y) To the best of RFC's knowledge, the Subservicer for each
Mortgage Loan has accurately and fully reported its borrower credit files
to each of the Credit Repositories in a timely manner;
(z) [None] of the proceeds of any Mortgage Loan were used to finance
the purchase of single premium credit insurance policies;
(aa) No Mortgage Loan is a High Cost Loan or Covered Loan, as
applicable (as such terms are defined in the then current Standard &
Poor's LEVELS(R) Glossary which is now Version 5.7 Revised, Appendix E)
(attached hereto as Exhibit A));
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provided that no representation and warranty is made in this clause (aa)
with respect to any Mortgage Loan secured by a Mortgaged Property located
in the States of Kansas or West Virginia; and provided further that no
Qualified Substitute Mortgage Loan shall be a High Cost Loan or Covered
Loan (as such terms are defined in Appendix E of the Standard & Poor's
Glossary For File Format For LEVELS(R) in effect on the date of
substitution, with such exceptions thereto as the Company and Standard &
Poor's may reasonably agree);
(bb) No Mortgage Property consists of a mobile home or a
manufactured housing unit that is not permanently affixed to its
foundation;
(cc) The proceeds of the Mortgage Loan have been fully disbursed,
there is no requirement for future advances thereunder;
(dd) With respect to each Mortgage Loan, either (i) each Mortgage
Loan contains a customary provision for the acceleration of the payment of
the unpaid principal balance of the Mortgage Loan in the event the related
Mortgaged Property is sold without the prior consent of the mortgagee
thereunder or (ii) the Mortgage Loan is assumable pursuant to the terms of
the Mortgage Note;
(ee) No Mortgage Loan has a prepayment penalty term that extends
beyond five years after the date of origination; and
(ff) No Mortgage Loan provides for deferred interest or negative
amortization.
Upon discovery by RFC or upon notice from the Company or the Trustee of a
breach of the foregoing representations and warranties in respect of any
Mortgage Loan, or upon the occurrence of a Repurchase Event as described in
Section 5 below, which materially and adversely affects the interests of any
holders of the Certificates or the Company in such Mortgage Loan (notice of
which breach or occurrence shall be given to the Company by RFC, if it discovers
the same), RFC shall, within 90 days after the earlier of its discovery or
receipt of notice thereof, either cure such breach or Repurchase Event in all
material respects or, except as otherwise provided in Section 2.04 of the
Pooling and Servicing Agreement, either (i) purchase such Mortgage Loan from the
Trustee or the Company, as the case may be, at a price equal to the Purchase
Price for such Mortgage Loan or (ii) substitute a Qualified Substitute Mortgage
Loan or Loans for such Mortgage Loan in the manner and subject to the
limitations set forth in Section 2.04 of the Pooling and Servicing Agreement. If
the breach of representation and warranty that gave rise to the obligation to
repurchase or substitute a Mortgage Loan pursuant to this Section 4 was the
representation set forth in clause (w) of this Section 4, then RFC shall pay to
the Trust Fund, concurrently with and in addition to the remedies provided in
the preceding sentence, an amount equal to any liability, penalty or expense
that was actually incurred and paid out of or on behalf of the Trust Fund, and
that directly resulted from such breach, or if incurred and paid by the Trust
Fund thereafter, concurrently with such payment.
5. With respect to each Mortgage Loan, a repurchase event
("Repurchase Event") shall have occurred if it is discovered that, as of the
date hereof, the related Mortgage was not a valid first lien on the related
Mortgaged Property subject only to (i) the lien of real
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property taxes and assessments not yet due and payable, (ii) covenants,
conditions, and restrictions, rights of way, easements and other matters of
public record as of the date of recording of such Mortgage and such other
permissible title exceptions as are listed in the Program Guide and (iii) other
matters to which like properties are commonly subject which do not materially
adversely affect the value, use, enjoyment or marketability of the Mortgaged
Property. In addition, with respect to any Mortgage Loan as to which the Company
delivers to the Trustee or the Custodian an affidavit certifying that the
original Mortgage Note has been lost or destroyed, if such Mortgage Loan
subsequently is in default and the enforcement thereof or of the related
Mortgage is materially adversely affected by the absence of the original
Mortgage Note, a Repurchase Event shall be deemed to have occurred and RFC will
be obligated to repurchase or substitute for such Mortgage Loan in the manner
set forth in Section 4 above.
RFC hereby represents and warrants to the Company that, with respect
to each Mortgage Loan, the REMIC's tax basis in each Mortgage Loan as of the
Closing Date is equal to or greater than 100% of the Stated Principal Balance
thereof.
[Signature Page Follows]
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This Agreement shall inure to the benefit of and be binding upon the
parties hereto and their respective successors and assigns, and no other person
shall have any right or obligation hereunder.
IN WITNESS WHEREOF, the parties have entered into this Assignment and
Assumption Agreement as of the date first above written.
RESIDENTIAL FUNDING COMPANY, LLC
By: ____________________________
Name:
Title:
RESIDENTIAL ASSET MORTGAGE
PRODUCTS, INC.
By: ____________________________
Name:
Title:
EXHIBIT A
APPENDIX E OF THE STANDARD & POOR'S GLOSSARY FOR
FILE FORMAT FOR LEVELS(R) VERSION 5.7
REVISED [________] [__], 20[___]
APPENDIX E - Standard & Poor's Predatory Lending Categories
Standard & Poor's has categorized loans governed by anti-predatory lending
laws in the Jurisdictions listed below into three categories based upon a
combination of factors that include (a) the risk exposure associated with the
assignee liability and (b) the tests and thresholds set forth in those laws.
Note that certain loans classified by the relevant statute as Covered are
included in Standard & Poor's High Cost Loan Category because they included
thresholds and tests that are typical of what is generally considered High Cost
by the industry.
Standard & Poor's High Cost Loan Categorization
---------------------------------------------------------------------------------------------------------------
Category under
Name of Anti-Predatory Lending Applicable Anti-
State/Jurisdiction Law/Effective Date Predatory Lending Law
---------------------------------------------------------------------------------------------------------------
Arkansas Arkansas Home Loan Protection Act, Ark. Code High Cost Home Loan
Xxx. xx.xx. 00-00-000 et seq.
Effective July 16, 2003
---------------------------------------------------------------------------------------------------------------
Cleveland Heights, OH Ordinance No. 72-2003 (PSH), Mun. Code xx.xx. Covered Loan
757.01 et seq.
Effective June 2, 2003
---------------------------------------------------------------------------------------------------------------
Colorado Consumer Equity Protection, Colo. Stat. Xxx. Covered Loan
xx.xx. 5-3.5-101 et seq.
Effective for covered loans offered or
entered into on or after January 1, 2003.
Other provisions of the Act took effect on
June 7, 2002
---------------------------------------------------------------------------------------------------------------
Connecticut Connecticut Abusive Home Loan Lending Practices High Cost Home Loan
Act, Conn. Gen. Stat. xx.xx. 36a-746 et seq.
Effective October 1, 2001
---------------------------------------------------------------------------------------------------------------
District of Columbia Home Loan Protection Act, D.C. Code xx.xx. Covered Loan
26-1151.01 et seq.
Effective for loans closed on or after
January 28, 2003
---------------------------------------------------------------------------------------------------------------
A-1
---------------------------------------------------------------------------------------------------------------
Category under
Name of Anti-Predatory Lending Applicable Anti-
State/Jurisdiction Law/Effective Date Predatory Lending Law
---------------------------------------------------------------------------------------------------------------
Florida Fair Lending Act, Fla. Stat. Xxx. xx.xx. High Cost Home Loan
494.0078 et seq.
Effective October 2, 2002
---------------------------------------------------------------------------------------------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Xxx. High Cost Home Loan
Mar. 6, 2003) xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6 2003
---------------------------------------------------------------------------------------------------------------
Georgia as amended Georgia Fair Lending Act, Ga. Code Xxx. High Cost Home Loan
(Mar. 7, 2003 - current) xx.xx. 7-6A-1 et seq.
Effective for loans closed on or after
March 7, 2003
---------------------------------------------------------------------------------------------------------------
HOEPA Section 32 Home Ownership and Equity Protection Act of High Cost Loan
1994, 15 U.S.C. ss. 1639, 12 C.F.R. xx.xx.
226.32 and 226.34
Effective October 1, 1995, amendments
October 1, 2002
---------------------------------------------------------------------------------------------------------------
Illinois High Risk Home Loan Act, Ill. Comp. High Risk Home Loan
Stat. tit. 815, xx.xx. 137/5 et seq.
Effective January 1, 2004 (prior to this
date, regulations under Residential Mortgage
License Act effective from May 14, 2001)
---------------------------------------------------------------------------------------------------------------
Indiana Indiana Home Loan Practices Act, Ind. Code Xxx. High Cost Home Loans
xx.xx. 24-9-1-1 et seq.
Effective January 1, 2005; amended by 2005 HB
1179, effective July 1, 2005
---------------------------------------------------------------------------------------------------------------
Kansas Consumer Credit Code, Kan. Stat. Xxx. xx.xx. High Loan to Value Consumer
16a-1-101 et seq. Loan (id. ss. 16a-3-207) and;
Sections 16a-1-301 and 16a-3-207 became -----------------------------
effective April 14, 1999; Section 16a-3-308a High APR Consumer Loan
became effective July 1, 1999 (id. ss. 16a-3-308a)
---------------------------------------------------------------------------------------------------------------
Xxxxxxxx 0000 XX H.B. 000 - Xxxx Xxxx Xxxx Xxxx Xxx, Xx. High Cost Home Loan
Rev. Stat. xx.xx. 360.100 et seq.
Effective June 24, 2003
---------------------------------------------------------------------------------------------------------------
A-2
---------------------------------------------------------------------------------------------------------------
Category under
Name of Anti-Predatory Lending Applicable Anti-
State/Jurisdiction Law/Effective Date Predatory Lending Law
---------------------------------------------------------------------------------------------------------------
Maine Truth in Lending, Me. Rev. Stat. tit. 9-A, High Rate High Fee Mortgage
xx.xx. 8-101 et seq.
Effective September 29, 1995 and as amended
from time to time
---------------------------------------------------------------------------------------------------------------
Massachusetts Part 40 and Part 32, 209 C.M.R. xx.xx. 32.00 et High Cost Home Loan
seq. and 209 C.M.R. xx.xx. 40.01 et seq.
Effective March 22, 2001 and amended from
time to time
---------------------------------------------------------------------------------------------------------------
Nevada Assembly Xxxx No. 284, Nev. Rev. Stat. xx.xx. Home Loan
598D.010 et seq.
Effective October 1, 2003
---------------------------------------------------------------------------------------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, High Cost Home Loan
N.J. Rev. Stat. xx.xx. 46:10B- 22 et seq.
Effective for loans closed on or after
November 27, 2003
---------------------------------------------------------------------------------------------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Stat. High Cost Home Loan
xx.xx. 58-21A-1 et seq.
Effective as of January 1, 2004; Revised as of
February 26, 2004
---------------------------------------------------------------------------------------------------------------
New York N.Y. Banking Law Article 6-1 High Cost Home Loan
Effective for applications made on or after
April 1, 2003
---------------------------------------------------------------------------------------------------------------
North Carolina Restrictions and Limitations on High Cost Home High Cost Home Loan
Loans, N.C. Gen. Stat. xx.xx. 24-1.1E et seq.
Effective July 1, 2000; amended October 1,
2003 (adding open-end lines of credit)
---------------------------------------------------------------------------------------------------------------
A-3
---------------------------------------------------------------------------------------------------------------
Category under
Name of Anti-Predatory Lending Applicable Anti-
State/Jurisdiction Law/Effective Date Predatory Lending Law
---------------------------------------------------------------------------------------------------------------
Ohio H.B. 386 (codified in various sections of the Covered Loan
Ohio Code), Ohio Rev. Code Xxx. xx.xx. 1349.25
et seq.
Effective May 24, 2002
---------------------------------------------------------------------------------------------------------------
Oklahoma Consumer Credit Code (codified in various Subsection 10 Mortgage
sections of Title 14A)
Effective July 1, 2000; amended effective
January 1, 2004
---------------------------------------------------------------------------------------------------------------
South Carolina South Carolina High Cost and High Cost Home Loan
Consumer Home Loans Act, S.C. Code Xxx.
xx.xx. 37-23-10 et seq.
Effective for loans taken on or after
January 1, 2004
---------------------------------------------------------------------------------------------------------------
West Virginia West Virginia Residential Mortgage Lender, West Virginia Mortgage
Broker and Servicer Act, W. Va. Code Xxx. Loan Act Loan
xx.xx. 31-17-1 et seq.
Effective June 5, 2002
---------------------------------------------------------------------------------------------------------------
Standard & Poor's Covered Loan Categorization
---------------------------------------------------------------------------------------------------------------
Category under
Name of Anti-Predatory Lending Applicable Anti-
State/Jurisdiction Law/Effective Date Predatory Lending Law
---------------------------------------------------------------------------------------------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Xxx. Covered Loan
Mar. 6, 2003) xx.xx. 7-6A-1 et seq.
Effective October 1, 2002 - March 6, 2003
---------------------------------------------------------------------------------------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, Covered Home Loan
N.J. Rev. Stat. xx.xx. 46:10B 22 et seq.
Effective November 27, 2003 - July 5, 2004
---------------------------------------------------------------------------------------------------------------
A-4
Standard & Poor's Home Loan Categorization
---------------------------------------------------------------------------------------------------------------
Category under
Name of Anti-Predatory Lending Applicable Anti-
State/Jurisdiction Law/Effective Date Predatory Lending Law
---------------------------------------------------------------------------------------------------------------
Georgia (Oct. 1, 2002 - Georgia Fair Lending Act, Ga. Code Xxx. xx.xx. Home Loan
Mar. 6, 2003) 7-6A-1 et seq.
Effective October 1, 2002 - March 6, 2003
---------------------------------------------------------------------------------------------------------------
New Jersey New Jersey Home Ownership Security Act of 2002, Home Loan
N.J. Rev. Stat. xx.xx. 46:10B- 22 et seq.
Effective for loans closed on or after November
27, 2003
---------------------------------------------------------------------------------------------------------------
New Mexico Home Loan Protection Act, N.M. Rev. Stat. Home Loan
xx.xx. 58-21A-1 et seq.
Effective as of January 1, 2004; Revised as of
February 26, 2004
---------------------------------------------------------------------------------------------------------------
North Carolina Restrictions and Limitations on High Cost Home Consumer Home Loan
Loans, N.C. Gen. Stat. xx.xx. 24-1.1E et seq.
Effective July 1, 2000; amended October 1,
2003 (adding open-end lines of credit)
---------------------------------------------------------------------------------------------------------------
South Carolina South Carolina High Cost and Consumer Home Consumer Home Loan
Loans Act, S.C. Code Xxx. xx.xx. 37-23-10
et seq.
Effective for loans taken on or after
January 1, 2004
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A-5
